2014

2014/ June 9/ Past Issues

Regulatory Paranoia

Peter Bickford Insight June 9, 2014

It started over a year ago, in a speech before a prestigious conference on the state of the U.S. and world economies, when New York’s Superintendent of Financial Services first raised the warning signs against private equity firms “becoming active in the acquisition of insurance companies” because “these private equity firms are more short-term focused – when [insurance] is a business that’s all about the long haul.” Since issuing this warning shot, the issue of hedge funds and private equity firms investing in the insurance business has become a topic of significant discussion and some action.

2014/ June 9/ Past Issues

Certificates of Insurance in the News Again

Jerry Trupin Exposures and Coverages June 9, 2014

Certificates of insurance are a sore point with both those who ask for them and those who have to provide them. On the one hand, the requests sometimes ask for the impossible and the other, the certificates often don’t enable the certificate-holder to detect serious gaps in coverage. … Agent associations and others have been fighting the first part of the problem by pushing for state administrative or legislative action to make it illegal to ask for expansion of coverage via a certificate of insurance. Risk managers have been pushing for more information on what coverage is provided by the policies underlying the certificate of insurance. There are new developments on both fronts.

2014/ June 9/ Past Issues

No One Wants a Satisfied Customer!

Michael Loguercio Face to Face June 9, 2014

Whenever I speak with an agency, one of the first questions that I ask them is “What makes you different than the agency across the street?” and guess what I immediately hear almost every time: “Our customer service is the best, and our customers are all satisfied!” Well, that’s great, as I am sure that your customers are very “satisfied”, but is purely being satisfied going to keep them renewing with you every year, and more importantly are they going to tell a friend about your firm? Most likely not… so what do you need to do in order to make this happen?

2014/ June 9/ Past Issues

PIA-endorsed Floodbroker.com Now Offered to PIA Members

Insurance Advocate In The Associations June 9, 2014

“The errors-and-omissions exposure created by not offering a particular coverage haunts every agent. It is a well-established fact that following a hurricane, not offering flood insurance to your clients is a leading cause of E&O claims,” Spindelman says. “Groundless or not, E&O claims are real and have a detrimental effect on all parties concerned. The highhazard zoned properties will be far more likely to have some form of flood insurance due to bank insistence. While Floodbroker.com rates many high-hazard flood risk properties (even those that require elevation certificates), the program serves a significant market segment of property owners who are not obliged by a bank to buy flood coverage as well.”

2014/ June 9/ Past Issues

Are We Our Own Worst Enemy?

Jamie Deapo On the Level June 9, 2014

The sad part is the agency I referred them to didn’t check back after the fact to see how their experience went and so they have no idea that their new clients have started out on the wrong foot. … The issues and less than satisfactory experiences were all things that should not have occurred in the agency. It involved failing to provide exactly the kind of personalized, quality service that is the hallmark of doing business with an independent insurance agent. Is it any wonder after experiencing less than adequate service why it is so easy for our competitors to sell price as the only determinant in deciding where you buy insurance.

2014/ June 9/ Past Issues

Four Factors That Will Grow Your Agency

Guest Author Guest Editorial June 9, 2014

I personally feel that every agency needs at least one social media because I have witnessed significant growth from the day I hired my first social media engineer, due in large part to the way society and technology has progressed. Agency owners simply lack the time to manage all of the social media outlets, so that’s where the social media engineer comes in. I often hear agency owners say that they cannot afford a social media engineer, but what I say to that is: you can’t afford NOT to have a social media engineer!

2014/ June 9/ Past Issues

I’ve Made Up My Mind – Don’t Confuse Me With Facts

Barry Zalma On My Radar June 9, 2014

The Four Corners Rule, applied in Pennsylvania and several other states, limits the decision to defend and/or indemnify an insured to a review of the allegations of a complaint. As such, it ignores facts extrinsic from the wording of the complaint, and provides an insured with coverage that would not exist if the court applied the facts rather than the allegations. In Lanigan v. T.H.E. Insurance Co., 646 WDA 2013 (Pa.Super. 03/14/2014), a Pennsylvania appellate court was asked to reverse a summary judgment in favor of an insurer by ignoring the facts and applying only the allegations of the complaint.

2014/ June 9/ Past Issues

Court of Appeals: City Liable for Permitting Bicyclist to Enter Road That Was Closed for Repairs

Lawrence Rogak Courtside June 9, 2014

Wittorf v City of New York (2014 NY Slip Op 04037)
We are asked in this case if the City of New York was engaged in a proprietary function at the time of plaintiff ’s bicycle accident in order to determine if the jury properly evaluated the City’s actions under ordinary negligence principles.

2014/ June 9/ Past Issues

Asbestos Litigation Creates Vague Notions About the Law

Insurance Advocate On My Radar June 9, 2014

When some primary insurers exhaust their policy limits, excess insurers must take over the defense and indemnity of the insured as their interests appear. When there are multiple primary and excess insurers the allocation of the costs of defense and indemnity become complicated and result in litigation when the multiple parties should work together to […]

2014/ May 26/ Past Issues

May 26, 2014 Cover

Insurance Advocate Covers May 26, 2014