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| April 2024 | ||||||||||||||||||||||
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Welcome
IIAV Member Resources
Trusted Choice® is the national marketing brand created exclusively for Big “I” members to help consumers understand the value an independent agent offers. Differentiate your agency from the competition when you leverage our reach, expertise and savvy to increase your business. Need help creating an advertising campaign, looking for content for your social media channels, or want to see how you can optimize your website and improve your customers’ experience? Trusted Choice offers multiple free resources, tools, training and financial support for utilizing cobranded marketing materials.
State & National News
IIABA Newsletter
Despite increasing climate-related catastrophes like floods, 59% of U.S. adults won't reconsider flood insurance. Misconceptions persist, with only 14% of homeowners having flood insurance and many mistakenly believing their existing policies cover flood damage. Photo by Wes Warren on Unsplash
Virginia Public Access Project
Twenty-one former General Assembly members have registered to lobby their former colleagues in the 2023-24 lobbying year so far. Click the link below to view the full list. Eric Lipton, IIABA Magazine
The U.S. Department of Labor has issued a new rule under the Fair Labor Standards Act, changing the standard for determining employee vs. independent contractor status. The rule favors a broader analysis and may lead to more workers being classified as employees.
Insurance Business
The Francis Scott Key Bridge collapse in Baltimore is expected to burden reinsurers, particularly those covering maritime liability through P&I clubs. Reinsurers may bear most insured costs, potentially surpassing $100 million, with implications for various insurance lines. Photo by US Army Corps of Engineers / Public Domain
The Big "I" Virtual University: Major Coverage Enhancements Coming to the ISO Businessowners Program
Sara Strohm and Gregory Palumbo, IIABA
After taking a sharp hit at the start of the pandemic, small business formation has rebounded, giving insurers an opportunity to target new customers. This is where the ISO Businessowners program can help, with nearly 60 new, optional endorsements, revisions to dozens more, and updates to the base form.
PropertyCasualty360
Rising insurance costs prompt interest in smart home devices for property protection. Studies show 33% of households would switch insurers for access to discounts on smart devices, which can prevent fires and burglaries and enhance overall safety. Photo by Dan LeFebvre on Unsplash
Food For Thought
By Liz Whisler, The Workplace Advisors, Vice President of Leadership Development
Effective leadership is essential for organizational success in today's dynamic and fast-paced business environment. However, even the most experienced leaders can encounter challenges and areas for improvement in their leadership skills. This is where leadership coaching comes into play, offering a personalized and transformative approach to leadership development. Q: We have an account manager who excels in her role but tends to be overly critical with her direct reports, lacking in support for their development. Do you have any suggestions for improvement?
A: It's common to prioritize corrective feedback, but neglect positive reinforcement, which is equally crucial. One effective technique is the Ten Penny Challenge.
E&O Risk Management
Designed for both newly licensed producers who may not have the commercial lines background level of your current staff.
Virginia Bates, IIABA
Insurance agents’ website and marketing collateral wording continue to generate errors & omissions claims. Few copywriters or social media mavens understand insurance law, let alone the standard of care courts hold agents to in their jurisdictions. This article from the Big "I" Virtual University can help. Photo by John Schnobrich on Unsplash
Olivia Overman, IIABA Magazine
The harsh reality of unprecedented losses and unprofitability in homeowners and auto insurance means the extra protection provided by personal umbrella coverage is growing more and more necessary. Wahve
The insurance industry faces a growing labor shortage due to increasing job openings and impending retirements. Organizations must adapt their hiring and retention strategies, considering older workers and implementing flexible work arrangements to attract and retain talent amidst the industry's evolving landscape. IIAV News
Edward Redfearn is a seasoned insurance professional with over 30 years of experience in the industry. Based in Virginia Beach with the Nusbaum Insurance Agency, he has honed his expertise working with both direct writers and the independent agency system. In addition, Edward has utilized the Virginia Property Insurance Association (VPIA) to provide coverage for clients that were unable to obtain insurance through traditional channels. Including, but not limited to, helping clients understand their options, assisting with applications, and providing guidance on coverage and claims processes within the framework of the VPIA. Edward’s commitment to providing tailored insurance solutions and exceptional customer service has earned him a reputation as a trusted advisor in his community. With a deep understanding of the insurance landscape, Edward is dedicated to helping clients protect what matters most to them.
Press Releases
Please join us in welcoming Chris Berrier to the sales team as our Virginia Territory Manager! Chris started off in the insurance industry over 22 years ago as a claims adjuster before moving into the field as an outside territory manager for a prominent personal lines carrier. After 9 years, he moved into commercial insurance where he has managed an agency plant in Virginia for more than 12 years. Chris obtained his CIC Designation in 2015. He is an independent agency advocate, committed to helping his agencies grow profitable books of business. He truly enjoys working with agents as a consultant and finding solutions to their everyday challenges.
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The IIAV Board of Directors has unanimously voted to appoint Eddie Redfern as the IIAV Rep on the Virginia Property Insurance Association (aka The FAIR Plan) Board of Directors. We believe VPIA will be well served by this appointment. 
