Two for Tuesday - August 20, 2019

August 20, 2019

In This Issue:

Wrap+ Executive Liability - Travelers | Special Feature | Cyber Insurance - Coalition | Webinars | TRIVIA! Answers

Auto and Home Standard Markets offers members access to automobile and homeowners insurance through MetLife Auto & Home, Safeco, Progressive, and Travelers. State availability varies.

ARMR.Network, LLC specializes in environmental risks, including restoration contractors, commercial properties, trade contractors, and underground storage tanks.

Together, Big "I" Flood and Selective's relationship helps deliver members an unparalleled flood program.

Make the Most of Modular Design

What comes to mind when you think of Swedish furniture behemoth IKEA? Perhaps it's frustration (who hasn't spent hours more assembling a "simple" desk or table with that tiny Allen wrench?) or value (college students nationwide are preparing to spend the school year passing out on MINNESUNDs and MEISTERVIKs). Or perhaps you associate Ikea with their modular designs that allow consumers to mix and match sofa pieces, kitchen cupboards, shelving and more to create the right fit for their interiors.

The benefit of modular design is that you can create your own combination, and with insurance, a modular approach can save your client money, too. The insured doesn't need to purchase coverage they don't need but can add it later as their needs change. You can even choose just one module.

Travelers Wrap+ for Executive Liability for Private Companies' modular approach allows you to customize coverage for your clients now and in the future.

These are the available modules: Coverage Features Common to All:

Additional Defense Coverage
- Additional Defense Limit of Liability
- Survives exhaustion of base limit
- Available for each liability coverage elected or shared
Defense options
- Duty to Defend (100 percent predetermined allocation)
- Reimbursement
Single retention for claim triggering multiple liability coverages and no retention if unable or not permitted to indemnify
Worldwide coverage - claims made or occurring
Foreign parent corporation coverage as co-defendant
Severability of application representations
Subsidiary acquisition - 25 percent of assets
Extended Reporting Period
- Bi-Lateral
- 3-year run-off available for pre-determined premium
- Report potential claims
- Elect by liability coverages
Duties in the event of claim - triggered by knowledge of Executive Officer

As part of the coverage, insureds receive access to Risk Management Plus+ Online^®:, a one-stop resource that provides a comprehensive set of tools to help protect organizations 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.

P.S. If we've made you hungry for IKEA's famous Swedish meatballs, our apologies. Check out this copy-cat recipe if you're not in the mood to sojourn to the store!

Please note that Community Homeowners Associations and Healthcare Organizations are not currently available through Big "I" Markets.

SPECIAL FEATURE
ACORD Forms Partnership Announced

The Big "I" and ACORD, the global standards-setting body for the insurance industry, have announced a joint program to provide qualifying Big "I" members with a complimentary license to use ACORD Forms. The agreement goes into effect January 1, 2020.

ACORD, a nonprofit industry organization, has provided forms to the insurance industry since 1972. ACORD currently maintains a library of over 850 forms in a variety of formats, widely used throughout the global industry. As part of its ongoing collaboration with ACORD, the Big "I" will now fund ACORD Form end user licenses for the majority of member agencies, enabling them to claim these licenses free of charge.

"Industry-standard forms are a critical component of an independent agent's business," says Bob Rusbuldt, Big "I" president & CEO. "With this licensing program, the Big 'I' is helping our members improve their operational effectiveness. We are proud to play a key role in facilitating the delivery of these assets to our members and to further enhance the value of their Big 'I' membership."

Read more about this exciting new Big "I" member benefit in IA, and keep an eye on Insurance News & Views and your state association's publications in the coming months for more information about how to access this program and Big "I" members will be identified.

Coalition Cyber Liability - More Than Just Data Breach Coverage

Myth: My business does not need Cyber Liability or Data Breach coverage, we do not collect PHI/PII.
Fact: Every business using an electronic device to conduct operations or is collecting PHI/PII needs Cyber Liability coverage.

Any business using electronic devices, a computer or the internet are susceptible to Ransomware attacks holding computer systems hostage and Fraudulent Instruction. Businesses with an online presence through a website or social media can be subject to multimedia wrongful acts claims. Through Big "I' Markets, you can gain access to quote a comprehensive cyber liability policy with Coalition to offer your commercial clients more than just data breach coverage. Click here for risk examples and the correlating coverage Coalition offers in addition to Data Breach.

Myth: I do not need a stand-alone Cyber Liability policy, I have an endorsement to my BOP policy.
Fact: Not all policies and endorsements are created equal.

