<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>November 2024 | Insurance Advocate</title> <atom:link href="https://www.insurance-advocate.com/category/2024/november-2024/feed/" rel="self" type="application/rss+xml" /> <link>https://www.insurance-advocate.com</link> <description>Since 1889</description> <lastBuildDate>Tue, 17 Dec 2024 10:28:19 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <item> <title>DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI</title> <link>https://www.insurance-advocate.com/2024/11/15/dfs-issues-circular-letter-addressing-cybersecurity-risks-related-to-ai-2/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 10:35:56 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Covers]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15114</guid> <description><![CDATA[<p><img width="1978" height="2560" src="https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-scaled.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-scaled.jpg 1978w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-232x300.jpg 232w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-791x1024.jpg 791w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-768x994.jpg 768w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-1187x1536.jpg 1187w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-791x1024-500x647.jpg 500w" sizes="(max-width: 1978px) 100vw, 1978px" /></p>]]></description> <content:encoded><![CDATA[<p><img width="1978" height="2560" src="https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-scaled.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" srcset="https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-scaled.jpg 1978w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-232x300.jpg 232w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-791x1024.jpg 791w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-768x994.jpg 768w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-1187x1536.jpg 1187w, https://www.insurance-advocate.com/wp-content/uploads/2024/11/Cover-1-791x1024-500x647.jpg 500w" sizes="(max-width: 1978px) 100vw, 1978px" /></p>]]></content:encoded> </item> <item> <title>Porsche IS Driven</title> <link>https://www.insurance-advocate.com/2024/11/15/porsche-is-driven/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 07:00:41 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Foreword]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15103</guid> <description><![CDATA[<p>Like many of our readers, I am a Porsche owner (2013 Cayenne, with a stick- unique) but I am not a Porsche insured. The news is tempting, however, but not yet in tri-State area . Porsche Auto Insurance (PAI), has launched a new Unlimited insurance product designed for Porsche owners who drive over 10,000 miles […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/porsche-is-driven/">Porsche IS Driven</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">Like many of our readers, I am a Porsche owner (2013 Cayenne, with a stick- unique) but I am not a Porsche insured. The news is tempting, however, but not yet in tri-State area . Porsche Auto Insurance (PAI), has launched a new Unlimited insurance product designed for Porsche owners who drive over 10,000 miles a year. The new Unlimited product complements the original Pay-per-mile from Porsche Auto Insurance, providing customers with the option to select a fixed policy premium instead of reporting the vehicle mileage. Porsche owners with multiple vehicles can also select Pay-per-mile or Unlimited for each vehicle on their policy, choosing the insurance that best suits their lifestyle and driving habits. With either option, Porsche Auto Insurance offers agreed value coverage, Porsche Genuine Parts, and priority status at Porsche Approved Collision Centers for Porsche vehicles. Customers can also insure additional drivers and vehicles from other car manufacturers. The Porsche Auto Insurance (PAI) program was launched in 2019 and is currently available in seven states – Arizona, Georgia, Florida, Ohio, Oregon, Tennessee and Texas (note the new Unlimited product is currently not available in Florida). Porsche Auto Insurance is offered by Mile Premier LLC, a managing general insurance agency with principal offices located at PO Box 725369, Atlanta, GA 31139 DBA Porsche Auto Insurance, a wholly owned subsidiary of Mile Auto, Inc.</p> <p class="p3">Porsche Financial Services, Inc. (PFS), based in Atlanta, Georgia, is the provider of leasing and financing products for Porsche in the United States. Founded in 1991, PFS provides custom financial solutions and products to Porsche customers and dealers in the United States. In 2012, PFS expanded its North America operations to become the captive finance provider for the exclusive brands of the Volkswagen Group which include Bentley, Lamborghini, and Bugatti. As an integrated premium financial services provider, every new product – whether it be a leasing offer or a service offer – contains the DNA of some of the world’s most exclusive vehicle manufacturers.</p> <p class="p3">No brake pedals in sight for this enterprise.</p> <h4 class="p1"><strong>From on high…</strong></h4> <p class="p1">A<span class="Apple-converted-space"> </span>New York appellate court ruled that a worker who fell from a scaffold should have been granted partial summary judgment on his Labor Law claim. In Ruiz v. BOP 245 Park LLC, No. 159255/19, 10/31/2024, Jose Ruiz suffered injuries when he fell off a scaffold that moved while he was standing on it.