Volume 21, Issue 22 - Independent Insurance Agent
The West Virginia
Insuror
INSIDE
THIS ISSUE
2 New FCRA Forms Required
by Jan. 1, 2013
3 West Virginia and Feds To
Share Health Insurance
Exchange
3 Note from the CEO
4 Treasury Completes Final
Sale of AIG Stock
4 Marsh Names Pittsburgh-
Based East and Central
Zone Mining Leader
Manchin Earns Spot on Senate
Banking Committee
U.S. Senator Joe Manchin (D-W.Va.)
has announced that he will represent
West Virginians on the Senate Banking
Committee, in addition to his current
assignments on the Energy, Armed Services
and Aging committees.
“At a time when we our economy is still
wounded and recovering ever so slowly, it
is important that our community banks and
local credit unions serve their customers
and communities to the best of their ability,”
Senator Manchin said. “We need to make
sure that our community banks can provide
a greater range of financial services and
allow financial institutions to raise capital
responsibly. Our banking system can
become more transparent while ensuring
banks and credit unions can provide
responsible loans to businesses to create
jobs and decrease the unemployment rate.
“As the 112th Congress comes to an end
and the 113th Congress begins, I am
excited to welcome my new colleagues from
both sides of the aisle and work together
with Democrats and Republicans to help fix
our financial challenges. It is a critical time
in our nation’s history where we need to put
politics aside and look toward fixing today’s
problems for our children and our children’s
children.
“I am particularly pleased with the Energy
Committee’s potential in the new Congress
because the new chairman and ranking
member – Ron Wyden and Lisa Murkowski,
respectively – have visited our great state
and seen a true all-of-the-above approach
to energy independence. The Aging
Committee continues to be an important
voice for our state as our population ages,
and I was proud to host a Congressional
field hearing on the Older Americans Act in
Charleston this year. Finally, as a member
of the Armed Services Committee, I am
determined to make sure that we end the war
in Afghanistan so we can rebuild America,
take care of our veterans and reduce our
reliance on expensive contractors.
“I am so proud to serve the people of West
Virginia on these critical issues, and I hope
that the people of our great state continue
to share their commonsense ideas, priorities
and concerns with me.”
5 GEICO Hiring More Than
4,000 New Associates
in 2013
7 Marketing Tip of the Week:
7 Elements of Good
Customer Service
8 Can One CGL Insured
Sue Another One?
9 Rev Up Collector
Cars Coverage
11 The Seven Keys to a
Powerful Sales Presentation
14 Estate Plans: A Valuable
Service to Your Clients and
Your Agency
Volume XXI | Issue XXII
DECEMBER 15, 2012
A Publication of
Independent Insurance
Agents of West Virginia
Gray Marion, CAE, Publisher
New FCRA Forms Required by Jan. 1, 2013
Big ‘I’ memo updated to include new forms related to consumer reports
New regulations have been published modifying three important
forms required by the Fair Credit Reporting Act (FCRA) relative
to consumer reports. This follows the transfer of responsibility
for interpretation and primary enforcement of the FCRA from
the Federal Trade Commission (FTC) to the Consumer Financial
Protection Bureau (CFPB), which was established by the Dodd-
Frank Wall Street Reform and Consumer Protection Act signed
into law by President Obama on July 21, 2010.
The modified forms are:
• Summary of Consumer Rights under the FCRA. This
form must be given to applicants and employees who will
be subject to an investigative consumer report, who receive
an adverse action notice, or who receive a copy of their
consumer report. CLICK HERE to view a copy of the form.
• Notice to Furnishers of Information of their Obligations
under the FCRA. This form must be given when credit
or insurance-related information is given to consumerreporting
agencies or third parties, including employers.
CLICK HERE to view a copy of the form.
• Notice to Users of Consumer Reports of their
Obligations under the FCRA. This form must be given to
third parties that are given consumer reports. CLICK HERE
to view a copy of the form.
The change in the new forms from the prior versions is that they
inform consumers that information about their rights under the
FCRA is available from the CFPB, rather than the FTC.
The Office of General Counsel’s updated memo on the FCRA
is posted on the Big “I” portal available only to association
members. To access the memo, log in to independentagent.
com; select Resources, Legal Advocacy and Memoranda
& FAQs; and choose the memo, “Overview of the Fair Credit
Reporting Act, the Fair and Accurate Credit Transactions Act,
and the Drivers Privacy Protection Act.”
