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Independent Insurance Agents of Virginia, Inc.
Independent Insurance Agents of Virginia, Inc.
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Thursday, 04/17/2014email print

INSURANCE COVERAGE FOR YOUR CLIENTS___________________________________________________________________ 

Data Breach Liability 

Flood Insurance 

Big "I" Markets 

Big "I" Eagle Agency 

In Home Business Program - RLI 

Personal Umbrella Program - RLI 

Personal Umbrella - Anderson & Murison 

TASC 

tioTERM 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IIAV offers several insurance markets you can access to serve your customers.  These insurance products can be an additional revenue stream for your agency.
 

 

Contact Linda Loving at 1-800-288-4428 with questions.

 


Data Breach Liability 

The Independent Insurance Agents of Virginia, through their for-profit arm VFSC, has partnered with Commonwealth Underwriters, Ltd. to provide a cyber liability data breach coverage product for IIAV members and their clients.  This policy is one of the most comprehensive on the market today and is placed with an A (excellent) carrier.  The product is designed for both the insurance agency and for IIAV members to make available to their clients who have data exposure.
 
Cyber liability is becoming one of the fastest growing concerns of businesses who handle personal and protected information.  Exposure can be through employee theft, hacked computer systems or even through a lost smart phone or laptop.  Moreover, with the myriad of state laws regarding cyber liability and data exposure, insurance that covers mitigation is exceedingly difficult to obtain. 
 
DataBreach SM is designed to mitigate an agency’s exposure if protected information is lost or stolen.  It provides 3rd and 1st party coverage, electronic media coverage, and forensic/incident response services in the case of an event.
 
Our members have been asking us to find the right protection for their agency and a product that they can make available to their clients.  We’re excited to work with Commonwealth Underwriters, Ltd. to bring DataBreach SM exclusively for our members’ consideration.
 
The average cost for a compromised exposed record increased to $214 last year and if you multiply that cost by the number of clients that a typical agency has that could be lost or stolen, you’re talking about some serious exposure in terms of both time and money.  This is another risk management tool to help avoid potential E&O claims by making sure agency clients are aware that they can purchase this coverage.
 
Click below for more information:

Questions?  Contact Virginia Financial Services Corporation at 804-747-9300, or 1-800-288-4428 or e-mail VFSC at members@iiav.com.
 
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Selective is a longtime supporter of IIABA and its member agents. The company has maintained an A.M. Best rating of “A+” continuously since 1962 and has participated in the NFIP WYO program since 1984.  Selective – Flood Operations offers online processing and inquiry, free flood zone determinations and market access for excess flood coverage from their home office in Branchville, NJ.  In addition, Selective has an innovative, state of the art processing system approved by the NFIP to make the policy issuance process quick and seamless. Some quick facts about Selective: 

Selective – Flood Operations is contracted by the National Flood Insurance Program (NFIP) to write the same federal flood policy with the same rates; however, the quality of service we can deliver makes the process easier and less frustrating. Now you can participate in a program that provides education, guidance, assistance and competitive commissions.

 

For more detailed information regarding Flood Insurance, click here or contact Linda Mackey, CIC, CISR, AIAM; Big "I" Markets Flood Program Manager at Linda.Mackey@iiaba.net or 703-706-5380.

 

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Big "I" Markets

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—IIABA members gain 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.

 

Making its debut nationwide in July 2002, Big “I” Markets’ participation has grown from under 300 sub-producing agencies to more than 5,300 sub-producing agencies representing more than 18,000 licensed sub-producers today. The sub-agency list grows by the hundred each month as product expansion and technology enhancements fill a need in our members' everyday business transactions.

 

Big “I” Markets is a product driven program. While we do business with a very strong and diverse company partner list, our relationship with the providers is product-specific. We do not encourage rate shopping and provide single market access for most products.

 

For more detailed information regarding Big "I" Markets, click here.

 

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Big "I" Eagle Agency

Fly like an Eagle
For insurance professionals thinking about opening their own independent insurance agency, Eagle Agency offers an opportunity unlike any other to maximize flexibility while maintaining independence.  As part of the broad array of agency support services offered by state associations of the Independent Insurance Agents & Brokers of America, Eagle agency delivers numerous benefits such as:

  • 4 brand name carriers for personal lines market needs.
  • No minimum production requirement option available.
  • Write more earn more: Graduated commission based on production.
  • Maintain INDEPENDENCE:  Eagle agents own their renewals. No costly exit fees to pay when agents get direct appointments.
  • Fly away & maximize flexibility:  Eagle helps agents earn their way to a direct appointment with carriers and they can always access Eagle when needed.  
  • Low cost of entry:  A one-time $100 access fee gets the process started.

In addition Eagle agents can avail themselves of support services such as:

  • Insurance Agency E&O coverage
  • Business Resources
  • Marketing Assistance through the Member Marketing Activity Center
  • Training and Continuing Education from state associations and  the Big I’s Virtual University
  • Trusted Choice® Branding & Marketing Resources
  • Tools from Caliper Corporation to help hire and train the right people for your team.

Eagle Agency is an independent agency, operated by the Big "I", that allows members direct access to personal lines products.  As a Big "I" member, Eagle agents receive a sub-producer appointment from the carrier(s) where agents can submit business directly.  Or, agents can choose to simply submit the business to Eagle agency and have it do new business quoting and processing.  Personal Lines carriers currently represented are: 

            Met Life Auto and Home
            Travelers
            Hartford
            Progressive


The core mission of Eagle agency is to recruit, attract and vet new agency owner entrants into the independent agency system and provide them with the training, systems, operational expertise, market access opportunities and marketing support needed to help them be successful.  The primary target for Eagle agents is direct writer agents, life/health agents and insurance professionals in other insurance industry disciplines who want to become agency owners.   Big I member agents not currently in the Eagle program will be able to join Eagle although they are not the primary target group.