</p> <p class="p1">Ruiz filed suit against BOP 245 Park LLC, asserting a claim for a violation of Labor Law Section 240(1) and 241(6). As our readers know, Section 240(1) imposes absolute liability on property owners, general contractors or their agents for failing to provide adequate safety devices to protect workers from harm directly flowing from the application of the force of gravity to an object or person.</p> <p class="p1">Section 241(6) applies to contractors and owners engaged in construction, excavation and demolition and requires that the work be constructed, shored, equipped, guarded, arranged, operated and conducted to provide reasonable and adequate protection and safety to workers.</p> <p class="p1">Ruiz moved for summary judgment on the issue of liability, but New York County Supreme Court Justice Paul A. Goetz denied the motion.</p> <p class="p1">The Appellate Division’s 1st Department said the motion should have been granted on Ruiz’s Section 240(1) claim. The court said there was undisputed evidence that he fell off a scaffold, which lacked guardrails that would have prevented his fall. In opposition, the court said, BOP failed to raise an issue of fact as to whether Ruiz was a recalcitrant worker. Though BOP introduced evidence that there was a standing order from Ruiz’s employer to use only certain scaffolds with safety railings, that there were safety railings available at the site and that they would be provided upon request, the court said this testimony does not suffice to raise an issue of fact because it came from an individual who acknowledged that he was not present on the date of the accident and offered no basis to find that he personally knew that guardrails were on hand.</p> <p class="p1">The hits just keep on coming.</p> <p class="p1"><b>SA</b></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/porsche-is-driven/">Porsche IS Driven</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI</title> <link>https://www.insurance-advocate.com/2024/11/15/dfs-issues-circular-letter-addressing-cybersecurity-risks-related-to-ai/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 06:30:04 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Cover Story]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15106</guid> <description><![CDATA[<p>On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance professionals, and banks. These entities must abide by cyberattack regulations, but those regulations have not included any specific requirements related to AI. Although […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/dfs-issues-circular-letter-addressing-cybersecurity-risks-related-to-ai/">DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance professionals, and banks. These entities must abide by cyberattack regulations, but those regulations have not included any specific requirements related to AI. Although the DFS guidance did not prescribe additional regulations, it detailed the shifting world of cyberattacks and suggested measures firms can take to combat the unique challenges AI poses.</p> <h3 class="p2"><strong>AI Risks</strong></h3> <h4 class="p3"><strong>Deepfakes</strong></h4> <p class="p1">DFS points to a significant uptick in the amount of cyberattacks involving deepfakes. Deepfakes refer to a type of synthetic video or audio records created with the use of AI that manipulate existing content to make it appear that someone is doing or saying something that they have not. While phishing attacks have been used for decades, deepfakes can make them more effective by making it appear that a request is coming from a trusted person.</p> <p class="p1">For example, earlier this year, a finance worker at a multinational firm received an email purporting to be from the firm’s CFO discussing the need for a transaction to be carried out. The worker’s initial doubts about the authenticity of this request were eased during a video conference call with the CFO and several other employees, where the worker was instructed by the CFO to transfer approximately $25 million. However, what appeared to be a live video of the CFO on that conference call was actually a deepfake. The finance worker instructed to transfer the money was the only real person on the video call.</p> <h4 class="p4"><strong>Other Cyberattacks</strong></h4> <p class="p1">Although deepfakes pose a new form of attack, AI also enhances more typical cyberattacks. AI can be used to analyze information, identify security vulnerabilities, and develop a malware variant in a fraction of the time it would take a human to do the same. One concern noted by DFS is how this could increase the number of people capable of carrying out cyberattacks. While attackers once needed to be technologically savvy to carry out these attacks, AI opens the door for those without advanced tech knowledge.</p> <h4 class="p5"><strong>DFS Regulations and Guidance</strong></h4> <p class="p1">Under DFS’s Part 500 cybersecurity regulation, covered entities, such as authorized insurers, are required to conduct periodic assessments of cybersecurity risks, updating the assessment annually and whenever there is a significant change in business or technology that changes the entities’ risks. Additionally, entities must maintain a cybersecurity program and policies based on that risk assessment.</p> <p class="p1">Currently, no regulations specifically address the use of AI, but the DFS’s guidance instructed entities to consider AI when conducting their risk assessments.</p> <p class="p6"><i>Specifically, DFS recommended considering the following factors:</i></p> <h3 class="p7"><strong><i>The entity’s own use of AI.</i></strong></h3> <p class="p7">Third-party service providers and vendors’ use of AI — ensuring that policies and procedures address minimum requirement and requiring that the entity is notified of any cybersecurity event.