2013
2013 Issues - Click to View
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Withstanding Hurricane Sandy
Industry’s September 30th Numbers Point to Strength, Resilience 2012’s first 9 month results are in and they point to the industry’s strength and its ability to withstand Sandy losses. Prior to Hurricane Sandy, private U.S. property/casualty insurers’ net income after taxes grew to $27 billion in nine-months 2012 from $8.4 billion in nine-months 2011, […]
Stability.
Hope all of our readers had a pleasant New Year’s break and start 2013 on an optimistic note… In this issue we report on the September 30th industry results which should be encouraging inasmuch as the industry’s strength will allow it to weather, pardon the expression, the efforts of Super Storm Sandy. Again, in shaky […]
All About Report Cards
Report cards are everywhere in life. Report cards let us know how we are doing in the eyes of our overseers and peers, whether they be our bosses, co-workers, teachers, coaches, administrators, regulators or even sports analysts and fans. Report cards are an acceptable way for society to hold a group or individuals accountable for […]
2013 Commercial Property Changes—Major or Minor?
Jerry Trupin
Exposures and Coverages
ISO forms will change in 2013. There are both restrictions and broadening of coverage plus many cases where ISO says the change just reinforces its original intent. It’s tempting to regard the changes as minor, but remember a minor change is one that affects someone else’s claim. A major change is one that affects your […]
Sandy’s Silver Lining
Super Storm Sandy caused death and destruction over a wide area of the Eastern Seaboard. Lives were disrupted, some forever. As always happens when tragedy hits, those who were lucky enough to not be directly impacted come together to offer help and support to those affected. It was just that concern for those affected that […]
When is a Door Not a Door…Ok,When It’s Ajar!
Michael Loguercio
Face to Face
There is a very old and wise saying, that I have always shared with my kids, “It’s not always what it is…but what it appears to be.” This saying hold true in many facets of our life…and when it comes to securing our data this thing of ours is certainly no different. As another year […]
Homeowner's Policy Covers Cost of Mobile Home as Replacement for Regular Home
Gauthier v Countryway Ins. Co. Plaintiffs commenced this action seeking to recover damages based upon defendant’s alleged breach of contract and bad faith in settling plaintiffs’ insurance claim for fire damage to their house. Following joinder of issue and discovery, defendant moved for partial summary judgment dismissing certain claims, including plaintiffs’ claim for consequential damages, […]
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On The Waterfront…Ocean Harbor is a Leading Contender for Northeast Markets in U.S. Expansion
By: Art Shea In case you have wondered whatever became of Ralph Milo, long a popular industry figure as the Chairman and CEO of Clarendon, the four hundred million dollar insurance group sold to Hannover Re in 1999, you will find him these days at Ocean Harbor Insurance Group, which he now chairs with the […]
Eliminating Friction
Governor Cuomo has started off 2013 with the swift passage of the SAFE Act in a whirl wind of activity in Albany. We hope that the same kind of attention will find its way down to the mid-section of the State of the State address, in which he proposed great reforms for workers’ compensation programs […]
A Desert Flower
The “Looking Back” feature in the past couple of issues of IA have been cruel reminders of the abrupt and inglorious closing of the old New York Insurance Exchange twenty-five years ago. These reminders have led to a new flurry of inquiries: What ever happened to the effort to revive the exchange? Has the effort […]
DFS Licensees Keep Getting in Trouble
According to the Department of Financial Services’ January 2, 2013 release of disciplinary actions, 7 DFS licensees were revoked while 41 others were imposed fines ranging from $500 to $63,000. All since the DFS’ previous release of disciplinary actions in September 2012. As expected, a handful of small fines ($500, $750) were for technical reporting […]
What Noah Didn’t Have to Go Through
Now I know why God used a flood to purge the Earth in the Bible. As a professional agent who lives and works on Long Island, I can report that after two months, Sandy has made evident the good and bad of all humanity. First the good: I am proud to be part of an […]
Does Your Dog Bite?
Michael Loguercio
Face to Face
“Woof!” If every dog in the United States made that sound one little doggy in the window at a time, we would hear almost 75 million “barks…and that’s just from the dogs that we know about! As everything I typically write about relates directly back to this thing of ours, reported dog bites occur nearly […]
Another Poetic But Brutally Frank Eviscertation of MUA By Judge Straniere
Dugo v State Farm Mut. Auto. Ins. Co This litigation involves two separate law suits brought by plaintiffs for first-party no-fault benefits provided to defendant State Farm Mutual Automobile Insurance Company’s insured. In the first action (Index No.23900/02), plaintiff, J.R. Dugo, DC, PC, as assignee of Anthony Giambrone, sought payment of $9,600.00 for chiropractic services […]
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Cuomo Focuses on WC Reforms Industry Leaders See Potential Gains
By Betty Flood Morrow and Katlin Nash Albany, N.Y.—In a much needed change to workers’ compensation, Governor Andrew M. Cuomo recommended in his State of the State his plan to introduce legislation that will continue to reduce the cost and improve the administration of workers’ compensation for New York’s business and workers. Governor Cuomo’s proposals […]
Mr. Chairman
It has been difficult to speak with John Filice these days. John is showing great strength together with his staff at U.S. Surety in the aftermath of Superstorm Sandy. That’s right, it’s January 30th and he is still climbing the stairs, struggling with electronics and having each day be that much more of a challenge, […]
A Matter of Opinion
Q: May a licensed insurance agent or broker co-sponsor seminars with a law firm in order to provide general insurance advice to employers? A: Yes. (NY Insurance Department, Office of General Counsel Opinion No. 11-01-07) Q: May an insurer require a third-party claimant to execute a release before the insurer will pay a settled claim? […]
My Wish for the Future of Our Business
As I enter the end of my career I look at the young people I work with and I wonder what this business will be like for them. Insurance is the only real work I have known and all things considered it has been very good to me. I’m not sure this business will be […]
Department of Amplification
Jerry Trupin
Exposures and Coverages
– Notice to Broker is Not Notice to Insurer – Late Notice Update – A Broker’s Duties to the Insured – Improving Crime Protection for Employee Benefit Plans Let’s look at some recent developments in areas we’ve looked at before. Notice to Broker is Not Notice to Insurer This combines three topics that we’ve looked […]
I’ve Fallen and I Won’t Get Up…and I’m Suing!
