Protect your clients and your E&O exposure - offer flood insurance on both personal and commercial risks.
Marketplace changes have expanded the need for flood insurance beyond personal property to include commercial risks, and agents are finding it vital to offer flood insurance on all property types to protect their E&O exposure, such as apartment buildings, churches, hotels and restaurants.
As a Big I NY member, you can write your own residential and commercial flood insurance with Selective Insurance Company via Big "I" Markets with the Selective Online option.
Benefits
- Receive at least 18% commission on new business and 15% for renewal
- Online tools such as free rating, online processing and flood-zone determinations
- No volume requirements
- No access fees to participate
- Assistance for book rollovers of all sizes
- Excess flood through Wells Fargo Special Risk is available over any primary flood coverage (Excess only is an E&S product).
Introducing Big "I" Flood Dedicated BenefitsIn celebration of the 20th anniversary of the Selective/Big “I" Flood partnership, agents writing business with Selective Flood through Big “I" Flood will receive a package of benefits. These enhancements take the Big “I" Flood program with Selective to a whole new level.
Agents writing at least 5 policies or $2,500 premium will enjoy:- Commission levels of 18% new business/15% renewal/18% rollovera
- Instant access to underwriters using website Flood Chat feature (see chatbot on right of screen)
- Selective Flood Perks Program, providing discounts on goods and services to help your clients reduce the risk of loss or provide assistance in event of a claim
- Access to the Selective Flood Resource Center for support in selling NFIP coverage and to help you better prepare your clients for the storm ahead. Material includes:
- Summary of coverages
- NFIP training courses
- Claim processes
- Outreach materials
Agents writing at least $500,000 will enjoy a customized package to include:- Commission levels of 20% new business/18% renewal/20% rolloverbc
- New business expense reimbursement allowance (ERA) for agencies committing to writing at least $50,000 in new business annuallyd
- Being recognized as a concierge level agency by having access to a dedicated underwriting team
- Agent development courses tailored to educate your staff on nuances of NFIP and growing your book of business.
- Co-op advertising grants to promote flood awareness to consumers and businesses
- Instant access to underwriters using website Flood Chat feature (see chatbot on right of screen)
- Selective Flood Perks Program, providing discounts on goods and services to help your clients reduce the risk of loss or provide assistance in event of a claim
- Access to the Selective Flood Resource Center for support in selling NFIP coverage and to help you better prepare your clients for the storm ahead. Material includes:
- Summary of coverages
- NFIP training courses
- Claim processes
Outreach materials
a) Eligibility measured bi-annually. Commission will be lowered to 15/12/15 should book of business fall below five policies or $2,500 in total premium.b) Eligibility measured bi-annually. Commission will be lowered to 18/15/18 should book of business fall below $500,000 in total premium.
c) Agents earning higher commissions will continue at those levels.
d) ERA - Commitment of $50,000 or more in new business annually. Commission override is 1% additional point if minimum of $50,000 is achieved, paid on total new business placed during the ERA term.
Agreement is a 3 year period with a premium reset to $0 at the beginning of each year, with a payout at the end of each calendar year.
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Please note: When using Big "I" Markets you'll need your Big I NY username & password, agency Tax ID Number, agency E&O policy, and your state agency / agent license information. If you forgot your username or password, click here. If you're a new user, register now!
Curtis Bryan
States: CT, MA, ME, NH, RI, VT and NY
You can also check out the Flood page at our Answer Center.
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