Weekly news & updates
August 13, 2020
News Affecting You
See Markets, See Solutions:
Independent Market Solutions (IMS)
Access to markets shouldn't prevent you from writing business. Big I KY understands this and has joined with 15 Big I associations in 17 states to develop IMS - a standard commission market access solution to fit every member.

New or small agencies with little or no direct appointments can begin writing policies immediately.

Mid-sized to large agencies can place a niche piece of business to satisfy clients' needs without taking on additional minimums or placing less desirable risks with an existing market.

*This product is not endorsed by the IIABA*
D.C. judge: Shutdown didn't cause "direct physical loss"
A District of Columbia judge on Thursday shot down a bid by a group of restaurants in the area to get coverage for business interruptions during the COVID-19 pandemic, ruling that government shutdown orders don't constitute a "direct physical loss" that triggers the policy.


Source: Law360
Follow ClearPath Mutual on Social Media for a Chance to Win a $100 Amazon Gift Card
Our friends at ClearPath Mutual are giving away a $100 Amazon gift card to one lucky follower! For a chance to win, follow any of their social media accounts on Facebook, Instagram or LinkedIn.    
D&O Claims Grow Amidst the Coronavirus
Months of government-ordered closures and restrictions on U.S. businesses and requirements that consumers stay home to halt the spread of COVID-19 has taken its toll on the economy. While headlines have primarily focused on pressing issues regarding business interruption coverage, claims against directors and officers (D&O) in connection with COVID-19 have also been on the rise.


Source: Property Casualty 360
Kentucky IA Magazine: A Feature To Be Proud Of
We want to honor our seasoned professionals and give them the credit they so appropriately deserve. The only criteria is the person must work at a Kentucky Member Agency and have worked more than 40 years in the insurance industry.

To apply, please submit the following to info@bigiky.org:

-Name
-Agency
-Years in the Industry
-Photo
-Favorite memory of your career
-Favorite part of being an insurance professional
Big "I" Markets: Affluent Homeowners Program
Ready for a quick refresher on Big “I” Markets product offerings? Flip through our updated  2020-2021 Big “I” Markets product guide  to sail through a brief overview of available products and programs.

Big “I" Markets is currently entertaining new business accounts $500,000 and higher with Chubb and $750,000 and higher for AIG. Read More...

Source: IIABA
Why the Current Market Offers Opportunities for Agents
Business owners and customers have had to reevaluate their finances and insurance needs as the coronavirus pandemic has taken hold, according to Agent Authority research recently carried out and released by Nationwide. While this reevaluation presents challenges for agents when helping new and current customers with their property-casualty policies, it also presents opportunities for agents to strengthen and grow their business by proactively addressing customer needs.


Source: IA Magazine
From Youth Apprentice to Licensed Insurance Agent
When Katlin Eldersma started taking business classes as a freshman at Bardstown High School (Bardstown Independent), she had no idea it would lead to her being a licensed insurance agent at LaRue-Carey Insurance Group just a few months after graduation.

Eldersma said she never really had a game plan in high school, but rather just enjoyed exploring possible careers through her high school business education courses. She knew she could put the skills she learned in those courses to good use in her yet-to-be determined career.


Source: Kentucky Teacher
HAPPENING NOW: August 13 Road Show
Rick Pitts is driving us through E&O Road Map to Policy Analysis. There is one more opportunity available for you to get FREE CE at your desk!

Register for our August 18 Road Show to get 3 to 4 hours of CE and a special surprise (make sure you attend in real time).
Reopening Resources
As you reopen your agency, the following are great resources to guide you along the way:

Be an Insurance Netflix, Not a Blockbuster
One of Blockbuster's biggest failures was that it failed to harness the latest technology to achieve digital transformation.
 
The decline and fall of the Blockbuster empire can’t be pinned on any one decision, but one of the company’s biggest failures was that it had failed to latch onto the growing availability of streaming technology. By contrast, Netflix embraced it, pivoting away from DVD sales and rentals in anticipation of changing viewership habits.

A similar dynamic is unfolding in the insurance industry, where those suspicious of change and slow to innovate may find themselves on the same trajectory as Blockbuster. Meanwhile, insurers who harness the latest technology to achieve digital transformation will be better positioned to serve an evolving market and win the future.


Source: Property Casualty 360
Political Action is NOT a Spectator Sport
InsurPac and KAPAC, the political action committees of Big I Kentucky opens doors and helps build relationships on Capitol Hill...and it needs every member's help to remain strong.

Don't miss out on your opportunity to be apart of InsurPac and KAPAC 2020. Your industry needs YOU!

Check to see if you have donated by viewing the lists of donors on the webpages linked below.
NOW OFFERING: 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.
Save 20% on your E&O
Hey Westport Customers! There is a new program that can save you time and features a few changes. The class time has changed from 6 to 3 hours. The credit only holds for 2 years, but you cannot lose the discount for any reason including a claim. I have linked a flyer below outlining the staff requirements and the additional credits available.


AND… Good news, the Big I is giving you one more FREE chance to take this class during our Virtual Road Show (August 18). Not only will it help you earn the risk management credit on your E&O, but you will also get 3 hours of CE. As a bonus you can register for a 1-hour legal and legislative update for a total of 4 hours of FREE CE.  If you would like to take advantage of this FREE offer, please register now!
Thank You 2020 Industry Partners (as of 04/23/20)
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Gold Level Partners
CRC Group
Keystone Insurers Group