Michael Loguercio
Face to Face
We have all seen the commercial, and most likely repeated the phrase, I’ve fallen and I can’t get up!” in a mock emulation of the TV spot. Of course when we exclaim that expression we say it in jest, and not by any means attempting to diminish the value and importance of the product that […]
Earth Movement Exclusion Fails Because Movement of Fill Found to be Effect, Not Cause, of Damage
Trezza v New York Cent. Mut. Fire Ins. Co. This is an action, declaring the plaintiffs’ right to coverage under a homeowner’s insurance policy issued by the defendant. The plaintiffs own and reside at the property located at 8 Greenbrier Avenue, Farmingville, New York. According to the plaintiffs, on February 1, 2012, two pipes beneath […]
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2013/ February 18/ Past Issues
OPINION: Ongoing ELNY Debacle Exposes Serious Problems
Even though the courts have once again come to the rescue of the Bureau, the ELNY fiasco fully exposed the Bureau for its decades-long covert mismanagement of insolvent insurance companies. The New York Superintendent of Financial Services and the New York Liquidation Bureau have experienced two major victories in the past few weeks. First, they […]
2013/ February 18/ Past Issues
“Opinion”
This issue of Insurance Advocate leads with a cover story by Peter Bickford, one of our prized columnists and a respected longtime industry observer. Peter expresses a well-reasoned opinion that we hear over and over again; that is, that the New York Liquidation Bureau might best be itself liquidated. Peter hastens to point out that […]
2013/ February 18/ Past Issues
Looking Forward to ‘Better Than Ever’
A couple weeks ago, I participated in a meeting of the North Side Civic Association in Long Beach, Long Island. Located on the furthest west part of the outer barrier islands off the South Shore in Nassau County, readers may be familiar with Long Beach because of its iconic boardwalk, which was destroyed by Sandy […]
2013/ February 18/ Past Issues
First Case on New NY Late-Notice Law Favors Insurer
Jerry Trupin
Exposures and Coverages
The first case under the revised New York insurance law section that now requires an insurance company to show prejudice before it can deny coverage for late notice, has just been reported. It’s Atlantic Casualty Ins. Co. v. Value Waterproofing, Inc., No. 11 Civ. 7565 (DLC) (S.D.N.Y. Jan. 15, 2013). In the February 4th issue […]
2013/ February 18/ Past Issues
Community Unity
Michael Loguercio
Face to Face
So, in recent times we have experienced here in the Northeast an earthquake, a tornado, a super/hurricane/ perfect storm with all the “trimmings” that you can ever imagine, and now this: a blizzard with snow that fell at up to 4 inches an hour, lightning and thunder (that frightened me while I was out shoveling […]
2013/ February 18/ Past Issues
Rental Car Company’s Goof Gives Rise to False Arrest Claim, Not Negligence
Ferguson v Dollar Rent A Car, Inc. Order, Supreme Court, New York County (Saliann Scarpulla, J.), entered February 28, 2012, which granted defendants Dollar Rent A Car, Inc. and Auto Rental, LLC’s motion for summary judgment dismissing the complaint as against them, unanimously affirmed, without costs. Plaintiff alleges that she was wrongfully arrested and detained […]
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LICONY Celebrates 45th Anniversary
On February 7, 2013, almost one hundred fifty life insurance executives, regulators and legislators gathered at the Mutual of America Headquarters in New York City to celebrate the 45th Anniversary of the Life Insurance Council of New York (LICONY). Welcoming and substantive legislative and regulatory remarks were provided at the event by New York State […]
Stepping Up.
In this issue of the Insurance Advocate we congratulate Michael Loguercio who will lead the PIANY MetroRap Session this year. Mike is a dynamic guy who adds a lot to everything he does, including these pages. We look forward to seeing everyone at the PIANY Rap Session… We have gotten an incredible response to our […]
A Truer Course
In 1995 then NY superintendent of insurance, Ed Muhl, took an extraordinary step: he by-passed the Liquidation Bureau and appointed an independent special agent in charge of the liquidation of an insurance company – United Community Insurance Company (UCIC). The independent agent engaged a core group of professionals to assist with the marshalling of assets, […]
Stay in School, Don’t do Drugs, and Maybe Become an Insurance Agent
Michael Loguercio
Face to Face
A few years ago I shared with you in this column about the time I was speaking at a Career Day at one of the elementary schools in our local school district where I am the school board president. I asked the students, “Who wants to be an insurance agent when they grow up?”, and while […]
Excessive Fee Paid to Subpoenaed Witness Does Not Disqualify Him, But Jury Gets to Know About it
Caldwell v Cablevision Sys. Corp. At issue on this appeal is whether the testimony of a subpoenaed fact witness, who receives a fee alleged to be disproportionately in excess of CPLR 8001 (a)’s mandatory fee requirement for attendance at trial, is inadmissible as a matter of law. We conclude that such testimony is generally admissible, […]
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IMPACT: Employers Brace For Change
Insurance Advocate Cover Story
Allen Roberts on Top 5 Issues Facing Businesses Allen Roberts, member of the law firm Epstein, Becker and its former managing partner, provides the Insurance Advocate’s readers with a rundown of five topics which will impact employers in 2013 and beyond. In the article that follows, Allen offers an alternative, even contrarian view of each […]
An icon by any other name…
The spirited vitality of industry icon Maurice “Hank” Greenberg comes through quite clearly in his new book, The AIG Story, a “must read” if you are in the insurance, banking, political, legislative or regulatory sphere….or simply on the planet “business.” Greenberg is pleasantly direct. I know this first hand. Some years back, I attended a […]
Time Out!
Time Out! “Many baseball fans look upon an umpire as a sort of necessary evil to the luxury of baseball, like the odor that follows an automobile.” – Hall of Fame Pitcher Christy Mathewson Spring is here, and with it a new baseball season. As a new season begins, the past is history, optimism abounds […]
The Challenges of Applying Deductibles
Jerry Trupin
Exposures and Coverages
By Jerome Trupin, CPCU and Arthur L. Flitner, CPCU, ARM, AIC Sandy propelled insurance issues front and center. One issue was increased wind deductibles. In coastal areas exposed to hurricane-force winds, insurers have pushed for higher deductibles, ranging up to 5 percent for homeowners wind claims. In a storm like Sandy, a 5 percent deductible […]
A Class ACT…AUGIE and AIMS, too!
Michael Loguercio
Face to Face
As many of you know, I have long been involved with some wonderful insurance industry organizations, and ACT/AUGIE/AIMS is certainly in a class of its own, high class that is, of which myself and many others are proud to be active members. Known for gathering some of the country’s top insurance carrier, agency, and service […]
Ben Franklin: Electricity, Insurance, Proverbs and Extensions of Time
Benjamin Franklin is credited with many things: For example, we all learn in grammar school that Franklin demonstrated lightning in a form of electricity and that, as an inventor, he created one of the first electricity generators. Another thing most people in our industry recognize is that he helped conceive and form the first mutual […]
Doberman Bites Little Girl on the Face, but We Get Suit Dismissed
Nicolette Ferrieri by f/n/g Luigi Ferrieri vs Paul Sigler and Francine Sigler Note: This is a dog bite suit in which the Rogak firm represented the defendants. Plaintiffs sued defendants after defendant’s dog bit the 9 year old girl on her face. The plaintiff, Luigi Ferrieri, and his family were guests at the defendants’ Shelter […]
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Forced-Placed Fiasco: Insurer Fined $14 Million (That’s Million) by DFS
The DFS investigation revealed that the premiums charged to homeowners for force-placed insurance can be two to ten times higher than premiums for voluntary insurance — despite the fact that force-placed insurance provides far less protection for homeowners than voluntary insurance. “The force placed insurance industry has for too long been plagued by an intricate […]
Good Faith in a Handshake
In the last issue of this publication, we ran a story that remembered with affection the late Cummin Clancy. The story was written by Brian and Brendan Clancy and appeared here in an In Memoriam column. Cummin Clancy taught me a lot early on in my career with respect to what it meant to be […]
Rehab the Rehabilitator!
There was a time not so long ago when the New York Insurance Department took the view that if an insurance company stopped writing new business and tried to simply run-off its business, it was engaging in a prohibited activity—self-liquidation. The failure to “do the business of insurance for a period of one year” was—and […]
There Goes the Neighborhood…NOT!
