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                                                     Industry News

Education
Sign Up for Hideous Endorsements, Personal Auto Policy and Intellectual Property Webinars

The Big “I” is offering a series of webinars designed to provide training on a variety of topics important to independent agents. The webinar, “Hideous Endorsements,” reviews a collection of egregious or unusual endorsements that can affect an insured’s coverage and the agent/broker’s obligations to identify, discuss and disclose the existence and impact on coverage with the insured. “The Personal Auto Policy: Who Knew It Covered That Loss” webinar will discuss various common auto risk exposures and how the standard ISO personal auto policy responds to them. Also included in the course will be liability issues and concerns, adding parties to the policy versus the  automatic coverage found in the policy, rental car exposures and the policy response and endorsements, using borrowed vehicles and adding new cars and physical damage coverages. Finally, the webinar, “Intellectual Property – Who Has It and What Does It Mean” will explain why every business has intellectual property. Intellectual property is especially important to some commercial customers, such as software designers, who discuss this issue at length with agents. This webinar will review the basics of intellectual property and provide the information agents need to discuss this exposure with customers.

Purchase a "seat" for $59 and present each webinar conference-style for the entire agency staff.  Select webinars have been approved for continuing education (CE) requirements in California and New Jersey, with approval pending in other states. For more information about all the webinars, including dates, times, CE credits and registration information, click here. E-mail BestPractices@iiaba.net for more information.


Virtual University
Be Prepared When Disaster Strikes

With wildfires raging in the West and hurricanes threatening the East coast, preparing for the worst is on the minds of agents and insureds alike. September has been designated National Preparedness Month by FEMA and the U.S. Department of Homeland Security, and the Big “I” has joined forces with this campaign as a National Preparedness Month 2009 coalition member. Agents can help their customers prepare for the worst by providing them with a host of planning resources available at www.ready.gov. In addition, click here to access more resources such as a webinar and a calendar detailing the campaign’s goals and available materials.

The Big “I” Virtual University also has several resources to help with disaster planning, including an emergency preparedness guide for homes and families. Click here to access the full VU Web site on emergency preparedness.

Contact Linda Mackey at linda.mackey@iiaba.net for more information on disaster preparedness.


Big “I” Professional Liability
Big “I” and Swiss Re Host Free Webinar on Swine Flu E&O Risks

On Sept.16, at 2 p.m. EST, Swiss Re and the Big “I” Professional Liability program will present a free risk management webinar about the potential errors & omissions risks a widespread swine flu pandemic may have on agencies and their business. The call will discuss important developments in the swine flu pandemic; how this could affect your business; and ways to protect your agency. This is the latest webinar in the risk management knowledge series designed to bring Big “I” members valuable and practical information to identify, manage and mitigate their potential exposure to E&O claims. Click here to register for the webinar.


LC&C
Mark Your Calendar for the 2010 Big “I” Legislative Conference & Convention

The Big "I" Legislative Conference & Convention will be held March 3-5, 2010 in Washington, D.C. At this premier event for Big "I" members, agents and brokers will visit Capitol Hill to lobby members of Congress and their staffs. During this annual pilgrimage, Big "I" members will show the nation’s decision makers that independent agents are in every state and every district, and that they participate in the legislative process. The Big "I" provides attendees with talking points and techniques to effectively communicate with members of Congress during an in-depth issues briefing which occurs the day before the Capitol Hill trip. Attendees also have numerous chances to connect with industry leaders. The Big "I" Young Agents Committee provides ample opportunities for newcomers and Big "I" movers and shakers to network and build lasting relationships. Click here to view a preview schedule for next year’s events.


Big "I" Markets
Identity Theft Market Available

Identity fraud is one of the fastest-growing crimes in the country, affecting several million people per year. According to the 2009 Identity Fraud Survey report released by the Better Business Bureau and Javelin Strategy & Research, about 9.9 million people were victims of identity theft in 2008. This means one out of every 28 consumers was a victim of the crime, with total out-of-pocket expenses exceeding $4.9 billion. 

