By Michael Welch, Big I Advantage Marketing Assistant
 Have you ever been watching a movie or TV show and wondered what kind of car appeared in the background? Last weekend I was watching the "The A-Team" and saw a car that looked like one we had when I was a little kid. I never knew what it was but I remember it because the hood rose up and the bumper dropped down around the grill. It looked like a goofy grin one might see on a cartoon character. Turns out it we had a 1969 AMC Ambassador.
I'd used the internet to find out what make and model it was and while searching I came across a really cool website for those of us that love old cars. It's searchable by make, model, body type, year, etc. and tells you the movie or show that it appeared in, even rating them by how big a "role" the car has. I spent about an hour just picking cars at random and clicking on odd names. I even found the Ambassador used in the show.
Eventually it dawned on me that someone had to enter the over 900,000 cars and nearly 50,000 movies, plus all the search terms. Since there are very few ads, no one is making a lot of money off of this. It's a labor of love. As they say in the Help section, it's "…the result of the cooperative work of several people that like cars and movies, especially when the two are mixed together." This level of dedication is a measure of how much people love cars, perhaps a little too much. Actually...there's no such thing. The experts at Chubb Collector Car program understand the level of love and dedication the owners of these cars have and the pain they experience when they are damaged.
Chubb loves these vehicles so much that they sponsor car shows such as the upcoming Scottsdale Auctions on January 20th & 21st. See the Chubb Facebook page for additional information.
Chubb's Collector Car program is a perfect solution when looking to properly insure rare and unique vehicles. Chubb can cover almost all of the classic and antique cars, trucks, tractors, fire trucks and even military vehicles*. New collector car risks will be entertained provided they meet the following guidelines:
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All operators in the household must have good driving records.
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The vehicle should not be operated by anyone under the age of 25.
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All operators should have experience operating similar vehicles (i.e., high performance).
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There is one regular-use vehicle per operator.
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The vehicle should be used primarily for collector car purposes.
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The vehicle should not be used during instruction, practice, preparation for, or participation in any competitive, prearranged or organized racing or speed contest.
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The vehicle is not used on a racetrack, test track or any other course of any kind.
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The vehicle is garaged.
The minimum vehicle age for eligibility is 30 years old. That said, please know that Chubb will consider these vehicles on a monoline basis. If pursuing a monoline policy, though, know that Chubb generally does not accept newer special interest cars, i.e. 2007 and later Shelby GT500 (top of the line Mustang), Corvettes, etc. While these newer special interest vehicles can certainly be considered part of a larger account situation, provided the usage and security are acceptable AND we also write the regular use vehicles, please note some examples of cars not quite 30 years old that have qualified in the past: early '90s Mercedes SL's, Porsche's (911, 928), Land Rover Defender 90's and 110's, etc.
Chubb's Collector Car program is available to members in all states except MA and SC. Learn more by logging into Big "I" Markets.
* Tractors, fire trucks & military vehicles are reviewed on a case-by-case basis.
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 Did you know that failing to offer coverage is one of the leading causes of E&O claims for insurance agents and brokers? A client's exposures are sometimes hidden and it's your challenge as an agent to seek them out. Not only does doing your job thoroughly and well protect your clients, doing so (and documenting your actions) protects your agency in the event of a failure to offer claim.
But you don't need to seek those hidden coverages alone. Enter the Big I Advantage® Virtual Risk Consultant (VRC) powered by Rough Notes. VRC can help uncover those hidden exposures with more than 700 coverage checklists available ranging from alligator farms to wall paper distributors. Simply download the relevant checklist and use it to ensure your client is being offered all appropriate coverages.
VRC also provides much more than coverage checklists; if offers risk exposure assessment tools for both commercial and personal lines exposures, proposal and technical research tools, and marketing and prospecting tools. Purchase your subscription to Virtual Risk Consultant online and enjoy exclusive member savings. Similar products cost many times the Big "I" annual member rate.
Check out our free demo of the platform today, or purchase online at www.iiaba.net/VRC. To learn more, contact Brett Sutch at brett.sutch@iiaba.net or (800) 221-7917.
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By Michael Welch, Big I Advantage Marketing Assistant
 CNA Small Business currently offers a market for a broad variety of businesses, representing a majority of SICs with several examples contained below. Please note that not all classes may be available in all areas.
CNA's broad portfolio enables it to respond to a wide range of business risks while focusing on the specialized needs of your insureds in small business, manufacturing, technology, healthcare, professional services, technology, retail, real estate, wholesalers and manufacturing financial institutions. Coverages:
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BOP
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Workers Compensation
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Commercial Automobile
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Umbrella
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Miscellaneous Professional Liability
Focus Classes have exceptional success across the country including higher hit rates, substantial inforce premium, large market availability and consistent exposure within class.
