Two for Tuesday: September 23, 2014

In This Issue:

Harvest Event Liability

Markel Outdoors

Special Feature: Free E&O Webinar

Additional Items:

New Webinars

Parting Shot

Last Week's Most Clicked

Sale of the Week

Harvest Event Liability Coverage

Fall festivals… school functions… upcoming holiday celebrations. What's cooking in your corner of the world when it comes to special events?

You can help cover your community. Philadelphia Insurance Companies affords a market for a wide range of special events. This carrier understands that quick quotation turnaround is mandatory in order to meet the specific needs of the special events marketplace and has team of underwriters dedicated solely to handling special events business.

Art Festivals
Auctions (Except at a private residence)
Band Competitions
Beauty Pageants
Concerts: Classical, Jazz, Country and Blues
County Fairs and Festivals
Craft Fairs / Garden Shows
Dance and Music Recitals
Dog and Cat Shows
Educational Seminars
Fashion Shows
Flower Shows
Fundraising Events / Social Gatherings / Social Club Events
Harvest Fest
Home Shows
Job Fairs
Parties: Banquets, Weddings, Anniversary, Graduation, Birthdays, Proms & Luncheons
Picnics and Pig Roasts
Religious Meetings or Church events
Reunions: Class & Family
Speaking Engagements
Soap Box Derbies
Sports Tournaments / Exhibitions (spectator liability only)
Theatrical Events and Musicals

Primary General Liability Limits of $1,000,000 per occurrence/$3,000,000 Aggregate

Umbrella Limits up to $10,000,000 available

(Copy of contract required for limit over $2M)

Also available for eligible accounts:
Liquor Liability
Hired and Non-Owned Auto
Inland Marine

Coverage Availability:
Event Liability is available to member agents in all states except Louisiana, with limited availability in Alaska.

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Special Feature:

Free Agency E&O Risk Management Webinar

Understanding the Benefits of Agency E&O Audits

Please join the Big "I" Professional Liability Program's endorsed E&O carrier, Swiss Re Corporate Solutions and guest panelists for a free risk management webinar on Thursday, September 25th, 2014 at 2 p.m. Eastern Time to learn more about how policyholders that have their agency operations reviewed by a Swiss Re approved E&O auditor and implement their recommendations can qualify for a 10% audit credit good for five years. The webinar will address the benefits of having an agency E&O audit and how it works.

Date: Thursday, September 25th, 2014
Time: 2:00 p.m. Eastern Time

REGISTER ONLINE TODAY!
Targeted for 45 minutes, we will be joined by several Swiss Re approved auditors who have worked with hundreds of agencies who will share thoughts on the most common causes of E&O claims within agency operations they've reviewed over the years and provide things agencies can do to mitigate E&O exposure. While this webinar is primarily targeted to agency principals, supervisors, and office managers, all agency staff members can benefit from attending because it will get them thinking about where E&O exposure may be lurking in the agency.

Also, it is important to note that saving money is only one of the benefits of an agency E&O audit. Other benefits include:

Reduced exposure to E&O claims
Developing a better understanding of how the agency operates on the ground level
Improving customer service
Increasing sales opportunities
Establishing written procedures
Creating a culture of E&O awareness with agency staff
And, increasing agency efficiency

If you interested in learning a little more in advance of the webinar visit Big 'I' Risk Management Website - E&O Happens or check out the article "E&O Audits: They're Not That Scary". Webinar participants include:

Eric Moberg - President/CEO of The Moberg Group, Inc., a leading provider of Independent Agency and Broker Consulting, and the largest provider of agency E&O audits in the country.

Cheryl Koch - President/CEO of the Agency Management Resource Group, a management consulting firm offering training and education to independent insurance agents and insurance companies. She also authored the E&O seminar materials titled "A Practical Guide to Agency E&O Risk Management".

David Hulcher - AVP of Agency Professional Liability Risk Management at the Big 'I' Advantage, Inc.

Note: This free webinar is designed as a value-added service of the Big "I" Professional Liability Program and Swiss Re Corporate solutions. It is not filed for continuing education credits nor is it eligible for the 10% loss control credit off your E&O policy. The webinar will be recorded for future usage.

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The Great Markel Outdoors

Well how about that? The 1992 Robert Redford fly-fishing film A River Runs Through It is available for streaming on Netflix. I can think of no finer way to get in the mood for talking about our outdoor markets from Markel! Adding it to the queue for weekend watching. Who's with me?

In the meantime… we'd like to cast out this news: Big "I" members can access Outfitters & Guides, Rod & Gun Clubs and Hunting & Fishing Lodges.

This outdoor insurance program is available on a licensed and admitted basis in all states except Alaska and Hawaii.

Guides and Outfitters

This program segment focuses on a variety of guided activities to include:

Freshwater and saltwater fishing guides (inland and coastal waters)
Float trip outfitters
Upland bird and waterfowl hunting guides
North American big game guides/outfitters
Pack trip outfitters
Guided canoe and kayak tours
Backpacking/wilderness camping
Nature tours, wildlife study, photography

Rod & Gun Clubs

Private sporting clubs (not-for-profit) eligible for this program are those whose members own all or the majority of the land on which club-approved activities take place. Operations may include:

Hunting and Fishing
Camping
Lodging, including food and beverage services, for members and guests
Rifle ranges and clay target courses
Kennel facilities for members' hunting dogs
Limited use of club facilities for fee-paid social events and charitable fund-raising activities

Fishing and Hunting Lodges and Plantations

This specialty segment focuses on wing shooting and fly fishing resorts, hunting lodges and southern sporting plantations.
Guest activities may encompass a broad range of guided sporting and recreational offerings such as:

Wing shooting- upland bird and waterfowl
Big game and turkey hunting
Fly fishing and other types of guided fishing
Clay target and other range facilities
To further explore how your agency can take advantage of these markets, visit www.bigimarkets.com today!