Cyber Liability and Data Breach coverage endorsements provided in many BOP/Package policies or other ancillary coverage such as E&O, may not provide adequate limits or important coverages such as: Cyber Extortion, Social Engineering, Multimedia Content Liability, Funds Transfer Fraud, Digital Asset Restoration, Computer Replacement, Pollution, 1st and 3rd Party Bodily Injury/Property Damage, Business Interruption & Extra Expense, Service Fraud, PCI Fine & Penalties coverage, Crisis Management, Reputation Repair, Reputational Harm Loss, Criminal Reward, Court Attendance Costs, or coverage for alleged violations of the EU General Data Protection Regulation.

Coalition is your risk management partner
In addition to offering a comprehensive policy, Coalition also provides free cybersecurity tools to help policyholders become less vulnerable to cyberattacks. If a policyholder suffers a cyberattack, Coalition's in-house mitigation team is available to immediately respond. This same team is available as a pre-breach resource to help policyholders implement security and loss controls, all at no additional cost!

Coalition's competitive premiums, comprehensive coverage, free cybersecurity tools and free mitigation services are unparalleled. No business should go without!

Admitted Coverage is currently available in AL, AR, AZ, CA, CO, CT, DC, DE, HI, IA, ID, IL, IN, MD, MI, MN, MO, MS, NC, NE, NH, NJ, NM, NV, NY, OR, PA, RI, SC, SD, TN, TX, UT WI & WV.

Non-Admitted Coverage is available in all states and the District of Columbia.

Login to Big "I" Markets and quote your commercial book today! Reach out to Carla McGee, your dedicated cyber liability program manager, at 800-221-7917, ext. 5495 if you have any questions or to walk through a quote.

WEBINARS

VU Webinars and Lightning Learning

Virtual University

WEBINARS - Two-hours with CE in select states.

August 21 - 11:30 a.m. EDT - Rules for Developing the Correct Premium
August 27 - 1:00 p.m. EDT - 3 Keys to Getting the Named Insured Correct
August 29 - 11:30 a.m. EDT - 9 Rules for Reading an Insurance Policy Based on the Law of Insurance Contracts

View the complete calendar, registration links and see what states have CE approval online. Registration includes live webinar, on-demand recording and a transcript.

LIGHTNING LEARNING - Twenty minutes each with a focus on ACV: Bad Things Happen if You Don't Use Replacement Cost

September 19 - 11:30 a.m. ET - What is the TRUE Meaning of ACV?
September 26 - 11:30 a.m. ET - Can Labor be Depreciated?

Register once for the monthly Lightning Learning package and receive all sessions for one low price. Registration includes live presentations and on-demand recordings.

VU Webinar and Lightning Learning questions can be sent to VU staff. The 2019 calendar and all links are available here.

Agency Risk Management

E&O Risk Management

September 18 - 2:00 p.m. EDT - Agency Risk Management Essentials: Personal Lines Back to Basics

Personal lines coverage placements are one of the leading causes of insurance agents errors & omissions claims. Agencies that have an exposure to these types of coverages will not want to miss this webinar!

During the session, to take place Wednesday, Sept. 18 at 2 p.m. EDT, panelists will talk about why these types of claims keep happening to good agents, and how agencies can avoid becoming another statistic.

Register Today!

TWO FOR TUESDAY TRIVIA

Prizes will be to the first response with the correct answers and then four selected at random from all received by 6p.m. EDT on Wednesday. Win a $5 gift card (Starbucks, Dunkin' Donuts, Baskin Robbins, or Krispy Kreme).

Congratulations to this week's winners - Megan Yochum (OK), Chris Orletski (FL), Kathy Neidemyer (IA), Bonnie Langley (MD), & Tom O'Brien (MI).

1. RLI was founded in the early 1960s to provide a very specialized coverage for a single item thus the original name is very specific. What was the original name of what is now RLI? - REPLACEMENT LENS, INC.

2. The Auto & Home Standard Market has a graduated commission split. How much in policy premium do you need to have to receive the greatest commission split? - $500,000

3. Recently, Selective Insurance introduced a new logo and tagline. What is the new tagline? - BE UNIQUELY INSURED^SM

TIE BREAKER

TB - The Latin term foenus nauticum refers to an early form of what type of insurance still in use today? - MARINE INSURANCE

LAST WEEK'S MOST CLICKED LINKS

Here are the top three items that got BIM agents clicking from our last edition... see what you missed!

BIG "I" MARKETS SALE OF THE WEEK

Congratulations to our agent in Florida on a Commercial Auto - Monoline sale of $21,538 in premium!

Resources:

TFT Archives | Big "I" Markets Help Desk | Email Us | 703-647-7800 (9am-5pm ET) | BACK TO TOP

Two for Tuesday is a weekly newsletter designed to provide you with information concerning commercial products and services available to you through Big "I" Markets. (Product availability varies by state.) IIABA, your professional association, along with its subsidiaries, including Big "I" Advantage, Inc., works hard to bring information to you about valuable products and services that could enhance your ability to succeed in the industry's competitive environment.

IIABA Social Channels