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August 12, 2009
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| In this Issue
• New York Students Earn InVEST Scholarships
• American Transport Insurance Co. Not Licensed to do Business in NY
• Recent Flash Flooding Highlights Need for Flood Coverage, Agility Recovery Solutions
• Big 'I' Offers Training Via Webinar
• Guest Puts Podcast Host on Hot Seat Over Unordinary Personal Injury Coverage
• Trusted Choice® Article Offers Customers Tips to Help Prevent Identity Theft
• Introducing the Big 'I' Virtual Risk Consultant
| Hot Links Local Events | Education Calendar | E&O Reports |Capitol Reports | The Situation Room | Technology
Word on the Street Podcast | Ask Tim Podcast
| New York Students Earn InVEST Scholarships
The national InVEST insurance education program recently awarded $9,000 in college scholarships to seven college-bound students representing four New York high schools. Two of the InVEST students pursuing insurance-related degrees, Jacqueline Jacobs, a graduate of East Senior High School in West Seneca, and Christine Rugg, a recent alumna of Dryden High School, are recipients of $2,000 awards. Kimberly Hathaway, another graduate of Dryden High, is among 11 students nationwide receiving $1,500 scholarships. Awarded $1,000 scholarships are: McGraw High School alumna Chelsea Hayes; Alexandria McFarlane, a graduate of Murry Bergtraum High School; and Alicia Roskwitalski, who hails from West Seneca’s East Senior High School. Joshua Jenin, who attended McGraw High School, earned a $500 scholarship. "Each year, InVEST develops a diverse pool of industry professionals by educating high school and community college students about insurance, risk management and financial service," said former IIABNY President Patrick Moore, chair of the National InVEST board of directors and principal of Antalek & Moore, an IIABNY member agency in Beacon. "Graduates from InVEST programs across the country are armed with knowledge to help them pursue careers in an agency, company or other insurance industry organization." Along with direct contributions, scholarships are funded through proceeds generated by the InVEST Silent and Live auctions held in conjunction with IIABA’s Legislative Conference & Convention. The auctions and direct contributions raised $43,000 in 2009. Auction items were donated by insurance carriers, agents and brokers, IIABA and its state affiliates and other industry organizations. | | | Top of page | | | American Transport Insurance Co. Not Licensed to do Business in NY
Excess Lines Association of New York issued a bulletin on Aug. 5, warning producers that they should not be conducting business with American Transport Insurance Co. as it is not licensed in New York State, nor is it an eligible excess lines insurer. No New York licensed insurance producer should be transacting business with this insurer. The ELANY bulletin was issued as the result of a "no stamp order" issued by the state Insurance Department following reports that American Transport had solicited New York producers. | | | Top of page | | | Recent Flash Flooding Highlights Need for Flood Coverage, Agility Recovery Solutions
by Jamie Deapo Flash flooding associated with the recent severe weather has caused significant property damage. Roads have been shut and power cut off, in some cases for days. Swollen creeks and rivers, as well as backed up storm drains and significant runoff, are major factors behind the losses. As the reports come in, I think about the affected families and businesses and hope they all were given the chance to discuss how they could protect themselves with flood coverage and the cost of purchasing a policy. For some time now, we have strongly urged our members to speak to each and every one of their clients about flood coverage. Many of you told us you had this discussion with clients only to have them advise they don’t see the need or don’t want to pay the premium. A significant percentage of customers believe they don’t need coverage because they aren’t located in a flood plain or flood prone area. What they fail to realize is that one in four flood losses occurs outside a flood plain or area and are caused by flash flooding, just like we are currently experiencing. As an agent, you can’t make clients buy coverage they don’t want. That said, there are a several very good reasons for you to offer coverage and provide a premium quote, not the least of which is a state Insurance Department circular letter strongly encouraging you to do so. Although none of you would want one client to experience an uncovered loss, you can have a clear conscience, should it happen, if you have offered the coverage and the client has declined it in writing. IIABNY members can write their own residential and commercial flood insurance with Selective Insurance Co. in Big "I" Markets with the "Selective Online Option." Here are some highlights of the program. Receive 18 percent commissions with online tools such as free rating, online processing and flood-zone determinations No volume requirements No access fees to participate Excess flood coverage is available when Selective carries the primary (Excess only is an Excess and Surplus product)
In addition to flood coverage, IIABNY members can offer business clients access to Agility Recovery Solutions. Agility will provide the necessary items and services to keep them up and running should they experience storm damage, including a power outage or an inability to reach their business because a nearby road is closed due to flooding. Agility Recovery Solutions is a great value-added product you can offer your business clients. Recently, a client of IIABNY member agent Terry Flood experienced a broken pipe in the firm’s 70-person office. Ordinarily, the office would have shut down for several days. Because Flood offered the Agility program and the client purchased it, things went very smoothly. Agility provided a fully functional mobile office while repairs were under way. Click here to see how Agility helped the office recover and quickly return to business. Then, join the many IIABNY members offering this important value-added service as part of the risk management they provide their business clients. For more information about either the Selective Flood Program or Agility Recovery Solutions for your clients, e-mail Jamie Deapo or call him at (800) 851-8853, ext. 232. IIABNY Member Advocate Jamie Deapo is also Assistant Vice President of Member Programs. | | | Top of page | | | Big 'I' Offers Training Via Webinar