In light of the changes in the FCRA forms, the role of the CFPB,
and the increased attention to consumer protection on a state
and federal level, agents are encouraged to remain abreast of
developments in this area and ensure that the new forms are
used as required by Jan. 1, 2013.
Do you have
some news to
share? Click
here to send
us an email
about it!
Visit us online!
The
West Virginia
Insuror
www.iiawv.org
page 2
A Publication of Independent Insurance Agents of WV
West Virginia and Feds To
Share Health Insurance
Exchange
When West Virginians sign up for subsidized health insurance
under the federal health-care law overhaul, they’ll likely tap an
“exchange” set up as a partnership between the state and
federal government, Governor Earl Ray Tomblin’s aides told
state lawmakers on Monday, December 10.
The state-federal partnership costs less and allows West
Virginia to have a say in some of the health insurance exchange’s
regulations, said Rob Alsop, Tomblin’s chief of staff. He called
the partnership the “best alternative” for the “cards we’ve been
dealt.”
“The governor’s approach is quite simple,” Alsop told
lawmakers during a joint House-Senate meeting Monday. “If
you have a seat at the table, and we can do what’s right by
West Virginians, then we should do that.”
West Virginia, like other states, also had the option to run its
own health insurance exchange – or turn the entire program
over to the federal government.
At least 16 states and the District of Columbia have announced
plans to run exchanges themselves. Another 18 states plan to
leave the exchange in the hands of the federal government.
Seven states, including Ohio and now West Virginia, are
proceeding with the hybrid approach.
The federal government does most of the heavy listing under
a shared exchange. West Virginia would play a minor role –
perhaps monitoring insurance companies that participate –
once the exchange is up and running on January 1, 2014.
“Our tentative plans are to proceed with the state partnership
exchange to retain the ability to assist consumers and industry,
while avoiding the financial liability of a state-based exchange,”
said Jeremiah Samples, a state Insurance Commission
employee who’s heading the project. “We’re still working
out details with the federal government of what exactly the
partnership entails.”
Samples said it would be difficult to sustain a state-operated
health insurance exchange because of exorbitant information
technology costs. “A state-based exchange is unfeasible at
this time due to the fiscal burden on consumers, industry and
the state,” Samples said.
Meanwhile, West Virginia would have had to relinquish all
control if the federal government operated the exchange, he
said.
Note from
The CEO
Gray Marion, CAE
IIAWV Chief Executive Officer
gmarion@iiawv.org
Ordinarily, I would be filling this space with a column
devoted to a recap of the association’s operating
year and all of the accomplishments of your volunteer
leadership and staff while pursuing the goals and
objectives of our membership. I would be reminding
you of the value of membership and the need for all of
us to be a part of our professional community in the
coming year. As important as those concepts are,
this year they just don’t seem to carry the importance
they usually do, so I’m not going to dwell on them, at
least not today.
Today is Monday, December 17, 2012. Today’s
news is and will continue to be the horrible events
that transpired in Newtown, Connecticut last Friday.
There are no words that can adequately convey the
sadness that has blanketed that small town in the
wake of the tragedy. I cannot bring myself to even try.
As I have sat and listened to the reports, I have been
reminded that there have been many other tragedies
in our nation this year and, indeed, in the world at
large. Somehow there seems to be more of them
this year or, maybe it’s just that each new one seems
to be more terrible than the last. Every new report
seems to make my heart ache more deeply. I find
myself wondering if it will ever end.
I was thinking about all of this as I sat down to write
this column. It didn’t seem right to talk business so,
I won’t. I just can’t do it. What I can do and want to
do is wish each and every one of you a warm and
safe and secure Christmas holiday. I intend to spend
mine with my family and friends and I hope that you
will as well. I intend to smile a little brighter, hug a
little tighter and tell the people I love that I love them.
My Christmas wish for each of you is that you will do
the same.
Merry Christmas and God Bless us every one.
“The full federal exchange was deemed to create too great a
regulatory burden for consumers and industry,” Samples told
lawmakers.
(continued on page 8)
page 3
A Publication of Independent Insurance Agents of WV
Treasury Completes Final Sale of AIG Stock
The U.S. Treasury Department has
announced it has completed its final
sale of common stock in American
International Group, reducing its shares
in the insurer to zero four years after a
massive government bailout.