Michael Loguercio
Face to Face
Those of you who have been reading my column for the past five years have witnessed an overall shift in my philosophy from the spring of 2008 when I “came out” and announced that I converted from being a NIMBY (that I have affectionately called so many of you over the years) and took the […]
Thinking About Thinking
Do you find yourself completely drained at the end of the work day but frustrated because you didn’t have time to think about what you were doing? Were there projects you worked on that you didn’t have the time to complete as well as you wanted? You just needed to get them done. If you […]
Catholic Diocese v. Insurer
By Katlin Nash ALBANY, N.Y.—The New York State Court of Appeals will be hearing oral arguments in the case of Roman Catholic Diocese of Brooklyn v. National Union Fire Insurance Company of Pittsburgh, PA. The lawsuit filed against the Roman Catholic Diocese of Brooklyn and Reverend James Smith in 2003, the daughter of a church […]
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AFTER-MATH: Calculating Sandy’s Swath
By Betty Flood and Katlin Nash, Cuyler News Service New York Assembly hearings examine consumer info, response of industry, and risk management issues ALBANY, N.Y.—The Assembly Insurance Committee started the Albany dialogue in earnest in recent hearings aimed to determine if policy holders are properly informed of their coverage needs and options following Superstorm Sandy. […]
A Good Fight
In this issue of the Insurance Advocate, I have taken the liberty of publishing an editorial that has gained quite a bit of attention with respect to the long-term implication of Ultimate Fighting in New York State. The long-term implications range from the further dumbing down of civility in our society to the power of […]
Reality Check
How do we want young people to view our industry? Are we happy with their learning about us from the Hollywood version of greedy, heartless, old men denying desperate people from just compensation? Do we want tomorrow’s hopes to view us as surrounded by legions of high-paid, well-dressed lawyers overwhelming the helpless? Or how about […]
Employment Practices Liability: Discrimination Claims Alleging Disparate Treatment Employee Theft Coverage: Two Questions From Readers
Jerry Trupin
Exposures and Coverages
The two topics this month concern employees. The first examines aspects of coverage for employment practices discrimination claims by employees and the second deals with employee theft. Employment Practices Liability Insurance: Coverage for Discrimination Claims Alleging Disparate Treatment “I’m being sued for discrimination.” That’s the astounding message I received from my daughter. She and all […]
50 Shades of Insurance…Begins with Black and Blue
Michael Loguercio
Face to Face
After 123 years, the Insurance Advocate publishes its first PG-13 Rated article, sans photos, and hopefully our last! – Editor He gently took her hand, his fingers slowly interlocking with hers, and gradually they emerged from the tunnel that leads to the uninhabited beach. Sunset fell an hour or so earlier, leaving them romantically guided […]
PIA Ranked “A Top Workplace”; How Would Your Employees Rate Your Agency?
At a recent board meeting of PIA Management Services, the umbrella corporation that manages the Glenmont, N.Y.-based Professional Insurance Agents associations of New York, New Jersey, Connecticut and New Hampshire, I learned that the organization is about to be honored as one of the “Top Workplaces” in New York’s Capital Region by its primary newspaper, […]
Premises Owned by Insured and Rented Out for Non-Garage Business, Not Covered Under Garage Policy
Order, Supreme Court, Bronx County (Kenneth L. Thompson, Jr., J.), entered December 6, 2011, which, to the extent appealed from as limited by the briefs, granted the branch of plaintiffs’ cross motion for summary judgment that sought reformation of an insurance policy with defendant Lancer Insurance Company, denied the branch of plaintiffs’ cross motion that […]
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REGULATORY REASONING: Supt. Lawsky Reflects on Approaches to His and Colleagues’ Roles
By Betty Flood and Katlin Nash ALBANY, N.Y.—New York Superintendent of Financial Services Benjamin M. Lawsky spoke at the 22nd annual Hyman P. Minsky Conference on the state of the U.S. and world economies in New York State and what the Department of Financial Services is doing to improve the insurance and banking industries. Superintendent […]
“Dog ate my homework” is not included.
A new survey by Insurance.com called “Ticketmasters” ranks popular excuses drivers give to police when stopped for a potential violation. Among people who said they have used excuses when pulled over by a police officer, here’s how explanations break down: 1. I couldn’t see the sign telling me not to do it: 20.4 percent 2. […]
Healthy Competition
New York’s superintendent of financial services, Benjamin Lawsky, spoke recently about healthy competition. Before you get too excited about a new direction for the DFS, I should point out that he was talking about competition among financial regulators, not among insurance companies or other industry participants (see related article this issue). Speaking at a highly-regarded […]
The Time is Now!
Demographics, technology and advertising threaten the future of independent agents and brokers. As the client base ages and evolves their expectations, demands and buying patterns are changing as well. It’s influenced by the information consumers can obtain on the internet. The internet also offers 24/7 access for pricing and purchasing insurance. At the same time […]
One From Column “A”
Michael Loguercio
Face to Face
So my son Devin, who is a member of the NY Young Insurance Professionals and whom many of you know, tells me the other day that he is writing a paper for his junior year economics class at the University of Hartford, on counterfeit auto parts manufactured in China that find their way into our […]
Fraudulent Out-of-State Vehicle Registration Crackdown
By Betty Flood and Katlin Nash A LBA NY, N.Y.—The New York Stand Against Insurance Fraud endorsed a measure for the crackdown on rate evasion insurance fraud. New York State Senator Lee Zeldin (R, C, I- Shirley) has called for a crackdown on rampant auto insurance fraud being committed by New Yorkers who intentionally and […]
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Reinsurance Association of America Elects 2013-2014 Officers
WASHINGTON, D.C.—Tad Walker, President and Chief Executive Officer, PartnerRe North America, was elected chair of the Board of Directors of the Reinsurance Association of America (RAA) at the 45th Annual Meeting of Members on April 26, 2013 in Sea Island, Georgia. Elected to serve with Mr. Walker are vice chair Tad Montross, Chairman and Chief […]
Ring, Rhyme and Reason
In this issue of the Insurance Advocate we feature several different items worthy of note, not the least of which the names of those who are now elected to serve as volunteer leaders of the RAA and the IIABNY. We also feature a recent PIA survey’s results. In our last issue we presented a list […]
Disappearing Act
What do you do when you do not like the statutory format of a required report? The options would seem to be to comply with the reporting requirement, ignore the law and be punished for failing to comply, or change the requirement. If you are a licensed insurance company, broker, agent or other regulated entity, […]
$41.7 Million Liability Judgement Mediation for Disputed Sandy Claims More on Fund Transfer Fraud
Jerry Trupin
Exposures and Coverages
This is current events month. While the topics aren’t closely related, they’ve all been in the news or on my desk in the past month. $41.7 Million Liability Judgment for Injury to One Person The headline read: “Conn. Student Disabled On School Trip Wins $41.7 Million.”1 My first reaction: “Must have been an awful injury.” […]
Major Industry Events No Insurance Pro Should Miss
On June 6, the Long Island Insurance Division of the UJAFederation of New York’s 2013 Annual Dinner will take place at Shelter Rock Jewish Center in Rosyln, N.Y. I’m very excited about this event, not just because I co-chair it with my good friend, Justin Fries, who also sits on the PIANY board, but because […]
Senate Targets Auto Fraud
Senate Targets Auto Fraud ALBANY, N.Y.—The New York State Senate passed legislation to crack down on auto insurance fraud which has led to injuries, even death, for innocent victims and costs hundreds of millions of dollars a year in higher premiums when New Yorkers already pay some of the highest auto insurance rates in the […]
Google It!
Michael Loguercio
Face to Face
As you know from reading my column for so long, every so often I am fortunate enough to happen upon some very interesting information that I enjoy sharing with those of you who enjoy my work. Today is no different! With gratitude to the “Agents Council for Technology” and “ACORD Users Group Information Exchange” (ACT/AUGIE) […]
When Farm Animals Wander into the Road, Owner May Be Liable for Auto Accident
Hastings v Sauve We hold that the rule of Bard v Jahnke (6 NY3d 592 [2006]) does not bar a suit for negligence when a farm animal has been allowed to stray from the property where it is kept. Karen Hastings was injured when the van she was driving hit a cow on a public […]
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NYIA ANNUAL CONFERENCE
Addresses Most Pressing Issues in New York Sandy, impact of healthcare reform and latest in labor law among the topics discussed The New York Insurance Association (NYIA) 2013 Annual Conference featured a variety of sessions and events that covered the gamut of key issues the industry is currently facing in New York. More than 200 […]
Navigator.
