T H U R S D A Y ,  A U G U S T  2 7 ,  2 0 0 9 
                                                     
                                                     Industry News

Young Agents
Leadership Institute Offers Valuable Opportunities

Register today for the Young Agents Leadership Institute and be part of an action-packed agenda. This is the premier event for young independent agent professionals, so join the Big “I” in New Orleans, Sept. 11-13.

Olympian and World Cup Champion skier Cary Mullen was not a prodigy, yet he reached new heights in his sport and is ready to share his keys to success with Big "I" Young Agents and other Fall Leadership Conference attendees. In addition, learn how to enhance sales and productivity in a special best practices program presented by ACT, overcome  your sales call challenges and hear from YAC award winners on how they built successful Young Agents Committees. Also, it’s not too late to participate in the Big "I" Leadership Community Project with Beacon of Hope, Sept. 11 from 12:15 – 5:20 p.m. A limited number of spaces are still available. The project will involve assisting needy homeowners with jobs such as painting, landscaping or other unskilled labor. To sign up for the volunteer event, please fill out the volunteer release form and e-mail or fax it to Lauren Batch at lauren.batch@iiaba.net; 703-683-7556. All forms must be submitted by the registration cutoff date of Aug. 28 at 5 p.m. EST. Only the first 100 participants to submit forms are guaranteed participation. For more information on the event and to register, click here. 


Big “I” Markets
Pitfalls of BPOs for Real Estate Professionals

With the economic downturn, the real estate industry has seen an increase in brokers' price opinions, or BPOs, for short sales and foreclosures. A BPO is a method that brokers and/or sales associates use to estimate the probable selling price of real property. It is important to note that appraisers determine property market values, but a BPO determines the recommended property price. Recently, BPOs have become a way for brokers and sales associates to supplement income and for banks, mortgagors and sellers to save significant costs over obtaining certified appraisals for specific properties.

Click here for a full article exploring BPOs, and feel free to share the article with real estate professionals. Then, mention the increased liability exposure BPOs present as a lead-in to offer a real estate agent's E&O policy from Travelers accessible on Big "I" Markets.


Big “I” Markets
Vacant Property Program Expands

The Admitted Vacant Property Program on Big "I" Markets was recently expanded to Arizona, New Jersey and Virginia. While the target markets do not include homes abandoned for short sale or foreclosure, they do have a wide range of eligibility. Foreclosure is just one reason why property becomes vacant --- it's not the only reason. MiddleOak^®, the provider of the Vacant Property Program – Admitted on Big "I" Markets, is a great way to insure a property no longer occupied due to builder's inventory that has not sold.  The program also covers instances where the owner passed away (i.e. estates or trusts); the owner is being relocated for their job and must sell the home; the owner is receiving temporary job assignment and intends to return to the home or the owner is required to move to a rehabilitation, assisted living or nursing home.

In addition to being admitted by a carrier that is financially rated A+ (Superior) by A.M. Best Company, this program is also written on a commercial form, with broad perils coverage available for certain risks. It's also an annual policy with pro-rata cancellation (25% minimum earned), saving you time and providing your customer the maximum flexibility. Other important points include:

• Minimum value $150,000; maximum value $1,500,000; actual cash value only.
• General liability limits up to $1 million/$2 million ($50,000/$100,000, $100,000/$200,000, $300,000/$600,000, $500,000/$1 million also available).
• Can write as a commercial package or monoline commercial property policy.
• Discounts available for qualifying alarms, including low temperature.
• $1,500 minimum premium ($375 earned).
• Direct bill: down payment 25% - monthly, quarterly, eight-pay and full pay.
• $500 minimum deductible ($1,000, $2,500, $5,000 and $10,000 available).
• $5,000 water damage deductible if low temperature alarm not in place at time of loss.
• Photos required.
• No automatic limit for appurtenant structures.

Ineligible risks are buildings not fully locked and secured, containing un-repaired damage and/or buildings already vacant for more than 18 months. Additionally, industrial and commercial property, seasonal vacancy, individual condominium or apartment units and bank-owned properties are not eligible. No monoline liability will be offered.

The vacant property program is available in Arizona, Colorado, Connecticut, Delaware, Georgia, Iowa, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Missouri, New Hampshire, New Jersey, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont and Wisconsin. New Jersey risks that are individually owned are not eligible for this program. Look for the program to become available in more states soon. For more information, log on to www.bigimarkets.com or e-mail Sherre Sidwell at sherre.sidwell@middleoak.com.


Big I Advantage^®
Sign Up for the 360 Caliper Webinar

Now, more than ever, companies are forced to do more with less. Engaging your employees is critical, because the last thing you want is your top performers walking out the door.

Do your employees know how they come across to others? Can they identify strengths and do they know where they need to improve? Do they have what it takes to work effectively together? The Big “I” is pleased to invite you to join Caliper for a free webinar entitled, Using 360s to Develop Managers and Leaders. The webinar will be held Sept. 16 from 12 – 1 p.m.  EST. The speakers will be Patrick Sweeney, president of Caliper; Jo Moore, senior vice president of organizational development at Caliper; John Sumberg, managing partner of Bilzin Sumberg and Hal Little, director of field veterinary services at Merial.                            

Find out how to:
• Use a 360-evaluation to help your team better understand each other;
• Give your team the tools they need to work together more productively; and
• Let your top talent use their strengths to reach your company’s goals.

To register for this webinar, click here.


Big “I” Professional Liability
Big “I” and Swiss Re Host Free Webinar on Swine Flu E&O Risks

On Sept.16 at 2 p.m. EST, Swiss Re and the Big “I” Professional Liability program will present a free risk management webinar for all agency staff about the potential E&O risks a widespread swine flu pandemic may cause for your agency and business. The call will discuss important developments in the swine flu pandemic; how this could affect your business; and ways to protect your agency. This is the latest webinar in the risk management knowledge series designed to bring Big “I” members valuable and practical information to identify, manage and mitigate their potential exposure to E&O claims. Click here to register for the webinar.


IIABA News
Big “I” Recommends Certification & CE Program from IRMI

The Big “I” recently announced its support and recommendation of the Management Liability Insurance Specialist (MLIS™) certification and continuing education program, developed by the International Risk Management Institute, Inc. (IRMI). This online continuing education (CE) program will increase the competence, confidence and creditability of insurance agents and brokers who sell virtually any type of professional or errors & omissions liability insurance. The program also applies to specialized lines of insurance often called “management liability” insurance or “executive liability” insurance, such as employment practices and directors and officers liability insurance.

Big “I” members receive a 10% discount off the course fees and CE fee, and can purchase courses directly at www.MLIS-CE.com/iiaba/. The introductory rate is $69 per course. Insurance CE credit is also available in most states for $15 more per course. This enables agents and brokers to leverage a nominal CE investment into both a certification and state CE credit.

The self-paced courses and their final exams may be taken from any computer with Internet access, via a state-of-the-art delivery platform. Additionally, those who complete the program can display the MLIS™ certification.