</p> <p class="p8">Vulnerabilities stemming from AI applications that pose risks to the confidentiality, integrity, and availability of the entity’s information systems or non-public information.</p> <p class="p1">In addition to adapting the risk assessment to better identify threats posed by AI, the circular letter gives a number of recommendations, including adopting training on AI threats, implementing robust access controls, and requiring third parties to provide notification of any cybersecurity event. Some of these recommendations are based on regulatory requirements that will go into place in November 2025, but DFS encourages early adoption.¹</p> <h4 class="p5"><strong>Security Benefits of AI</strong></h4> <p class="p1">Despite the known threats of AI as a tool for attacks, DFS acknowledges that AI can also be a security tool. DFS encourages entities to explore using AI for tasks like reviewing security logs, analyzing data, detecting anomalies, and predicting security threats. As technology continues to advance, entities should be mindful not only of the security threats but also how it can be used to enhance security.</p> <p class="p1">ArentFox Schiff is one of the leading law firms for counseling clients on both cybersecurity and AI. Please contact us if we can be of assistance.</p>The post <a href="https://www.insurance-advocate.com/2024/11/15/dfs-issues-circular-letter-addressing-cybersecurity-risks-related-to-ai/">DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members</title> <link>https://www.insurance-advocate.com/2024/11/15/friedlander-group-announces-50-dividend-for-financial-services-safety-group-members/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 06:00:04 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15100</guid> <description><![CDATA[<p>50% Dividend Paid to Financial Services Group of New York Workers’ Compensation Group #558 $740 Million in Total Workers’ Compensation Savings Since 1992 $414 Million in Dividends Paid to Friedlander Group Clients Purchase, NY – Friedlander Group, Inc., manager of the Financial Services Group Workers’ Compensation Safety Group #558, has announced a 50% dividend for […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/friedlander-group-announces-50-dividend-for-financial-services-safety-group-members/">Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<ul> <li class="p1"><strong><em>50% Dividend Paid to Financial Services Group of New York Workers’ Compensation Group #558</em></strong></li> <li class="p1"><strong><em>$740 Million in Total Workers’ Compensation Savings Since 1992</em></strong></li> <li class="p1"><strong><em>$414 Million in Dividends Paid to Friedlander Group Clients</em></strong></li> </ul> <p class="p1">Purchase, NY – Friedlander Group, Inc., manager of the Financial Services Group Workers’ Compensation Safety Group #558, has announced a 50% dividend for members with policies effective Feb. 1, 2023 to Feb. 1, 2024. Of this 50%, 37.5% will be paid directly to members, and an additional 12.5% will enhance the base group renewal discount, raising it to 32.5% for eligible members starting Feb. 1, 2025.</p> <p class="p1"> David Friedlander, Vice President, (davidf@friedlandergroup.com) said,</p> <p class="p2">“Thanks to the dedication of our Safety Group members to workplace safety, we are proud to announce another 50% dividend. This dividend reflects the commitment of financial services organizations to safeguarding their employees—a strategy that boosts productivity, enhances profitability, and reduces workers’ compensation insurance costs.”</p> <p class="p1"> Safety and Workers’ Compensation Strategies to Unleash Productivity and Profits, authored by Adam Friedlander, President and Group Manager, outlines proven strategies from industry leaders to help businesses optimize performance.</p> <p class="p1"> Since 1992, Friedlander Group has formed ten workers’ compensation safety groups across various industries, including retail, restaurants, wholesalers, hotels, oil and gas dealers, home healthcare agencies, residential care facilities, financial services, building material dealers, and the transportation industry. To date, $414 million in dividends have been paid to members, in addition to advance discounts. Friedlander Group’s industry-leading services include Claims Solutions<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" />, Fraud Solutions/SWAT Team, Audit Solutions, quarterly Executive Action Reports<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;" />, and Safety Solutions—which help further reduce premiums.</p>The post <a href="https://www.insurance-advocate.com/2024/11/15/friedlander-group-announces-50-dividend-for-financial-services-safety-group-members/">Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Cornerstone Financing announces $285 million financing from Aquiline and Nomura</title> <link>https://www.insurance-advocate.com/2024/11/15/cornerstone-financing-announces-285-million-financing-from-aquiline-and-nomura/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 05:00:43 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15097</guid> <description><![CDATA[<p>Investment backs CHEIFS, a new funding solution converting home equity into advisor-driven financial solutions Bloomfield, NJ, October 29, 2024 – Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura. The financing supports the expansion of CHEIFS (Cornerstone Home […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/cornerstone-financing-announces-285-million-financing-from-aquiline-and-nomura/">Cornerstone Financing announces $285 million financing from Aquiline and Nomura</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><strong>Investment backs CHEIFS, a new funding solution converting home equity into advisor-driven financial solutions</strong></em></p> <p class="p1">Bloomfield, NJ, October 29, 2024 – Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura.</p> <p class="p1"> The financing supports the expansion of CHEIFS (Cornerstone Home Equity Insurance/Investment Funding Solutions), Cornerstone’s transformational funding solution that allows homeowners to sell a fraction of their home for cash to fund insurance, annuities, long-term care, and other financial and life planning options.</p> <p class="p2"><span class="s2"><i> </i></span>“Partnering with these prestigious institutions affirms our commitment to providing advisors with innovative home equity solutions,” said Daniel Anderson, co-founder of Cornerstone. “With streamlined distribution through our network of advisors, Cornerstone, through its CHEIFS program, offers a uniquely efficient model that maximizes value and enhances advisor-client financial planning strategies.”</p> <p class="p1"> A new funding solution for insurance and financial advisors, CHEIFS revolutionizes the home equity landscape by augmenting the evolving financial toolkit for advisors and homeowners.</p> <p class="p1"> Currently operating in Arizona, California, Florida, and Pennsylvania, Cornerstone intends to expand nationally, supported by the $285 million financing and is actively seeking to expand its distribution partnerships.</p> <p class="p1"> “We are proud to support Cornerstone in the expansion of CHEIFS,” said Timothy Gravely, Partner and Head of Credit for Aquiline. “This product addresses a critical gap we observed through our participation in the insurance market, and we are excited to back the solution.”</p> <p class="p3"><strong><em><span class="s3">About Cornerstone Financing:</span></em></strong></p> <p class="p4"><em><span class="s3">Cornerstone Financing empowers homeowners to access home equity to plan for a better financial future. Founded by Craig Corn and Daniel Anderson, Cornerstone merges structured finance and insurance wholesale distribution through its innovative product, CHEIFS, to utilize previously untapped home equity to enable superior estate, insurance, and investment planning through trusted advisors.</span></em></p> <p class="p4"><em><span class="s3">For more information about its foundational solution, CHEIFS, visit www.cheifs.com.</span></em></p> <p class="p3"><strong><em><span class="s3">About Aquiline Capital Partners LP:</span></em></strong></p> <p class="p4"><em><span class="s3">Aquiline is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and technology. As of June 30, 2024, Aquiline has approximately $10.8 billion of assets under management and has deployed approximately $7.0 billion of capital across the firm’s three strategies in private equity, venture capital, and credit.</span> </em></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/cornerstone-financing-announces-285-million-financing-from-aquiline-and-nomura/">Cornerstone Financing announces $285 million financing from Aquiline and Nomura</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise</title> <link>https://www.insurance-advocate.com/2024/11/15/amtrust-2024-restaurant-risk-report-finds-spinal-injuries-inch-toward-six-figure-payouts-and-are-on-the-rise/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 04:30:24 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15094</guid> <description><![CDATA[<p>As restaurant workers become part of the delivery economy, spinal injuries become more prominent NEW YORK – AmTrust Financial Services, Inc., a global specialty property casualty insurer,has released the 2024 AmTrust Restaurant Risk Report, which identifies the most common and costly injuries in the restaurant industry in the United States. In a review of nearly […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/amtrust-2024-restaurant-risk-report-finds-spinal-injuries-inch-toward-six-figure-payouts-and-are-on-the-rise/">AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><strong>As restaurant workers become part of the delivery economy, spinal injuries become more prominent</strong></em></p> <p class="p1">NEW YORK – AmTrust Financial Services, Inc., a global specialty property casualty insurer,has released the 2024 AmTrust Restaurant Risk Report, which identifies the most common and costly injuries in the restaurant industry in the United States.</p> <p class="p1"> In a review of nearly 130,000 workers’ compensation claims submitted to the company over the six-year period 2018-2023, AmTrust found that the most expensive injuries to treat are those affecting the back, which were analyzed by three distinct categories: disc, vertebrae and spinal cord.</p> <p class="p2"> “When looking at the top ten most common injuries over the past six years, we saw that, fortunately, these injuries amounted to less than one percent of all the claims we examined. But, they are by far the costliest to treat,” said Matt Zender, SVP, Workers’ Compensation Product Management at AmTrust. “While not common, disc, vertebrae and spinal cord injuries are the most expensive, with the typical paid-out claim for a worker averaging between $60,000 to $85,000.”</p> <p class="p1"> Zender added, “Overall, back injuries have been higher than average in the last few years, which may indicate that restaurant workers are a part of our ‘delivery economy’ when it comes to lifting, straining and repetitive motions.”