Many of us attend seemingly endless board meetings, committee meetings, and council meetings; we may start to get bored, look at our cell phones, look out the window, get a water and generally get unwound by some of the monotony that is inherent in process driven circumstances. There are very few times in my life […]
Foil Redux
I have previously written about my efforts to fill some of the gaps in the annual report of the NY superintendent of financial services to the legislature and the governor through the use of Freedom of Information Law (FOIL) requests. As I reported, the result was a mixed bag – some success and some not so […]
A Free Ride?
Recently I was having a conversation with my adult sons and they started to complain about various issues and how someone ought to do something about them. I asked them why they thought someone else should be correcting things that had to do with them and they told me they don’t have time to do […]
A Dream and a Mouse
Michael Loguercio
Face to Face
As president of The Longwood Central School District Board of Education here where I live on Long Island, I have the privilege of presenting the welcome address to the graduating class at their graduation commencement ceremony. Although I try to make it as short and sweet as possible because I know that the kids do […]
Excess Lines Association Has No Power to Sue to Enforce Insurance Law Violations
ELANY vs. Waldorf & Assoc. In this action, the plaintiff Excess Line Association of New York (hereinafter “ELANY” or the “plaintiff ”) seeks an accounting of the defendants’ books and records and damages related to the defendants’ failure to report the placement of excess-line insurance policies and the defendants’ failure to pay premium taxes and […]
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PIANJ/PIANY Joint Annual Conference Proves Professional Agents are Stronger than Sandy
The Northeast’s biggest show in the industry returned to the Boardwalk and the Trump Taj Mahal Casino Resort in Atlantic City, N.J., on June 9-11, 2013. Some 2,000 agents, company representatives, exhibitors and other insurance industry professionals showed up to prove that the PIANJ/PIANY Joint Annual Conference is stronger than ever, even in the face […]
Worth the trip.
The Insurance Advocate has received several recent reports on the industry’s performance and on issues affecting insuring in New York, New Jersey, Connecticut and the rest of the country in some cases. The most eye-opening of the recent disclosures was a crackdown by the New York DFS on what it has termed “shadow insurance”. We […]
PIRP Burp DMV Pilot Program’s Effectiveness in Focus
ALBANY, N.Y.—The Point and Insurance Reduction Program (PIRP), approved by the Department of Motor Vehicles, is available through private companies or corporations, called “course sponsors,” throughout New York State. Each qualifying course must meet strict standards set by the DMV for the safe driving information presented and program effectiveness. The idea is simple; it is […]
Beauty is Skin Deep!
WOW! What a report! Full of colorful charts, graphs, statistics and other amazing stuff ! It is clearly a thing of beauty! I am referring – surprisingly – to the self-proclaimed “New York Liquidation Bureau – 2012 Annual Report,” which was announced by Superintendent Lawsky by press release on May 29th and at the same […]
I Wouldn’t Send a Knight Out on a Dog Like This
Michael Loguercio
Face to Face
So back in January I did an article on dog bites, and spoke to the reasons of why dogs bite, the frequency of claims, the severity of bites, and certain means of prevention. Well, with the dog days of summer just about upon us, and with homeowners carriers tightening their underwriting on homes that include […]
Professionals.
Over the past week and a half, I’ve kept quite the calendar! In fact, in just five days, I attended the UJA Long Island event and the PIANJ/PIANY Joint Annual Conference in Atlantic City. As I said in my last column, these are the two not–to–be missed events for any professional in our industry. These […]
No Bad Faith Liability for Insurer in Regard to Punitive Damage Award
Seldon v Allstate Ins. Co. Order, Supreme Court, New York County (Debra A. James, J.), entered April l9, 2012, which denied defendants Allstate Insurance Company and Allstate Insurance Co., Inc.’s (Allstate) motion for summary judgment dismissing the third cause of action, unanimously reversed, on the law, without costs, and the motion granted. The third cause […]
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Good, Bad, UGLY Looking back at Sandy and at Industry’s Readiness
In this issue of the Insurance Advocate, we present a testimony given by Ron Papa of Buffalo, in his capacity of Past President of the National Association of Public Adjusters to the N.A.I.C. This testimony is rather thoughtful and deserves reading as do the side bars with a look at hurricane and flood preparedness through […]
Cancel Liability Insurance the Day a Property is Sold? Secondary Dependent Properties NY WC Experience Split Point Change Approved as of 10/1/13
Jerry Trupin
Exposures and Coverages
The three topics this month are unrelated, but are all important. A perfect example of how diverse the insurance business is. Don’t Cancel Liability Insurance the Day the Property is Sold. Often producers, in a mistaken effort to provide outstanding service, cancel all insurance for an insured as soon as they learn that an insured […]
1776
Michael Loguercio
Face to Face
4th of July: barbeques roaring, cold ones popping, and fireworks lighting up the skies. We all know the history of Independence Day, but does anyone ever stop and think what happened after that day on July 5th (happy birthday, Mom!), or the days, months, and years after that? How we not only fought for our […]
Getting to know clients.
In this issue in the Insurance Advocate we pose the simple one word question “Ready?” We refer here to the lessons of Super Storm Sandy and to the prospect in the future of an industry’s preparedness in the wake of it. We present testimony of Ron Papa before the N.A.I.C., which has many searching ideas […]
Less Is Not More
The New York legislature ended its 2013 session in the wee hours of the morning on June 22nd. The next day Governor Cuomo issued a press release together with a 46-page end of session report titled “New York Rising” extolling the accomplishments of the Administration with the help of the legislature. The Governor’s end of […]
Session Round Up
ALBANY, N.Y.—Seventy nine insurance bills were introduced during the New York State Legislative Session. Only four of those bills were passed by both the Assembly and the Senate and sent to the Governor for his approval. Those four bills are: Senator James Seward (R, C, I-Cayuga) (S4327) and Assemblyman Phil Steck (D, Albany) (A6918) sponsored […]
For the Greater Good?
This article has not been easy for me to write. Because of my deep feelings, I have rewritten it several times over the last few days. The problem is, I feel very strongly about what I am saying and hope that you will take my passion into consideration and not be offended. Independent agents and […]
Legislative Victories for Agents, Who Face Stormy Season
The lazy days of summer are here and I am enjoying hearing about how my friends and associates are spending their time. My own grandsons are out of school at camp and there’s nothing I love to hear more than childhood memories they are creating. Many of my colleagues are taking family vacations and I […]
PPACA is Coming: Prepare for Next Year
By John Sarich In just six months, all health insurance exchanges must be certified and operational under the Patient Protection and Affordable Care Act (PPACA). The exchanges will open to consumers less than a year later, on Oct. 1, 2014. The move that carriers and agents alike have been awaiting with a mix of dread […]
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The More Things Change…
I’ve been writing this column for about a decade and I still haven’t run out of things to say. Some folks may suggest that this reflects my personality, but I believe it’s because the insurance industry—and particularly the field of professional, independent agents—is so multifaceted and dynamic that there is, literally, no end to the […]
I Don’t Need or Want Coverage!
