Gather round for we have tales of small commercial account successes!
 XYZ Properties, LLC (not the real name) is an 80,000 square foot shopping center located in Pennsylvania. The building value is $8,278,000 and of masonry construction. It was built in the 1980s but it was updated in 2013. The tenants include a wide variety of shops, restaurants, nail and hair salons, laundry mats and ice cream parlors. The applicant was purchasing the property under a newly formed entity. Underwriters Tom Spires and Kyle Yoder worked hard so that a Travelers Select Policy was bound and issued in time for the closing on this property. The agent was paid commission on $12,919 in premium.
ABC Printing, Inc. (also not the real name) is located in Wisconsin. It is a full service commercial printer. A package (including printer's E&O), business auto and umbrella were written with Travelers Select in September of 2014 for a total premium of $12,013. However the workers' compensation was in the assigned risk pool due to a very poor loss history in 2012 and 2013. The insured took a proactive approach and established a strict safety guidelines regarding lifting. The change was enough for Travelers Select to reevaluate the risk and they agreed to quote the workers' compensation at a premium of $28,439. Shortly after binding Travelers Risk Control inspected the risk and gave the risk a grade of satisfaction. Now with the agent writing all lines of business for the risk, it is paid commissions on over $40,000 of premium annually, a nearly $30,000 increase.
Travelers Select Accounts offers a robust variety of coverages for small businesses. A proprietary BOP product, Master Pac®, workers' compensation, commercial automobile, and commercial umbrella are available, with a broad array of industry-specific coverage options and coverage extensions. Travelers is available in all states except AK, FL, HI, LA, RI & TX.
Travelers Select is now submitted under the product name "Small Commercial Standard Markets" on Big "I" Markets. ACORD Applications and three year loss runs will be required.
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 InsurBanc has recently published another article with Property Casualty 360. The article, 3 Keys to Effective Cash Management for your Insurance Agency, authored by InsurBanc's Vice President and Business Development Officer, Patricia Smith, provides insight into the importance of a comprehensive and unique cash management plan for independent insurance agencies. Smith expands on some of the essential tools needed for an effective cash management plan. Interested in learning more? Click here to read the full article.
Learn more about Insurbanc, the bank founded by and for independent insurance agents, at www.insurbanc.com.
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By Lori Olson, Goldleaf Surety Service Small Business Intake Manager
 Large Commercial Surety Bonds generally include bonds needed in conjunction with service contracts such as transportation companies, janitorial companies, garbage collection companies, non-sticks and bricks "construction" contracts, as well as manufacturing and supply contracts. The underwriting considerations for this class of business are different from those for the contract bonds and have become more sophisticated and specialized over time. Goldleaf has the expertise to help these companies get the bonds they need to bid on and perform contracts.
Service contracts do have several important notable issues. Since many of these contracts are written on a multi-year basis, it is important to make sure the bond can be written on a year-by-year basis using an annually renewable bond form. In addition, it is important the bond amount is reasonable. Goldleaf's staff can work with you and your insured to identify these issues and help deal with the public entities to get pre-approval on these items.
Large Commercial Surety Bonds are a unique type of bond, and you need an experienced team of bond specialists to help you navigate the process, mitigate risks, and do all of this in a very timely fashion. For more information on bonds - or for help with your clients' bond needs - log in to www.bigmarkets.com or email us at bigimarkets@iiaba.net and an underwriter will contact 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".
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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" Product Webinars
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February 2 - 2:00 - 3:00pm EST. "Architects & Engineers Webinar with CBIC an RLI Company". Join Clarence Sproul of CBIC, an RLI Company, as we discuss Professional Liability Coverage for Architects and Engineers. Our program features A+ rated paper and a flexible, knowledgeable underwriting team. Click here to register.
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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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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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March 15 - 1:00 - 2:30pm EDT. "Is the Absolute Pollution Exclusion Really Absolute? Hint: NO!". ". During the 90 minute webinar Chris Boggs will tear into, or tear apart, the so-called "absolute pollution exclusion." Beyond a detailing of the exclusion and its exceptions, we: (1) Discuss and detail some key terms and concepts found within and applicable to the "absolute" pollution exclusion; (2) Define "pollutant"; (3) Detail the need for a "causal connection" between the release of a pollutant and damage; and (4) Introduce the historical purpose of the pollution exclusion. Click here to register.
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Be one of the first five with the correct answers and win a $5 gift card (Starbucks, Dunkin' Donuts, Baskin Robbins, or Krispy Kreme).
Don't forget to answer the Tie Breaker!
1. In the 3 Keys to Cash Management article linked above, what is the third key?
2. On this date in 1922, Christian Nelson received a patent for Eskimo Pies. His partner later sold his shares and formed which well-known chocolate company?
3. Enacted in 1935, this law requires performance and payment bonds on any contract that exceeds $100,000 for the construction, alteration, or repair of any building or public work of the United States. Name the law.
TIE BREAKER
TB - Under the Travelers Select coverage extensions, the "Ordinance or Law – Increased Period of Restoration" is increased by what amount?
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in Oklahoma on an Affluent Homeowner sale of $15,146 in premium!
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