</p> <p class="p1"> Other key findings from the 2024 AmTrust Restaurant Risk Report include:</p> <p class="p3">Cuts, punctures and scrapes are the most common injuries in restaurants but are relatively inexpensive to treat with an average cost of $1,798 per claim.</p> <p class="p4"> Claims for burns and scalds from hot surfaces and oil are the second largest category of restaurant injuries with an average claim cost of $4,326.</p> <p class="p5"> Muscle strains and sprains in the workplace – while less frequent than cuts and burns – are much more expensive to treat with an average cost per claim of $10,672 and $9,966, respectively.</p> <p class="p1"> Zender concludes, “In restaurant work, musculoskeletal disorders – whether that’s a bad back or sore ‘Barista Wrist’ – are clearly the most expensive injuries to treat. We encourage restaurant owners to train employees in best practices for lifting and setting down objects and other tasks that can stress muscles and the spine. Good ergonomic practices in restaurants go a long way toward preventing injuries and controlling costs.”</p> <p class="p1"> To help employers reduce risk and protect employees, The Restaurant Risk Report 2024 also provides workplace safety practices that restauranteurs can implement. With the goal of protecting a restaurant’s most valuable asset – their employees – these tips and best practices will help reduce employee injuries and expensive claims thereby keeping the workforce healthy and premiums low. Additional resources and helpful information to help restauranteurs can be found here: https://amtrustfinancial.com/industries/restaurant-insurance.</p>The post <a href="https://www.insurance-advocate.com/2024/11/15/amtrust-2024-restaurant-risk-report-finds-spinal-injuries-inch-toward-six-figure-payouts-and-are-on-the-rise/">AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Candle Safety</title> <link>https://www.insurance-advocate.com/2024/11/15/candle-safety/</link> <dc:creator><![CDATA[Guest Author]]></dc:creator> <pubDate>Fri, 15 Nov 2024 04:00:33 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[MSO Inc.]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15089</guid> <description><![CDATA[<p>By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Nothing says romance like a candlelit dinner, and there is not a much more festive setting than a home filled with aromatic candles. However, candles pose a significant fire hazard to your insureds. Helping clients understand and manage the risks of […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/candle-safety/">Candle Safety</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><strong>By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President</strong></em></p> <p class="p1">Nothing says romance like a candlelit dinner, and there is not a much more festive setting than a home filled with aromatic candles. However, candles pose a significant fire hazard to your insureds. Helping clients understand and manage the risks of candles is another value-added service of the professional insurance agent.</p> <p class="p3">According to the National Fire Protection Association (NFPA), from 2018-2022, there were nearly 6,000 home structure fires per year started by candles.<span class="Apple-converted-space"> </span>The result: an average of over $257 million in direct property damage, 588 civilian injuries, and 744 civilian deaths. On a positive note, this is down from an annual average of 9,300 house fires during the years 2009-2013.<span class="Apple-converted-space"> </span>Over 20 candle fires are reported every day. The peak month for these fires is December. The Consumer Product Safety Commission (CPSC) estimates that 85% of candle fires could be prevented if three simple safety rules were followed.</p> <p class="p3">The top three safety rules for candles are:</p> <p class="p4">Burning candles should never be left unattended.<span class="Apple-converted-space"> </span>Extinguish candles completely, making sure the wick is no longer glowing, before you leave the room.</p> <p class="p4">Never burn candles on or near anything that may catch fire. More than half of candle fires are caused by having combustible materials too close to the candle.</p> <p class="p4">Keep candles out of reach of children and pets. Curious hands, a wagging tail or pouncing feline can mean instant disaster.</p> <p class="p3">In addition, never use candles in areas where you may fall asleep. The NFPA reports that over 36% of candle fires start in the bedroom. Sleep is a contributing factor in these fires. Candles may seem like a good idea during power failures, but it is much safer to use flashlights and other battery-operated lighting. Above all, never use a candle as a night light.</p> <p class="p3">Trim candle wicks to 1/4 inch before each use, and clean out any matches or other debris. When lighting candles, use care to keep hair and loose clothing away from the flame. The National Candle Association (www.candles.org) advises that the safest way to extinguish a candle is with a snuffer. Using water can cause hot wax to splatter, and glass containers to break.</p> <p class="p3">Burn candles in a well-ventilated room, but keep them away from drafts. Drafts can cause uneven burning, flare-ups or sooting, or cause flammable materials such as curtains to come in contact with the flame. Candle holders should be specifically designed for candles, and sturdy enough to not tip over easily. Do not burn the candle all the way to the bottom. For example, tapers should not be allowed to burn to less than 2 inches. Never use candles in a home where medical oxygen is being used.