Treasury has said it received $7.6 billion
in proceeds from the sale of its remaining
234 million shares at $32.50 per share. Overall, Treasury and
the Federal Reserve received a $22.7 billion positive return on
their combined $182.3 billion bailout, the department said.
“This sale officially begins a new chapter at AIG,” Chief Executive
Robert Benmosche said in a statement.
The sale was part of Treasury’s efforts
to wind down its Troubled Asset Relief
Program (TARP), created in 2008 to
help rescue companies stricken by the
financial crisis.
More than 90 percent ($380 billion) of
the $418 billion disbursed for TARP has
already been recovered to date through
repayments and other income, Treasury said in a statement.
AIG was rescued just before it would have been forced to file
for bankruptcy, as losses on risky derivatives mounted. It was
bailed out as the financial system stood at the brink of disaster,
shortly after Lehman Brothers filed for bankruptcy and Merrill
Lynch sold itself to Bank of America.
Marsh Names Pittsburgh-Based East and
Central Zone Mining Leader
Marsh, the insurance broking division of
Marsh & McLennan Cos., announced that
Douglas Schwab has rejoined the firm
as its new East and Central zone mining
leader.
In this newly-created position, Schwab
will be responsible for ensuring consistent
delivery of advisory and transactional
services to Marsh’s clients in the East and
Central zones, which include offices in 30 states.
Based in Pittsburgh, Schwab will report to Ken Sloan, Marsh’s
U.S. mining practice leader.
Schwab brings to Marsh more than 30 years of mining and
energy insurance industry experience, as a broker, underwriter,
and risk management professional. He rejoins Marsh from Wells
Fargo Insurance Services, where he was a senior vice president
within its energy and mining practice.
Schwab has also held positions at Chubb, Consolidated Natural
Gas Co., and Marine Office of America Corp. He was previously
an account executive and producer in Marsh’s Pittsburgh office
from 1987 to 1991.
Visit us online!
www.iiawv.org
page 4
A Publication of Independent Insurance Agents of WV
GEICO Hiring More Than 4,000 New Associates
in 2013
GEICO, an insurer that handles auto insurance coverage for
over 11 million private passenger auto policies and insures
more than 18 million vehicles (auto &
cycle), announced it will hire more than
4,000 new associates in the upcoming
year. The company, which has grown
its associate population by nearly 20
percent in the past five years, will hire
new employees in all offices, including
auto damage adjuster and legal positions
in many states throughout the country.
“We are pleased to announce that
because of GEICO’s continued growth, we’re hiring for customer
service, claims, sales, and auto damage adjuster positions in
all of the company’s regional offices and service centers, all of
which are located here in the United States,” Jan Stewart, vice
president of human resources said. “The company’s corporate
office, located near Washington, D.C., is also recruiting for
qualified information technology developers, actuaries and
analysts.”
“GEICO takes much pride in offering a lot of training and support
to associates and promoting from within,” Stewart said. “Rather
than just providing jobs to our associates, we
help them build rewarding careers.”
GEICO’s college recruiters will also be on
campuses across the country throughout the
spring semester recruiting bright, driven grads
for fast-track leadership programs in business
and information technology.
GEICO offers competitive starting salaries, paid
training, comprehensive benefits packages,
continuing education opportunities and a friendly, supportive
workplace. Interested job seekers can go to the GEICO Careers
website to learn more and apply for openings.
The company will host numerous training classes starting in
January and February in claims, customer service and sales,
and applications are now being accepted.
Independent Insurance Agents
of West Virginia, Inc.
page 5
A Publication of Independent Insurance Agents of WV
page 6
A Publication of Independent Insurance Agents of WV
Marketing Tip of the Week: 7 Elements of
Good Customer Service
The customer still comes first
The characteristics of good customer service are not complex,
and such simple rules of thumb are good reminders for anyone
involved with servicing clients.
The October Rough Notes article “Seven Elements of Good
Customer Service” features ways to effectively engage with
customers. Below are the story’s highlights:
• Smile! A smile can truly be heard over the phone line.
• Never argue with a customer: When you hear your own
voice start to rise, it is time to take a step back.
• Communicate with your customers by providing true
explanation for their questions.
• Remember that clients are not interruptions in the work day.
Clients are what keeps the organization in business.
• Remember clients beyond renewal dates or when their
bill is due, such as recognizing an event or achievement.
Customers remember those small details and will appreciate
them.
