Two for Tuesday Header
In This Issue:
Four Choices in One
UM/UIM Revisited
Special Feature: EPLI Endorsement Choices
 
Additional Items:
Webinars - NEW
Last Week's Most Clicked
Sale of the Week
 
 
Compass Points to Affluent Carriers
The magnetic compass has been around for a couple of thousand years and used for navigation since at least the first millennium. Every Boy or Girl Scout has and knows how to use one. Its relatively simple design and four main points allowed travelers to seek their fortune by choosing North, South, East, or West. Big "I" Markets provides you with your own compass points in ACE, AIG, Chubb and Fireman's Fund when it comes to personal insurance for your most successful customers. The affluent program is the most widely accessed on Big "I" Markets. Our agents have written nearly $14 million in affluent premium with our premier market carriers. With Big "I" Markets, the choice is yours! One application lets you see which direction is best for your client.

ACE
With just one policy, the ACE Platinum Portfolio can provide superior coverage for your home, vacation properties, autos, jewelry and valuable collections, watercraft, and personal liability. The portfolio approach has many advantages: It minimizes coverage gaps and wasteful duplications that can occur with a collection of standard industry policies. It earns an overall discount, so you get seamless protection as well as the most value for your premium dollar. In most instances, you will have just one policy to track and one bill to pay.

AIG
AIG Private Client Group was created to meet the needs of successful customers. But because success comes in many ways to many different people, no two customers will be the same. One might have great wealth and specialized needs - the need to cover art collections or a variety of properties, cars, and boats, for example - while another might have been steadily building wealth, focused on family and career, and is now suddenly awakening to just how much he or she has at risk. AIG PCG aims to meet the needs of these diverse populations with a promise that defines our difference: Insurance that keeps up with your success.

Chubb
Chubb personal insurance is the premier insurer of high net-worth individuals in the U.S. With 30 years of experience specializing in the affluent market, they offer products and services designed to help protect the highly valued assets and peace of mind of affluent customers. Chubb offers an array of products ranging from auto to homeowners, valuable articles, liability and yacht insurance. Their mission is to continually evolve and expand the Masterpiece® suite - long considered the gold standard of affluent personal insurance - to provide new offerings that best meet the needs of high net-worth consumers in an ever-changing world.

Fireman's Fund
Fireman's Fund Prestige Portfolio is a premier provider for high net-worth, affluent customers. Products include home, auto, valuables, excess liability and yacht. For high net-worth and affluent customers, they offer customized and innovative products with creative, flexible underwriting solutions for unique and complete risks.

BROKER OF RECORD
Roughly 20% of our affluent new business premium comes from Broker of Record submissions. We do welcome BOR requests, and have a separate product set up just for that process. Please use the Affluent Personal Lines Broker of Record Change product and submit a "quote request" to create a file on Big "I" Markets if the client has a policy in force for Chubb, Fireman's Fund, AIG or ACE. Coverage is not automatic with a broker of record submission. Each risk will be re-underwritten and accepted or declined based upon its attributes. All risks must meet the eligibility requirements of our program, as described on the Affluent Program underwriting and coverage page.

Multiple Policies/Book Roll: Contact Nancy Doherty (nancy.doherty@iiaba.net) for additional information or to discuss a large transfer. Requests involving multiple policyholders via book roll must be entered separately in Big "I" Markets. Please use the "Request a Quote" feature for each respective policyholder.

The Big "I" Markets Affluent Program is robust and popular, and the complexity can be tricky, which is why BIM has three experienced affluent underwriters dedicated to the program. If your account has features that aren't addressed above, or on the Big "I" Markets Underwriting & Coverage, page please go ahead and submit applications for consideration. It allows the underwriter to more accurately evaluate the risk by ensuring all information has been provided.

Please note, not all carriers are available in all states. The above information is intended to be a general guide and is subject to change. Each risk is considered on its individual merits and may command different requirements of eligibility.  
 
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Special Feature:
Big "I" Gives You a Choice in Employment Practices Liability Coverage
by Elif Wisecup Director of Marketing of Big I Advantage®

The exclusive Big "I" Professional Liability Fireman's Fund Insurance Company Agency E&O policy form gives you a choice in Employment Practices Liability coverage endorsements. There are three endorsements varying in coverages with a variety of different limit & deductible options to choose from. Coverage highlights include:
  • Wrongful Termination of Employment Extension- covers wrongful termination of an employee.
  • Employment Practices Liability Extension- covers wrongful dismissal, discharge, or termination of employment.
  • Employment Practices Liability Extension with Limited Coverage for Harassment of a Third Party covers wrongful dismissal, discharge, or termination of employment and third party sexual harassment coverage.
Learn more about Employment Practices Liability Endorsements that can be included with Fireman's Fund Pro Gard® E&O policy form available exclusively to Big I Members, by requesting a coverage comparison from your Big "I" state administrator. Find your admin's contact at www.iiaba.net/EOContact.