Generally, banks or credit card companies will reimburse identity theft victims for their direct financial loss. However, most identity theft victims are not reimbursed for the hundreds of hours and thousands of dollars in out-of-pocket expenses they may incur in re-establishing their credit and clearing their names. The hard reality is that victims must painstakingly prove — often to disbelieving creditors — that the debts are not their own.

Travelers Bond & Financial Products pioneered identity fraud expense reimbursement coverage in 1999. Travelers Wrap+ identity fraud expense reimbursement coverage is designed to allow commercial businesses or non-profit organizations to provide their employees with fraud expense coverage, which not only pays for the expenses associated with clearing up the victim's credit, but also gives them the information and guidance they need to resolve the problem.

Agents can access the Wrap+ on Big "I" Markets. Identity theft coverage is just one in a suite of liability coverages available in the Wrap+, and agents can sell the coverages individually or in combination. Use identity theft as a lead-in line with existing clients to help account round their policy portfolio, or use it to attract new clients. This ID fraud coverage checklist can be reviewed with clients and prospects. Learn more by visiting www.bigimarkets.com.

Big "I" Markets
MiddleOak Offers All-In Option for Habitational-Condominium Policy

Many agents who write the CAPsure^® condominium policy also include the all-in option for their clients. Why? The all-in option removes the coverage uncertainty. Most often, unit owners have a different insurance agent for their HO-6 than the condo association has for the master policy. This leaves a large opportunity for gaps in coverage. Master policies can be written with three different loss settlement options: bare walls, single entity and all-in. If the unit owner isn't fully aware of how the master policy is written, chances are their HO-6 won't fully cover them in the event of a loss. Additionally, when two different policies are responding to the same loss, sorting out who is paying what is time consuming. When a claim needs to be settled quickly this can delay the process substantially, resulting in an unhappy client.

With the all-in option, the MiddleOak policy automatically covers all of the building damage such as improvements and betterments like hardwood flooring, appliances, interior walls and partitions. There is no delay in trying to interpret all of the contract coverages and exclusions.

Imagine what could happen if a condo complex suffered a large amount of damage from a catastrophe, such as a tornado or fire that affected many units with a variety of damages. The condo association would need to quickly restore these units to make them livable again. They will want the replaced appliances, walls, partitions, molding and built-in bookshelves, along with all of the other damaged items, with the same quality as before the damage. Otherwise, the market value of the units and the association as a whole is in jeopardy.

Unfortunately, without the all-in coverage, customers are not likely to experience any of those desired outcomes. It will take much longer to figure out what the condo association is responsible for and whether it is covered or excluded in the current policy. Repairs will have to wait, and if the unit owner decides to do repairs, the materials could be of a lesser quality because that is all the unit owner's policy will cover. It is not likely the master policy carrier will be viewed favorably by the unit owners and the condo association after the claim is settled.

This doesn't have to happen. The CAPsure product, with the all-in option, enables  agents to have peace of mind in knowing that their condominium clients are well protected.

To access this valuable coverage, log on to www.bigimarkets.com and request a quote for the habitational condominium product. This program is currently available in Arizona, Colorado, Connecticut, Delaware, Georgia, Iowa, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Michigan, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, Washington and Wisconsin. Filings are pending in Arizona, Idaho, Montana, Nevada, Oregon and Utah. For more information, contact Sherre Sidwell at 860-638-5117; sherre.sidwell@middleoak.com.


IIABA News
Join Free Webinar on State of E&S Marketplace

On Sept. 25, A.M. Best and NAPSLO will co-host a free webinar entitled, "State of the Excess and Surplus Lines Market." The webinar will be held from 11 a.m. - noon EST and will feature panelists Steve DeCarlo, CEO of AmWins; Neil Abernathy, president & CEO of Swett & Crawford; Peter Eastwood, CEO of Lexington Insurance Co. and Joseph Roethel, assistant vice president of A.M. Best Co. The panelists will discuss the findings of an upcoming report by A.M. Best and the Derek Hughes/NAPSLO Educational Foundation on the current state of the E&S marketplace, and how companies are faring within it. The webinar will also explore changes to E&S distribution and how they may affect agents and brokers. Click here to register for the webinar.