SPECIAL FEATURE
Big "I" Members Receive ACORD Forms Licenses
The Big "I" and ACORD are launching a new Big "I" member benefit. Starting Jan. 1, 2020 Big "I" members with annual P&C gross revenue of less than $50 million will receive a complimentary license to use ACORD forms.
On Jan. 1, 2020, ACORD will begin charging all users of ACORD forms an End User License (EUL) fee including agents, brokers, and carriers. Currently, most agents access ACORD forms via their agency management systems or other ACORD-authorized third-party forms redistributors. The Big 'I' has negotiated an agreement with ACORD, wherein Big 'I' will cover the cost of the End User Licenses when accessing via a management system or redistributor, or provide an EUL discount when accessing directly through ACORD Advantage Plus Program.
The result of this agreement is that your agency will not have to pay the End User License fee to ACORD, and agents will experience no disruption in your management system workflow or use of ACORD forms beginning on Jan. 1, 2020 - with the exception of an initial, and then annual, validation to confirm Big 'I' membership. At that time agents will be directed from their management system to the ACORD Licensing website to validate they are a covered Big 'I' member and perform a simple click-through process to accept the license. Once completed, agents simply return to their management system flow to access ACORD Forms.
Learn more and review FAQs about the new benefit at this dedicated Big 'I'-ACORD License web page.
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Several Personal Umbrella Carriers to Implement Major Changes
Recent announcements from several personal umbrella carriers outline major changes in coverage that will leave agents scrambling to find new markets for their clients.
For example, one major standalone umbrella carrier will begin requiring underlying auto liability limits of at least $1 million in some states and $500,000 in all others. That carrier will also require $1-million underlying uninsured/underinsured motorist limits when excess UM/UIM is purchased.
Other carriers, meanwhile, have announced that they will be non-renewing all their personal umbrellas nationwide. During this time, remember you can turn to RLI Insurance-the Big "I"-endorsed standalone personal umbrella carrier-to find coverage with a reliable carrier that offers reasonable underlying limit requirements.
RLI allows auto limits as low as $100,000/$300,000 for many customers-$500,000/$500,000 limits are only required if there's a DUI in the household. Excess UM/UIM coverage is also available nationwide. Underlying UM/UIM limits simply need to match the auto liability limits.
Obtain a quote in just two minutes via RLI's online quoter. Alternatively, log in to the RLI portal. For more information, log into Big "I" Markets or contact your state administrator.
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VU Webinars and Lightning Learning
Virtual University
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WEBINARS - Two-hours with CE in select states.
View the complete calendar, registration links and see what states have CE approval online. Registration includes live webinar, on-demand recording and a transcript.
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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).
Don't forget to answer the Tie Breaker!
1. In the ACORD article above under the "Big 'I'-ACORD License web page" link, what is written in the gold box?
2. On this date in 1843 Henry Cole commissioned the first commercial version of what?
3. In the "Read more..." link in the Healthcare Cyber article above, in which state is the healthcare organization used as an example?
TIE BREAKER
TB - Thieves stole what from outside Emmy Lou's gift shop in Glastonbury, CT?
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BIG "I" MARKETS SALE OF THE WEEK
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