• Document everything. In addition to avoiding errors &
omissions losses, documentation avoids customers having
to explain a situation over and over.
• Stay current on industry news. What happens in the world
does affect the insurance industry, and a good service
professional will keep current on insurance news.
Although good customer service involves many elements, it
boils down to two simple things: Treat others as you would want
to be treated and strive to be the best professional you can be.
This article was shared courtesy of Sam Berman of Rough Notes
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page 7
A Publication of Independent Insurance Agents of WV
Can One CGL Insured Sue Another One?
Agents are often asked to provide
cross-liability coverage. But does it exist?
One of the most common questions received by the Big “I”
Virtual University’s Ask an Expert service is how to provide
“cross-liability” coverage under commercial general liability.
The question typically arises from a certificate request for the
coverage or, more often, a request to remove a cross-liability
exclusion.
The term “cross liability” deals with whether or not one insured
can sue another under a liability policy. The bad news is that,
under the ISO program, there is no endorsement to provide
cross-liability coverage. The good news is that there’s no
endorsement because none is needed; it’s included in the CGL
policy itself and has been since 1986:
7. Separation Of Insureds
Except with respect to the Limits of Insurance, and any rights
or duties specifically assigned in this Coverage Part to the first
Named Insured, this insurance applies:
a. As if each Named Insured were the only Named Insured; and
b. Separately to each insured against whom claim is made or
“suit” is brought.
Why people still ask for a “cross-liability” endorsement to remove
a nonexistent exclusion (unless they want to limit such suits) is
a mystery. In fact, some states may have a statutory provision
prohibiting the use of cross-suit exclusions in most basic liability
policies.
Most likely, you’re dealing with attorneys or consultants who
either aren’t up on things or don’t know what they’re asking
for—they’re just looking at an outdated “cheat sheet” that says
they should ask for this.
Bill Wilson is director of the Big “I” Virtual University.
West Virginia and Feds To Share Health
Insurance Exchange
(CONTINUED FROM PAGE 3)
The state Insurance Commission estimates that 37,000 to
60,000 West Virginians will seek health-care coverage through
the new online health insurance marketplace.
West Virginia has received $10.6 million in federal grants to
set up the program. The program will allow consumers to go
online – or over the telephone – to shop for health insurance at
discounted rates.
“The exchange is the marketplace for obtaining health-care
coverage,” Samples explained. “The exchange serves as a onestop
shop. [It’s] available to all consumers.”
The exchange is expected to cost about $12 million in 2014, and
about $10.7 million in 2016, according to a report presented to
state lawmakers Monday.
House Health Committee Chairman Don Perdue said he would
have preferred a state-run health insurance exchange, but
understands the governor’s decision to partner with the federal
government.
“There was a concern we couldn’t sustain the program,” said
Perdue, D-Wayne.
Samples and Alsop said the state could decide to operate its
own program in future years, after evaluating the state-federal
partnership.
West Virginia also could join another state’s exchange or a multistate
partnership.
“From year to year, a state can modify its approach,” Alsop said.
Samples said he plans to meet with “stakeholder groups”–
(continued on page 9)
page 8
A Publication of Independent Insurance Agents of WV
Rev Up Collector Cars Coverage
Access insurance from Chubb through Big ‘I’ Markets
Did you know that Big “I” Markets agents have access to Chubb
for collector cars? You might not need it every day—but when
you do, you’ve got a great coverage.
Chubb will entertain new collector car risks provided that they
meet the following guidelines:
• All operators in the household must have good driving
records.
• The vehicle should not be operated by anyone under the age
of 25.
• Operator should have experience operating similar vehicles
(i.e. high performance).
• There is one regular-use vehicle per operator. (Must have at
least one regular use vehicle that is operated on a regular
basis in addition to the collector car.)
• It is intended that the vehicle is used primarily for collector car
purposes.
• The vehicle is not used during instruction, practice, preparation
for or participation in any competitive, prearranged or
organized racing or speed contest.
• The vehicle is not used on a racetrack, test track or any other
course of any kind.
• The vehicle is garaged.
Check out an agent desk reference on collector car insurance
and download a customer testimonial that you can share
with your clients.
The collector car insurance program is available to members in
all states. For more information or to request a quote, log into
bigimarkets.com and select Collector Cars from the personal
lines menu.
You may also contact underwriter Linda Phillips directly at
703-706-5429 with any questions.
