| |  | | | Special Feature * Advantages of Big 'I' Membership * Commercial Lines * Back to Basics * Agency Management * Life & Health * Insurance Laws & Statutes/Coverage Resources |
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| | Agencies have many options available for the placement of their E&O coverage. For some agencies, one of the options is purchasing E&O coverage directly from one of their appointed carriers. However, this approach can be a double-edged sword. This article covers some of the inherent conflicts of interest in this decision. |
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| | The Big “I" Employee Benefits program provides full service group benefits for our member agents. Our program is underwritten by The Guardian Life Insurance Company of America, a multi-line insurance group with many years of experience in the business and administered by a dedicated service team just for Big “I" Members. Offering Group Life, Group Short- and Long-Term Disability, Group Dental and Group Vision, the program offers varying lines of coverage options to meet the diverse needs of our members and also provides guaranteed issue with certain requirements being met. Whether you are a new member or an existing one, we quote and add coverage on a continuous basis. |
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| | The employee decides to take his or her work “on the road” now that they are allowed to work from home – or anywhere. When the employee takes a “workcation” away from their residence, are any workers’ compensation issues created? |
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| | A Louisiana agent asks, “I am stumped on a couple of business income issues, and would appreciate your help. First, I’m trying to figure out the difference between Extended Business Income, Extended Period of Indemnity, and Maximum Period of Indemnity. Second, how do all these differ from ‘regular’ Business Income? I realize these are probably pretty basic questions, so my apologies in advance. I am still learning about Business Income.” |
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| | Agents learn early that there are two types of property, real property and personal property. Real property is generally defined as land and everything attached to the land such as by roots, by being embedded in the land, permanently resting on the land such as a building or property permanently attached to the building. Personal property is essentially everything that isn’t real property. But there is a middle ground – fixtures. Fixtures begin life as personal property but become part of real property by attachment; however, they maintain their individual identity. Obviously, then, fixtures should be insured as real property. Or should they? Is it really that easy? |
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| | Inadequate valuation of physical assets in property policies results in a shortfall in premium collected, which in turn hinders the ability to rebuild fully after a loss. This is a problem for insurance customers, carriers and reinsurers. Ensuring value adequacy helps avoid costly surprises at claims time and puts the industry on more solid footing when it comes to capital management and balance sheet strength. |
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| | As an emerging insurance agent, pointing out your customers’ various coverage needs can not only generate more income and a more committed client, but can also prevent a potential allegation that you failed to offer a vital coverage. This article highlights the difference between an agent’s servicing or selling. |
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| | Unless you're still taking your morning coffee sorting punch cards with Herman Hollerith, you've spent the last year or so trying to wrap your head around artificial intelligence (AI) and what it will mean in our industry, and in society in general. In all sincerity, I suspect every person reading this is doing their own research and forming their own views as to the benefits of AI, and maybe even some of the potential issues or challenges. At Agents Council for Technology, we are too. Read on for more information on the Big I’s experience with AI. |
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| | 2023 was undoubtedly the most challenging year most independent insurance agents have experienced in their careers. It will certainly be one of the costliest to insurers, and this and uncertainty about the future given climate and social and other inflation seems to drive rates. According to Swiss Re, the cost of natural disasters worldwide broke several loss records. Does your agency have a plan of action in place that can help guide you as you navigate this difficult market? |
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| | As tough a sale as it is, life insurance can be sold. A far tougher sale is disability insurance. Most prospects do not understand statistically how likely they are to be disabled vs. deceased. This article provides some of those statistics, along with some coverage considerations! |
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| | E&O classes always stress the need to use checklists. P&C exposures change over time and policy coverages must change with them. This is also true with life insurance. The needs that were present at application time probably have changed. A policy that was sold years ago may now require modifications due to changes in the family, income, required expenses, etc. |
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| | It may surprise a client to find that the company’s most valuable asset was not insured. This would be especially upsetting for an insured who felt that there was always needed coverage in effect. Property, liability and business income insurance were purchased to eliminate serious losses. What went wrong? Why wasn’t this possible major loss brought to their attention and why wasn’t it insured against? |
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| | In 1995, the Legislature added section 1725.5 to the California Insurance Code (Cal. Ins. Code) to require various types of insurance licensees to print their license numbers on business cards, written price quotations for insurance products, and print advertisements distributed exclusively in this state for insurance products. That law took effect in 1997. The California Department of Insurance has added a new requirement on license disclosure on emails which was implemented on January 1, 2023. |
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