As an underwriter and later as an agent, it was always hard for me to understand why consumers weren’t willing to buy “voluntary” insurance to protect them against loss. When I say “voluntary” insurance I am talking about coverage not mandated by law, mortgage holders or others with an insurable interest. Issues like flood insurance, […]
Late Summer Delight: Fishing for Acronyms
Many years ago I participated in a meeting at the old New York insurance department moderated by a relatively new deputy. A few minutes into the meeting the deputy interrupted the proceedings and declared: “No more acronyms!” The offending acronym was “Pru Re.” Pru Re, of course, is not an acronym – it is simply […]
Fattening Ingredients
As if the boundaries of exposure needed expansion, the American Medical Association has recognized obesity as a disease in the same vein that the American Psychiatric Association has diagnosed and reset a manual of mental disorders. What is happening is simple: more and more diseases, more and more illnesses are being translated into exposures for […]
If You See Something, Don’t Say Something!
Michael Loguercio
Face to Face
By now we all are very much aware that when it comes to insurance and privacy, just because you see something doesn’t mean you can discuss it with anyone who is not entitled to that information. This is especially true when it pertains to areas that are protected under the federal HIPAA laws. Effective September […]
Sandy Updates: $18.8 B and Counting; NFIP Plays by Its Own Rules; Cat Bonds & Sandy Should an Insured Report a Lead Abatement Order to Its Liability Insurer?
Jerry Trupin
Exposures and Coverages
We’ll start this month by looking at some recent developments related to Sandy and then examine a situation that tests my mantra that the first three steps in claims handling are: Report, Report, and Report. Sandy at $18.8 B and Counting The latest reports peg the insured damage from Sandy at $18.8 billion, excluding National […]
Major Policy Scam: AG Gets Conviction in MV Fraud Case
Two time fraudster Raja Ishtiaq was convicted after a five-week trial for his role in a massive scheme to fraudulently obtain commercial car insurance policies and New York City Taxi and Limousine Commission (TLC) licenses. Over a period spanning almost five years, the defendant and his co-conspirators fraudulently obtained thousands of dollars in discounted insurance […]
E-Commerce: Is the Insurance Industry Really Ready for Electronic Transactions?
Electronic transactions have been implemented in online banking, trading, credit card usage, airline transactions, medical records and federal court dockets. Despite this, and despite recent legislative and regulatory developments facilitating its use, the insurance industry lags other major consumer sectors in adopting e-commerce transactions. Those insurers who have implemented such practices, however, are doing so […]
Emanuel Levy 1918-2013
EMANUEL LEVY, Editor of the INSURANCE ADVOCATE, and vice president and treasurer of The Roberts Publishing Corp. passed away in Ann Arbor, Michigan on August 18, 2013. He was born in the Bronx, N.Y. on April 11, 1918 and was educated in the public schools of New York City. He was graduated from Brooklyn College […]
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2013/ Past Issues/ September 09
Signed Into Law…
Albany, N.Y.—New legislation has been signed into law. Legislation restricting the supervision of state licensed real estate appraiser assistants has been signed into law by Governor Andrew M. Cuomo of the laws of 2013. The law became effective on July 1, 2013. “The new standards had to be adopted by state appraisal programs by July […]
2013/ Past Issues/ September 09
Attorney’s Rhetorical Question in Appellate Brief Does Not Amuse the Court
Promed Durable Equip., Inc. v GEICO Ins. Appeal from an order of the Civil Court of the City of New York, Kings County (Lisa S. Ottley, J.), entered October 25, 2011. The order, insofar as appealed from, denied defendant’s cross motion for summary judgment dismissing the complaint and found, in effect, that plaintiff had established, […]
2013/ Past Issues/ September 09
New York Retirees AT RISK DFS Audit Hits State Pension Technology
The Department of Financial Services (DFS) released the first in a series of audits on the New York State Common Retirement Fund (CRF). The audit uncovered serious information technology problems at the Office of the State Comptroller (OSC) that are putting retirees and taxpayers at significant risk. To help address these problems, DFS – the […]
2013/ Past Issues/ September 09
Failure to Defend Insured Stops Insurer from Pleading Exclusion Must Vandalism Be Directed at the Insured to Trigger Coverage? Is Delivery of Policy to the Wholesale Broker Delivery to the Insured?
Jerry Trupin
Exposures and Coverages
This month we’re going to look at three cases that may change the way you view insurance coverage. Two of them involve the New York Court of Appeals, which seems to be coming down on the insured’s side more frequently than in the past. And at the end we’ll quickly look at an item that […]
2013/ Past Issues/ September 09
It’s None of Your Business…Social Business, That is!
Michael Loguercio
Face to Face
You hear it every day, social networking: Facebook (which by the way has now climbed over its IPO price and is increasing every day!) Twitter, Tumbler, LinkedIn, Instagram…where does it end? Guess what? It doesn’t…it just keeps growing! Two new key trends that we are now seeing are “social culture” and the “connected society” which […]
2013/ Past Issues/ September 09
Robust Bust
Are you as tired as I am of hearing the word “robust”? Everything is robust. You have a wine, it’s robust, you have fans at a baseball game who are robust, you have a new suit hanging on the rack at Brooks Brothers and the sales clerk tells you the color is robust. And on […]
2013/ Past Issues/ September 09
D & O Cover for Associations Presents Challenges
In the Community Association world, Directors and Officers Liability Insurance is a must. Community Associations, such as Condominium Associations, Homeowners Associations, and Co-ops, present a unique set of challenges to insurance brokers. Education is a key component to understanding these challenges and it is the insurance broker’s job to educate and explain the types of […]
2013/ Past Issues/ September 09
Gone, But Not Forgotten!
You may have heard the huge sigh of relief coming from Downtown Manhattan in early August, particularly from the William Street offices of the New York Liquidation Bureau. On August 8th the decades long failed rehabilitation of Executive Life Insurance Company of New York (ELNY) finally ended and it was officially liquidated. Not only was […]
2013/ Past Issues/ September 09
MSO® Partners with Nexxus Solutions Group
Glen Rock, N.J.—MSO®, Inc. (The Mutual Service Office, Inc.) has announced that they have partnered with Nexxus Solutions Group. Based in Orlando, FL., Nexxus Solutions Group, LLC is a managed repair network servicing the Insurance Industry and their customers. Nexxus Solutions Group’s national network encompasses mitigation companies, contractors and service providers, who mitigate, repair or […]
2013/ Past Issues/ September 09
Are Your Clients Raving Fans?
My last 2 blog posts at IIABNY have been about establishing the value of buying protection from an independent agent. Having consumers appreciate that value takes the decision on where to buy coverage out of the realm of just price. Technology has allowed price sellers who deal directly with consumers over the internet to offer […]
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2013/ Past Issues/ September 23
Negative Developments
Technology is a wonderful thing. It makes our lives easier and our businesses more efficient; it continuously provides us with the ability to do things we never would have been able to do before; and it solves problems. It builds businesses and provides jobs. But, we have to keep up with it. Often, it seems […]
2013/ Past Issues/ September 23
The Too Honest Jeweler
The story that follows is based on fact. The names, places and descriptions have been changed to protect the guilty. This story was written for the purpose of providing insurers, those in the insurance business, and the insurance buying public sufficient information to recognize and join in the fight against insurance fraud. The jeweler had […]
2013/ Past Issues/ September 23
State Producer Licensing: Going, Going . . . ?
