Big I Iowa | August Newsletter

AUGUST 2024

Need to fulfill your 3 hour ethics course requirement? Come here Ken Hauck talk about “Ethics for Today’s Insurance Professional”. Or perhaps you would like to hear what’s new in the Workers Compensation environment. Bob Skow will get you up to speed with everything work comp. You won’t want to miss our Annual Convention this year. The event will take place at Prairie Meadows in Altoona and we will feature plenty of great speakers with CE hours available. For you golfers, come join your company partners at the newly renovated Terrace Hill Golf Course in Altoona. Our keynote speaker this year will be Tim Richardson. Please join us and hear what advice Tim can offer.

effective starting June 1st

Ban On Noncompete Agreements Dealt Significant Blow

Two lawsuits were filed hours after the Federal Trade Commission (FTC) issued a ban on noncompete agreements. Both plaintiffs argue that the FTC has overstepped its statutory authority and seek to block the rule from taking effect as scheduled on Sept. 4. A recent ruling in one of the cases granted a preliminary injunction that partially blocked the rule, but it applies only to the plaintiffs. However, the judge signaled that the plaintiffs are likely to succeed in their challenge, which will be decided on or before Aug. 30. That decision could include a nationwide permanent injunction preventing enforcement of the FTC rule.

It is possible the other lawsuit could be decided first, with a decision on a preliminary injunction expected on July 23. Click here for more information, and watch future issues of the NewsLine for new developments in the cases.

Deductible Buy Back with Big "I" Alliance Blue

Percentage property deductibles are common in wind- and hail-prone areas. Agents and clients have experienced carriers imposing percentage deductibles in more areas due to the increase in unnamed convective storms across the Midwest and the South.

Big “I" Alliance Blue's deductible buy back program offers a solution, enabling commercial property clients to reduce their out-of-pocket exposure.

For example, a commercial policyholder has a property policy with a limit of $10 million and a 3% wind/hail deductible of $300,000. A deductible buy back policy could be purchased to cover $250,000 of the primary policy's deductible, leaving the policyholder responsible for only $50,000.

Coverage is provided through the AEGIS London surplus lines market and is available in all 50 states and Washington, D.C. Coverage can be offered on a per building or aggregate basis.

Submissions are easy! Members can log in to Big “I" Alliance and select the Deductible Buy Back product.

Discover the endless possibilities AI can bring to your agency!

Trusted Choice’s latest toolkit dives into how AI can be your ultimate ally in elevating client interactions.

Free for all Big “I” members.

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Mid-America Technical Conference

Jane Regan from Upper Iowa Insurance Services has requested your assistance for the upcoming Mid America Technical Conference. Jane has asked for a call for items/changes to ISO or NCCI forms that need to be addressed by our members for the greater good of the consumer. This includes clarification of wording in forms, additional coverage missing but needed etc. Please reach out to Jane with any questions at Jane.regan@upperiowains.com. Also, thank you Jane for representing the Independent Insurance Agents of Iowa at this very important conference each year.

Items so far received that we will present are as follows:

1.For newly acquired LLCs, incorporate the language for Automatic Insured Status for Newly Acquired or Formed Limited Liability Companies right into the CGL and not by endorsement to the lines of coverage for CGL, Liquor Liability, Pollution Liability, Products/Complete Ops, and Pollution Liability coverage forms and Ideally in the Umbrella.

2. ADD Fellow Employee coverage in the CGL similar to what is available in the Business Auto policy by endorsement.

3.Additional Insured Endorsement under Business Auto is needed like we have under CGL for specific named insureds where required in contracts. Carriers have developed their own form for this and ISO needs to offer a form for those carriers that do not have a proprietary form.

4. NCCI – Allow agents to have free access to the state manuals for those states where the employer has employees in other states where the agent may not be licensed.

5. NCCI – Pay commission on all endorsements and the expense constant added to an Assigned Risk policy and not just the base premium. There is considerable time and expense on the agent for processing these change requests to add Waivers of Subrogation and the insured is charged for this endorsement but the agency receives no compensation on that endorsement fee.

6. Low Speed Vehicles – The current ISO low speed vehicle endorsement applies only to four-wheel vehicles and the limitation for speed with these vehicles is problematic limited to 20 miles per hour and 25 mph on paved surfaces. E-Bikes typically require assistance from the rider, while E-Scooters do not. Consumer needs coverage for these vehicles, regardless of size. ISO created endorsements under the HO coverage but with the number of carriers leaving the homeowner market and option should be available under the auto policy with definitions redefined so accommodate that vehicles if they will be licensed or registered for road use.

Commissioner’s Bulletin on Storm Damage

Click here https://iid.iowa.gov/media/4908/download?inline= to read more on what the Insurance Commissioner is telling companies regarding recent storm damage in Iowa.

Reminder – Hard Market Tool Kit

During a hard market, you can prove your value to clients, and improve retention, through consistent and thorough customer communication. Tell your customers why their premiums are rising and what they should expect at renewal time. Explain coverage changes or restrictions that may impact their exposure in terms they can understand. The Hard Market Toolkit can help!

The Hard Market Toolkit includes:

Expert Advice for Surviving a Hard Market from Savvy Independent Agents Talking Points for Clients

Client Email Templates

Frequently Asked Questions from Clients….And so much more.

You can find the took kit available to all Big “I” members here https://trustedchoice.independentagent.com/hardmarket/

Join the Young Agents during the Annual Convention Tradeshow and help support their charity of choice! You won't want to miss this one.

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agency-focused recruiting platform. Whether you’re looking to hire for sales or customer service,

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As an IIAIOWA member, you can begin the search for your next ideal hire TODAY.

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The real benefit to having IdealTraits on your side is that you have the power to see the unique

individual behind the resume to find the right person for the job all while putting time back in

your pocket.

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As a proud partner of IIAIOWA, we're eager to help you achieve your hiring goals. Don’t wait — call today for a quick consultation and discover your personalized path to hiring success with IdealTraits.

Aksel Gerber - Inside Sales Representative

(248) 834-0808 | aksel@idealtraits.com

There are several reasons and to find out more, check out this link Learn More provided recently by IIABA . Not only is this a great article but also very timely. Did you know that your agency can receive reimbursement from the Big “I” for much of your event? The Commitment to Community Marketing Reimbursement Program runs 9/1/23 – 8/15/24. All community involvement activities submitted for reimbursement consideration need to take place within that time frame, unless otherwise approved.

Click HERE for program details. For a second year in a row, the IIAI Board has agreed to a maximum eligible reimbursement of $1,000 per agency. Reimbursement is rewarded based on order of application receipt. The total campaign budget is again $25,000. We would love to hit that amount so put on your thinking caps or perhaps you already have activities that could qualify!

If you have questions if your event qualifies, submit your application/advertising mock-ups or scripts to Brenda Kluger at Brenda@iiaiowa.org for pre-approval. Please note that the following mandatory requirements are still in place:

• ALL event promotion must use Trusted Choice® logo or mention Trusted Choice® if doing a radio/television/podcast

Trusted Choice® logo must be present on agency websites and Facebook pages

If you need assistance with signage mockups, we have some set layouts or can possibly assist with customization. Contact Nicole Peffers at Nicole@iiaiowa.org for assistance.

Independent agency market share holds steady in the hard market and continues growth in personal lines. Learn More

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