Big I Iowa | September Newsletter

SEPTEMBER 2024

It’s a wrap – Our Annual Convention & Trade Show ended on a high note on August 28^th with an inspiring presentation from Tim Richardson reflecting on “The Power of Pause”. The event hosted over 400 agents and member companies from all over. Following a packed trade show, Tyler Richton & the Highbank Boys entertained everyone with a great performance on stage. Although it was a warm day on Tuesday, over 100 golfer’s joined us at Terrace Hill Golf Course for 18 holes of fun. It was not all fun and games however as the lineup of speakers was included former IIAI CEO Bob Skow who provided agents with a 3 hour class on workers' compensation. We also had the pleasure of hearing from Todd Jackson, President of IIABA. Todd informed us of everything in the works with National as well as many available services to make our jobs easier in these tough times.

During our annual event, an election of Board officers was held. The following agents were selected to lead your Association for the 2024-2025 year. They include:

Chris Gentry, President, Ollie

Dave Walters, President Elect, Emmetsburg

Steve Goodhue, Treasurer, Ames

Billy Blake, 1^st Vice-President, Oskaloosa

Katie Rosenboom, Manson

AJ Krist, West Des Moines

Derrick Parsons, Dyersville

Luke Horak, Past President, Washington

Steve Madsen, National Director, Emmetsburg

Presidential Citations were also presented to individuals who have contributed above and beyond to the association over the years. This year, awards were presented to:

Congresswoman Ashley Hinson - Ashley serves Iowa’s congressional district 2 and has been extremely supportive to Independent Insurance Agents during her tenure. Jake Ketzner – Jake is our local lobbyist and has been instrumental in helping the Big “I” pass our legislation and preventing legislation detrimental to agents from passing into law.

This year’s Daniel Fulwider Young Agent of the Year went to Amber Rash. Amber is a member of the Grimm Insurance Team in North English and has been instrumental in the growth and success of our Young Agents. Amber always finds the time to support the Big “I” at our events and committee involvement. Thank you Amber.

The H.H. Red Nelson Agent of the Year was presented to Tim English of English Insurance in Dyersville. Tim has been active in the association for most of his illustrious career and served on the IIAI Board of Directors including President of the Big “I” in 2018-2019. Tim’s involvement in the Big “I” has helped make us who we are today. A BIG thank you to Tim!

2025 Proposed Rate Filing for Workers Compensation

Pursuant to Iowa Code section 515A.6(7), notice is hereby given that the National Council on Compensation Insurance, Inc. has made a rate filing which affects the premium rates for workers’ compensation insurance.

The rate filing proposes an overall decrease of 7.2% in the voluntary market and an overall decrease of 9.6% in the assigned risk market from the current rates that became effective on January 1, 2024. The filing has a proposed effective date of January 1, 2025.

A workers’ compensation policyholder or an established organization with one or more workers’ compensation policyholders among its members may request a hearing before the Commissioner of Insurance regarding this rate filing. Such a request must be filed within 15 days of the date of this publication and shall be made to the Commissioner of Insurance at the Iowa Insurance Division, 1963 Bell Avenue, Ste. 100, Des Moines, Iowa 50315.

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.

New Commercial Markets in Big I Alliance Blue

Big “I" Alliance Blue agents can now access The Hartford for monoline auto and select small commercial professional services, retail and technology classes, as well as midsize to large businesses in various industries. Alliance Blue agents will be notified of this product addition in next week's Two for Tuesday e-newsletter.

The Hartford's business auto policy combines innovative product features, discounts and exceptional service. Businesses with a larger fleet of vehicles used for work purposes can access the Fleet Ahead ® program to help improve fleet operations and reduce claim losses.

The Hartford offers coverage on an admitted and non-admitted basis and is available in all states except Alaska and Hawaii.

