By April Shrewsbury, Manager of Personal Umbrella Markets
Screeeeeeech….CRASH! That was the sound I heard last year as I ventured into an intersection, onto U.S. Route 460 in Bluefield, VA. After a great lunch with my mom at La Fiesta, I was making a right on red as the driver next to me started into the intersection and was struck at full highway speed by another driver. Thankfully, everyone walked away from that accident. What I noticed was that the driver in the oncoming vehicle never applied her brakes, which would suggest that she didn’t see the red light…a distracted driver.
A pervasive issue
We’ve all seen countless articles, TV commercials, and public service announcements, warning of the dangers of distracted driving. Distracted driving can include activities such as texting or reading a text, checking the GPS, talking to others in the car, applying make-up, and (who isn’t guilty of this one?) fumbling around in a paper bag for that one last french fry. It is such a pervasive issue that there now exists the Official U.S. Government Website for Distracted Driving (www.distraction.gov), full of facts, figures, and suggestions for talking to drivers (and it’s not just the teens).
What does it mean for us as insurance agents?
At any given moment in this country, approximately 660,000 drivers are using cell phones or manipulating an electronic device while driving (according to the National Occupant Protection Use Survey). As insurance agents, these drivers are our customers. We strive to protect them from loss, whether caused by their own actions or those of others. It’s an unfortunate reality that our customers are driving while distracted, or are at least driving where the drivers around them are distracted. Even children walking home from school are at risk. It’s not a matter of if they’ll be involved in a distracted driving-related accident, but when.
How can I help protect my customers?
A Personal Umbrella Liability Policy can help protect an insured against financial ruin (losing their home, future earnings, and other assets) when they or a member of their household are sued or found liable for a car accident (among other things). Given the likelihood that today’s drivers will be involved in a distracted driving-related accident, that fact alone is reason enough to offer an umbrella to every customer.
The Big I’s endorsed carrier for personal umbrellas, RLI Insurance, offers a personal liability limit of up to $5 million ($1 million in New Mexico), for when your customer is found to be at-fault in an accident. RLI also offers excess Uninsured/Underinsured Motorist Coverage, which would cover the insured’s injuries if they are struck by a distracted driver who then drives off, doesn’t have insurance at all, or doesn’t have enough insurance to cover the injuries of those in the insured’s vehicle. Simply go to www.iiaba.net/RLI to offer a personal umbrella policy to every customer, every time…quoting takes just 2 minutes and will include a quote letter for your insured. If that coverage is declined, use the quote letter to document the decline, adding it to the insured’s file as a protection against a “failure to offer” E&O claim.
In closing, if you happen to be driving through Bluefield, VA, be careful as you head through that intersection on Route 460. Make sure you’ve got an umbrella in place first. Better yet, stop at a great Mexican restaurant called La Fiesta, and tell them an independent agent from up north sent you.
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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:
The webinar for Wednesday, December 3rd has been cancelled.
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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.
There will be no Training Webinar on Thursday, November 20th or Thursday, November 27th.
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Be one of the first five with the correct answers and win an envy-inspiring TFT Trivia T-shirt. Don't forget to answer the Tie Breaker!
1. What excess coverage does RLI offer that would pay for an insured's injuries if they are struck by a distracted driver who doesn't have enough insurance?
2. Who was the only candidate to receive electoral votes after death?
3. AIG's Equipment Breakdown and Equipment Breakdown Plus will replace broken equipment with a "green" version (better for the environment, safer or more efficient) for up to how much of the replacement value?
Who was the first woman to ever get an Electoral College vote in a U.S. Presidential election? Hint: It’s not Geraldine Ferraro.
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Here are the top three items that got BIM agents clicking from our last edition... see what you missed!
Did you know that when George W. Bush built his Crawford, TX ranch in 1999 it included two geothermal heat pumps for cooling and heating? They require no gas or oil and use only 25% of the electricity of a typical HVAC system. Complicated systems for homes are great when they operate properly but when they fail it can be expensive and time-consuming to repair or replace, especially when the original equipment was installed at the same time the house was built.
The Equipment Breakdown and Equipment Breakdown Plus option is part of AIG’s Private Client coverage which is available for $1MM or more with a minimum of two lines of business.
By David Hulcher - AVP, Agency Professional Liability Risk Management
