1. Social Media Use Implies Future Risks, Trends PALM BEACH, FL – As social media use gains in importance in connecting insurers with policyholders and prospects, social media tools are producing voluminous metrics ripe for expert analysis – notably among actuaries. However, actuaries currently do not have a place at the social media table, and […]
In this very column last month in a piece I affectionately titled “Stick ‘Em Up!”, we talked about how unscrupulous people use different methods of technology to defraud and deceive unsuspecting or unknowing victims out of their hard earned cash. We also talked about different ways that insurance agencies (and all businesses for that matter) […]
Liberty Mutual Group CEO Edmund F. “Ted” Kelly retires from active management effective June 28th and is succeeded by President David H. Long. Ted Kelly, an Insurance Federation of New York, Inc. Free Enterprise Awardee and model executive, will continue to serve as chairman of the board of Liberty Mutual Holding Co. Mr. Long, a 25-year Liberty Mutual […]
Last week, I had the opportunity to participate on a panel named Coastal insurance: It’s a shore thing, during the New York Insurance Association convention, at the Turning Stone Resort in Verona, N.Y. I was able to visit with many well-known industry representatives, as the event was attended by insurance company executives, and key members […]
Does Actual Cash Value equal replacement cost less depreciation? Don’t be so sure. A recent NY court case held that the insurer could not deduct depreciation when calculating the actual cash value of a partial loss1. The valuation provision in the policy read as follows: 9. Valuation We will determine the value of Covered Property […]
In a proceeding pursuant to CPLR article 75, inter alia, to permanently stay arbitration of a claim for underinsured motorist benefits, the petitioner appeals from an order of the Supreme Court, Putnam County (Nicolai, J.), dated November 15, 2010, which, after a framedissue hearing, denied that branch of the petition which was to permanently stay […]
Benjamin Lawsky, the newly confirmed, first-ever Superintendent of the New York State Department of Financial Services outlined his vision for the state insurance and banking industries during his keynote address at the New York Insurance Association (NYIA) Annual Conference on Thursday, June 2 in Verona, New York. Superintendent Lawsky noted that there were four main […]
VERONA, N.Y‚—The New York Insurance Association, Inc. (NYIA) honored Jeffrey W. Rice, CPCU, ARe, president and chief executive officer of Wayne Cooperative Insurance Company with NYIA’s 2011 Chair’s Distinguished Service Award at the association’s annual conference on June 2 in Verona, N.Y. “Jeff has made tremendous contributions to both the New York Insurance Association and […]
Gov. Andrew M. Cuomo announced the appointment of Dennis J. Hayes to serve as Chief Executive Deputy Director of the State Insurance Fund. Most recently, Mr. Hayes was the Special Deputy Superintendent of the New York Liquidation Bureau (NYLB). He had previously served as Assistant Special Deputy Superintendent of the NYLB, where is oversaw the […]
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