Willie Sutton is famous for politely robbing banks and (falsely) for saying,"Because that's where the money is," when he was asked why he robbed banks. He used a variety of tricks and disguises, stealing over $2 million over his "career," If you look at the biggest jewel heists they also varied in how they were carried out. Some were committed by walking in to a store or holding area and pulling guns, some by gaining the trust of employees who (willingly or unknowingly) gave access or by breaking in after-hours. No matter how it happened most of them have one thing in common; even if the thieves were eventually caught, the goods were usually not recovered.
Despite such high-profile thefts vaults are still a great place to keep valuables. One reason is that a common element among non-violent thefts is they require extensive planning; sometimes over years. The reason they require so much planning is that large vaults are not easy to break into which is why they usually have such large amounts of goods within. It makes sense therefore that insurance rates for valuables kept in-vault are lower, usually 75-90% cheaper than out-of-vault. The Standalone Fine Art and Valuable Articles coverage on Big "I" Markets offers very low in-vault rates with no surcharge for removing items from the bank vault (up to 3 times per year).
The Standalone Fine Art and Valuable Articles program also covers a diverse range of risks including fine arts, antiques, silverware, coins & stamps, memorabilia, gun collections, fine wine, musical instruments as well as other collectibles. Coverage is not offered for the following items: hearing aids, handbags, professionally used musical instruments/ equipment; electronic equipment (including but not limited to: video game systems, computers, i-pods, professionally used cameras)). Bicycles are covered under the Bicycle Program.
The Standalone Fine Art and Valuable Articles program uses an admitted carrier and is available nationwide (except AK or HI) on Big "I" Markets.
In 2014 the number of data breaches was widely publicized including online fraud, identity theft and business data breaches. Criminal hackers are no longer "thrill seekers", but professional computer experts and criminals mostly located outside of the United States. Very few insurance producers have knowledge of the problems and possible solutions and this can leave them unable to discuss what steps (including risk management and insurance coverages) need to be pursued. This webinar will explain first and third party exposures to various cyber risks, the lack of insurance coverages in current CGL and property policies and the emerging markets for this coverage.
It was revealed recently that up to four million government employees had their sensitive information dating back to the 1980's hacked. The federal government is now offering $1 million identity theft coverage to the affected employees.
Technology companies are striving to create ways to protect sensitive information as new breaches occur but the criminals will never stop trying to get in. This leaves the companies vulnerable to being sued when a hack occurs and it looks like the trend is that will happen more often. Data breaches aren't the only reason a company can be sued. Copyright infringement, age discrimination, trademark infringement, and if the website fails.
In today's insurance market, Technology Consultant Professional Liability (E&O) is one of the fastest growing areas. A.J. Wayne & Associates can entertain all types of technology and computer consultants. A.J. Wayne has the broadest products available at extremely competitive rates.
COVERAGE HIGHLIGHTS & AVAILABILITY
Broad and basic coverage forms
Claims made and reported
Duty to defend
Defense in addition to the limits is available
Copyright / trademark infringement coverage is available
Libel, slander and other personal injury coverages are available
Punitive damage coverage available where insurable
Unauthorized access / hacker liability available
Independent contractor coverage available
Minimum premium: $1,000 (less in some cases)
Limits available: we can offer as low as $250,000 or we can quote $1,000,000; limits above $1,000,000 are available in most cases
On Monday, June 22nd Claudia McClain and Judy DeLaRosa, the co-chairs for Agents Council for Technology ('ACT') 'Customer Experience' Work Group will present a webinar to walk through ACT's "CX Recommendations" document and discuss the top implementations within each phase that can help agents plan and elevate their technology strategy and explain the critical role Customer Experience plays in every consumer and client interaction. Don't miss a chance to review and refine your customer service experience journey and learn more about resources for your agency.
In 2014 the number of data breaches was widely publicized including online fraud, identity theft and business data breaches. Criminal hackers are no longer 'thrill seekers', but professional computer experts and criminals mostly located outside of the United States. Very few insurance producers have knowledge of the problems and possible solutions and this can leave them unable to discuss what steps (including risk management and insurance coverages) need to be pursued. This webinar will explain first and third party exposures to various cyber risks, the lack of insurance coverages in current CGL and property policies and the emerging markets for this coverage.
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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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. EDT we'll show you how to navigate the Big "I" Markets platform, including how to submit a quote! A recording of this webinar can be found under "Publications" after logging into Big "I" Markets.
Insurance Company Names By Paul Buse, President of Big I Advantage
Even after 30 years in this business, I still have to look up writing insurers to see who they really are. Or, stated differently, how does one know how a particular writing insurer fits into an overall organization? A great example is when you get a proposal for a specialty placement from your local wholesaler. Many policy issuing insurers are in fleets of companies with very different names than their parent or brand. Those insurers usually came into the group via an acquisition, sometimes scores of years ago, where they operated under their own very different name. As time marches on, those names march on as they are not easy to change… especially when insurers' various rate filings are separately filed in all 50 states, DC and even places like Puerto Rico and Guam.
Click Graph for larger version
Source:A.M. Best
o, how do I figure who a writing insurer belongs to? I go to www.ambest.com. Even if you are not a subscriber, you will quickly see the basic information that is most often needed. The insurer group is shown and there is a link to the other writing insurers that are part of the group. You can also see the insurer's A.M. Best rating and financial size category. You can get this information even on your smartphone while in the field.
Congrats to our agent in Missouri on an affluent homeowner sale of $128,837 in premium!
Tuesday, June 16, 2015
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