Alliance Blue agents can choose from business owners policies or packages, commercial property, general liability, commercial auto, workers comp, umbrella, cyber liability and executive risks products available for a wide array of business classes. Learn more on the Big “I" Alliance Blue website.

FTC Ban on Noncompete Agreements Struck Down

Judge Ada Brown of the U.S. District Court for the Northern District of Texas ruled that the Federal Trade Commission (FTC) cannot enforce its ban on noncompete agreements.

The rule was scheduled to take effect on Sept. 4 and targeted employment agreements that prohibit, penalize or effectively prevent a worker from seeking or accepting work elsewhere or operating a business after leaving a particular job. Last month, the judge had partially blocked the rule by granting a preliminary injunction while considering whether to strike it down entirely.

In the ruling this week, Judge Brown wrote that the FTC had overstepped its authority when it approved the “Non-Compete Clause Rule" by a vote of 3-2 in April. “The FTC lacks substantive rulemaking authority with respect to unfair methods of competition," Brown wrote. She went on to write that “the role of an administrative agency is to do as told by Congress, not to do what the agency think(s) it should do."

Business groups, including the Big “I", agreed with that assessment. They argued that Congress never intended to give the FTC such broad powers and questioned whether they possessed the statutory authority to promulgate such a rule.

Message from IIABA CEO Charles Symington

BIG “I” ALLIANCE: After discussing Big “I” Alliance over the past 18 months at multiple meetings, we are now full steam ahead on building out the program. If you have been watching your email as well, you know that we “unveiled” the Alliance publicly early in June and are now moving forward with our 16 target states to promote the Alliance, accepting applications and getting the word out about this tremendous member benefit. Our team is busy with this and will remain focused primarily on these areas through the summer.

After providing market access programs for 20 years at the Big “I,” we think it’s the right time for this re-branding of our offerings, but we understand that there remains some confusion in some states about this effort, so I’d like to try again to clarify. Perhaps the simplest way to explain this is that Big “I” Alliance now encompasses both the former Big “I” Markets and Eagle Agency programs. New name, same great programs…with some enhancements.

Big “I” Markets is now Big “I” Alliance Blue. No changes there and note that the previous website bigimarkets.com now re-directs you Big “I” Alliance Blue. Members can submit any number of pieces of business here and we act as an MGA/MGU for carriers. We also have Big “I” Alliance Blue Plus which serves as a placement center, like Blue, and also offers exclusive vendor discounts. The long-time Eagle Agency program that you are familiar with is now called Big “I” Alliance Gold. We have updated it, though, to help qualified agencies—that are not part of another alliance—with carrier appointments, and of course we aggregate premiums to the benefit of Alliance members. Our Big “I” Alliance is tailor-made for small member agencies, and that strategy will continue in the future.

Save the Date - 2025 Rural Agents Conference

Missed our Annual Convention last week? It was a great event but no worries, mark your calendars now for the 2025 Rural Agents Conference. The event will be held at the Des Moines Airport Holiday Inn on January 22^nd & 23^rd. It promises to be a great event with plenty of education and networking with our peers and company partners.

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.

Bridge the Gap: Excess Flood Coverage

As property values and the costs of building supplies continue to rise, it is important to identify policyholders who could benefit from having additional coverage above the $250K building limits provided by an NFIP flood policy.

Excess Flood insurance can help protect higher-valued homes exposed to flooding.

Offer Customers Peace of Mind

You can offer customers up to an additional $15M in flood protection by offering Selective’s Excess Flood coverage, which is available in all 50 states. Coverage highlights include:

$15M in coverage for residential dwellings, commercial property owners, and condominiums
$10M in earthquake coverage when purchased with an Excess Flood policy
Loss of Income-Net Business Income or Loss of Rent

For more information, check out our Excess Flood flyer or contact your Flood Territory Manager of Underwriting Team.

Help protect your client against costly flood losses and bridge the gap with Selective’s Excess Flood coverage.

NEWSLETTER

Bridge the Gap: Excess Flood Coverage