Over the past several decades I have assisted a number of small to midsized brokerage firms with licensing and disciplinary matters with their State regulators. The majority of these matters involved inadvertent licensing lapses through inadequate record keeping and monitoring rather than juicier issues like improper placements or premium trust account mismanagement. In the past […]
2013/ Past Issues/ September 23
ObamaCare is about Your Money, Not Your Health
By Marilyn M. Singleton, M.D., J.D. The politics of selling the Affordable Care Act (ACA) focuses on promising health and wellness. Somehow, having “coverage” is supposed to get you to a primary care doctor, who will keep you healthy. And if he doesn’t, he will be held accountable by not being paid. The fact is […]
2013/ Past Issues/ September 23
Retirement: Better Than It Used to Be
By Sharon Emek, Ph.D. Can there be too much of a good thing? When it comes to retirement, yes. Abe Lemons, a college basketball coach from the 1950s through the 1980s, once said: “The trouble with retirement is that you never get a day off.” For working stiffs, it seems an impossibility that you could […]
2013/ Past Issues/ September 23
Class.
In this issue of the Insurance Advocate, we present PIANY’s new slate of officers for 2013-2014 and congratulate each of them for their service to date to their peers. We look forward to confirming the truth of “the best is yet to come”… PIANY cited Assemblyman Cahill for his service to the association and the […]
2013/ Past Issues/ September 23
A.G. Schneiderman Announces Sentencing of Former Insurance Agent
Defendant Sentenced to Up to Six Years on Prison, Ordered to Pay Full Restitution to Victims POUGHKEEPSIE, N.Y.—Attorney General Eric T. Schneiderman announced the sentencing of a former Saratoga County insurance agent who defrauded an elderly couple of more than $300,000 over the course of a nearly eightyear period. Joseph A. Marvullo, 64, of Porter […]
2013/ Past Issues/ September 23
DWD Driving While Distracted Tech Age Kids Sound Alert
The results of a new “distracted driving” study conducted by New Jersey auto insurance group, Plymouth Rock Assurance has been released on the heels of a recent New Jersey court ruling finding that the sender of text messages, who knows that the recipient is driving and texting, may be held responsible for distraction and liable […]
2013/ Past Issues/ September 23
Matter of Hronich v. Con Edison
Albany, N.Y.—The New York State Court of Appeals heard the case brought by Antonio Hronich’s widow Gaudenzia Hronich against his former employer Con Edison Company of New York, Inc., Sedgwick Claims Management Service, Inc., and N.Y.S. Workers’ Compensation Board and the Special Disability Fund. Antonio Hronich, a long-time employee of Consolidated Edison, was diagnosed in […]
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Homeowner’s Policy Provides No Coverage to Insured for Spouse’s Wrongful Death Claim
Homeowner’s Policy Provides No Coverage to Insured for Spouse’s Wrongful Death Claim Matter of Randall S. Courtney v Dryden Mut. Ins. Co. Plaintiff is the administrator of the estate of Randall Courtney. He commenced this action seeking a declaratory judgment that defendant is required to defend and indemnify him in an action that arises from […]
GUEST VIEW – A LETTER TO THE DMV
FROM: William Bonds, President Danielle Philp, Education Director EMPIRE SAFETY COUNCIL DATE: October 1, 2013 TO: Honorable Andrew M. Cuomo , New York State Governor, The Executive Chamber Barbara J. Fiala, Commissioner, NYS Department of Motor Vehicles The Hon. Dean G. Skelos, Temporary Senate President, New York State Senate The Hon. Sheldon Silver, Speaker, […]
NAIC Update on Insurance Industry Investment Portfolio Asset Mixes
Guest Author
In The Associations
NAIC Update on Insurance Industry Investment Portfolio Asset Mixes By the Capital Markets Bureau of the NAIC NEW YORK, N.Y.—The asset mix of an insurance company’s investment portfolio varies over time based on different influences, including both macroeconomic and industry-specific factors. The general state of the global economy, industry trends, market events and the political […]
Outpouring
Outpouring Thanks to so many readers who expressed their heartfelt sympathy on the passing of Manny Levy, long time editor of this publication. We feature one letter below from Stewart Fries, a longtime friend of this publication and a close associate of Manny’s, particularly in this publication’s advocacy for the straightening out of the […]
Yes, Deer!
Michael Loguercio
Face to Face
Yes, Deer! So how many times have you said those words…or have had them whispered to you, in a soft, meager, and meek tone of voice? Well guess what?! It’s that time of year that you will be hearing it quite often…or maybe even saying it yourself! Rutting season, as it is known, is the […]
The Wonderful World of Annuities
The Wonderful World of Annuities Picture the child sent out to play in the snow so bundled up with layers upon layers of protective clothing that the child is barely able to move or to enjoy the experience. Keep that picture in mind if you want to buy an annuity in New York. The statutory […]
New York Second in Nation For Questionable Workers’ Comp Claims; First Niagara Benefit Consulting Named Top Producer by The Business Council of New York State
New York Second in Nation For Questionable Workers’ Comp Claims Albany, N.Y.—New York is second in the nation, only behind California, for questionable workers compensation insurance claims. New York jumped to second in 2012 from fifth in 2011. “Workers compensation insurance fraud is a serious problem in New York,” Ellen Melchionni, president of the New […]
Big “I” Presents Best Practices Awards to Companies
Big “I” Presents Best Practices Awards to Companies ALEXANDRIA, Va.—The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) presented insurance carriers CNA, Central Insurance Companies, EMC and Travelers with the its Best Practices Award of Excellence at the recent education convocation held in conjunction with the Big “I” Leadership Conference in […]
Insurance Lessons Learned from Sandy: Steps to Share with Your Business Clients
Insurance Lessons Learned from Sandy: Steps to Share with Your Business Clients NEW YORK, N.Y.— The difficulty many businesses had reopening after Hurricane Sandy is a reminder of the importance of having a disaster recovery plan and the right type and amount of insurance, according to the Insurance Information Institute (I.I.I.). In fact, the I.I.I. […]
LETTERS
Steve: It was very sad to hear of Manny’s passing…even at age 95… Manny was one of my heroes in the Insurance industry. There were many times he stood up to the higher powers, against what he thought was wrong, and he wasn‘t afraid.. Thirteen years ago, I had the great honor and privilege, to […]
You Wouldn’t Take a Trip Without a Map or GPS
You Wouldn’t Take a Trip Without a Map or GPS As we enter the last quarter of 2013 it’s time to make that final push for production and to start the planning process for 2014. The day to day operation of an insurance agency is pretty hectic and it’s not easy to find the time […]
Q&A with… F. Glen Gabriel CEO, Bender Insurance
Q&A with… F. Glen Gabriel CEO, Bender Insurance Access General Agency Coming on Strong for Brokers In our ongoing survey of activities in the business, we have come to the conclusion that some general agencies are enjoying their success and standing “pat” while others are actively seeking new brokers, providing them fresh access to top […]
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MEDMAD Outlook: Profits Flatlining Amid Changes
Conning and Company’s work provides the insurance industry with some of the most valuable research and observations available. In the report below we present their outlook on Medical Malpractice for the coming years. The original report was entitled Medical Professional Liability – Looming Threats to Solid Performance 2013 from which we extract a summary and […]
Harold Lee & Sons @ 125
Harold Lee & Sons @ 125 Harold Lee & Sons is a credit in a number of ways to the Independent Agency and Brokerage system, but most of all, to the fact that this agency has survived and prospered marvelously as a uniquely ethnic agency, is testimony to the enormous opportunity this country provides. For […]
Big “I” Scores McKinsey Report as “Off Base” on Independent Agency System
Big “I” Scores McKinsey Report as “Off Base” on Independent Agency System ALEXANDRIA, Va.— Robert Rusbuldt, Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) president & CEO, finds serious flaws with much of a recently released study titled “Agents of the Future: the Evolution of Property and Casualty Insurance Distribution” by […]
Interpleader
Interpleader When an Insurer Must Interplead Funds When an insurance company is faced with competing claims for the proceeds of a life insurance policy and cannot determine which claim is proper, it may deposit the benefits of the policy into court and ask that the competing interests litigate the right to the proceeds. Since it […]
PIANY Honors Ryan with the Hudson Valley RAP Distinguished Insurance Service Award
PIANY Honors Ryan with the Hudson Valley RAP Distinguished Insurance Service Award GLENMONT, N.Y.—The Professional Insurance Agents of New York State Inc. is presenting Kevin M. Ryan, CIC, CPIA, with its Distinguished Insurance Service award at its 10th Hudson Valley Regional Awareness Program. This award is presented to individuals in the insurance industry who have […]
Health Insurance Marketplace Certification Course
Health Insurance Marketplace Certification Course ALBANY, N.Y.—Following up on their earlier success, The Independent Insurance Agents and Brokers of New York (IIABNY) and the New York State Association of Health Underwriters (NYSAHU) have announced another joint project to certify insurance producers for the state’s new individual health insurance marketplace. The organizations are offering a course […]
DFS Announces Ban of Harbinger Capital’s Philip Falcone From Involvement in Operations of All New York-Licensed Insurers, Including Fidelity New York
DFS Announces Ban of Harbinger Capital’s Philip Falcone From Involvement in Operations of All New York- Licensed Insurers, Including Fidelity New York Fidelity New York Also Agrees to Put in Place Enhanced Policyholder Protections – Modeled on Those DFS Established at Other Insurance Firms Owned by Private Equity Companies NEW YORK, N.Y. – Benjamin M. […]
Reflections During a Difficult Time
Reflections During a Difficult Time Iam writing this article at the end of a difficult week for me. I attended the wake and services for my long-time friend and assistant, Roberta. It’s difficult to describe the depth and importance of the relationship Roberta and I shared. I was lucky enough to hire my Roberta 45 […]
Ethics, Conflicts and Justice Stewart
Ethics, Conflicts and Justice Stewart Being against ethical standards in our business is like being against apple pie or ice cream! Rooting for conflicts of interest is like a Yankee fan rooting for the Red Sox! We all have rules that must be followed in our business and professional lives. These rules are generally set […]
Are We Becoming Ethical in Spite of Ourselves?