These descriptions of coverage are abbreviated and are subject to the terms, conditions, and exclusions of the actual policy, which forms the contract between the insured and the insurance company.The exclusive Big "I" Professional Liability Fireman's Fund Insurance Company Agency E&O policy form gives you a choice in Employment Practices Liability coverage endorsements. There are three endorsements varying in coverages with a variety of different limit & deductible options to choose from. Coverage highlights include:
  • Wrongful Termination of Employment Extension- covers wrongful termination of an employee.
  • Employment Practices Liability Extension- covers wrongful dismissal, discharge, or termination of employment.
  • Employment Practices Liability Extension with Limited Coverage for Harassment of a Third Party covers wrongful dismissal, discharge, or termination of employment and third party sexual harassment coverage.
Learn more about Employment Practices Liability Endorsements that can be included with Fireman's Fund Pro Gard® E&O policy form available exclusively to Big I Members, by requesting a coverage comparison from your Big "I" state administrator. Find your admin's contact at www.iiaba.net/EOContact.

These descriptions of coverage are abbreviated and are subject to the terms, conditions, and exclusions of the actual policy, which forms the contract between the insured and the insurance company.  
 
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UM/UIM Revisted
By: Big "I" Umbrella Program Manager, April Shrewsbury.

Think way back to January 2013, when Two for Tuesday included a simple article on Uninsured/Underinsured Motorist Coverage. Little did we know that it would become one of the most popular TFT articles in 10 years, appearing on the "most clicked" list every week for over 3 months straight. It was a strong indicator that many agents today don't feel comfortable with their understanding of UM/UIM coverage. They may forget to offer or explain UM/UIM to their customers, not only neglecting to provide the best possible service to those who trust them, but also risking a "failure to offer" E&O claim. It's important that both agents and insureds understand the importance of UM/UIM coverage (even if the customer rejects it), so we're running this helpful article again. Without further ado…

We've all heard the stories. A family of five is burdened with horrific medical bills because of an accident caused by a drunk driver who couldn't afford insurance due to his bad driving record. A child walking to school faces a lifetime of difficulty after being struck by a texting driver-a struggling college student with state minimum auto limits. A pair of retired sweethearts fall victim to a hit-and-run driver.

As an insurance agent, you can't physically protect your clients from heartbreaking situations like these…but they do rely on you to protect them financially when tragedy strikes. This is where excess Uninsured/Underinsured Motorist Coverage enters the picture.

MOST PEOPLE WOULD BUY IT IF THEY UNDERSTOOD IT
How effectively can you explain UM/UIM coverage to a client who doesn't know much about insurance? In layman's terms, UM/UIM coverage is insurance that pays for the client's injuries from an accident caused by the owner or operator of an uninsured or underinsured vehicle. Excess UM/UIM from a personal umbrella policy pays after the auto policy's UM/UIM limits have been exhausted.

It's important for a client to understand that UM/UIM coverage comes into play when an insured is involved in an accident and the person who caused it either doesn't have any insurance or doesn't have enough insurance to pay for your client's injuries. It would also come into play if they were the victim of a hit-and-run (in a vehicle, on a bike, or as a pedestrian), leaving them with nobody's insurance policy to collect against...making it an "uninsured" motorist claim.

THE PREVALENCE OF UNINSURED AND UNDERINSURED DRIVERS
According to recent estimates by the Insurance Research Council (IRC), roughly one in seven drivers is uninsured. Add to that the number of drivers who carry state minimum auto limits, and it's enough to make a person want to stay home for good.

Unfortunately, this should come as no surprise, given the type of TV commercials we see these days from some auto insurance companies. Too often, the emphasis is on getting a cheap rate, and drivers are besieged with ads about that encourage them to buy "state minimum" auto limits in order to save money. There's no denying that it can be a temptation in a struggling economy. All the more reason to make sure your clients are protected from the drivers around them, with UM/UIM coverage on both their auto and personal umbrella policies.

Click here to read the full article.

Visit www.iiaba.net/Umbrella to learn more, or log into www.bigimarkets.com.  
 
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New Webinars
Ethical and Legal Obligations
"Legal and Ethical Obligations for Insurance Professionals…Or 24 Ways to Get Into So Much Trouble Even Agent Jack Bauer Can't Save You"
February 11, 2015; 1:00 to 4:00 p.m. Eastern Time
$79 - Click here to register.

This webinar discusses the many ethical and legal obligations that insurance professionals have as a matter of statute, regulation, or case law (tort and breach of contract). Included are the types of legal and ethical obligations faced by agents and other insurance professionals, with a focus on how to make daily decisions within a legal and ethical framework. 24 specific areas of agency operation are examined, along with any legal and ethical components within those areas. VU webinar questions can be sent to bestpractices@iiaba.net.  
 
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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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Last Week's Most Clicked Links
Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
  1. ACE's Affluent 10 Question Checklist
  2. What One Duck Farm Reminded Me About Disaster Recovery  
  3. Caliper Personality Testing  
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Big "I" Markets Sale of the Week
Congrats to our agent in Illinois on a Building Pac sale of $9,463 in premium!  
 

Tuesday, January 13, 2015
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TFT is authored by Michael Welch
Big "I" Markets Service Coordinator