For more information visit: http://iiaba.net/webfolder/na/BIA/Eagle2.0/index.htm

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In Home Business Program - RLI


Home-based business owners are susceptible to losses just like any other business owners. Many discover that their homeowner’s policy contains exclusions for business pursuits—but usually not until after they have suffered a loss.

 

RLI’s Home Business Insurance, endorsed by IIABA, responds to the needs of over 100 eligible business classes on an ISO BOP form. Premiums starting at $150, competitive commissions, easy underwriting and a self-rating application should make this product an easy sell. More and more people are operating small, home-based businesses. RLI's Home Business Insurance offers them comprehensive coverage for business personal property (both on-premises and while temporarily off-premises), along with up to $1,000,000 in business general liability protection. Loss of business income coverage and medical payments are also included.

 

Policy Features: 

RLI's Home Business Insurance is specifically designed to meet the insurance coverage needs of eligible home-based businesses at affordable prices. With pricing starting as low as $150, the policy includes coverage for theft or damage to business property, liability coverage for clients visiting an insured’s home for business purposes and liability coverage away from home in case of damage to other people's property. Features include:

For more information on RLI contact Bonnie Joyce at bjoyce@iiav.com or 1-800-288-4428.

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Personal Umbrella Program - RLI


Lawsuit is a scary word, so we purchase insurance to protect ourselves and our families. However, many people often wrongfully assume that their auto or home insurance will provide all the liability protection they need. The reality is that jury awards in personal liability lawsuits are unpredictable and often very expensive.  You can help your clients protect their assets with RLI's Personal Umbrella Policy (PUP).

 

Coverage Highlights:
The RLI PUP program provides the best protection for you and your family. The policy may be written either in the name of an individual, in the names of both spouses, or in the names of two unrelated individuals as long as they reside in the same household. The insured’s spouse and members of the insured’s household who are relatives or are in the insured’s care and custody are insured under the policy.

  • $1-, $2-, $3-, and $5-million liability limits are available
  • Coverage is available in all states and the District of Columbia
  • Auto limits as low as $100/300/50,000 in certain cases
  • Broad underwriting guidelines make it easy to qualify for the program
  • Up to one DWI/DUI per household allowed
  • Simple, self underwriting application that lets you know immediately if the insured is accepted
  • Competitive, low premiums for increased limits of liability
  • E-signature and credit card payment options

You can help your clients to protect their assets with RLI's Personal Umbrella Policy (PUP)

Training Videos:
For more information on RLI contact Bonnie Joyce at bjoyce@iiav.com or 1-800-288-4428.

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Personal Umbrella - Anderson & Murison

 

Clients with substantial assets, or high current and future income need high limits of liability protection. Homeowners and Automobile Liability policies are often inadequate in providing necessary protection against catastrophic liability claims.

 

The Anderson & Murison Personal Excess Policy (A&M PEP) is a stand-alone personal umbrella policy, in the admitted market, that has been designed to meet the diverse needs of your insureds. Scottsdale is the carrier and is "A" rated by A.M. Best. Anderson & Murison, Inc. represents Scottsdale as the national administrator of the Personal Excess Policy. A&M has underwriting and policy issuance authority and as such, is your connection to both the primary Personal Excess Policy and the excess Personal Umbrella Policy.

 

Primary Personal Umbrella Policy

Policy Features

·         $1, $2, $3 $4, $5 and $10 million in liability coverage

·         Insureds with up to 4 moving violations are acceptable

·         Insureds with one DUI or other major violation are acceptable

·         Driver exclusions are available in all states except AR & WI

·         Motorcycles, ATVs, snowmobiles & personal watercraft okay

·         Residential farms are usually acceptable 

·         Coverage for vacant land, apartment units & rental units

·         Entertainment, sports & political personalities are acceptable with special rating

·         Worldwide Coverage

·         Agent Commission: 10%

 

Excess Personal Umbrella Policy

Use this policy in combination with the primary umbrella policy to provide very high limits of coverage for very low premiums!

Policy Features

  • $1, $2, $3, $4, $5 million limits in excess of underlying umbrella
  • Entertainment, sports and political personalities are acceptable with special rating
  • Worldwide Coverage
  • Agent Commission: 10%

For more information for placing business, CLICK HERE.

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TASC
 

TASC (Total Administrative Services Corporation) and Asset Protection Group have partnered with IIAV to provide members and their clients a Section 125 plan.  Section 125 Flexible Spending Plans are designed to pay certain qualified expenses (including health insurance premiums) on a pre-tax basis, thereby reducing their total taxable income and increasing their spendable/take –home income.  Funds set aside for flexible spending accounts are not subject to Federal, State or Social Security taxes.  On average, employees save from $.25 to $.49 for every dollar they contribute to the flexible spending account.  Employers experience tax savings from reduced FIC, FUTA and SUTA taxes on participating employees.  Let us help you make your business less taxing.  

 

Visit www.tasconline.com and enroll today.  Don't forget to mention you are a IIAV member - then contact Danny Mitchell (dmitchell@iiav.com) to get started.

 

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tioTERM

 

Term life sales for standard and non-standard risks.  
Fast, easy, profitable.  
The only complete end-to-end term life solution available.  

 

For more information, CLICK HERE or email deb@bmsg.com and be sure to mention IIAV.

 
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Independent Insurance Agents of Virginia, Inc.
members@iiav.com

8600 Mayland Drive
Richmond, VA 23294
1-800-288-4428 / 804-747-9300

804-747-6557 (fax)

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