ALBERTSON, N.Y.—New officers and directors took the helm on June 5 during the Long Islandbased TriCounty Independent Insurance Agents Association annual installation dinner and awards ceremony. The gathering, held at the Fox Hollow in Woodbury, NY, set the TriCounty IIAA leadership for the 2014 through 2015 term. About 180 agents, company representatives, vendors and other […]
WADING RIVER, N.Y.—The Independent Insurance Agents & Brokers of Suffolk County, Inc. installed new officers and directors for the 2014 through 2015 term. Over 90 IIABSC members and guests attended the May 29 event which took place at the East Wind Conference center, Wading River, NY. Richard A. Poppa, President & CEO of the Independent […]
So a while back I wrote a piece on BYOD (Bring Your Own Device), and spoke about what exactly the benefits are to employers, businesses, and employees. However, along with all of those benefits are a plethora of risks and dangers that are associated with BYOD. First off, let’s begin with the definition of BYOD, […]
Two thousand agents and insurance industry professionals made history at the PIANJ/PIANY Joint Annual Conference and 75th anniversary celebration at the Trump Taj Mahal in Atlantic City, N.J. June 8-10. The event surpassed all previous records for attendance as the industry flooded the boardwalk, networking and honoring industry stars at gala banquets, and packing an […]
BOLTON LANDING, N.Y.—The New York Insurance Association, Inc. (NYIA) honored Thomas White with the Chair’s Distinguished Service Award at the association’s annual conference May 29 in Bolton Landing, N.Y. White is president of Community Mutual Insurance Company, an affiliate of Union Mutual of Vermont Companies. White is also regional vice president of Union Mutual, responsible […]
Now that 8 million or more have signed up on health insurance exchanges under the Affordable Care Act (ACA), the President is deploying his phone and his pen to solve another urgent problem: climate change. This will require another transformational change that no previous President has been able to bring about, as they were unable […]
With Sandy claims looming over the heads of many Long Island and New Jersey agents, carriers and residents, the New York State Court of Appeals has heightened insurance brokers’ liability to their clients for the possible failure to recommend sufficient, proper coverage for their property. The upshot of what is now termed “the Voss decision” may be far-reaching for agents and brokers and their errors and omissions insurers.
The primary question before us is in this insurance dispute is whether a special relationship existed between the insureds and their insurance broker. Under the circumstances of this case, we conclude that the broker failed to meet its burden justifying summary judgment and [*2]dismissal of the complaint is not warranted.
The real changes however are coming at the top of the food chain. New money sources are changing the expectations and the outlook for insurance itself. The Casualty and Actuarial society sounded off on this, stating that “reinsurers and the entire property/casualty industry need to evolve as waves of capital reshape their business model.”
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