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T H U R S D A Y , F E B R U A R Y 2 6 , 2 0 0 9 Industry News
Trusted Choice®
North Star Mutual Insurance Company Joins Trusted Choice®
North Star Mutual is the newest independent agency system insurance organization to join the Trusted Choice® brand movement. Headquartered in Cottonwood, Minn., North Star Mutual provides insurance protection for homes, farms, autos and businesses in Minnesota, North Dakota, South Dakota, Nebraska, Oklahoma and Iowa. North Star Mutual is rated A+ Superior with A.M. Best.
“North Star Mutual has grown substantially over the 90 years that we’ve served Midwest residents, farmers and businesses, but at the same time we’ve been able to strongly adhere to our rural values,”says Terry Timm, senior vice president at North Star Mutual Insurance. “Trusted Choice® is a natural extension of the promise we make to customers to provide outstanding insurance protection and excellent personal service.” “We are pleased to have North Star Mutual join the Trusted Choice® brand,” says Dan Riley, executive director of the Minnesota Independent Insurance Agents and Brokers. “Midwest consumers and independent insurance agents alike appreciate their strong financial ratings and dedication to customer service.” “North Star Mutual has experienced growth over their long history but never at the expense of their core values,” says Dave Evans, executive director of Trusted Choice®. “Joining Trusted Choice® is a strategic way to continue that growth while maintaining their emphasis on customer service.” For more information, visit www.TrustedChoice.com and www.nstarco.com.
Virtual University
Certificates of Insurance Webinar Filling Up Fast
On March 19 and April 16 at 2 p.m. EST, the Big “I” Virtual University will present a two-part webinar entitled, “Certificates of Insurance…Or How I Got a Job in the Prison Laundry.” Spaces for this timely program are limited and filling up fast.
Certificates of insurance are almost universally viewed by agents as a necessary evil. These documents do have a legitimate purpose and a value to your customers. However, things have rapidly escalated out of control. Now we find general contractors, lenders and landlords making demands that agents simply cannot comply with—legally or practically. Certificates of insurance generate no revenue for the agency but create significant costs and dramatically heighten the agency’s E&O exposure.
The purpose of this webinar is to provide a comprehensive review of certificate of insurance issues. While the focus of this program is on certificates and evidences of insurance, it also addresses critical peripheral issues such as contractual risk transfer and additional insureds.
Here are some of the issues that will be addressed in the webinar: ▪ What a certificate of insurance is and is not.
▪ How certificates can create E&O claims ranging from $100,000 to
over $10 million.
▪ The difference is between insurance and indemnity.
▪ What “primary and noncontributory” really means.
▪ What you need to know about providing notice of cancellation to certificate holders.
▪ What you need to know about sending copies of certificates to insurers.
▪ Important elements of the ACORD 24, 25, 27 and 28.
▪ What should never be added or modified on a certificate or evidence of insurance.
▪ How the agency should respond to onerous certificate requests.
▪ How agency/company contracts impact what you can do with certificates.
▪ Incorporating these issues into your written agency procedures manual.
▪ Issues surround charging for certificate processing.
▪ The statutes, regulations and DOI directives that govern certificates in each state.
▪ What can be done about all of these issues. To register for this two-part webinar, click here. To see a listing of other available Webinars, click here.
IIABA News
ACSR of the Year Announced
The Big “I” and AICPCU/IIA congratulate the Independent Insurance Agents of Texas and Kimberly Muesse, senior account manager for marine and energy at Lockton Companies, LLC in Houston, for her achievement as the 2008 ACSR of the Year award recipient. This award was designed to recognize the tremendous contributions of an accredited customer service representative who displays outstanding leadership and service to the independent agency system and to the public. In addition, the Big “I” wishes to recognize CSRs across the country for their dedication and the value they bring to the insurance industry.
Kimberly Muesse, recipient of the 2008 ACSR of the Year award. Click here to read a recent press release about ACSR Tribute Day. For more information, contact Lisa Johnson-Briggs at lisa.johnson-briggs@iiaba.net.
Young Agents
Young Agents to Tour D.C. Landmarks During the Big “I” Legislative Conference & Convention
Young Agents will be offered a truly an exciting opportunity during this year’s Big “I” Legislative Conference & Convention. Young Agents can take a guided bus tour of Washington, D.C. on April 29, and see the White House, Smithsonian Institution and the Washington Monument. The bus will stop at the National Mall, where attendees can walk around the Lincoln, Vietnam War Korean War and National World War II memorials. Young Agents can then take a short ride along the Tidal Basin and Potomac River to the Jefferson and Roosevelt memorials. This bus tour has limited seating, so please arrive on time to board the buses at 1:15 p.m. The National Young Agents Committee is offering a series of events geared specifically for up-and-coming leaders at the Big “I” Legislative Conference & Convention. Special sessions include a first-timers reception, the Young Agent attendee and InsurPac chairs luncheon, two hospitality events and the always-popular Presidents’ Panel breakfast with Big “I” leadership. The Big “I” Legislative Conference & Convention will be held at the Marriott Wardman Park Hotel in Washington, D.C., April 29-May 1. For more information, contact Katie Cosgrove, Young Agents program manager, at
800-221-7917; katie.cosgrove@iiaba.net.
