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What do you say to your restaurant-owning clients when they ask about the Business Interruption (BI) coverage on their Business Owners Policy (BOP) arising out of the Coronavirus? You might be tempted to respond “It’s not covered.” But what you should say is, “I will submit a claim to the carrier for you.” OK, as an insurance professional, you know that standard BOPs typically only cover BI arising out of direct physical damage. So, why send it to the carrier?

First, it might be covered, because the BOP could be non-standard, or the insurer may choose to cover the claim just to be humanitarian.

But the second (and best) reason has to do with your Agency Errors & Omissions (E&O) exposure. If you tell your insured it’s not covered, you have just put your agency E&O policy on the line, because you are not the insurance company. Your agency E&O policy might now be the remedy, especially if the poor restaurant owner appears before a sympathetic judge or jury. Any denial of coverage by an insurer puts you and your agency at risk…but if you do the denial yourself, you become the ‘deep pocket’.

As we journey down this rocky road, we will see issues arising with all classes of professional liability, workers compensation, general liability, benefits, event cancelation…almost all coverages a typical insurance agent handles. Just to ‘play it safe,’ as they say these days, we offer these points as opinions to help you navigate that rocky road. Contact us – we’re here to help!

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AJ Wayne’s exclusive program access to TMHCC’s Lawyer E&O program has expanded to include Illinois and Minnesota, in addition to Michigan and Wisconsin.
Learn more here…

AJ Wayne is pleased to announce that we now accept online payments via credit card or ACH using ePayPolicy. Processing fees apply. This portal should only be used for payments made directly to AJ Wayne – not for premium finance installments. Learn more here…

AJ Wayne announces a new partnership with Tokio Marine HCC. We now have exclusive access to the new TMHCC Lawyers E&O program in Michigan and Wisconsin.  As a result, you can offer broad E&O coverage to a wider range of law firms.  The program targets firms with up to 35 attorneys, based on state filing.  In addition, the program uses A++ carriers, admitted paper, with surplus lines availability. Coverage includes favorable terms and additional valuable coverage such as Network Security and Privacy Liability coverage. Download an application and submit it to your AJ Wayne broker today so you can take advantage of this new program access! www.ajwayne.com

For our second to last post in our “All about Vlad!” series, Vlad is sharing some of his all time favorite movies, books, and bands with us!

Data breaches are soaring in recent years. Read up on this article written by Victor Reklaitis to learn more about this unfortunate surge. Get properly covered from a data breach with AJ Wayne & Associates!
https://buff.ly/2Fuds7W

Curious about how you can become an even better broker? Read up on what Rachel Coughlin has to say about working in the insurance broking business! https://bit.ly/2Hl08Zm 

Need some motivation on this cold, snowy Monday in Chicago? Today marks 55 years since Winston Churchill was made the first honorary citizen of the United States of America! #HappyMonday #MotivationalMonday

A Sophisticated Solution for Municipal Pool Executives

Our Intention:Is to provide Municipal Pools with the necessary data, comprised of compelling evidence, which can then be used to demonstrate a decrease in overall exposure lowering rates.

Property Rate Relief

Flood coverage is one of the most expensive components of your property program. By using sophisticated
MAPPING techniques, an insured can demonstrate to INSURERS that a given property may not be exposed to flood
even though FEMA says it is in a flood zone.

Our mapping provides three layers of data such as:

1. Elevation of a Specific Property by Address
2. Type of Property – i.e., a park near a river with little exposure
3. Values at Those Addresses

Leverage Data to Decrease Overall Rate

Of course the insurer must be persuaded that exposures are less than broad FEMA zones suggest and this is where
Alexander J. Wayne & Associates comes in armed with compelling visual evidence.

Our mapping program was developed in cooperation with DePaul University and has already proven effective with
Underwriters who are at risk with a large municipal pool.

Interested in how to build leads via social media? Click on the link below to read an written by Christina Nicholson on how to better utilize your social media platforms! http://trib.in/2FKgdCZ