Two for Tuesday - May 7, 2019

May 7, 2019

In This Issue:

Fidelity/Crime -Travelers | Special Feature | Real Estate E&O - Travelers | Webinars | TRIVIA!

For over a hundred years, Chubb and its predecessor companies have offered some of the most seaworthy coverages and services available for small boats, yachts, luxury mega-yachts, and more.

Their underwriting approach is to offer quality coverage at a competitive price, regardless of property age as long as updated within the last 30 years.

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

An Employee Stole This Article

Employee theft can take many forms. Consider these scenarios:

An insured's employee and an outside accomplice stole copper pipes from inventory, which was subsequently discovered at a local salvage yard.

A vice president of finance created false invoices from a vendor, then substituted the check that was issued payable to the vendor with a check payable to himself in the same amount. When the cancelled checks came in, he replaced the cancelled check payable to him with the un-cashed check payable to the vendor for the false invoice. The usual review of the bank statements and cancelled checks failed to reveal the scheme. The VP was caught when the bank noticed that the checks started matching in code.

Here are some statistics for your consideration:

The typical organization loses 5 percent of its revenues to fraud each year.
The average loss caused by employee dishonesty is $140,000 with one in every five cases reporting a loss of at least $1M.
It averages 18 months to discover a fraud scheme.
Background checks, even when they are used, are of little help to employers to mitigate fraud. Most occupational fraudsters are first-time offenders with clean employment histories.
Up to 75% of all employees steal at least once and half of those steal multiple times. 55% of employee theft is done by managers

Fidelity/Crime from Travelers covers employers for direct loss as well as identity fraud reimbursement and reasonable claim expenses. Travelers has also put together a very brief video (under two minutes!) to help explain it. Watch "Fidelity and Crime - Demystify Management Liability" now and feel free to share this message with your clients.

Fidelity Crime can be obtained singly or as part of 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 coverages as needed.

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 Wrap+, log into Big "I" Markets and select Wrap+ Executive Liability products from the commercial product listing.

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

SPECIAL FEATURE
Is Your Website Doing More Harm Than Good?

An installment of the Big "I" Professional Liability/Swiss Re Corporate Solutions quarterly risk management webinar series-Is Your Website Doing More Harm than Good?-was one of the most-attended sessions to date.

Due to its popularity, and because insurance agency website content continues to plague agency owners during errors & omissions claims, Big "I" Professional Liability and Swiss Re Corporate Solutions will rebroadcast the webinar on Wednesday, May 29 at 2 p.m. ET.

Websites and online marketing materials, such as mission and vision statements, are turning insignificant events into significant E&O claims due to the language used on agency websites. During the webinar, panelists will provide you with a number of dos and don'ts to help reduce your website risk exposure.

Panelists include Angelynn Heavener, principal, Insurance Training Plus, Inc., and Rick Oldenettel, Esq., Oldenettel & Long, as well as Swiss Re staffers Annette Ardler, senior underwriter, vice president, and Ellen McCarthy, claims expert, vice president.

Register for this complimentary session today.

Covering Real Estate Agents

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:

Network and information security offense coverage
Bodily injury and property damage coverage
Crisis event expense coverage
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.

Check out these flyers and checklists to help you sell coverage to your clients:

Need realtor prospects or contact information for a realtor you know? Try the "Find a Realtor" feature. Call five a day and you'll be homing in on sales in no time!

Coverage is available in all states with the exception of CA, HI, and LA and is written on admitted paper. Log in to Big "I" Markets at www.bigimarkets.com and click on Real Estate Agents and Property Manager E&O to learn more or to request a quote.

*Assistance from Litchfield Cavo attorneys is not intended to replace your firm's need to hire counsel to assist in making risk management decisions.

WEBINARS

NEW Risk Management Webinar Rebroadcast - May 29

Big "I" Professional Liability

Is Your Website Doing More Harm than Good? was one of Big "I" Professional Liability's best-attended sessions in recent years. Due to its popularity, and because insurance agency website content continues to plague agency owners during errors & omissions claims, Big "I" Professional Liability and Swiss Re Corporate Solutions will rebroadcast Is Your Website Doing More Harm than Good? on Wednesday, May 29 at 2 p.m. ET.

Websites and other online marketing materials, including mission and vision statements, are turning insignificant events into significant E&O claims due to the language used on agency websites. For example, terms and phrases such as "experts" and "we will address all your insurance needs" can increase the standard of care an agency owes to a customer.

Register today.

VU Webinars and Lightning Learning

Virtual University

WEBINARS - Two-hours with CE in select states.

May 15 - 1:00 p.m. EDT - 4 Key Personal & Commercial Line Exposures Every Agent Must Understand
May 21 - 11:30 a.m. EDT - 3 Keys to Getting the Named Insured Correct
June 13 - 1:00 p.m. EDT - In the Aftermath of the Storm - An Agent's Perspective

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 Meeting Production Goal Requires More Work Than You Think

July 9 - 11:30 a.m. ET - Key Information Needed to Write Condos
July 16 - 11:30 a.m. ET - 7 Condominium Definitions You Must Understand
July 23 -11:30 a.m. ET - Who Insures Which Property?

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.

TWO FOR TUESDAY TRIVIA

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. Ever wonder why land is called "real estate?" The term "estate" literally refers to the land and buildings upon the land, but "real" is derived from the Latin word for what?

2. On this date in 1846 the first printed copies of "Poems" were published under the pseudonyms of Acton, Currer and Ellis Bell. Only 2 copies sold. Who were the real authors?

3. Robert Catallozzi was a United States Postal Service employee that admitted in 1994 to stealing from his employers over the previous 6 years. How much did he steal?

TIE BREAKER

TB - The Scott County, MO Rural Fire Protection District’s chief decided that usual recruitment ads are "kind of boring" so he came up with what slogan to bring in new firefighters?

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 Georgia on a Commercial Auto -Monoline sale of $26,361 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.

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