</p> <p class="p3">Gel candles pose another hazard, as they are designed to burn brightly for longer periods of time than wax candles. However, do not burn gel candles longer than two hours at a time, as the resulting heat buildup can cause containers to explode.</p> <p class="p3">Avoid burning candles that include combustible materials as decorations. Some decorative candles have been found to melt too quickly, overflowing the container and posing a risk of burns or fires. Still others have been recalled because the jars break, leading to laceration and burning hazards.<span class="Apple-converted-space"> </span>A full list of recalls is available on the CPSC website: CPSC.gov/Recalls.</p> <p class="p3">Fire is not the only candle hazard. Gases that are released during the burning process could be harmful to children and pets or those with lung issues, or if inhaled at high doses. To lessen the risk of possible adverse health impact, use all cotton wicks (some may contain lead or metal), and opt for soy or beeswax candles. Lead use in wicks was banned in the United States in 2003 due to concerns over lead-poisoning hazards, especially in children.</p> <p class="p3">Improper use of burning candles can lead to tragedy. Helping your insureds protect their possessions and maintain their personal safety is the sign of the true insurance professional.</p> <p class="p6"><em><span class="s1">This article is for educational and discussion purposes only and it is not insurance or legal advice and should not be relied upon when making insurance or legal decisions. Nothing herein shall be construed to constitute a legal or underwriting opinion. Nothing herein shall be construed as offering any political, social, or public policy opinion by the author or MSO. Neither the author nor MSO are responsible for errors in, or the accuracy or currentness of, the article.</span></em></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/candle-safety/">Candle Safety</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>The Big ‘I’ Announces Progressive Insurance® Donation to the Trusted Choice® Relief Fund </title> <link>https://www.insurance-advocate.com/2024/11/15/the-big-i-announces-progressive-insurance-donation-to-the-trusted-choice-relief-fund/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 03:00:56 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15081</guid> <description><![CDATA[<p>Disaster-affected agencies are encouraged to apply for assistance. ALEXANDRIA, VA – The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Progressive Insurance has donated $800,000 to the Trusted Choice Relief Fund, furthering efforts to support independent insurance agents, brokers and other insurance professionals impacted by disasters including floods, hurricanes and wildfires. Since its inception […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/the-big-i-announces-progressive-insurance-donation-to-the-trusted-choice-relief-fund/">The Big ‘I’ Announces Progressive Insurance® Donation to the Trusted Choice® Relief Fund </a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><strong><em>Disaster-affected agencies are encouraged to apply for assistance. </em></strong></p> <p class="p1">ALEXANDRIA, VA – The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Progressive Insurance has donated $800,000 to the Trusted Choice Relief Fund, furthering efforts to support independent insurance agents, brokers and other insurance professionals impacted by disasters including floods, hurricanes and wildfires.</p> <p class="p1"> Since its inception in 2007, the fund has provided millions of dollars of quick, critical financial relief to those in the independent agency channel, ensuring they can recover swiftly and continue serving their communities after catastrophes.</p> <p class="p1"> Following Hurricanes Helene and Milton, the fund has issued grants to applicants affected by damage to their businesses, homes, automobiles and other belongings. These funds bridge the gaps where insurance and other sources of funds are not available. Applicants use the fund grants to secure accommodations, replace equipment, and purchase everyday essentials like clothing, transportation and recovery tools.</p> <p class="p1"> Progressive’s generous donation will help agents on the front lines fulfill their promises to customers and remain valuable resources in their communities while recovery efforts continue.</p> <p class="p2"><span class="s2"> </span>“Independent agents are an integral part of our business and following the recent hurricanes, we’ve learned many who have been working tirelessly assisting our mutual customers to begin the recovery process have also been personally impacted by the devastation,” said Tricia Griffith, Progressive president and CEO.</p> <p class="p2">“We’re committed to ensuring agents have access to immediate support so they can rebuild their lives and businesses and continue helping their clients. We encourage all agents and agency employees affected by recent disasters across the country and in need of financial support to consider applying and taking advantage of these grants.”</p> <p class="p1"> Charles Symington, Big “I” president & CEO, also encouraged agents who need help now or in the future to apply for a grant and thanked Progressive for its unwavering commitment to the independent agency channel.</p> <p class="p2"><span class="s3"> </span>“The Trusted Choice Relief Fund is here to support independent insurance agents and their staff through the challenges a major disaster brings, and we are grateful for Progressive’s partnership and continued generosity in supporting the fund,”</p> <p class="p1">Symington said. “It’s a critical lifeline for our members who are often the ones helping others, but now find themselves in need when their workplaces or employees have been impacted. Thanks to substantial contributions like this, we can provide financial aid when and where it’s needed.”