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Sunday, 05/19/2013email print

Insurance Coverage for your Agency

The purpose of the Wholesale Insurance operation is to provide the highest quality insurance products for the membership of IIAO to offer to their clients. We provide competitive insurance products that are designed to fill recognized voids in the Oklahoma marketplace.

Through our Professional Liability for your agency, we have access to the 2 broadest forms in the marketplace.

 

E&O COVERAGE AND CARRIERS
 

We realize that protecting the future of your agency is a major priority. You trust us to represent your interests at the highest political level and as your association we also want to provide you with the security of knowing you are getting the best overall E&O value in the marketplace—not just a policy, but a comprehensive program.

Swiss Re: A Trusted Partner

 

For 25 years, the Big "I" Professional Liability Program underwritten by Westport Insurance Corporation, a member of the Swiss Re Group (rated A Excellent by A.M. Best), has been the premiere choice of IIABA member agents for insurance agents and brokers E&O insurance.

The Big “I” Professional Liability Program offers not just a policy, but a comprehensive program for insurance agents. Over the past two decades the Big “I” Professional Liability Program, underwritten by Westport Insurance Corporation, a member of the Swiss Re Group, has grown into the largest and most stable insurance agents E&O program in the nation. Our member agents and brokers nationwide look to the program for stable rates and a long-term market that they can rely on to protect their greatest assets—their businesses.

Click Here for the New Businesses Application.

IMPORTANT NOTE: When completed immediately print a copy and fax the application to Lyra Roberts at (405) 840-4450 or email to lyra@iiaok.com.
 

Coverage Highlights of Swiss Re:
Working with our partners at Swiss Re, we have created one of the strongest coverage forms in the marketplace.  Structured using a modular approach, our policy provides solid core coverage as well as coverage units to insure against other exposures of concern. Review our policy form and you will see these are just a few of the coverage benefits of the Swiss Re policy:

  • Coverage for the sale of both P/C and Life and Health insurance products
  • Limits of liability up to $15 million
  • Broad definition of covered professional services and activities
  • Comprehensive definition of who is an insured
  • Aggregate deductibles
  • Defense cost outside the limits
  • Available first dollar defense
  • Full prior acts available
  • No contractual liability exclusion
  • Coverage for punitive damages (where available by states)
  • Multiple extended reporting period options
  • True worldwide protection
  • Coverage for advertising, libel and slander
  • Available coverage units:
       *Employment Practices Liability
       *Real Estate Agents E&O

Coverage Benefits:

  • The only P/C insurance agents and brokers E&O program in the marketplace that contributes a percentage of every premium dollar to the funding of important advocacy efforts of the IIABA.
  • State associations that serve to assist you should a claim arise.
  • An exclusive policy form and premium credits filed on a Risk Purchasing Group basis to give Big "I" members coverage tailored to their needs.
  • Competitive pricing supported by a critical mass of premium volume to maintain rate stability.
  • A partner in Swiss Re, a member of the Swiss Re Group, rated "A Excellent” by A.M. Best.
  • Loss prevention materials to reduce the chance of a claim and improve business processes.
  • An exclusive comprehensive risk management website including practical information and tools to help your agency avoid E&O claims – www.independentagent.com/EOhappens.
  • E&O Claims Advisor– a quarterly E&O risk management newsletter available only to Swiss Re policyholders, providing valuable information to all positions in the agency.
  • A Professional Liability Committee of IIABA member agents to oversee and recommend enhancements to the program to meet the ever-changing needs of agents.  

The Swiss Re policy is designed using a set of general terms and conditions and coverage modules. This allows Swiss Re the flexibility to effectively react to the coverage needs of member agents.

 

Sample Policy Forms:

General Terms

E&O Coverage Unit

 

 

Fireman's Fund: An Additional E&O Market

 

With more than 25 years of experience, Fireman’s Fund is an industry leader in providing liability coverage for agents and brokers against errors and omissions. Fireman’s Fund Insurance Company is rated A Excellent by A.M. Best.  This additional E&O market is available nationwide.