West Virginia and Feds To Share Health
Insurance Exchange
(CONTINUED FROM PAGE 8)
consumers, medical professionals and insurance company
representatives – in the coming months. The state has until
February 15 to submit detailed plans about the partnership
exchange to the federal government.
“There’s a lot of information we have to continue to sift through
that we will continue to assess,” Samples said. “There’s a
tremendous amount of work.”
Article by Eric Eyre, Charleston Gazette
page 9
A Publication of Independent Insurance Agents of WV
UNLOCK
Your IIAWV and Big “I”
Member benefits
What will your email address
and password help you access
to on the Big “I” Web site?
Your IIAWV username and password are the keys to a
host of online resources available exclusively to IIAWV
members. Visit www.iiawv.org to explore the program
offerings or use the direct addresses below to log in
and see what treasures you may find.
IIAWV
www.iiawv.org
The West Virginia Insuror
Legislative Updates
Conventions
Virtual University
www.iiaba.net/vu
Research Library
Ask the Expert
Register for on-line CE classes and webinars
Sign-up for the free newsle er
IA magazine
www.iamagazine.com
Access online ar cles from the monthly print publica on
and read your weekly Insurance News & Views newsle er.
Legal Advocacy
www.iiaba.net (Click on “Legal Advocacy”)
Carrier Contract Reviews
Hot topics on Capitol Hill
Informa on on insurance related Federal court cases
Industry Legal Issues
Big “I” Markets
www.bigimarkets.com
Access commercial and personal lines products such as
affluent homeowners and commercial package products
from top carriers, with no fees and no produc on minimums.
Member Marke ng Ac vity Center
www.iiaba.net/mmac
Access a suite of marke ng resources including leads,
postcards and email campaign ideas.
Big “I” Professional Liability Virtual Risk Consultant
www.iiaba.net/vrc
Use your login creden als to purchase the on-line underwri
ng and sales reference library.
Big “I” Professional Liability Risk management Website
“E&O Happens”
www.iiaba.net/eohappens
Dive into a wealth of risk management resources available
to Swiss Re policyholders.
Trusted Choice®
www.trustedchoice.com/agents
Access logos, adver sing material, branding guidelines plus
your agency’s profile and account informa on.
It is important that names and email addresses for each
agency employee be listed in our member database. Many
of our website pages are proprietary and may only be
accessed with your user ID and password. Your email
address is your user ID. If you don’t know your password
select the “Forgot username or password?” op on listed on
any page of the IIAWV website (www.iiawv.org) and it will be
sent to you.
Feel free to contact us at (800) 274-4298 with ques ons on
these resources or other member benefits.
page 10
A Publication of Independent Insurance Agents of WV
THE Seven Keys to a Powerful Sales
Presentation
A powerful sales presentation can be
your strongest close. Assuming you
have a qualified and interested prospect,
if you do the sales presentation correctly,
you will close the sale. This article will
discuss the seven key components of a
powerful sales presentation. With these
seven items in place, you will be well on
your way to success.
Seven Keys to Powerful
Presentations
1) Make your presentation interesting and to-the-point.
Your presentation needs to catch and keep the prospect’s
attention and interest. Make it interactive. Ask the prospect
questions and involve her in ways that make her an active
member in the proposed solution. Use interesting examples and
stories that mirror her situation and spell out how others have
benefited from using you and your company in similar situations.
2) Deliver your presentation with energy, enthusiasm, and
emotional logic.
You need to show energy, enthusiasm, and excitement for your
product. At the same time, you don’t want to overwhelm the
prospect with too much energy and excitement. If your prospect
is a high-energy individual, match their energy level. If your
prospect is more subdued, show energy and excitement that is
one level above theirs.
In addition to showing energy and enthusiasm, you need to
back your presentation up with logic. Remember: people buy
on emotion and justify their decision on logic.
Bottom line: Put life, energy, and enthusiasm in your voice, and
make sure your sales presentation makes good logical sense.
3) Address the specific needs, desires, and concerns of the
prospect, and speak to her hot buttons.
Each presentation will be different because each prospect has
different needs, desires, and concerns. If you’ve done your work
properly during previous calls, you understand what the prospect
is looking for and you’ve uncovered some hot buttons. You will
now educate the prospect on how your product or service fills
her unique needs and desires. Show caring, understanding,
and empathy for the prospect, and show that you are seriously
interested in helping her out.
