April 26
Paperwork Pandemic
COVID-19: Lawmakers Should Protect Businesses Filing Business Interruption Claims. Pre-emptive legislation could stem the tide of a massive amount of COVID-19 related paperwork that is about to flood the insurance sector, having no discernible purpose and many bad implications for business clients. The 130 year-old Insurance Advocate has called it the “Interruption Eruption.”
Backstops
Seven senators have spurred their peers in an effort to convince President Trump to protect the insurance industry from proposals in state legislatures that would require insurance companies to cover small-business losses due to the coronavirus pandemic retroactively, using BI and WC formats extended for the purpose. At the same time, state lawmakers in New […]
Remembering a Friend…
Gerard (Jerry) Visco was a great friend to the independent, professional agent and to the betterment of the image of the local agent. As we go to press, the insurance industry is under duress to help pay. Regardless of the letter of the policy language and commitment. The agent’s role in advising clients will come […]
Pandemic and Infectious Disease Preparedness and Response
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The coronavirus pandemic of 2020 changed how many companies do business. Forced social distancing and closing or revamping of operations had many companies scrambling to adapt. These changes may lead to insurance coverage gaps. Disaster preparedness can sometimes be an overlooked […]
Insurers Step Up, Despite Some Officials’ Proposed Solutions
American Insurers, despite the threats to their balance sheets that some ambitious legislators have been proposing ( to extend the BI coverage, to use workers’ comp as a back stop for the effects visited upon society by COVID 19 and other “creative” ides) several have stepped up to help. As we go to press, the […]
Attorney Has No Liability For Talking Client Into Filing Meritless Lawsuit
New York’s top court ruled today that an attorney faces no liability or penalty of any kind for giving a client bad advice that induces him to file a lawsuit that has no legal merit. Plaintiffs, a New York corporation that manufacturers and distributes decorative metal automotive parts for antique autos, alleged that defendants, their former […]
Teleworking as the “New Normal” Presents Challenges for Employers
As we navigate the COVID 19 pandemic, nearly every employer that is still able to operate is doing so with at least some combination of teleworking. Many employers are operating exclusively through teleworking. While teleworking allows companies to continue to operate, it presents several important employment law and HR considerations. Usually, teleworking was offered to […]
Fraud Steals estimated $87 Billion from Insurers
Real Cases Underline Duplicity Insurance fraud continually takes more money each year than it did the last from the insurance buying public. There is no certain number. Most attempts at insurance fraud succeed. Estimates of the extent of insurance fraud in the United States range from $87 billion to more than $300 billion every year. […]
Cash Value Life Insurance Provides a Safe Harbor in Today’s Economic Storm
By Mark Schecter In light of recent market challenges that have impacted the diversified investment portfolios we manage for our clients, many have asked how the cash values in their investment-oriented life insurance policies are weathering the storm. Whole Life, Universal Life, and Indexed Universal Life have traditionally maintained their values through tough economic times […]
