 As we are in the height of yachting season AIG's Yacht Loss Prevention Services are a great way to help prevent your client from having a loss or at least lessening the damage. It includes safety awareness, crew hiring assistance, repair consultations and other services. For the larger yacht owners they offer greater services, such as thermographic evaluations, crew first aid training, onboard art collection management, and more.
Fire on a boat is a great danger since unlike on land, leaving the building means going into the water, which isn't always safer such as in strong currents or during a storm. Even in a marina or close to shore boat fires are difficult to handle as this ship battery fire proves. AIG is so committed to minimizing fire loss they actually train fire departments near large marinas on the unique aspects of fighting a fire onboard.
Speaking of season heights, we have just entered the height of the hurricane season (Aug-Oct) and AIG has that covered as well. But even well laid plans may not be enough. These sailing yacht owners could only watch as the tidal surge from Hurricane Sandy started knocking their boats over like dominoes, despite being on high ground and on stilts. That's when AIG's yacht coverage kicks in.
Yacht coverage is part of AIG's Private Client Program and is available to registered members in all states. Sail over to Big "I" Markets and click on Affluent Program - New Business to learn more!
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 By Elif Wisecup, Director of Marketing and Big I Advantage® Publications
A recent trend among insurance companies is NOT to require a signed and dated application to bind coverage. Big "I" Professional Liability's risk management team is hosting a panel discussion that will tackle risks associated with this trend.
Join us for a FREE 30-minute Big "I" member-exclusive webinar on August 17th at 2:00 EDT: To App, or Not to App? That is the Question.
Recent claim examples and attendee questions will also be covered. The discussion will feature Swiss Re Corporate Solutions' Richard Lund (Senior Underwriter, Vice President) as moderator. Panelists will include:
IIABA's Bill Wilson (Director, Big "I" Virtual University)
Swiss Re Corporate Solutions' Brian Butcher (Claims Expert, Vice President)
Howard Kronberg, Esq. of Keidel, Weldon & Cunningham, LLP
Register today for To App, or Not to App? That is the Question. Give us half an hour and we'll give you the rundown on the risks of this emerging practice!
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 The phrase "Employee Theft" covers a lot of different aspects. Padding an expense account, forging a receipt, taking product, cash, or supplies are among the smaller types and may only occur a few times or even just once. Systemic theft include false vendors/customers, fake (or dead/retired) employees drawing a salary, material and/or large scale theft of cash and can go on over weeks, months, or years. One postal worker faked being on jury duty for months after he had been excused and only got caught because he tried the same scam when he was summoned again a few years later.
Fidelity/Crime from Travelers covers employers for direct loss as well identity fraud reimbursement and reasonable claim expenses. Fidelity Crime can be obtained singly or as part of a the Wrap+ for Executive Liability for Private Companies. You can pick and choose the coverages your client needs and leave off what they don't. In the future you can add new or drop old coverage as needed.
Features Common to All Liability Coverages:
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Additional Defense Coverage
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Additional Defense Limit of Liability
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Survives exhaustion of base limit
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Available for each liability coverage elected or shared
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Defense options
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Duty to Defend (100 percent predetermined allocation)
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Reimbursement
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Single retention for claim triggering multiple liability coverages and no retention if unable or not permitted to indemnify
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Worldwide coverage - claims made or occurring
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Foreign parent corporation coverage as co-defendant
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Severability of application representations
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Subsidiary acquisition - 25 percent of assets
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Extended Reporting Period
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Bi-Lateral
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3-year run-off available for pre-determined premium
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Report potential claims
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Elect by liability coverages
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Duties in the event of claim - triggered by knowledge of Executive Officer
Click the links below to learn more about available options, access highlight and sell sheets, and more:
As part of the coverage, your clients receive access to Risk Management Plus+ Online®, a one-stop resource that provides a comprehensive set of tools to help protect their organization from costly litigation. To learn more, visit www.rmplusonline.com.
To access the Wrap+ please log into Big "I" Markets and look for Wrap+ products in the commercial product listing. Please note that the Community Homeowners Associations and Healthcare Organization are not currently available through Big "I" Markets.
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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".
