| |  | | | Special Feature * Advantages of Big 'I' Membership * Commercial Lines * Back to Basics * Personal Lines * Agency Management * Insurance Laws & Statutes/Coverage Resources |
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| | Insurance agents’ website and marketing collateral wording continue to generate errors & omissions claims. This article provides insights into the management of your website wording. Remember, few copywriters or social media mavens understand insurance law, let alone the standard of care courts hold agents to in their jurisdictions. This article can help. |
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| | Young agents are the future of the industry. The Big 'I' National's Young Agents Committee assists state associations and young agent volunteers in revitalizing and strengthening their young agents programs. Perpetuation, community involvement, and leadership are just a few important areas of focus. |
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| | After taking a sharp hit at the start of the pandemic, small business formation has rebounded, giving insurers an opportunity to target new customers. The ISO Businessowners program was developed to help insurers support just such small-to-medium-sized enterprises. As part of the most significant update to the ISO Businessowners program since its inception, they're introducing nearly 60 new, optional endorsements, revisions to dozens more, and updates to the base form. |
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| | Many experienced business owners are unaware of their need for a Directors & Officers (D&O) liability policy. According to a white paper on this issue developed by Gallagher, a Chubb study found that 25% of private companies surveyed had a D&O claim in the three years surveyed. The average cost of those claims, according to Chubb, was just under $400,000. This article will explain some basics of D&O coverage, private company exposures, and how to help your clients understand their risks. |
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| | It's relatively easy to convince a prospect they need CGL coverage. However, it may be difficult to convince them that they may need other forms of liability insurance such as Directors & Officers, Errors & Omissions, Employment Practices Liability, etc. The problem often involves a lack of understanding between the differences in these coverages and the exposures that trigger them. |
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| | Manufacturers both large and small position their products into the consumer market, whether food, supplies, or equipment. Normally, rigorous testing helps to ensure the product is safe. However, end users may not use the product in the manner intended, or the product may contain a faulty part or an unforeseen choking hazard to child, for example. Product recall insurance can cover the costs associated with returning that defective product back into the “hands” of the manufacturer or distributor. Recall actions help ensure that future bodily injury or property does not occur from the defective product. This article is a basic overview of the product recall coverage available in today’s market. |
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| | Through our "Ask an Expert" service, we have had reports of adjusters denying flood claims on the basis that localized flooding did not cover a surface area of 2 acres/properties as required by the NFIP program. The reality is that the NFIP flood program requires no such thing. First we'll look at one of these questions, then in an article from flood guru David Thompson of Florida, he debunks the myth of the 2 acre/properties rule. |
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| | The National Flood Insurance Program (NFIP) updated its Flood Insurance Manual effective April 1, 2020. Following are links to the updated manual and appendices. |
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| | Flood insurance is unusual. A flood policy essentially covers one peril but it is surrounded by many unusual facts and facets that make flood coverage unlike any other. Agents must understand the uniqueness of flood to more effectively present it to clients. With the threats of "atmospheric rivers" growing in California and other western states, reminding your insurance of the importance of flood insurance is only growing. |
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| | This article, originally a June 2003 Survey from Your "VUPoint," has opinions about "Certificate vs. Policy Limits". |
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| | “I’m an insurance agent, not a lawyer. Why do I need to know so much about contract law?” This is a question almost every new insurance employee asks, especially once they begin taking classes toward a designation. The CPCU 410 Speaking the Insurance Language course contains an entire chapter on contract law. This article will introduce you to some basics of contract law as it relates to insurance. |
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| | Agency owners are drawn to salary surveys like flies to sugar because we’re never sure whether we are cheating ourselves or our employees in terms of their salaries. That’s why our Composite Group studies, the largest in the industry, is released in the Fall instead of in the Spring. We don’t ‘think’ that numbers lie, we KNOW they do! Statistics can give you averages and medians, but who wants to strive to be average? |
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| | Because agents work in a contract-based industry subject to many legal concepts, understanding specific legal terms is necessary. |
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