ALEXANDRIA, Va., July 28, 2010 — The Independent Insurance Agents & Brokers of America Big “I” Markets program today announced access to new stand-alone fine arts and valuable articles policies. The new program offers tailored products and services for personal and commercial fine art and floater risks.
“This partnership is a unique opportunity for Big ‘I’ agents and brokers to work with QBE underwriters to structure valuable articles insurance coverage to the specific needs of their clients,” says Gary Heiligman, Big “I” Advantage associate vice president. “Big ‘I’ Markets is an effective tool to connect member independent agencies with numerous resources to better serve consumers.”
Coverage is available on a personal and commercial basis for a diverse range of risks including fine arts, jewelry, antiques, silverware, coins and stamps, memorabilia, gun collections, fine wine, musical instruments and other collectibles.
The Personal Product includes the following features:
• Agreed value, current market value or a combination of both with all-risk, worldwide coverage (including breakage and mysterious disappearance)
• No per item limitations
• Coverage available for personal collections while on loan to museum exhibitions
• No limitation on packers
• Consistent approach to loss in value
• Coverage for the cost of replacing or restoring the identifying labels for wine
• Comprehensive forms to thoroughly address critical policy features rather than treat them as an afterthought to homeowners insurance
The Commercial Products valuable articles portfolio consists of policies specifically designed for each major category of commercial art collections: corporate collections, museums, exhibitions, dealers and commercial artists. Following a flexible loss limit approach, insureds can select appropriate coverage limits for premises, transit and unnamed locations, domestically and internationally. The new program offers:
• Blanket or scheduled items coverage
• No per item limit on blanket coverage
• Actual value or current market value up to 150%
• $75 million capacity
• Consideration for any type of collectible including wine, musical instruments, antiques, stamp and/or coin collections, sports memorabilia and collectible figurines
• Special wine coverage including mechanical breakdown and restoring/replacing damaged labels
• Optional deductibles available
• Coverage for breakage and mysterious disappearance
• Worldwide coverage
• Admitted carrier in 48 states (not available in Alaska, Hawaii or the District of Columbia)
“Since debuting nationally in July 2002, Big ‘I’ Markets has grown from under 300 sub-producing agencies to more than 8,000 sub-producing agencies representing more than 32,000 licensed sub-producers today, and Big I Markets is still growing,” says Robert Rusbuldt, Big “I” president & CEO. “This new partnership is great news for our members and further demonstrates the valuable resources this program provides.”
Big “I” Markets provides free online access to specialty/niche coverages, program business and hard-to-find markets access exclusively for IIABA members. Using proprietary IIABA technology and IIABA’s nationally licensed, wholly owned agency—IIAA Agency Administrative Services—over 8,000 IIABA member agencies have access to available coverage, terms and conditions, applications, a quote request platform and policy forms and electronic brochures are efficiently conveyed to and from IIABA member agents and product providers.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.
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