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TravPay
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Commercial Lessor's Risk
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Affluent Homeowners
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Travelers Select Products (series)
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Travel Insurance
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Community Banks
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Affluent Homeowner
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Real Estate E&O
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RLI Personal Umbrella
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"Oh, by the way...Flood Sale"
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Habitational
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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.
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Big "I" Professional Liability's Risk Management Team
A recent trend among insurance companies is NOT to require a signed and dated application to bind coverage. Big "I" Professional Liability's risk management team is hosting a panel discussion that will tackle risks associated with this trend. Join us for a FREE 30-minute Big "I" member-exclusive webinar on August 17th at 2:00 EDT: To App, or Not to App? That is the Question.
Recent claim examples and attendee questions will also be covered. The discussion will feature Swiss Re Corporate Solutions' Richard Lund (Senior Underwriter, Vice President) as moderator. Panelists will include:
IIABA's Bill Wilson (Director, Big "I" Virtual University)
Swiss Re Corporate Solutions' Brian Butcher (Claims Expert, Vice President)
Howard Kronberg, Esq. of Keidel, Weldon & Cunningham, LLP
Register today for To App, or Not to App? That is the Question. Give us half an hour and we'll give you the rundown on the risks of this emerging practice!
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Big "I" Virtual University Webinars
Don't miss the following education opportunities provided from the Big "I" Virtual University experts that focus on topics agents need to know to make a smart start in 2016. For more information, contact national staff.
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August 23. "Fixing Commercial Lines Coverage Gaps" Through scores of real-life claims examples and court cases, this program examines common coverage gaps found in many commercial lines policies and addresses the remedies for such gaps in the form of insurance products or risk management techniques CE credit available for attendees in AZ, CT, ID, MI, NJ, NY, ND, OR, WA, WY. Click here to learn more and to register.
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August 30. "New Overtime Ruling - Decisions to be Made" The ruling has been made and it's time to focus on being compliant. Join veteran employment lawyer and agency consultant Don Phin to learn the basics of the regulations, traps created by "white collar" exemptions, making the decision on a raise or changing classification, how omissions' and bonus affect the minimum salary threshold and more. Click here to learn more and register.
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September 12. "First Monday LIVE!" is a free monthly webcast hosted by the VU's own Bill Wilson and guests on the first Monday of the month to discuss the wide world of insurance from seemingly non-insurance topics. Each 30-minute webisode covers "what's going on" in the news and the implications. The August broadcast is in development as subject matter is explored. Click here to learn more and register and here to access the recordings.
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STUDENT OF THE INDUSTRY PARTING SHOT
GEICO Premiums Per Capita, Cliff Jumping, and Airplanes Towing Banners
By Paul Buse, President of Big I Advantage®
Last week I was with most of your Big "I" state association executives at their annual meeting. There was much discussion of the future of automobile insurance and self-driving cars, automatic braking, telematics and the impact on the industry.
At some point between a networking hike and jumping off a cliff into a lake (apparently risk aversion in insurance people is not a given) the idea struck me that a major reduction in automobile insurance premiums would impact some insurers more than others. I said, I would look up GEICO's largest automobile insurer state-by-state premiums. GEICO General Insurance Company is the largest personal auto writer in the Berkshire Hathaway fleet. It writes about 35% of the personal auto premiums of the GEICO insurers and, according to the Maryland Insurance Department in 2014, it was used to write preferred-risk individuals who were neither government employees nor military personnel. This helps explain for me why you see all those airplanes towing GEICO banners flying up and down the beaches in Florida.
Below is a map of GEICO General's Top and Bottom ten states as measured by standardized, per capita premiums. Since you can't see Washington DC on the map, I provided a table of the top five states which includes DC. If you want all the states, just email me and I'll send you the worksheet.