Make sure you focus on the benefits and what’s in it for the
prospect. Features are fine, but you must articulate what those
features mean to the prospect with regard to what is important
to him or her.
4) Deliver your presentation in a clear,
concise, and articulate manner.
Your sales presentation should be easy to
understand, to the point, and it should be
delivered in terms that the prospect will
understand. You want to use as few words
as possible while at the same time, using
the most effective words possible. Also, no
acronyms or other terms and phrases that
the prospect may not be familiar with.
Finally, keep your initial presentation to a
maximum of three solid points. If you overwhelm the prospect
with too many points, you will probably hear, “I want to think
about it” or “send me some information.” If you have other legal
items and disclosures that you have to cover, save those for the
paperwork phase after the prospect has decided to buy.
5) Your presentation should lead naturally to the close.
Your sales presentation should be designed in such a way
that it walks the prospect smoothly through the presentation,
addressing all needs and concerns, and flows right into the
close. If your presentation is straight-forward, conversational,
and covers all the bases, the close is simply the natural
conclusion of the presentation.
6) Have a presentation script.
While each presentation will be different based upon the
individual prospect’s needs and desires, most of the pieces
remain the same, you’ll simply use different ones and arrange
them differently. Each feature and benefit, story, and piece of
information you need to convey, must be well thought out,
well prepared, written down, committed to memory, and most
important, proven to work. Some people believe that having a
written presentation is too unnatural—you may sound as though
you are reading (if on the phone), or canned (if in person). The
way to avoid this is by practicing, drilling, and rehearsing your
presentation pieces to the point where you know them verbatim.
The goal of a script is to make sure you cover everything you
need to cover in as few words as possible while at the same
time, using the most effective words possible. Writing out each
piece of your presentation and committing them to memory will
ensure consistency throughout your presentation, it will also
help identify any problems with your presentation.
Note: Don’t reinvent the wheel, get a presentation script that
you know works from one of the top people. You want their
results, so use what they use.
7) Continuously update and improve your presentation.
The pieces of your presentation can always be better and
(continued on page 12)
page 10 11
A Publication of Independent Insurance Agents of WV
THE Seven Keys to a Powerful Sales Presentation
(CONtinued from page 11)
you can always be more effective, so keep working on your
presentation, keep honing it, and keep improving it. You can
always use more effective words, examples, and get better at
delivery.
By John Chapin
If you would like access to John’s free monthly newsletter and a
white paper on what it takes to be successful in sales, you can
visit John’s website.
John Chapin’s specialty is helping salespeople and sales teams
double sales in 12 months. He is an award-winning sales
speaker, trainer and coach, a number one sales rep in three
industries, and the primary author of the gold-medal winning
“Sales Encyclopedia”. You can e-mail John at johnchapin@
completeselling.com.
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many umbrella needs.
To access log onto www.bigimarkets.com
or visit www.iiaba.net/Umbrella.
Cover them all with the
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• Limits up to $5 million available
• Excess UM/UIM available in all states
• You can keep your current homeowner/auto insurer
• New drivers accepted - no age limit on drivers
• Up to one DWI/DUI per household allowed
• Auto limits as low as 100/300/50
• Competitive, low premiums for increased limits of liability
• Simple, self-underwriting application that lets you know immediately if the insured is accepted
• E-signature and credit card payment options
• Immediated coverage availabe in all 50 states plus D.C.
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• UM/UIM available on an admitted basis in most states
• Limits up to $10 million available
• Ideal for risks that have drivers with multiple violations/accidents
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• Drivers over age 75 acceptable with two violations
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• Driver exclusion endorsement available for drivers with unacceptable driving records
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page 10 12
A Publication of Independent Insurance Agents of WV
Big “I” Professional Liability Program
Insurance Agents Errors and Omissions Coverage That’s Right for Your Business
Why the Big “I” Professional Liability Program?
