2020 Could Make 2021 the Year of Insurance Agency E&O Lawsuits |
|
Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021.
Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they exhaust other legal avenues—most often suing insurers—and come up short, according to experts at the 2020 virtual Professional Liability Underwriting Society (PLUS) conference.
While E&O claims from the pandemic of 2020 have not happened yet in noticeable numbers, they will, just as they happen following major storms or other disasters, the experts warned.
Source: Insurance Journal
|
|
|
|
Want to make sure you have the proper coverage in place?
Big I KY is here to help! Click below to learn more or contact Kristie Weyer, Insurance Services Director.
|
|
President Biden Unveils COVID-19 Relief Plan |
|
A couple of weeks ago, President Biden outlined the contours of the new administration's “American Rescue Plan" to provide further COVID-19 relief to the nation. As outlined, the proposal would provide an additional $1.9 trillion in COVID-19 relief.
The plan would provide nearly $1 trillion in payments to Americans through an additional $1,400 in stimulus checks to eligible Americans and an increase in federal unemployment aid from $300 a week to $400 a week. The plan would also subsidize COBRA health coverage through Sept. 30, for workers who lost their employer-sponsored health insurance with a 100% tax credit for COBRA coverage premiums.
Source: IA Magazine
|
|
Be Proactive with Prescribing Coverage in Virtual World |
Many of us have transitioned to working from home in response to COVID-19 protocols and are reliant on technology now more than ever. Nevertheless, productive, proactive and profitable teleworking can be accomplished by keeping a number of things in mind.
Now is the time to take a closer look at whether your agency has appropriate cyber insurance. While most offices connect through a VPN and use encryption technology, not everyone has that available at home. Remind your employees and customers to utilize proper security measures when conducting business from home.
Source: IA Magazine
|
|
COVID-19 Vaccination Fast Facts |
|
Now that there are authorized and recommended COVID-19 vaccines in the United States, accurate vaccine information is critical. The Center for Disease Control answers some frequently asked COVID-19 vaccine questions. |
|
Designation: Certified Risk Manager - CRM
Course: Control of Risk
Cost: $440
Purpose:
- Educate agents about managing any type of risk
- Learn how to plan for crises and disasters
- Develop skills in managing claims
THIS VIRTUAL EVENT WILL TAKE PLACE ON FEBRUARY 17-18, 2021.
|
|
Elevate 2021—Trilogy has launched! The countdown is on to the acclaimed Original Un-conference—the premiere event for the independent agent crowd. The mission: deliver three virtual mini-conferences in 2021, laser-focused on digital marketing, data and culture.
Connect in cyberspace with the independent agency channel for part one of Elevate 2021—Trilogy on Feb. 25 from 12-5 p.m. ET. In just a half-day, you'll explore the universe of digital marketing with a star-studded lineup.
Source: IIABA
|
|
More Lockdowns, BI Lawsuits Could Put Agents and Brokers in Precarious Position |
|
With many states and counties in the US imposing stricter lockdown measures as cases continue to rise across the country, one expert predicts that there will soon be another round of certain business interruption insurance denials. In this environment, and based on the events witnessed over the past 10 months of the coronavirus pandemic, he has a warning for agents and brokers.
“I can certainly see a new wave coming with agents and brokers in a precarious position, with standard of care being put to a new test,” said Ben Woodward (pictured), vice president of professional liability at Admiral Insurance Group, a Berkley Company. “We’ve got a decent sized book of agents and brokers, and we have not seen an influx of claims yet, but I’m still uneasy about it [because] we’re in the middle of a second lockdown, and maybe even headed towards a third at some point, so there’s no end in sight.”
Source: Insurance Business America
|
|
Kentucky IA Winter 2021 AVAILABLE NOW! |
|
Keep a close eye on your mailbox for the Winter 2021 issue of our quarterly magazine, Kentucky IA.
Can't wait? Check out the online version.
|
The opportunities are endless. Click here to advertise in Kentucky IA or submit an article to be featured using the information below.
502-245-5432.
|
|
|
KENTUCKY P&C INSURANCE MARKET REPORT |
|
|
|
This report provides a summary of the 2019 property-casualty
(p-c) insurance marketplace.
MEMBERS ONLY CONTENT - LOGIN REQUIRED
|
|
|
|
WE WANT YOU...
To Review Us on Google!
|
|
|
|
The Big I KY job board has new listings! Whether you're actively seeking employment or you have a job opening in your agency, we are here for you. Visit the job board linked below to see the current openings/job seekers or to inquire about posting a job on our website. |
|
IMS
Market Access Benefits
|
|
Big I Markets
Program Features
|
|
- No joining costs or monthly fees
- Low volume commitments
- Standard commissions plus profit sharing
- Agent owns 100% of expirations
- Own your book of business
- Sub-producer appointments
- Direct working relationship with carriers
- Opportunity for direct appointments when minimum volume thresholds are met
- Exclusive KY program
- New carriers/products being added regularly
- Exceptional customer service
Like what you see? Register with IMS here and secure your competitive advantage with Attune.
*IMS is not endorsed by the IIABA*
|
|
- No initial access fees
- No ongoing monthly fees
- No termination fees
- No monthly minimum production requirements
- No obligation to submit other accounts
- Ownership of expirations
- EFT commission payments
- Direct communication with carrier underwriter or decision maker on most programs
- Free weekly e-newsletter featuring product knowledge and special interest pieces
Like what you see? Register with Big I Markets. |
|
Want to Find More Value in your Membership?
SCHEDULE YOUR VIRTUAL AGENCY VISIT
|
|
|
|
We miss you and can't wait to see you again in-person. We are still here for you and want to help anyway we can. Schedule your Virtual Agency Visit with Katie Hines, Membership Services Director, to learn more about our 90+ Products and Services that YOU have access to. |
|
NEW COURSES AVAILABLE: ABEN OnDemand |
|
ABEN OnDemand gives you access to CE anywhere at anytime, so you can receive high-quality education when it's convenient for you.
Use code KYVOD20 for 20% off any ABEN OnDemand course.
|
|
Other Continuing Education Opportunities
Code: BIGIKY20 for 20% off
Code: UPSKILL20 for 20% off
|
|
Thank You 2021 Industry Partners |
|
SECURA Insurance
CRC Group
Keystone
Summit Holdings
|
|
|
|
|
|
|
