Big I KY Newsletter

Weekly news & updates

January 21, 2021

News Affecting You

Gov. Beshear Vetoes Five Bills, Calling Them 'Unconstitutional,' 'Put Kentucky Lives at Risk'

Gov. Andy Beshear vetoed five bills Monday, including House Bill 1 and Senate Bill 1, allowing him to continue taking bold, effective actions to save lives, and ensuring future governors have the tools they need to address new emergencies quickly.

The Governor said his efforts to stop COVID-19 are widely supported by Kentuckians: 86% support asking people to stay at home and avoid gathering in groups; 78% support limiting restaurants to carry-out only; and 73% support prohibiting K-12 schools from teaching in-person.

Keep Reading...

Source: NKY Tribune

Restaurants' COVID-19 Losses Are Covered, Ohio Judge Says

Law360 (January 20, 2021, 5:50 PM EST) -- An Ohio federal judge ruled Tuesday that Zurich American Insurance Co. must cover losses suffered by more than a dozen steak and seafood restaurants due to COVID-19 shutdown orders, finding that the eateries' policy can reasonably be interpreted to cover the loss of use of property.

U.S. District Judge Dan Aaron Polster found that Zurich had breached its obligation to provide lost business income coverage to Henderson Road Restaurant System and a slew of related companies that operate 16 restaurants in Ohio, Michigan, Florida, Indiana and Pennsylvania, including 13 locations of the Hyde Park Prime Steakhouse chain.

Source: Law 360

Pandemic, Agency Growth and The New Year

Barring an unforeseen event as disruptive as COVID-19 was this past spring, and being optimistic that a winter wave of the pandemic is contained, 2021 looks to be a hopeful year for independent insurance agencies. Agencies have weathered the pandemic storm remarkably well thus far and have demonstrated that they can adapt to grow both organically and inorganically in the coming year.

In 2020, independent agents proved once again how versatile and resilient their business model is, and the property/casualty market, with a few exceptions, held up during one of the biggest economic dislocations in modern history.

Source: Rough Notes

2021 LEGISLATIVE DAY

Legislative Day will look a bit different this year.

On January 27, we will be meeting with new members of the B&I committees who play a vital role in protecting our industry. Join us for a membership-wide Zoom meeting with our leaders on the B&I Committees and talk about legislative priorities and possible issues that may arise.

Rep. Angie Hatton – Whitesburg

Rep. Nima Kulkarni - Louisville

Rep. Rachel Roberts - Newport

Rep. Cherlynn Stevenson - Lexington

Rep. Susan Westrom – Lexington

Rep. Danny Bentley - Russell

Rep. Patrick Flannery – Olive Hill

Rep. Norma Kirk-McCormick - Pikeville/Inez

Rep. Matt Lockett - Nicholasville

Rep. Shawn McPherson - Scottsville

Rep. Tom Smith – Laurel/Knox

Sen. Brandon Storm – London

Sen. Jason Howell - Murray

Sen. Karen Berg – Oldham/Jefferson

JANUARY 27

Cyber Insurers Scale Back as Ransomware Attacks Rise

Ransomware attacks increased in terms of both severity and costs this year, forcing insurers to become more selective and even scale back on the cover they offer against cybercrimes, a report from a leading insurer showed.

The total costs of ransom payments doubled year-on-year through the first six months of 2020, according to the report from Lloyd’s of London insurer Beazley Plc that called such attacks the biggest threat facing businesses.

Keep Reading...

Source: Insurance Journal

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.

VIEW IT NOW

The opportunities are endless. Click here to advertise in Kentucky IA or submit an article to be featured using the information below.

Contact Taylor Lee, Communications Director at [email protected], or call

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

READ THE FULL REPORT

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

Service-Based Home Businesses are Thriving Right Now - Make Sure Your Customers are Covered!

While many industries have been negatively impacted by COVID-19, service-based small businesses are seeing growth and increasing popularity.

With many companies working remotely and restrictions on commercial stores, restaurants and other industries, many are turning to home-based businesses for services. In addition, individuals who have become unemployed over the past year are finding new opportunities in small business entrepreneurship.

Educate your established and new home-based business customers about the importance of a Home Business Insurance policy from RLI. It covers business liability up to $1,000,000 and business personal property up to $100,000, and can even cover loss of income. We also provide a variety of optional coverages so you can tailor the policy to your customer's unique needs.

Source: IIABA

Registration Open for CRM

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.

WE WANT YOU...

To Review Us on Google!

Tell Potential New Members How Much You Love Big I KY

NEW JOB POSTING!!

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.

Check Out The Job Board

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.