With over 25 years experience, Firemen’s Fund is a dedicated, experienced insurer of Insurance Agents’ needs – yesterday, today and tomorrow. 

Coverage Highlights for Fireman's Fund:

  • A rated carrier written on admitted paper
  • Dedicated claims staff focuses exclusively on insurance E&O claims
  • Long-standing market player in Agents E&O 
  • Coverage for the sale of both P&C and L&H
  • Choice of three endorsements for sale of Financial Services Products
  • Broad definition of covered professional services and activities 
  •  Available first dollar defense 
  •  Policy limits available up to $10,000,000
  • Aggregate deductible applies
  • Expert witness testimony covered
  • Protection when you train, manage or supervise a client in the selling of insurance products
  • Market-quality Insolvency coverage
  • Broad definition of  “who is an insured”
  • Retroactive coverage and multiple extended reporting periods offered
  • Three-tiered Employment Practices Liability offered by endorsement
  • $10,000/$30,000 catastrophe claims extra expense included with no additional premium
  • $35,000 regulatory investigation defense expense coverage per policy
  • Up to 60 days after end of policy period to report claims and purchase extended reporting
  • Immediate predecessor firm coverage
  • Supplementary Payments of $500 per day for expenses incurred in aiding in the defense of a claim

The Fireman’s Fund policy offers broad coverage tailored to insurance agencies. 

 

Application:

To apply for coverage, complete the Fireman’s Fund Insurance Company Independent Insurance Agents application electronically and email to lyra@iiaok.com, who will contact you once it is received.  This application is a pdf form that MUST be completed by typing the information directly into the form, saved locally, then after completion digitally signed and sent via email to the state association contact.  Viewing and completing the form requires the free Adobe Reader program which can be downloaded from www.adobe.com. If you have any questions completing this pdf form, please contact your state association.

Fireman’s Fund Insurance Company Independent Insurance Agents Application

 

RISK MANAGEMENT WEB SITE

Big “I” members whose agency E&O insurance is written by Swiss Re through the Big “I” Professional Liability
Program have access to an exclusive risk management web site.

Log on today to fish for E&O claims frequency data, real-life case studies and analysis, sample client letters, sample agency procedures,
agency E&O self assessments, podcasts on important E&O topics, and much more.

www.iiaba.net/EOHappens

COMMERCIAL UMBRELLA
PROTECT your business with an E&O umbrella endorsed by IIABA.
CONSOLIDATE coverages with one carrier and avoid potential gaps.
SECURE your agency’s future with the largest writer of agents professional liability in the country.
SUPPORT your state association while protecting your business.

A commercial umbrella underwritten by Swiss Re (rated A by A.M. Best) is now available exclusively to Big “I” members.

·         Designed in collaboration with the IIABA to meet the needs of independent insurance agents

·         Broad coverage over primary casualty lines, including E&O

·         Limits available up to $10 million over underlying primary E&O policy

·         Available nationwide

·         May to be written over a variety of E&O carriers

Contact Lyra Roberts for a quote today at (405) 840-4426.

VIRTUAL RISK CONSULTANT

The Big I Advantage® Virtual Risk Consultant powered by Rough Notes ("VRC") is an online sales and service resource designed to help your agency better serve your customers. Using this tool will lead to increased sales by improving  your  staff’s knowledge of a prospect’s operation enabling them to better identify and cover customer exposures. The VRC will help your staff better understand the product they sell.  It will also assist agency staff with preparing proposals, explaining complicated insurance terms, and most importantly documenting client files. It is truly a tool that will increase the professionalism of staff and help your agency grow while limiting your exposure to E&O claims.

Big "I" members have exclusive access to Big I Advantage® Virtual Risk Consultant. Similar products sell for thousands of dollars. Big "I" members enjoy a deeply discounted rate:

 

 Agency Size (per state)

Annual Subscription Price

Four-Year Subscription Price
(Best Value!)

 Up to 15 users per agency

$250 

$750 

 More than 15 users per agency

$500 

$1,500


To see the VRC in action, click here to experience a limited demo. 

