T H U R S D A Y ,   J U L Y   2 4 ,   2 0 0 8

Industry News

IA MAGAZINE
How Do We Look?

Insurance News & Views has a new look this week --- one the IA magazine staff hopes improves this must-read, weekly publication for independent agents. The redesign incorporates feedback from readers on the text size, format and content --- all in an effort to make IN&V more reader friendly. So how did we do? Do you like our new look? Is there something we missed? Please send your comments, suggestions or concerns to Michelle Payne at michelle.payne@iiaba.net.


InVEST
InVEST Congratulates Montana’s Agent of the Year

John Menyhart of W.A. Mitchell Agency in Miles City, Mont. was honored as Agent of the Year during the 77th IIA of Montana Annual Convention on July 10-12 at the Hilton Garden Inn in Missoula, Mont.

Menyhart, who is the first agent in Montana to start an InVEST program in the state, was honored for his commitment to educate students about insurance industry careers and assisting in training those students for insurance positions.

InVEST, a 501 (c)(3) non-profit educational trust, is dedicated to improving insurance literacy and attracting new talent to the industry. With 60% of insurance industry professionals older than 45, new talent will be needed to fill those shoes as baby boomers retire.

For more information on InVEST, visit www.investprogram.orgor contact Jennifer Robinson at 703-706-5437; Jennifer.robinson@iiaba.net.


YOUNG AGENTS
Attend Leadership Institute’s Tech Forum

The 2008 Young Agents Leadership Institute, which will be held Sept. 12-13 at Caesars Palace in Las Vegas, includes a full program of speakers, panel discussions and networking events. Attend the Technology Forum on Sept. 12 from 2:15 – 4:45 p.m. for insights on the latest technology trends and a discussion on recent insurance industry tech improvements.

Don’t let this opportunity pass you by – visit www.independentagent.com and click on Events for updates on the event and for online registration. For more information, contact Katie Cosgrove at 800-221-7917; katie.cosgrove@iiaba.net.


BIG “I” FLOOD PROGRAM
Big "I" Flood Program Brings Agents and NFIP Together

At the quarterly meeting of Flood Insurance Producers National Committee (FIPNC) on July 14, the Big “I” Flood Program, with the help of the endorsed company carrier Selective Insurance, brought Gulf Shores, Ala. agent Bruce White, Jr. of Whitehaven Insurance Group, Inc., to Washington to present his concerns with the National Flood Insurance Program (NFIP) on several Residential Condominium Association Policy (RCBAP) issues. These issues included: 1) consideration for use of the RCBAP policy form for the risk during construction instead of the general property form with the limit of insurance being based on completed value; 2) waiver of the 30-day waiting period when ownership is transferred from developer to association, which would allow unit owners and association to purchase without a waiting period and avoid the wait period for increased limits and for the unit owners; 3) any changes to existing loss assessment policy clause on unit owners should be limited to $1,000 or $2,500 to avoid associations deliberately underinsuring or choosing large deductibles which can be assessed to unit owners for recovery at the time of a claim.

White also discussed eliminating or reducing the 30-day waiting period for effective dates and suggested using the imminent danger rule and suspension of writing authority instead. Other points raised were the flood litigation in both federal and state courts involving agents; insurance to value on all NFIP policies, not just RCBAP, and with inclusion of an inflation guard on renewals.

FIPNC meets quarterly to provide expertise in the areas of flood insurance product design and development, producer education and marketing of the NFIP with representatives from the major agent trade associations.

Included in the full agenda for discussion by the committee, FEMA/NFIP staff and guests were a legislative report, Midwest flooding event issues, rating model, map modernization, continuing education, FloodSmart marketing campaign and zone determination discrepancies with lenders. Current agent items of concern are the proposed changes to the flood application, elevation certificate, policy forms and more. For comments or concerns, e-mail flood@iiaba.net.

The Big “I” Flood Program is diligently working for independent agents on the Hill and in the marketplace. If you would like to participate in the flood program with the award winning company Selective Insurance, go to www.bigimarkets.com. For information on the program, click here or contact Linda Mackey at Linda.Mackey@iiaba.net. 


BIG “I” MARKETS
Builders Risk Insurance Available

Insuring a home under construction can be risky business. Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds or fall victim to other forces of nature. The owner is responsible for most losses which is why a builder’s risk policy is needed to indemnify the owner against some of these losses.

Big “I” members have access to the LexElite^®’s personal builders risk policy. While there is no maximum Coverage A limit, there is a minimum limit that varies by state and exposure. Click here for a chart of minimum guidelines and definitions. Non-CAT area risks with no more than $50,000 under the minimum Coverage A will be considered if pictures accompany submission.

What to send:
• Ground-up construction
• Homes under renovation occupied or unoccupied
• Mid-term projects
• Multi-year projects
• Insured acting as general contractor
• Spec homes for sale after construction
• Poor credit history

To learn more or submit a quote today, visit www.bigimarkets.com.