Big I Virginia E-News

 

Due to increasing cyber risks, the cyber insurance market is growing rapidly and homeowners, like businesses, are becoming more aware of the cyber risks they face. However, many mistakenly believe their standard homeowners insurance policy covers cyber incidents. This misconception provides agents an opportunity to educate clients on coverage gaps and the importance of cyber insurance, demonstrating a proactive approach to modern risk management.
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Despite the hard market, business conditions for property & casualty independent insurance agencies continue to be favorable with the number of agencies experiencing revenue gains up significantly, according to the 2024 Agency Universe Study. However, the number of independent P&C agencies in the U.S. has dropped slightly from the previous study in 2022. 

The U.S. Department of Labor (“DOL”) issued a final rule earlier this year that took effect July 1, 2024.  The rule revised regulations under the Fair Labor Standards Act (“FLSA”). The revisions included stairstep increases in the minimum salary level, an increase to the annual compensation threshold for highly compensated employees, and a mechanism for updating those earning totals in a more timely manner in the future.
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The City of Alexandria provides free Flood Insurance Rate Map (FIRM) determinations to all inquirers. 

The National African American Insurance Association (NAAIA) is excited to announce the results of its 2024 National Board elections, welcoming three professionals to its National Board of Directors. Michele Lamarre returns to the board for her second term, and the board welcomes two new additions: Alisha Pierce and Jarrard "Rod" Powell, Sr. Members also approved updates to the national and chapter bylaws. 

The labor market continues to adapt to various economic, technological, and social factors as we close out the year. Figures fluctuate due to these factors, and understanding the context behind them is important in making hiring and broader business decisions. It is important to note that labor figures and other key indicators are fluid; a lot has changed in the last few years. Economic changes at the local, national, and global levels often lead to quick shifts in labor and employment trends. The US Bureau of Labor Statistics recently released updated insights that provide a look into the current state of the workforce.

PropertyCasualty360
Humans have caused nearly 85% of all U.S. wildfires in 2024, according to the National Interagency Fire Center (NIFC). So far this year, 38,093 wildfires have burned 7,337,303 acres around the country. As of Thursday Sep. 26, there were 34 large active wildfires in the U.S. under full suppression strategy management. 
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Question: What is the policy on closing the office due to bad weather? Do I have to pay my employees if we have to close the office?

Clay Wiley was appointed by the IIAV Board Directors as a Associate Member Representative replacing Nonya McNeil who left Erie Insurance to establish an independent insurance agency. Clay  brings over 14 years of experience in the insurance industry, having spent time as a captive agent, a regional leader at a leading professional services firm, and most recently in his current position with a regional carrier.

 

In his role as Business Relationship Manager with Donegal Insurance Group, Clay collaborates with independent agents across Virginia to strengthen business ties and fostering mutual growth. Clay earned his Bachelor of Science in Business Management from Ferrum College. His deep industry knowledge and strategic insight equip him to offer valuable perspectives that drive the success and vision of the IIAV (Independent Insurance Agents of Virginia) Board. In the past, Clay has served on the Board of Trustees and as Alumni President at Ferrum College. He has also served as Chair for IIAV Young Agents.

Let us introduce you to the new Young Agents Committee Chairman — recently selected by The Virginian-Pilot as one of the Top 40 under 40. Nothing better to introduce you than his profile listed in the newsletter.