</p> <p class="p4">Independent insurance agents in disaster-affected areas are encouraged to review the fund guidelines and apply for assistance. Those who wish to donate can make a contribution online.</p> <p class="p5"><em><span class="s4"><b>About Trusted Choice® Relief Fund:</b></span></em></p> <p class="p6"><em><span class="s4">Established by the IIAA Educational Foundation in 2007 as a 501(c)(3) nonprofit entity, the Trusted Choice® Relief Fund distributes cash grants to victims and surviving family members of natural disasters. Contributions are tax-deductible to the extent permitted by law. </span></em></p> <p class="p5"><em><span class="s4"><b>About Agents & Brokers of America:</b></span></em></p> <p class="p6"><em><span class="s4">Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice® brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies. </span></em></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/the-big-i-announces-progressive-insurance-donation-to-the-trusted-choice-relief-fund/">The Big ‘I’ Announces Progressive Insurance® Donation to the Trusted Choice® Relief Fund </a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Medical Liability Monitor Applauds Pennsylvania Lawmakers for Taking Bold Action to Address Medical Liability Crisis</title> <link>https://www.insurance-advocate.com/2024/11/15/medical-liability-monitor-applauds-pennsylvania-lawmakers-for-taking-bold-action-to-address-medical-liability-crisis/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Fri, 15 Nov 2024 02:30:31 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[In The News]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15078</guid> <description><![CDATA[<p>Chicago, IL — Medical Liability Monitor (MLM), the monthly publication reporting on the medical professional liability insurance industry, commended Pennsylvania lawmakers for introducing a consequential package of tort reform bills aimed at tackling the commonwealth’s ongoing medical liability crisis in its current issue. These reforms come at a crucial time, MLM reports, as Pennsylvania’s legal […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/medical-liability-monitor-applauds-pennsylvania-lawmakers-for-taking-bold-action-to-address-medical-liability-crisis/">Medical Liability Monitor Applauds Pennsylvania Lawmakers for Taking Bold Action to Address Medical Liability Crisis</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1">Chicago, IL — Medical Liability Monitor (MLM), the monthly publication reporting on the medical professional liability insurance industry, commended Pennsylvania lawmakers for introducing a consequential package of tort reform bills aimed at tackling the commonwealth’s ongoing medical liability crisis in its current issue. These reforms come at a crucial time, MLM reports, as Pennsylvania’s legal environment remains consistently ranked among the most plaintiff-friendly, with the Supreme Court of Pennsylvania and Philadelphia Court of Common Pleas identified as the nation’s worst “Judicial Hellholes” for 2023/2024 by the American Tort Reform Foundation (ATRF).</p> <p class="p1">Michael Matray, Editor of MLM writes: “For years, Pennsylvania has seen an escalation in nuclear verdicts and venue-shopping practices, where lawsuits are filed in jurisdictions known for plaintiff-favorability, inflating liability premiums and driving up healthcare costs statewide. These reforms, introduced last month during a press conference hosted by state Rep. Torren Ecker and other legislators, are intended to restore balance to the civil justice system, reduce the economic burden on healthcare providers and shield the public from rising medical costs driven by excessive litigation.</p> <p class="p1">“The high rate of medical liability lawsuits has had a chilling effect on healthcare providers and has led to increasing medical liability insurance premiums that ultimately affect patient care costs,” said Michael Matray, Medical Liability Monitor’s editor.</p> <p class="p2">“We applaud Pennsylvania lawmakers for taking a stand against this troubling trend and for proposing meaningful reforms that will help preserve access to affordable healthcare.”</p> <p class="p1">According to MLM<span class="Apple-converted-space"> </span>report, he legislative package includes key reforms that include:</p> <p class="p3">Reestablishing the Fair Share Act’s principle that defendants only pay verdicts proportional to their liability, which had been eroded by the court system over time.</p> <p class="p3">Placing a tiered cap on attorney contingency fees to ensure plaintiffs receive maximum recovery while deterring frivolous lawsuits.</p> <p class="p3">Requiring third-party litigation funders to register with the Department of Insurance and disclose key information to plaintiffs to bring greater transparency to the litigation funding process.</p> <p class="p3">Amending the state constitution to require that medical liability lawsuits be filed in the county where the injury occurred.</p> <p class="p3">Enhancing confidentiality provisions in the Pennsylvania Peer Review Protection and MCARE Acts to provide healthcare providers clear guidance on protecting patient and peer review information.</p> <p class="p1">Medical Liability Monitor echoes the ATRF and other tort reform advocates in supporting these initiatives, which, the publication states, represent a crucial step in restoring fairness and balance to Pennsylvania’s civil justice system.