March 12
Cyber Security: Payroll Phishing Threat Grows
Beazley’s 2018 Breach Briefing Reveals the Rapidly-Changing Cyber Risk Landscape Cyber extortion, payroll diversion phishing attacks and fraudulent wire instruction are among the growing threats to business highlighted in the 2018 Breach Briefing, a report published today by specialist insurer Beazley. The trends described in the report draw on information deriving from the 2,500 data […]
Milestones Marked
Paul Robert Olshen (pictured right), former leader of the CIBGNY and scion of an insurance family that included his father Henry, also a past leader of CIBGNY, passed away on March 1st. A native of Brooklyn and a graduate of Erasmus Hall High School and NYU “in the heights,” he was a proud member of […]
PIACT Names Shippee Committee Chairperson of the Year for Second Consecutive Year
HARTFORD, Conn.—The Pro-fessional Insurance Agents of New Connecticut Inc. has named Nathan L. Shippee, Committee Chairperson of the Year for the second consecutive year on March 8, during its annual business meeting at the PIACT Annual Convention at Foxwoods Resort Casino in Mashantucket, Conn. Shippee is vice president of sales & marketing of Workers’ Compensation […]
It’s Finally Here!
It seemed like it never might happen, at least during my working life. Maybe for personal insurance but not for small commercial prospects including start-ups. There were just too many players unwilling to give up their proprietary information to agree on a simplified underwriting platform that would allow for a multi-line quote from multiple companies […]
Physicians Sue Over Monopolistic MOC®
By Alieta Eck, M.D. The Back Story Before 1990, American physicians who had completed three years or more of rigorous training in a specialty and passed an examination were awarded lifetime “board certification.” The only exception was the family practice board, which has always issued only time-limited certificates. After 1990, all member boards of the […]
Failure to Sue Promptly Destroys Bad Faith Suit
Failure to Sue Within Policy’s Limitation Provision Fatal to Suit As I have said multiple times: “insurance is nothing more than a contract.” It is, also, a contract of the utmost good faith that devolves equally on the insurer and the insured. In that regard the insured is required to fulfill the conditions of the […]
Claimant Must Inform Insurer It Does Not Have Requested Verification Items, or Face Denial of Claim
Medex Pharmacy v State Farm Mutual Automobile Insurance Company Edited by Lawrence N. Rogak ?The crucial issue in this PIP arbitration is whether a claimant must respond to an insurer’s request for verification, when the items requested are not in the claimant’s possession. The Applicant seeks $1,350.67 for a compound cream dispensed to the injured claimant. According […]
Insurance Industry Responses to Weather
There is an old saying that you cannot change the weather. However, the insurance industry can and does change how it responds to weather-related events. These responses include modifications of policy conditions, such as exclusions and special deductibles, and use of new technology including drones, storm tracking and measurement tools. In addition to deductibles and […]
Big I Legislative Position Paper Aims at Serious Change
New York’s Big I has issued its annual position paper. Here are highlights. WORKERS’ COMPENSATION IIAA Supports Increasing the Payroll Threshold for Employers Subject to the Workplace Safety and Loss Prevention Program υThe Workplace Safety and Loss Prevention Program was created in 1997 by statute to reduce workplace injuries and lower Workers’ Compensation costs for […]
