Big I Virginia E-News
August 2018
Welcome

Agencies:

Defender Insurance Group Richmond, VA
Villa View Insurance Agency, LLC Reston, VA

 

How many Additional Insured endorsements are filed and approved in Virginia under ISO’s General Liability program?

A. 9
B. 43
C. 17
D. 32

To find out the answer ... keep reading this newsletter!

From the Desk of the President & CEO
  

Possibly you’re one of the 75 percent of resident agents in Virginia who have NOT completed their CE for the biennium? Hard to believe that 75 percent of the Virginia agents have not completed their CE, as of August 2. I guess we’re in the land of "wait until the last minute."

IIAV Member Resources
The Affordable Care Act (ACA) requires health insurance companies to adhere to a strict accounting methodology known as the Medical Loss Ratio or “MLR.” MLR requires health insurance companies to spend at least 80 to 85 percent of their premium dollars to reimburse medical provider expenses and to improve the quality of care, leaving 15 to 20 percent to pay their overhead costs. If a carrier’s overhead is higher than the threshold percentage, the carrier is required to send rebate checks back to their customers. Please contact me with any questions.
Monty Dise, President 
Asset Protection Group, Inc. 
mdise@apgroupinc.com 
804-423-7700
  

How to Check Your Internet Speed
In the last 20 years, Internet access has gone from nice-to-have to a critical service for both business and pleasure. Nielsen’s Law of Internet Bandwidth states that Internet speeds increase by 50 percent per year. Like Moore’s Law for computing power, Nielsen’s Law has been remarkably accurate over the last ten years.

The Security You Need. The Name You Trust.
Berkshire Hathaway GUARD Insurance Companies®
Berkshire Hathaway GUARD Insurance Companies are rated A+ “Superior” by A.M. Best (as of 4/20/2021) and backed by the financial strength of our ultimate parent, Berkshire Hathaway, Inc.  In Virginia, we offer a full product suite for your commercial clients that includes a Businessowner’s Policy (with typical limits up to $20 million; $50 million for select classes), Commercial Auto, Commercial Umbrella, Professional Liability, and Workers’ Compensation.  “Pay-as-you-go” billing options are also featured.
Learn more
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State & National News
  

WASHINGTON, D.C. – The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) praises the U.S. Senate for passing a measure to extend the National Flood Insurance Program (NFIP) through Nov. 30.

  

WASHINGTON, D.C. – The Treasury Department and the Internal Revenue Service have issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service. The proposed regulations, now available in the Federal Register, implement several provisions included in the Tax Cuts and Jobs Act (TCJA).

Atlantic Specialty Lines, Inc.
AmTrust North America
IIAV News

IIAV’s Annual Conference & Exhibition at the Hilton Virginia Beach Oceanfront in June was a smashing success. The highlight of the multi-day event was our featured speaker, Kevin Brown, on the topic of “The Hero Effect – Being Your Best When it Matters Most.” He received a rousing standing ovation and the appreciative audience was full of “over the top” comments, such as “best speaker I’ve ever heard” and so many similar remarks. Several attendees immediately requested information on how to contact Kevin Brown for their company’s upcoming events. For those of you who are interested, you may contact Blanche Powell of Powell Kohne Associates LLC, at (703) 866-9307. 

RICHMOND, VA – VFSC's Linda S. Loving, CIC, AISM, AIAO, chief operating officer for the Independent Insurance Agents & Brokers of America’s Virginia affiliate, has been appointed to the national organization’s Professional Liability Committee for 2018-19.

  

RLI Personal Umbrella policy made some major eligibility and underwriting changes for new and renewal business. Keep reading about the major changes to the eligibility guidelines. 

  

Robin Schroyer brings 30 years of experience to her position. She joined Brethren Mutual in 1988 as a programmer and one year later was named the company’s first programming manager. In 2015, she was promoted to information services manager. In her role, Schroyer oversees Brethren Mutual’s operations, programming and quality assurance areas of information services.

  

Jackson Sumner & Associates (JSA) is excited to have Mandy Marxen join their team as the content and communications coordinator, a new position designed to implement the company’s larger marketing strategy. Marxen comes to JSA with 25 years of experience as the VP of Marketing of Gardener Glass Products Inc., located in North Wilkesboro, N.C.  

Bruce Laderberg Insurance Agency was awarded the Best Independent Insurance Agency in Hampton Roads by CoVaBIZ Best of Businesses Awards.This award was voted on by the readers of CoVABiz Magazine. "I am really thrilled to win this, as I did not ask anyone to vote for me. All I know is that I work hard, treat my clients with respect and I belong to the Independent Insurance Association of Virginia. How could I go wrong with that formula," stated Laderberg. 

The 8th Annual Car Cruizin will take place Sunday, September 16, 2018, to benefit the Leukemia & Lymphoma Society. All classic, antique, sports and custom cars, trucks and motorcycles are welcome! There are still opportunities to become a sponsor at carcruizinforcancer.org. The event is FREE for spectators. 

Q: I am new at my company. I have learned that our interview process is very loose — there is very little structure to what we ask and how we ask it. Do you have any recommendations?

Agency Systems
Penn National Insurance
Education

The Big "I" Virtual University's July Lightning Learning series features three 20-minute sessions dedicated to the Personal and Business Auto policies. Can’t attend? Register anyway and we’ll send links to the on-demand recordings right to your inbox. Register once and get all three 20-minute sessions.