Claims data for the Big “I” Professional Liability Program reveals that about 40% of claims involve the agent failing to procure coverage and failing to adequately identify exposures. The Commercial and Personal Line Risk Analysis System on the VRC assists producers and CSR’s. How? 

1.     By helping them understand the exposure of businesses in more than 650 different industries, including recommended minimum coverages. 

2.     By allowing them to create and print comprehensive questionnaires to collect the information necessary to complete ACORD applications. 

3.     By providing them a comprehensive list of coverages with succinct definitions to enhance understanding at the point of sale. 

4.     By offering important customer file documentation in the form of a comprehensive checklist of coverages offered, accepted, rejected or not applicable which is signed by the customer and stored in the file.   

Features include these and much more:

Commercial Lines Risk Exposure Evaluation System 

  • Narrative overviews of operations and exposures for more than 650 businesses 
  • Recommended SIC, NAICS, GL, and WC codes
  • Coverage recommendations
  • Risk specific questionnaires designed to identify coverage gaps and exposures
  • Customer Coverage E&O Checklist/File Documentation  (E&O loss control tool)

Personal Lines Risk Exposure Evaluation System

  • Narrative overviews for:
    • Coastal Properties
    • Condominiums
    • Rental Properties
    • Single Family Dwellings 
    • Tenants
  • Pre-renewal questionnaires
  • Risk specific questionnaires designed to identify hidden exposures such as: 
    • In home business
    • Water related
    • Recreational vehicles
  • Customer Coverage E&O Checklist/File Documentation (E&O loss control tool)  

Policy Forms & Manual Analysis (PF&M)

  • Detailed commercial, personal, & specialty coverage analysis of ISO & AAIS forms and endorsements
  • Comparisons of prior coverage forms help mitigate E&O exposure
  • Written in easy-to-understand language with clear examples
  • Relevant court cases and decisions
  • Quizzes on each coverage section for training and "self-study"
  • Risk management techniques
  • Updated monthly

Coverages Applicable

  • Electronic version of one of the best known and used print resources for coverage identification
  • Simple and concise coverage explanations and their applications
  • Overview of 28 business classes
  • Coverage identification for over 600 risks
  • Links to PF&M and ACORD™ forms

Insurance Marketplace

  • Find a market for hard to place coverages
  • E & S directory with direct links to company’s, broker’s and MGA’s web site
  • Search by category and state or company name

Insurance Marketplace Cybercast 

  • Emerging markets
  • New products
  • Product enhancements

ACORDTM Forms Library

  • Printable applications
  • Instructions for completion of all forms

Insurance Words & Their Meanings

  • Dictionary with easy-to-understand definitions
  • Glossaries for 11 business catagories to help you better understand your customer’s language.

Business Building Letters

  • Examples/Samples of 330 professionally written correspondence pieces
  • On-going prospecting
  • Account development
  • Service/claims
  • Relationship building
  • Service surveys
  • Copy, paste, edit, customize, and save in your own letter library

e-marketing for Agencies

  • Inform and educate through your web site
  • Professionally written articles
  • Easy-to-understand answers to consumer questions

 

 

 

 

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The mission of the IIAO Eagle Agency is first and foremost to be of service to the members of the Independent Insurance Agents of Oklahoma. We will strive to provide insurance products for our members. Our agency is dedicated to the principals of the American Agency System and the Code of Ethics of the Independent Insurance Agents & Brokers of America.

The employment of knowledgeable, enthusiastic, and creative people of high integrity enhances the agency's ability to deliver superior services to our members and to add value to your membership in IIAO. Try this valuable member service for IIAO members only!

 

 

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Mailing Address: P.O. Box 13490 - Oklahoma City, OK 73113-1490
Telephone: (405) 840-4426 - Fax: (405) 840-4450*
Street Address (UPS or Fedex only): 9417 North Kelley Avenue (73131)
Email:   info@iiaok.com

*We do not give our consent to accept unsolicited fax advertisements.
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