</p> <p class="p1">“By enacting these reforms, Pennsylvania lawmakers are helping ensure that the commonwealth’s healthcare providers can continue delivering high-quality care without the burden of unpredictable legal exposures that ultimately burden patients and the state’s healthcare system’, Mr Matray concluded..</p> <p class="p5"><span class="s2">For further information, please contact:</span></p> <p class="p5"><span class="s2">Medical Liability Monitor</span></p> <p class="p5"><span class="s2">Email: editor@medicalliabilitymonitor.com</span></p> <p class="p6"><em><span class="s2"><b>About Medical Liability Monitor</b></span></em></p> <p class="p5"><em><span class="s2">Medical Liability Monitor is the authoritative source of consistent coverage and fresh perspectives on the medical professional liability (medical malpractice) insurance industry. The monthly publication reports all the critical business happenings as well as political, legal and risk management issues that affect the healthcare industry’s malpractice risk profile. No other source offers the latest information on medical professional liability insurance premium rates and trends, tort reforms, significant jury verdicts and what’s happening with medical malpractice insurers across the nation. </span></em></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/medical-liability-monitor-applauds-pennsylvania-lawmakers-for-taking-bold-action-to-address-medical-liability-crisis/">Medical Liability Monitor Applauds Pennsylvania Lawmakers for Taking Bold Action to Address Medical Liability Crisis</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Policy Wording Must Limit Appraisal to Quantum Only</title> <link>https://www.insurance-advocate.com/2024/11/15/policy-wording-must-limit-appraisal-to-quantum-only/</link> <dc:creator><![CDATA[Barry Zalma]]></dc:creator> <pubDate>Fri, 15 Nov 2024 02:00:33 +0000</pubDate> <category><![CDATA[2024]]></category> <category><![CDATA[November 2024]]></category> <category><![CDATA[On My Radar]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=15072</guid> <description><![CDATA[<p>USDC Concludes Appraisal Can Consider Causation in Ohio Defendant State Farm Fire and Casualty Company (“State Farm”) issued a homeowners insurance policy to Plaintiff Sharon Marie Rogers (“Rogers”). State Farm determined the amount of loss to be $3,490.68, which was less than Rogers’ deductible. Insurance Adjusting Services West Penn; West Penn determined the amount of […]</p> The post <a href="https://www.insurance-advocate.com/2024/11/15/policy-wording-must-limit-appraisal-to-quantum-only/">Policy Wording Must Limit Appraisal to Quantum Only</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p class="p1"><em><span class="s1">USDC Concludes Appraisal Can Consider Causation in Ohio</span></em></p> <p class="p1">Defendant State Farm Fire and Casualty Company (“State Farm”) issued a homeowners insurance policy to Plaintiff Sharon Marie Rogers (“Rogers”). State Farm determined the amount of loss to be $3,490.68, which was less than Rogers’ deductible. Insurance Adjusting Services West Penn; West Penn determined the amount of loss to be $214,871.20. Plaintiff moved the Court to Compel Appraisal to resolve the dispute over the amount of loss and Stay Litigation.</p> <p class="p1">In Sharon Marie Rogers v. State Farm Fire and Casualty Co., No. 1:24-cv-148, United States District Court, S.D. Ohio, Western Division (October 11, 2024) the court resolved the dispute over the need for and scope of appraisal.</p> <h4 class="p2"><strong>BACKGROUND</strong></h4> <p class="p1">West Penn demanded appraisal on behalf of the insured. Trial counsel repeated the demand for appraisal.</p> <h4 class="p2"><strong>LAW & ANALYSIS</strong></h4> <p class="p1">The purpose of an appraisal is to provide a plain, speedy, inexpensive and just determination of the extent of the loss. The parties agree that: a storm is a covered cause of loss; and the March 25, 2023 storm caused loss to Rogers’ dwelling. State Farm contended that the amount of loss to be determined by appraisal includes only the pricing of the repairs it deems are covered.</p> <h4 class="p2"><strong>THE LIMITATIONS IMPOSED ON APPRAISERS</strong></h4> <p class="p1">The USDC concluded that to allow a catch-all phrase to incorporate causation is at odds with Ohio case law to date and, equally important, undermines the purpose behind appraisal.</p> <h4 class="p2"><strong>CONCLUSION</strong></h4> <p class="p1">Plaintiff’s Motion to Compel Appraisal was granted.</p> <p class="p1">The Court can either include or exclude them once it has determined whether the policy provides coverage for them.</p> <h4 class="p2"><strong>ZALMA OPINION</strong></h4> <p class="p4"><i>The history of the appraisal clause in fire and homeowners policies have limited the appraisers to establish only the quantum of a loss and were not authorized to determine coverage issues, without language in the policy stating so in the policy wording. The USDC in this case, applying Ohio law, requires that the policy wording must include language in the policy that the appraisers may not consider causation. The detailed report the court requires from the appraisers and umpire will allow it to make decisions about coverage for each item of value and loss the appraisers reach. </i></p>The post <a href="https://www.insurance-advocate.com/2024/11/15/policy-wording-must-limit-appraisal-to-quantum-only/">Policy Wording Must Limit Appraisal to Quantum Only</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> </channel> </rss>