 According to Statistic Brain, about one in five of all reported instances of employee dishonesty results in a loss of at least $1 million, and the average cost is $140,000. The median loss is $170,000. Strong internal controls, background checks, and audit practices, no matter how well conceived, frequently fall short of stopping a trusted employee from engaging in fraudulent activity, especially one that is aware of these checks.
Check out these interactive cases of employee fraud by clicking here.
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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SPECIAL FEATURE
New Selective Online Marketing Platform Coming Soon
 Selective's current Online Marketing Platform (OMP) is being retired this month.
We're excited to announce that a new and improved Distributed Marketing Platform is coming soon! Built with you and your agency in mind to help increase speed to market and enhance your multi-channel marketing capabilities - don't miss out!
Join us for an in-depth webinar on how the system works on one of the following dates:
Friday, September 8, 2017 at 1pm EDT
Tuesday September 12, 2017 at 1:30pm EDT
Check out this quick video to see highlights from the new platform!
If you’re not a Big "I" Flood agent, attend the webinar anyway to view the resources Big "I" Flood agents are enjoying with endorsed provider Selective. You can learn all about the Big “I” Flood program at www.iiaba.net/Flood.
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AIG - Affluent Coverages Overview Webinar
 Please join Big “I” Markets and AIG Private Client Group Business Development Manager Lisa Gelles for a comprehensive webinar on Wednesday, September 13th. During the presentation, we will cover each of the four core lines of affluent business - homeowners, auto, umbrella and valuable items. We will also discuss tips on managing risks, claims, underwriting flexibility, premium credits, and coverage comparison.
Wednesday, September 13, 2017
3:00 p.m. EDT
Cost: FREE!
The presenter is Lisa Gelles, Business Development Manager - AIG Private Client Group.
REGISTER
Topics to cover include:
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Jewelry, fine art, collections, as part of a package acct.
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High symbol, high performance vehicles with acceptable driving records as part of a package acct.
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Collector car accounts as part of a package acct.
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Condo or Renters with at least $250,000 in contents or contents and combined additions and alterations.
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AIG's Private Client Group homeowner coverage is available for dwelling replacement cost coverage valued at $500k or more in most states.
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Guaranteed replacement cost - Included
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Back-up of sewers and drains - Included; up to dwelling value
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Business property - Up to $25,000
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Deductible options - Up to $100,000 available
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Primary flood - Available
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Equipment breakdown - Available
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Identity fraud restoration expenses, ATM robbery, and financial fraud, embezzlement or forgery - Available
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Traumatic threat or event recovery - Available
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Green rebuilding expenses - Available
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Waiver of deductible on losses over $50,000 - Available
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Replacement cost cash out option - Included
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Lock replacement - Included; no deductible
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Food spoilage - Included
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Loss prevention devices following a claim - Included; up to $2,500 available
AIG's Private Client Program and is available to registered members in all states. Click over to Big "I" Markets and click on Affluent Program - New Business to learn more!
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BIM Website Training Webinar
Big "I" Markets website
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Agency Risk Management Essentials: Emerging Exposures: Marijuana, Mold and More
E&O Risk Management
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Date: Thursday, September 7
Time: 2:00 - 2:30pm EDT
Cost: Free
Summary:
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.
Registration:
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Date: Wednesday, September 13
Time: 2:00 - 3:00pm EDT
Cost: Free
Summary:
Join us to learn about a number of exposures facing insurance agents that have plaintiff attorneys licking their chops! The webinar will not only identify the exposures, but also give you the tools you need to reduce your agency’s risk of Errors & Omissions (E&O) Claims. The discussion will feature a Member Insurance Agent, Virtual Risk Consultant Representative, Swiss Re Claims Specialist, as well as E&O Defense Counsel.
If you have any questions relating to the topic that you would like addressed during the discussion, please email Jim Hanley.
Learn more about risk management resources available to your agency at www.iiaba.net/EOHappens.
Registration:
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BIG "I" MARKETS SALE OF THE WEEK
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