Big "I" Legislative Conference & Convention
Protect Your Industry—Register Today
The new year brings a new Congress and new administration, which means both opportunities and challenges for the independent agency system. In 2008, the Big “I” made headway on issues such as agent licensing reform, flood insurance and crop insurance. In 2009, there will be major restructuring of financial services regulation that will significantly impact independent insurance agents. We need agents on Capitol Hill in 2009 to show legislators we care about issues that affect the insurance industry. With more than 300,000 agency employees and an experienced, bipartisan government affairs staff in our nation’s capital, the Big “I” is well-positioned to advocate for independent agents but it needs your participation. It is vital that agents come to the Hill to educate their members of Congress on the issues that matter most to their businesses: insurance regulation, agent licensing reform, health insurance, natural catastrophe and taxes are all hot button legislative issues. Attend the Big "I" Legislative Conference & Convention, April 29-May 1 at the Marriott Wardman Park in Washington, D.C., and make your voice heard in the halls of Congress. Click here for the event Web site or visit www.independentagent.com and click on “events.”
IIABA News
Big “I” visits the Alabama Association
Recently, Ginny Pierson of the Big “I” visited with the Alabama Independent Insurance Agents (AIIA) at their office in Birmingham to learn about how they are reaching out to members. Alison Ray King, AIIA communication and membership director, visits member agencies when her workload allows. “Meeting with members is crucial to make sure they are familiar with all the programs and services available to them. It solidifies the relationship and improves retention and overall agency satisfaction,” says King. Continuing education is also an important service and members have come to rely on the association to fulfill this need. An extensive list of courses is taught at AIIA’s state-of-the-art on-site classroom. In addition, a Selective Insurance representative, Kim Wilkerson, teaches flood classes to large agencies on behalf of the association and the Big "I" Flood program. To learn more of the hands-on techniques AIIA uses to serve their members, contact King at aray@aiia.org.
Pictured: Vic McCarley, Carol Hunt, Ginny Pierson and Alison Ray King
Big “I” Markets
Affluent Auto Product Available
Most Big “I” members are aware of the affluent homeowners products available on Big “I” Markets. But did you know you can write stand-alone auto with the Fireman’s Fund Prestige® Portfolio? A Big “I” Markets agent in Louisiana recently bound a $9,000 auto policy with Fireman’s Fund. Log on to Big “I” Markets and review the “underwriting and coverage” pages of the affluent products carefully so that when an opportunity presents itself, you will be prepared and know what is available to you through Big “I” Markets. Access this product and more at www.bigimarkets.com.
InsurBanc
CD Ladders Offered
InsurBanc, founded by and for independent agents, is aware of the impact today’s economy has on independent insurance agencies’ finances. InsurBanc also clearly understands independent agencies’ unique cash flow needs. That’s why they have combined competitively priced, FDIC-insured savings products with maturity options to help keep your agency running profitably. Matching Maturity CDs
An InsurBanc Matching Maturity CD means you can match the maturity date based on your financial priorities. Whether your agency needs the money next month or 12 months from now, you choose the term that fits your liquidity needs while earning a competitive interest rate. CD Ladders
If multiple maturity dates are a better fit, we offer InsurBanc CD ladders. Rather than investing in a single term CD, a CD ladder allows you to distribute your money over different maturities and receive a blended rate of return on your investments. You will benefit from higher interest rates on longer maturities while retaining short-term liquidity and multiple re-investment opportunities. Personalized for Your Agency
To take advantage of the freedom to manage your money and have it available to your agency when you need it, contact InsurBanc at 1-866-467-2262 for a CD proposal customized for your agency. Learn more at www.insurbanc.com. Minimum required for CD ladder proposals: $100,000. Member FDIC.
Big I AdvantageSM
Big “I” Members Save with FedEx
Big “I” members can now save up to 26% on select FedEx® shipping services. For more information or to enroll in this program, go to www.1800members.com/IIABA or call 1-800-636-2377, Monday – Friday, 8 a.m.– 6 p.m. EST and identify yourself as a Big “I” member.
Big “I” Professional Liability
Swiss Re E&O Policyholders May Access Risk Management Resources
The Big “I” Professional Liability Program’s agency E&O risk management Web site, available exclusively to policyholders of Westport Insurance Corporation and First Specialty Insurance Corporation, is located at www.independentagent.com/EOHappens. The site features practical agency E&O claims prevention information and tools. It is designed to help your agency avoid costly E&O claims and to improve overall agency operations. Some of the valuable information, which is targeted for all agency staff positions, includes: E&O claims frequency data, real life case studies and analysis, sample client letters, sample agency procedures, agency E&O self assessments, podcasts on important E&O topics, E&O tips, agency E&O-related articles and much more. Visit www.independentagent.com/EOHappens and log in with your Big “I” user name and password to take advantage of this valuable member resource.
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