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New Webinars

Lenders Gone Wild
October 17
2:00 p.m. - 4:00 p.m. ET
Registration Link: https://www1.gotomeeting.com/register/405079977

You've heard of "Girls Gone Wild" and "Spring Break Gone Wild." Perhaps the requests and demands made by lenders today relating to insurance issues are fodder for a new borderline obscene series titled, "Lenders Gone Wild." The cast of characters would include guaranteed replacement cost, agreed value, ordinance and law, severability of insurance, replacement cost estimators, lender specific forms, declarations pages, certificates of insurance, Fannie Mae, and many more.

Join David Thompson, CPCU, the Florida Big I's "high sheriff" of lender issues and his trusty sidekick Deputy Bill Wilson, CPCU, as they navigate the landscape to explain why these requests and demands are being made, what you should do, and what you should not do. We will examine the source of many of these demands, Fannie Mae guidelines, problems with some of the demands (including the fact that many ask an insurance to commit an illegal act), and suggestions for dealing with these requests and demands.

This webinar is brought to you by Big "I" Virtual University. Click through for information on tuition and CE.

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Remember that you can view the following webinars 24/7 by checking out the BIM Webinar Library. To do that log onto Big "I" Markets and click on "Publications".

Personal Liability Trends - Fireman's Fund
TravPay
Commercial Lessor's Risk
Affluent Homeowners
Travelers Select Products (series)
Travel Insurance
Community Banks
XS Flood
Real Estate E&O
RLI Personal Umbrella
Affluent Homeowner
"Oh, by the way...Flood Sale"
Habitational
Non-standard Homeowner
Student Housing

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"OH BY THE WAY...FLOOD SALE" WEBINAR

Interested in learning flood marketing techniques? Participate in the "Oh, By the Way...Flood Sale" webinar presented by Big "I" Flood Program Manager, Jeff St. John. Topics in the fast-paced 1 hour presentation include: Reasons to Sell Flood Insurance • Reasons Consumers Should Buy • Limited Product Knowledge • Misconceptions by Agents & Consumers • Talking Points & Myth Busters • The Flood Risk • Flood Resources – Facts & Statistics.

Webinar dates:

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BIM WEBSITE TRAINING WEBINAR

For all you folks who recently registered for Big "I" Markets, remember you can participate in a webinar from the comfort of your office to help you learn how to navigate around the system. Every Thursday at 2:00 p.m. EST we'll show you how to navigate the Big "I" Markets platform, including how to submit a quote! Register for the webinar by sending an email with your name and company name to bigimarkets@iiaba.net. Include "Website Navigation Webinar" in the subject line or body of your email. A recording of this webinar can be found under "Publications" after logging into Big "I" Markets.

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Student of the Industry Parting Shot

Most and Least Loss Adjusting Expenses -"ALAE" (2009-2013 Average)

Last week we looked at the highest and lowest five lines of business (LOBs) tracked by insurers and their pure loss ratios. This week we’ll look at the expenses added to the costs of lost property, medical and liability payments. These are what is known as Allocated Loss Adjusting Expenses or “ALAE” in industry jargon.

Below are the most and least costly 10 of the LOBs of the 36 tracked by insurers in their yellow-books sent to the insurance commissioner’s office in their state of domicile. The below would be added to the “Pure Loss Ratios” covered last week to provide what is generally referred to as a loss ratio. Perhaps of no surprise is the most costly line in terms of ALAE and that is Products Liability. Expert witness, investigation and high priced legal advice combined with the desire to establish the product is not faulty seems logical. Not as obvious is the line of business your agency’s E&O insurance falls under, “Other Liability-Claims-made.” That LOB is combined below with Occurrence-based coverage and both spend nearly 20% of every premium dollar…not on settling liability claims…but in defending against them. Your member agent lead Big “I” Professional Liability committee just returned from their fall meeting where claims trends were reviewed with an eye toward both preventing claims but also measuring the effectiveness of the defense provided your agency via that program. If your E&O insurance is not with your Big “I” State Association, you can get it moved there by contacting your state E&O Administrator and clicking “Need a Quote.”

Least Costly
Line of Business	ALAE	2013 DPW ($Bils)
Earthquake	0.5%	$2.9
Multi Peril Crop	1.2%	$11.7
Credit A&H	1.2%	$0.2
Warranty	1.5%	$2.5
Boiler & Mach.	2.8%	$1.6

Most Costly
Line of Business	ALAE	2013 DPW ($Bils)
Product Liability	54.2%	$3.4
Commercial Liability	24.0%	$13.3
Medical Professional	23.6%	$9.6
Financial Guaranty	19.0%	$0.6
Other Liability (Occ.+Claims made)	17.9%	$53.4