A Webinar is short for Web-based seminar. Instead of meeting in a conference room, the training takes place via the Internet with the visual portion presented on a screen and the audio piped through a computer or telephone. No special equipment is needed. No travel is necessary. Simply register and join. Each Webinar purchase equals one "seat," which can be presented conference style for others in an agency to participate. Should an agency prefer each participant to use their own computer and phone line, a "seat" must be purchased for each attendee. On Sept. 24, the "Hideous Endorsements" Webinar will reveal some truly awful endorsements that could be hiding in your policies. This 90-minute Webinar will provide samples of the worst of the bunch. You might also have an example of an endorsement that has bothered you, so bring it to "class." Your instructor will ask you to read it to the group and will provide you an opinion. So, come and share the fun (we promise this is not false advertising). Please note: Webinars are not approved for continuing education credit. Tuition: $59 per "seat" Audience: Sales and service staff, licensed agents Time/Date: 2 p.m., Sept. 24
| Top of page | | | Guest Puts Podcast Host on Hot Seat Over Unordinary Personal Injury Coverage
Tim Dodge, IIABNY's director of research and external communications, has faced off with some of the best reporters covering the insurance industry including the likes of the Wall Street Journal, National Underwriter, Best's Review and Insurance Journal. He’s also answered calls from a multitude of persistent local newspaper, radio and television reporters. However, Dodge has never confronted a questioner like the one invited to appear on the latest episode of the "Ask Tim" podcast. Watch how he fares when he tries to shed some light on some personal injury coverages not ordinarily included in a homeowners policy. Then, check out the "Ask Tim" blog for more information on this and other issues not covered by the podcast. And, if you are a member with a technical or research question that you think should be featured in a future "Ask Tim" episode, you can submit your ideas by giving Dodge a phone call at (800) 962-7950, ext. 229, sending an e-mail message to him or completing an online form. Your question might be featured on "Ask Tim." If you are already using a news reader or aggregator, subscribe to "Ask Tim" by clicking on the "Subscribe to my Podcast" link in the left column of the Weblog. If you want to subscribe and aren't already using a news reader or aggregator, here are links to a couple among the many software applications available: Bloglines and News Gator. | | | Top of page | | | Trusted Choice® Article Offers Customers Tips to Help Prevent Identity Theft
Nine million. That's how many Americans have their identities stolen each year, estimates the Federal Trade Commission. From January 2005 until October 2007, a staggering 215 million personal records were breached, reported the Privacy Rights Clearinghouse. The FTC noted that, in half of the criminal incidents in 2005, thieves obtained goods or services worth $500 or less. In 10 percent of cases, thieves stole at least $6,000. ID theft has only been a crime since 1998, when Congress passed the Identity Theft and Assumption Deterrence Act, but it continues to escalate as a problem. Not only do criminals use identify theft to steal assets, they also commit crimes in the name and character of the victim. This article covers vital information on identity theft and how to defend against it that your customers should be aware of. Feel free to reproduce this article in any customer communications your agency might have, such as a newsletter or on your agency Web site. It's important for Trusted Choice® agencies to have consumer focused content to drive potential customers to their Web site and to refresh the content of their Web site. Once you are logged into the Agents/Brokers section of TrustedChoice.com, you can access many other consumer interest articles. You will need your agency username and password to access these areas of the secured "Agents/Brokers" section of the Trusted Choice Web site. You will need to log on to access this section. If you do not have/have forgotten your password, you can retrieve it online. For more information, e-mail Jenner Gohr or call her at (800) 221-7917. | | | Top of page | | | Introducing the Big 'I' Virtual Risk Consultant
The Big I Advantage® Virtual Risk Consultant ("VRC"), which is powered by Rough Notes, is a new Web-based agency resource available exclusively to Big I members. The VRC offers a comprehensive suite of tools to help agency staff better understand customer operations and to identify risk exposure with business specific questionnaires and checklists that also provide solid customer file documentation should an errors and omissions claim arise. This powerful product allows members to create more professional customer proposals and effectively explain complex insurance coverage. The VRC also provides invaluable content to assist an agency in successfully promoting its services through pre-written business letters and hundreds of articles for use in customer communications and marketing. Big "I" members have exclusive access to Big I Advantage® Virtual Risk Consultant. Similar products sell for thousands of dollars. However, Big "I" members enjoy a deeply discounted rate. An annual subscription for an agency with 15 or fewer users is $250 per year, per state. The annual fee for agencies with more than 15 users is $500. A four-year subscription is also available for the price of a three-year subscription at $750 and $1,500, depending on an agency’s user count. Members can learn more and purchase the VRC directly at www.iiaba.net/VRC. | | | Top of page |
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