By Herb Decuers, Underwriter - Insure Response, LLC
 The home and condo rental market is booming, and peer-to-peer leasing is leading the charge. With the rise of the home sharing economy and online services such as Airbnb, HomeAway, and FlipKey, it is easier than ever for home and condo owners to earn rental income and for "guests" to land accommodations that fit their needs and budgets.
While home (and room) sharing can be lucrative for homeowners, it exacerbates the typical homeowners risks. Recognizing this, Lexington Insurance Company has its series of enhancements to LexElite® Homeowners Insurance: LexShareSM HOME Rental Coverage (LexShare HOME), explicitly designed to respond as the sharing economy reshapes the home and condo rental market. LexShare HOME extends homeowners protection expressly where short- and long-term landlords need it--providing coverage certainty with an expanded definition of "residence premises" and raising the roof on protection for losses from property damage, theft, and more.
Key coverage highlights include:
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A broad definition of "residence premises" that eliminates any grey areas in coverage for primary and secondary rental properties, and expressly encompasses both short- and long-term rentals regardless of whether they are secured through online peer-to-peer websites or traditional real estate brokers.
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Protection for rental of other structures on the "residence premises," such as a converted garage apartment - deleting the exclusion of other structures rented or held for rental in the standard homeowners policy.
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Increased coverage for damage to landlord's furnishings, including appliances, carpeting, and other household furnishings, in each apartment on a "residence premises," eliminating the $2,500 coverage cap in a standard homeowners policy.
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Enhanced protection for personal property, tripling - or more - the standard Special Limits of Liability in key areas. For example, LexShare HOME provides limits of $10,000 on watercraft of varying types; $5,000 for loss by theft of jewelry, watches, precious, and semiprecious stones; $7,500 for loss by theft of silverware, goldware, platinumware, and firearms; $7,500 on property used primarily for "business" purposes; and $4,500 on trailers or semitrailers as well as $4,500 on certain electronic apparatus and accessories.
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Coverage for theft of personal property from that part of a "residence premises" rented to others.
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$100,000 Watercraft Liability coverage for certain watercraft rented to others, such as jet skis, small sailboats and powerboats, canoes, kayaks, and rowboats. Standard homeowners policies provide no coverage whatsoever for watercraft rented to others.
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Express coverage for tenant-caused damage to trees, shrubs, plants or lawns on primary and secondary rental properties.
LexShare HOME Rental Coverage is the newest addition to Lexington's suite of enhancements to LexElite® Homeowners' Insurance - each enhancement is designed to help consumers keep pace with the fast-moving risks of today's world. Additional endorsements include: Lex CyberSafetySM Coverage, Upgrade to Green® Residential, Eco-Homeowner® Mandatory Evacuation Response Coverage, and LexElite® Pet Insurance.
The Non-standard Homeowners or Rental Dwelling is available all states except Hawaii. To learn more visit Big "I" Markets or contact Herbert Decuers at hdecuers@insureresponse.com.
1 Airbnb is Inc.'s 2014 Company of the Year, Inc., www.inc.com/magazine/201412/burt-helm/airbnb-company-of-the-year-2014.html.
2 Inside Airbnb's Grand Hotel Plans, Fast Company, www.fastcompany.com/3027107/punk-meet-rock-airbnb-brian-chesky-chip-conley.
3 Peer-to-Peer Rental: The Rise of the Sharing Economy, The Economist, www.economist.com/news/leaders/21573104-internet-everything-hire-rise-sharing-economy.
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SPECIAL FEATURE
IIABA and J.D. Power Survey
 The Independent Insurance Agents and Brokers of America, Inc. and J.D. Power are conducting a research study to better understand your experience with the insurers you work with and how satisfied you are with them. As a valued member of the Big "I" you and all licensed agents in your agency who work with companies are invited to provide feedback.
Please be assured that your feedback will only be used for research purposes and no one will try to contact you as a result of completing this survey.
As a token of our appreciation, all study participants will be entered into a sweepstakes* for a chance to win one of the following prizes!* And as an added incentive, all study participants who complete the survey will also receive a complimentary spotlight report of the study results at the time of study publication in January 2018.
 * NO PURCHASE OR SURVEY COMPLETION NECESSARY TO ENTER OR WIN. A PURCHASE OR SURVEY COMPLETION WILL NOT IMPROVE CHANCES OF WINNING. Ends: 12/31/17. The 2018 Independent Agents & Brokers of America Sweepstakes is open to individuals who are legal residents of the 50 United States, including the District of Columbia), who at time of entry are: i) age 18 or older; ii) members of the Independent Insurance Agents & Brokers of America; and iii) possess a current and valid agent license prior to the start of the Sweepstakes. To view the Official Rules, including alternate method of entry, visit http://www.jdpower.com/InsuranceAgentSweepstakes. Void in where prohibited by law. Sponsor: J.D. Power and Independent Insurance Agents & Brokers of America.
To access the J.D. Power Privacy notice, please visit: www.jdpower.com/privacy. To access the Independent Insurance Agents & Brokers of America Privacy notice, please visit: http://www.independentagent.com/Pages/Disclaimers/PrivacyPolicy.aspx.
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Real Estate E&O Coverage
Examining increased environmental exposures due to weather events.
 Every day, your real estate agent clients face exposures to costly liability claims, just by doing business.
Real estate professionals face potential exposures as client expectations are increasing and lawsuits are becoming more common. Your real estate agent clients' business and financial security depend on how well protected they are from a lawsuit or claim.
Through Big "I" Markets, you can protect real estate agents with Travelers 1st Choice+®.
Travelers 1st Choice+® is specifically designed to offer protection to real estate professionals for the array of emerging exposures and can help protect your client's firm against losses resulting from negligence, errors, and omissions in the performance of professional services. This errors and omissions policy can be tailored to fit your clients' business needs. Key policy benefits include:
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Network and information security offense coverage
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Bodily injury and property damage coverage
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Crisis event expense coverage
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Claim services and pre-claim assistance
As part of the coverage, Travelers provides risk management services to assist in proactively mitigating legal liability exposures, including a helpline which provides up to a one-hour consultation with Litchfield Cavo*, a premier professional liability defense firm. This helpline provides confidential, knowledgeable, expert resources on a wide range of risk management topics.
For more information about this Travelers offering, please visit Big "I" Markets and select "Real Estate Agents/Property Manager E&O."
* Assistance from Litchfield Cavo attorneys is not intended to replace your firm's need to hire counsel to assist in making risk management decisions.
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BIM Website Training Webinar
Big "I" Markets
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Chubb Masterpiece - Valuable Articles Coverage
Big "I" Markets
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Date: Thursday, September 28
Time: 2:00 - 2:30 p.m. 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: Tuesday, October 3
Time: 2:00 - 2:30 p.m. EDT
Cost: Free
Summary:
Join Meghan Jackson, Chubb's Business Development Manager for the DC Metro Territory at 2 p.m. on October 3rd to learn why it's important to inquire about the need for this coverage on all homeowners policies. Typical homeowners policies are designed primarily to protect your home, personal liability & the general contents of your house. If your client relies solely on their homeowners policy, they will most likely have out-of-pocket expenses if valued possessions are lost, stolen, or damaged.
Registration:
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BIG "I" MARKETS SALE OF THE WEEK
Congratulations to our agent in Florida on an Eagle Express sale of $5,973 in premium!
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