Weekly news & updates
June 10, 2021
News Affecting You
A Tribute to Mike Johnson
It is with great sadness to inform you of the loss of one of our own. Mike Johnson passed away unexpectedly on Sunday, June 6th. Mike wore many hats with the Big I over the years. He was Young Agent Chairman in 2009, Board of Directors Chairman in 2018 and a friendly face at any association event over the last 15 years. Mike never met a stranger, lit up any room he walked into and made even the most serious of insurance issues fun. More important than his professional accolades, he was a loving and devoted husband to Ali and his two sons, Davis and Donavon. It doesn’t seem right to live in a world without Mike but we will certainly try to live life to the fullest and with a smile, just like he did. Our prayers are with Ali, Davis, Donovan and the Al Torstrick family.

Real ID Driver's License Issuance Update
The Interim Joint Committee on Transportation, co-chaired by state Rep. Ken Upchurch, received an update on REAL ID driver’s license issuance by the Kentucky Transportation Cabinet.

KYTC officials said the REAL ID license deadline is extended to May 3, 2023. After that date, licenses without a black star cannot be used at airport security checkpoints for U.S. commercial air travel or to visit military bases and federal facilities that require ID.

Source: The Lane Report
Lumber Prices Up 42% YOY as Construction Costs Continue to Rise
The aggregate costs of construction materials in the U.S. increased 11.9% year over year at the end of the first quarter of 2021, according to the CoreLogic® 2021 Quarterly Construction Insights report, with lumber prices seeing the most dramatic rise. In March 2021, costs for lumber increased 42% year over year, with costs in some states—Iowa, Rhode Island, and Washington D.C.—increasing by up to 82%.

With a steep increase in demand for lumber, coupled with supply constraints as sawmills struggle to meet demand following closure due to the coronavirus pandemic, construction costs have continued to increase. In December 2020, the average cost of U.S. commercial building materials increased by 9.6%, according to CoreLogic's last report, with lumber experiencing a 34% year-over-year cost.

Source: IA Magazine
Equity in Action: Why Risk Rating 2.0 Will Change the Industry
As FEMA begins to release details around Risk Rating 2.0 in 2021, it's clear that the NFIP transformation will not just impact insurance rating—it will impact the entire flood industry.

From private flood insurance companies to floodplain managers, each stakeholder will be influenced by Risk Rating 2.0's implementation. With better risk communication, different strategies around insurance rating, and solutions to past legislative concerns, the NFIP will be better positioned to close the massive flood insurance gap.

Source: IIABA
Find Markets with our Market Access Guide
Our goal is to make it easier for you to find the markets you want and need. That is why we developed 2021 Market Access: A Big I KY Guide. What carriers are available to you with your Big I KY membership? Click the button below to find out.

In this publication, you will find information about our Industry Partners and our Market Access Programs (Independent Market Solutions and Big I Markets).
New Buzzword: Value Add
The value add is something I have tried to apply to my everyday life. However, for the purposes of this article, we will lean more toward this as a business principle. The first question you may be asking yourself is, “What do you mean by “value add?” In its simplest form, the value add is the ability to see your business through the eyes of your customer. This is something that for some may sound incredibly underwhelming and others hear this and are immediately overwhelmed. The fact of the matter is that this buzzword is one that is not going away anytime soon. Your customers are demanding more and more, and let’s face it, no matter what industry you are in, there is always someone else offering the same product or service that you are, and they claim to do it better than you or cheaper than you.

Source: Agency Nation
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.
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EKU RMI Golf Outing
The Eastern Kentucky University Risk Management and Insurance Department is hosting a golf outing on Monday, August 30, 2021 at The University Club at Arlington.

Register before June 15, 2021 for the early bird discount!
Sponsorships are also available.
Want to Find More Value in your Membership?
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.
Continuing Education Opportunities & Discounts
Agents & Brokers Education Network

Commercial Lines Coverage Specialist Designation with Christine G. Barlow CPCU
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Thank You 2021 Industry Partners
Diamond Level Partners
Platinum Level Partners
Gold Level Partners
SECURA Insurance
Summit Holdings
CRC Group