Are We Becoming Ethical in Spite of Ourselves? By John R. DiForte, MBA, CPCU Radical shifts in technology are leading to greater transparency in our daily lives. Any time we use an electronic device, we leave a record that can be searched, cross-referenced, duplicated, and potentially shared. This knowledge of transparency often leads to increased […]
Flood Insurance Gaps More on Duty-to-Defend Case Is Email a Written Record of Settlement?
Jerry Trupin
Exposures and Coverages
Flood Insurance Gaps More on Duty-to-Defend Case Is Email a Written Record of Settlement? Is there a Leak in Your Insured’s Flood Coverage? If you’re providing that coverage for your insureds, pat yourself on the back; if you were doing it before Sandy, stand up and take a bow. If your insured requires limits higher […]
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2013/ November 11/ Past Issues
COVER STORY: Comp Costs Climbing
Albany, N.Y.—New York State increased its maximum workers’ compensation benefits significantly in 2007, but the perception that higher benefits explain New York’s high overall comp costs is inaccurate, a new analysis of the state’s workers’ comp benefit levels show by the Workers’ Compensation Policy Institute. the Workers’ Compensation Policy Institute. “There does not appear to […]
2013/ November 11/ Past Issues
LOOKING BACK
[LOOKING BACK… Insurance Advocate, 25 years ago]
2013/ November 11/ Past Issues
When Is A Letter is a Suit?
When Is A Letter is a Suit? Ninth Circuit: A State Can Insert a Definition Into a Policy After It Expired The Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq. (“CERCLA”), establishes a retroactive strict liability regime that imposes joint and several liability upon past and current landowners or operators […]
2013/ November 11/ Past Issues
Imaginary Games
Imaginary Games Sports broadcasting legend, Bill Mazer, died recently. Mazer was one of the pioneers of sports radio talk show, with a career spanning 60 years – 40 in the Metropolitan New York area including 20 years hosting “Sports Extra” on WNEW-TV. Mazer was known particularly for his encyclopedic memory for all kinds of sports […]
2013/ November 11/ Past Issues
PIA Management Services Partners with FloodBroker.com
PIA Management Services Partners with FloodBroker.com GLENMONT, N.Y.—PIA Management Services Inc. announced it has partnered with Rochester, N.Y.-based FloodBroker.com to offer member agencies a unique sales tool to facilitate the sale of flood coverage and provide critical documentation of the agency’s efforts to do so. This exclusive agreement will provide members of the Professional Insurance […]
2013/ November 11/ Past Issues
Big “I” 2013 Best Practices Study Released
Big “I” 2013 Best Practices Study Released ALEXANDRIA,Va.,—The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) has released its 2013 Best Practices Study which found an increase in agencies with specializations, expansion of technology investment and an increase in profitability across most of the study’s six revenue groups. “The results of […]
2013/ November 11/ Past Issues
One or Two – It’s Your Call
One or Two – It’s Your Call Independent agents and brokers face many challenges today. In the personal insurance arena competition is fierce and the choice that dealing with an independent agent provides also creates its greatest liability, as working with multiple companies creates increased agent/broker costs, workflow issues and a lack of carrier support […]
2013/ November 11/ Past Issues
A wave of sentiment…
A wave of sentiment… As we go to press, a wave of sentiment is washing up in Washington to advocate the extension of TRIA and the results, so far, seem to be favorable for the insurance community which, not ordinarily in favor of Government intervention the business, sees this particular backstop as an important one […]
2013/ November 11/ Past Issues
Applied Systems Donates $30,000 to InVEST
Applied Systems Donates $30,000 to InVEST ALEXANDRIA, Va—InVEST, the insurance industry’s premier classroom- to-career education program, is pleased to announce that Applied Systems has donated $30,000 to the program. “Applied Systems’ commitment to the InVEST program with this generous gift of $30,000 will help create a career path for the next generation of insurance professionals […]
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2013/ November 25/ Past Issues
Lessons Learned After Sandy and Possible Ways to Strengthen New York
AFTER SANDY: 35 POINTS Lessons Learned After Sandy and Possible Ways to Strengthen New York New York is not known as an epicenter for natural catastrophes. In 2011, tropical storms Irene and Lee caused widespread flooding in upstate New York. Entire communities were washed away. New Yorkers had not seen such dire circumstances in years. […]
2013/ November 25/ Past Issues
When Will Agents Be Represented Fairly as “Good Guys?”