Click for larger version
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State |
Total Personal Auto Premium |
Ratio to USA Average Premium |
Standardized Figure |
Population |
Per Capita Premium |
Rank |
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NEW YORK |
$2,103,342,741 |
140% |
$2,955,026,154 |
19,795,791 |
$149 |
1 |
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FLORIDA |
$1,859,971,114 |
136% |
$2,529,023,881 |
20,271,272 |
$124 |
2 |
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DC |
$45,735,983 |
141% |
$64,561,443 |
672,228 |
$96 |
3 |
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CONNECTICUT |
$239,437,759 |
120% |
$287,835,934 |
3,590,886 |
$80 |
4 |
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RHODE ISLAND |
$57,066,397 |
127% |
$72,331,046 |
1,056,298 |
$68 |
5 |
Source: GEICO General Insurance Company Annual Statement for 2015. The Insurance Information Institute for average premiums by state. Wikipedia for USA populations estimates by state (Note as GEICO General Insurance Company is not used in HI, MI, NJ, NC and SC)
Answers to Higher, Medium and Lower Risk Umbrella Celebrity Classifications
Last week we reviewed a rate filing for Mount Vernon Fire Insurance Company. Thank you for your emails and comments. Below is the ranking from what are rated highest, medium and lower risk "celebrities" in the filing. The higher risk in the list from last week is in Red and the lowest risk is in Green.
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Low: “High Profile Classification” |
Medium: “Celebrity Classification” |
High: “Target Celebrity Classification” |
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Mayors of cities with the top 50 population but with less than 1M in population. |
Mayors of cities with a population greater than 1,000,000 |
US Senators, Governors and higher ranking politicians |
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Executive Producers and Executive Directors with on-going television and movie credits in the past 10 years without National Face recognition |
US Congressman and State Attorney Generals with National Face recognition other than the US Speaker of the House |
Best Selling authors with National Face recognition |
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US Congressman and State Attorneys General without National Face recognition |
Best Selling authors with National Name recognition |
Any professional sports figure participating in NBA (unless in rookie year), Championship Professional Boxers, and Professional Wrestlers. |
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Division 1 College Football and College Basketball Head Coaches with NCAA appearances |
Owners of Professional Sports Teams with National Face recognition |
Professional athletes in the NFL making more than the team’s median salary (unless in rookie year). |
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Or who are instantly recognizable |
Any professional sports figure and/or coach participating in the following: |
Any athlete in the NHL or MLB listed in the Top 25 of the highest paid in that sport. |
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Any professional athlete in the MLB or NHL being paid less than the team’s median salary. |
PGA or Senior PGA (top 100 rankings in the past three years), Professional Tennis (top 20 rankings in the last three years) and Professional Race Car Drivers |
Producers and Directors with National Face recognition and major motion picture or TV credits |
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CEO’s of Fortune 100 Companies |
Any national television personality (National news anchors, news show hosts, talk show hosts, comedians, etc.) |
Actors and Actresses with major box office draw or who have on-going leading roles in television series |
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Popular Classical, Opera, Christian, Gospel and Folk musicians who have National Name recognition or are famous within their profession |
Any professional athlete in the MLB or NHL being paid more than the team’s median salary. |
Any person included on the Forbes Celebrity 100 List |
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Professional Athletes and Head Coaches participating in the following: WNBA, LPGA (not in top 20 rankings in past three years), Professional tennis (not in top 20 rankings in past three years), PGA or Senior PGA Tour (not in top 100 rankings in last three years), MLS and other professional sports not detailed under Celebrity classification. |
Actor/Actress with primary roles on prime time or day time television or who has played a primary role in a major motion picture in the past five years |
Musicians who have had a billboard top 50 single or album in the past 12 months or has a reputation for controversial behavior |
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Syndicated columnist for publications with national readership |
Musicians who have National Face recognition other than those musicians or bands with a billboard top 50 single or album in the past 12 months or has had a reputation for controversial behavior |
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Local television personalities, actors in secondary television or movie roles in the past 5 years (not to include extra or bit parts) without National Face recognition). |
Nationally syndicated Radio Personalities |
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Secondary band members of musical groups without a reputation for controversial behavior (bass player, drummer, etc) or that aren’t instantly recognizable on their own. |
Any one whose face is nationally recognizable |
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Professional athletes in the NFL making less than the team’s median salary (unless in rookie year). |
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Source: Mount Vernon Fire Insurance Company Rate/Rule Filing in Tennessee for 17.0021 Personal Umbrella and Excess submitted 7/1/2016
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in Pennsylvania on a store pac sale of $9,860 in premium!
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