Healthcare
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Chiropractors
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Community Health Centers
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Dental Labs
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Employee Health Clinics
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Health Practitioners
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Medical Labs
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Medical Offices
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Medical Weight Loss Clinics
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Nurse Practitioners
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Optometrists
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Osteopaths
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Outpatient Rehabilitation Centers
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Outpatient Substance Abuse Centers
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Physical Therapists
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Podiatrists
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Psychiatrists
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Psychologists
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Sleep Centers
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Smoking Clinics
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Speech Therapists
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Student Health Centers
Financial Institutions
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Asset Managers
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Commodity Brokers
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Financial Planners
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Insurance Agents
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Mutual Fund Managers
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Stock Brokers
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Title Agents
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Mortgage Brokers
Professional Services
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Accountants
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Actuarial Services
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Advertising Agencies/Media Buyers
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Architectural Consulting Services
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Commercial Art & Graphic Design
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Consultants
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Credit and Debt Counseling Services
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Draftsmen
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Engineers/Architects
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Interior Decorators
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Lawyers
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Medical Billing Services
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Photographers and Studios
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Public Relations
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Real Estate Agents
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Surveyors
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Tax Return Preparation Services
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Telemarketing and Research Services
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Veterinarians
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Videographers
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Wedding Consultants
Business Services
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Associations, Not for Profit
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Authors and Playwrights
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Charitable Foundations
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Copy, Duplicating and Quick Print Services
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Direct Mail Advertising Services
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Museums and Art Galleries
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Music and Art Studios
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Publishers
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Recording Studios
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Stenographers/Court Reporters
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Ticket Agencies
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Travel Agencies
Technology
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Communications ServicesManagement Providers
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Computer and Software Stores
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Computer Consultants
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Computer Facilities Management Services
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Computer Integrated Systems Design
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Computer Programming
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Data Communications Vendors
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Internet Access Providers
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Media Duplication
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Pre-Packaged Software-Development and Design
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Web Site Design and Development Services
Retail
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Bicycle Stores
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Book Stores
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Bridal Stores
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Camera and Photographic Equipment Stores
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Card, Stationery and Office Supplies Stores
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Costume/Formal Wear Rental Stores
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Craft, Hobby and Artist Supplies Stores
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Florists
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Hardware Stores
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Hearing Aid Stores
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Housewares Stores
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Maternity Stores
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Medical, Hospital & Surgical Supply Stores
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Painting and Picture/Frame Stores
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Shoe Stores
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Specialty Clothing and Accessories Stores
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Sporting Goods and Apparel Stores
CNA is available in all states except AK and HI. For more information, log into www.bigimarkets.com and click on Small Commercial Standard Markets or contact Big "I" Markets commercial underwriter Tom Spires at tom.spires@iiaba.net or (800) 221-7917 x5470.
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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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AIG Private Client Group Homeowner - Overview NEW
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TravPay
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Commercial Lessor's Risk
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Affluent Homeowners
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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" 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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January 18 - 1:00 - 2:00pm EST. "Cracking the Condominium Conundrum". ". How can a policy generating about $75 in revenue cost you $5,000, $10,000, or more? Believing that writing an HO-6 is quick and easy is the beginning of an E&O storm that can cost you thousands (your E&O deductible). Join newly appointed Big "I" Virtual University Executive Director Chris Boggs as he answers the three KEY questions faced by every agent when analyzing and placing coverage for either a unit owner or a condominium association: who "owns" the property; what value applies to the owned property/what should be used; and who is liable for bodily injury and/or property damage. Click here to register.
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February 15 - 1:00 - 3:00pm EST. "Understanding Commercial Property Underwriting - COPE in all its Glory". Today's commercial property underwriters use the same information their predecessors used nearly 400 years ago: Construction, Occupancy, Protection, and Exposure. Combined, these four elements are known as "COPE underwriting." Join Big "I" VU Executive Director Chris Boggs as he instructs participants in the purpose of and methodology for gathering all necessary commercial property underwriting information. In addition, this course discusses what can be done to reduce and control losses using "COPE" data. Click here to register.
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STUDENT OF THE INDUSTRY PARTING SHOT
Lemonade Goes National:
Where Credit Scores Count
By Paul Buse, President of Big I Advantage®
Recently, my email lit up with the news of Lemonade Insurance going national. Lemonade is the "FinTech" insurer with a new way of thinking. It launched in September with a campaign of "peer to peer" insurance and themes like "Killer Prices…A Big Heart." If my email and insurance blogs are any indication, skepticism abounds on Lemonade's peer-to-peer and other claims.
But what does concrete industry information tell us about this upstart?
Well, it is early to get much data on premiums and losses. The most recent data available for Lemonade is based on only a few weeks at the end of Q3. Being students, we had to look, right? Did you know you can download an insurer's filings directly from the NAIC Store? For September 30, 2016, it shows about $30,000 in direct written premium in New York and about $5 million equity. It also shows a holding company structure where there is the Lemonade Insurance Company subsidiary but also a wholly owned insurance agency, Lemonade Insurance Agency, LLC, and apparently a subsidiary in Israel. An insurance agency subsidiary?
Curiosity now piqued for more concrete information, I went to get their rate filing from New York Insurance Department. What I see there is a relatively heavy reliance on credit scores in rating. Much more so than the average insurer. If you shop at Lemonade and you have a poor credit score you will pay almost three times as much as someone with excellent credit score (see below: 1.740 ÷ 0.602 = 2.89 ). The average increase as determined by Quadrant Information Services is 37% higher in New York. Lemonade also is fairly aggressive in surcharging "Eligible Losses." In a three-year period just one loss would increase premiums from 17.4% more to 29.5% depending on your credit score. The table below is from their rate filing.
Click for larger version
Source: Lemonade Insurance Company, Form/Rate/Rule Filing (Date Submitted: 09/15/2016, Disposition Date 09/19/2016),"Actuarial Memorandum", Exhibit SUPP-1
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BIG "I" MARKETS SALE OF THE WEEK
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