When Will Agents Be Represented Fairly as “Good Guys?” Perhaps it’s the time of year, but over the last month or so, I’ve been particularly sensitive to the constant image challenge agents face as scapegoats and fall guys. Agents take false and undeserved hits from all directions all the time: primarily from ubiquitous direct-writer ads, […]
2013/ November 25/ Past Issues
Harold Lee & Sons Celebrates 125th Year
Harold Lee & Sons Celebrates 125th Year Museum of Chinese in America (MOCA) Marks Lee Agency’s and Family’s History – The Lee Family of New York Chinatown Since 1888 It is rare that an independent insurance agency makes it into a Museum, but Harold Lee and Sons is itself a rarity. To mark its 125th […]
2013/ November 25/ Past Issues
One Secret of Real Success
One Secret of Real Success Tis the season for taking a long view of our work and our goals. Lancer’s Dave Delaney offered a nice approach to his and his Company’s success: “We are now approaching thirty years since we bound our first policy. To survive on the underwriting side of this business, you have […]
2013/ November 25/ Past Issues
Patrick Woods Receives Rodermund Service Award from CAS
Patrick Woods Receives Rodermund Service Award from CAS JERSEY CITY, N.J., Patrick Woods, assistant vice president and actuary at ISO Insurance Programs and Analytic Services, has been awarded the 2013 Matthew Rodermund Service Award by the Casualty Actuarial Society (CAS). ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). Woods […]
2013/ November 25/ Past Issues
New York Insurance Association Elects 2014 Officers and Board of Directors
New York Insurance Association Elects 2014 Officers and Board of Directors LATHAM, N.Y.—The New York Insurance Association (NYIA) elected its 2014 officers and board of directors at the association’s Annual Meeting in November. The following officers were elected for a one-year term ending Dec. 31, 2014: Chair: Bernard Turi, senior vice president, Utica National Insurance […]
2013/ November 25/ Past Issues
Guest View: CARCO Exec. Responds to Insurance Advocate Columnist Re: Reg 79
CARCO Exec. Responds to Insurance Advocate Columnist Re: Reg 79 By Jim Owen, President, CARCO Arecent article in the “Advocate” proposing repeal of the New York vehicle photo inspection regulation (“Regulation 79”) should be welcomed by those that steal cars, sell cars that were damaged by Superstorm Sandy, and prey upon unsuspecting consumers. Contrary to […]
2013/ November 25/ Past Issues
GNY’s Heck Reflects Upon Sandy and the Industry’s Role at New York’s CPCU Conferment
GNY’s Heck Reflects Upon Sandy and the Industry’s Role at New York’s CPCU Conferment Mr. Warren Heck, Chairman of the Greater New York Insurance Group, addressed the New York Chapter of CPCU at its Annual Conferment on November 15th, 2013. He reflected on the industry’s response following hurricane Sandy and on TRIA. Mr. Heck, who, […]
2013/ November 25/ Past Issues
Back Seat Passenger Unties Driver’s Bikini Top, Causing Her to Lose Control; No Liability Per Emergency Doctrine
Back Seat Passenger Unties Driver’s Bikini Top, Causing Her to Lose Control; No Liability Per Emergency Doctrine Pelletier v Lahm After a defense verdict from a Rockland County jury, plaintiff moved to set aside the verdict, which was denied, and plaintiff appealed. The Appellate Division affirmed. The Supreme Court properly denied the plaintiff’s motion pursuant […]
2013/ November 25/ Past Issues
No Opposition Fatal
No Opposition Fatal No Insurance Policy Covers Every Possible Risk of Loss Clark and Nancy Sadler appealed a summary judgment granted in favor of Texas Farm Bureau Mutual Insurance Companies (“Farm Bureau”) on the Sadlers’ Deceptive Trade Practices- Consumer Protection Act (DTPA) claim. The Sadlers sued Farm Bureau for breach of contract and violations of […]
2013/ November 25/ Past Issues
User Unfriendly
User Unfriendly We all complain about regulations. Grousing about excessive, intrusive, costly, ineffective, unnecessary, time-consuming, and annoying regulations is an apparent birthright given the amount of time and energy we often spend on the subject. We who work in the insurance industry have the added joy of participating in a “regulated” industry, which means that […]
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Cellar Stairs Accessed by Sidewalk Trap Door are Not Covered by Building Code
Cellar Stairs Accessed by Sidewalk Trap Door are Not Covered by Building Code Bautista v 85th Columbus Corp. Defendants move (1) for summary judgment pursuant to CPLR 3212 dismissing the first cause of action of the complaint against all defendants, and (2) to dismiss the second cause of action for failure to state a cause […]
Reg. 79: Opinion
Reg. 79: Opinion As we move into 2014, a number of things are still unresolved that deserve attention from regulators and legislators; a number of other issues and other news items have come across our desk as the old year waned that we would like to comment upon. First, the big news these past two […]
Resolutionary Wars
Resolutionary Wars The marking of a new year – whether it be January 1st, the Chinese New Year, the Jewish New Year, or any other iteration of a new beginning, is the only major holiday in most societies celebrating the passage of time. January 1st as the beginning of a new year, of course, is […]
Leasehold Interest Insurance Court of Appeals: VMM& Sec 240 Decisions Super Bowl & the Weather Outside is Frightful
Jerry Trupin
Exposures and Coverages
Leasehold Interest Insurance Court of Appeals: VMM& Sec 240 Decisions Super Bowl & the Weather Outside is Frightful This month, I want to expand my previous discussion of two problems: leasehold interest insurance and the definition of vandalism and malicious mischief, plus take a look at another NY Court of Appeals case. I’ll wind up […]
Demotech Co-Founder Named One of Twenty People to Know in Insurance
Demotech Co-Founder Named One of Twenty People to Know in Insurance The employees of Demotech are pleased to report that our President and co-founder, Joseph L. Petrelli, has been named one of twenty people to know in insurance by Columbus Business First. In a Central Ohio insurance community consisting of more than 50,000 insurance professionals […]
BIG “I” RESPONDS TO FIO REPORT
BIG “I” RESPONDS TO FIO REPORT WASHINGTON, D.C.—The Independent Insurance Agents & Brokers of America (the Big “I”) commended the U.S. Department of Treasury’s Federal Insurance Office (FIO) for the release of the long-awaited report on “How To Modernize And Improve The System Of Insurance Regulation In The United States.” “The Big ’I’ has been […]
Sit On Your Rights – Lose
Sit On Your Rights – Lose Arbitration Award Affirmed Plaintiff, Excelsior Insurance Company (“Excelsior”), appealed from a trial court order confirming an arbitration award issued in favor of defendant, One Beacon Insurance Company (“Beacon”). Both Excelsior and Beacon are members of Arbitration Forum, Inc. (“AFI”), and signatories to its arbitration process. Special arbitration under AFI […]
LOOKING BACK… Insurance Advocate, 25 years ago
[LOOKING BACK… Insurance Advocate, 25 years ago]
Michael A. Zarcone to Chair LICONY
Michael A. Zarcone to Chair LICONY At its Annual Meeting in early December the Life Insurance Council of New York, Inc., (“LICONY”), elected Michael A. Zarcone to serve as Chairman of the Board of Directors for 2014. Mr. Zarcone is Chief of Staff, Office of the Chief Executive Officer, and Head of Corporate Affairs for […]
Evan Greenberg Receives IFNY Free Enterprise Award
Evan Greenberg Receives IFNY Free Enterprise Award 400 Leaders and Top Professionals Hear NAIC’s Nelson and Supt. Lawsky The Insurance Federation of New York held its 99th Annual Luncheon to celebrate its 100th Centenial Year at Cipriani’s on Wall Street in November, attracting 400 insurance leaders and professionals for what amounted to a somewhat […]
Washington has it Backward on Defunding ObamaCare
By Janet M. Orient, M.D. Washington has it Backward on Defunding ObamaCare Defunding ObamaCare does not really require an active decision by the U.S. House of Representatives. It is the default option— as in what happens if you don’t do something. Constitutionally, the people’s House holds the government’s purse strings. It does not need to […]
NYIA Wrap up: Property & Casualty Industry Gears Up for 2014 as NYIA sets Priorities
NYIA Wrap up: Property & Casualty Industry Gears Up for 2014 as NYIA sets Priorities The New York Insurance Association (NYIA) held its 2013 Annual Meeting on November 14 in Latham, New York. The meeting included a Legislation and Regulation Committee Meeting, two informative presentations and a business meeting. The highlight of the event was […]
FIO Long Awaited Report Calls for “Hybrid” Regulatory System
By Mike Nelson and Susan Stead, Nelson Levin FIO Long Awaited Report Calls for “Hybrid” Regulatory System Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the industry. The Federal Insurance Office […]