Superior customer service and expertise by your state association
Professional Liability Committee comprised of IIABA members that oversees and has a direct influence in the program
Nationally endorsed program with 25 years experience
The largest independent insurance agency E&O program in the country
Supports lobbying efforts protecting your industry by contributing a percentage of every premium dollar to the funding of
important advocacy efforts of the IIABA
Swiss Re
As the nationally endorsed carrier of the Big “I” Professional Liability program for 25 years, Swiss Re has created the strongest
coverage form in the marketplace. The largest writer of agents E&O insurance in the country, it provides solid core coverage as
well as coverage units to insure against other exposures of concern. Review the preferred policy form and you will find that
these are just a few of the coverage benefits of the Westport policy:
Coverage for the sale of both Property/Casualty and Life/Health insurance products
Limits of liability up to $20 million
Broad definition of covered professional services and activities
Comprehensive definition of “who is an insured”
Aggregate deductibles
Defense cost outside the limit
Available first dollar defense
Full prior acts available
Coverage for punitive damages (where available and covered by insuring agreements)
Multiple extended reporting period options
True worldwide protection
Coverage for advertising, including libel and slander
Protection for related consulting services
Expert witness testimony covered
Teaching formal insurance courses included
Premium finance services placement built-in
Additional coverages include catastrophe extra expense, subpoena and regulatory expenses
Choice of Defense Counsel - by endorsement
Real Estate Agent Activity - by coverage unit
Employment Practices Liability - by coverage unit
Cyber Liability Coverage - both first and third parties
Why Swiss Re?
Exclusive loss prevention resources including:
o risk management website, E&O Happens
o risk management newsletter, E&O Claims Advisor
An exclusive policy form and premium credits filed on a Risk Purchasing Group basis give Big “I” members tailored coverage
Dedicated claims staff focuses solely on defending insurance agents E&O claims - 70% of claims personnel are attorneys
Rated “A” (Excellent) by A.M. Best
The information provided is for general informational purposes only and you should review the policy form and any applicable endorsements for complete policy language.
Please note that all applications are subject to review, underwriting and approval by Westport Insurance Corporation. If you have any questions please contact your state administrator.
page 13
A Publication of Independent Insurance Agents of WV
Estate Plans: issue IV
A Valuable Service to Your Clients and Your Agency
“The estate planning and insurance
professions operate with the same
goal in mind: planning for our clients’
future. Because of this shared goal, it is
important for both professions to have
a working understanding of the various
estate planning documents available to
best serve our clients’ needs.
• For tangible personal property such as furniture and
china, a memorandum of tangible personal property
can be attached to the will. Be aware, however, in
order for this list to be legally binding, the will should
refer to the list, and the list should be signed before or
contemporaneously with the will. If the list is signed
after the will, it demonstrates the testator’s desire, but it
is not legally binding.
Toward that understanding, I have
developed an eight part series of short articles designed
to highlight the common documents of an estate plan. In
addition to a discussion about the purpose and format of
these documents, I will also address the consequences
when one of those documents is missing from an estate
plan. In the course of this series, it is my hope that you will
become familiar with some of the reasons for the various
estate planning documents and how each may be beneficial
to you and your clients.”
What sorts of provisions should my will contain?
A will should contain:
• A section that sets forth the names of the individual
beneficiaries and the property they will receive. For
each specific bequest, the testator should specify what
will happen if the beneficiary is not alive at the time of
testator’s death (i.e. pass to another person or fall into
the residue of the estate).
An example of a specific bequest: My residence
located at 123 Maple Street to my son, Henry, or if he
predeceases me, to my grandson, Theodore.
• The residue clause provides for the disposition of all
property not distributed under specific bequests.
• Wills do not merely dictate where the estate goes
upon the testator’s death; a well-drafted will includes
provisions to address each aspect of the testator’s
estate.
• For instance, a will should provide for the treatment
of expenses, debts, obligations, and taxes owed
by the estate.
• Additionally, it should name an executor (and an
alternate) to carry out the administration of the
estate.
• If the testator has any minor children, the will
should also name a guardian and an alternate.
Audy Perry is a partner at Huddleston Bolen LLP and advises
individuals on matters involving their personal wealth, including
estate planning, trust, charitable giving, business succession
planning, asset protection, and real estate matters.
Advertise in the
The West Virginia Insuror
Call us at
(304) 342-2440
Independent Insurance Agents
of West Virginia, Inc.
Independent Insurance Agents
of West Virginia, Inc.
179 Summers Street, Suite 321 | Charleston, WV | 25301
Mailing address:
P.O. Box 1226 | Charleston, WV | 25324
P: (304) 342-2440| TF: (800) 274-4298 | F: (304) 344-4492
page 14
A Publication of Independent Insurance Agents of WV
The mission of the Independent Insurance Agents of West Virginia is to
be the unrelenting advocate for independent insurance agents and to
fulfill member needs while serving the public’s best interest.
www.iiawv.org | (304) 342-2440
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