2014
2014 Issues - Click to View
-
$4M to Fight Fraud
$4M to Fight Fraud Over the past few years we have tried to assess the impact of Governor Andrew Cuomo on the insurance business and on the environment that affects the insurance business in New York State. This has not been simple. On the one hand we have what we find to be a tendency […]
Click on the Dotted Line!
Michael Loguercio
Face to Face
Click on the Dotted Line! So tell me if this has ever happened to you in your office: you get a telephone call from a prospect, or perhaps it was an email lead that you obtained via your “Get an auto or homeowners quote” button on your agency website or Facebook fan page, and immediately […]
Herzl Regins v. Hospitals Insurance Company
By Betty Flood and Katlin Nash Herzl Regins v. Hospitals Insurance Company Albany, N.Y.—New York State Court of Appeals Chief Judge Lippman and Judges Graffeo, Read, Smith, Pigott, Rivera, and Abdus-Salaam decided the case of Herzl Ragins v. Hospitals Insurance Company in favor of the defendants. Plaintiff brought this action for breach of an insurance […]
Insurance Advocate’s Enterprise of the Year 2013
Insurance Advocate’s Enterprise of the Year 2013 MSO Sets Expansion, Member Services Goals “Fresh” is the best word to describe MSO today. Fresh can mean a lot of things, but the Insurance Advocate’s Enterprise of the Year has taken this word to a new level. MSO, Inc., formerly known as Mutual Service Office, started life […]
The Team at MSO
The Team at MSO A Complete Team Listing: Jan Scites, J.D., CLU, ChFC CEO & President Jan Kozlowski V.P., Insurance Programs & Regulatory Compliance Ian McKechnie V.P., Actuarial Services Missy Krepps Senior Product Development Analyst Jane McGraw Product Development & Statistical Reporting Analyst Sue Quimby Director, Client Relations & Training; Senior Product Development Analyst Megan […]
PROFILE
Insurance Advocate Cover Story
Jan Scites, J.D., CLU, ChFC Ms. Scites is currently CEO of MSO, Inc., the New Jersey based Property and Casualty Rating Bureau that provides policy forms, rates, commercial inspections, and state filing services. Prior to MSO, Inc., Ms. Scites held several senior management positions at AT&T, including Vice President, Broadband and Corporate Strategy, and Vice […]
Leadership: MSO Board of Trustees
LEADERSHIP MSO Board of Trustees Donald Applegate has been a Trustee of MSO since 1997 and Chairman of the Board since January 2013. He is actively involved with the Board in setting strategic direction for MSO. In 1996, Don was named President and CEO of Farmers of Flemington Insurance Company and has been a Director […]
MSO, Inc., Subscribing Companies
MSO, Inc., Subscribing Companies Allegany Co-op Insurance Co. Bedford Grange Mutual Insurance Co. Briar Creek Mutual Insurance Co. Cumberland Ins. Co. Cumberland Mutual Fire Ins. Co. Delaware Grange Mutual Insurance Co. Farmers Insurance Company of Flemington Farmers’ & Mechanics’ Mutual Ins. Assoc. of Cecil County Farmers’ Mutual Fire Ins. Co. of Marble, PA Farmers Mutual […]
Reacting to Change
Reacting to Change This started out to be a simple article on independent agents and brokers having a plan in 2014. Every time I wrote a draft it felt wrong. I knew what I was saying as I wrote was accurate and necessary but it wasn’t what I really wanted to say. My words where […]
Warning Shots
Warning Shots Don’t you just love the flexibility of the English language? Although annoying to many purists (and often to the sensitivity of our ears) English is always adapting and moving with current times. Even the Oxford English Dictionary has accepted this flexibility by adding current usage into its venerable pages, often the result of […]
Managing General Agency vs. Insurance Company Disputes: Why Does History Continue to Repeat?
Managing General Agency vs. Insurance Company Disputes: Why Does History Continue to Repeat? By Dale C. Crawford For the potential arbitrator or consulting expert, the phone call always goes in one of two distinct directions. As soon as the caller identifies him/herself as an attorney, the conversation quickly turns to the business at hand: I […]
-
2014 PERSONAL LINES OUTLOOK Achieving profitability through excellence in underwriting… A SPECIAL REPORT
By Dax Craig, President and CEO, Valen Analytics There appears to be violent agreement that 2014 is the year of advanced technology, data and analytics in insurance. Of course, these kinds of prognostications don’t sneak up on anyone. A convergence of growing organizational eagerness and sophisticated tools is allowing momentum to build for the next […]
ForeWord
WC Exposure; Digital Future; New Faces in High Places Liberty Mutual appears to be slowing down its workers’ compensation business as it announced the sale of Summit Holding and related companies to American Financial Group Inc. Liberty Mutual, according to SNL, had already been ceding market share in 2013, with Travelers Cos. Inc. writing more […]
The Joy of Ownership
The Joy of Ownership (The following story is total fiction – except for the parts that aren’t) Congratulations! You just won tens of millions in the lottery, and after 20+ years in the [claims/underwriting/ actuarial/program/brokerage/other – pick one] side of the insurance business, you can now retire from active participation in the business. Your good […]
Love Will Keep Us Together, but Obamacare May Not
Michael Loguercio
Face to Face
Love Will Keep Us Together, but Obamacare May Not Those of us who were around in the 70’s most likely remember the song, “Love Will Keep Us Together” from the duo of “The Captain and Tennille”. Well, after 39 years of marriage, their ship is sailing and they are both not aboard. “Why?” you may […]
IIABNY: New York Health Insurance Exchange Offers Consumers Fewer Options, Less Comprehensive Coverage
IIABNY: New York Health Insurance Exchange Offers Consumers Fewer Options, Less Comprehensive Coverage Association director Jack Smith tells Senators exchange plans ‘not a viable option’ for customers New York’s health insurance exchange offers consumers and business owners fewer plan options and narrower choices of health care providers, IIABNY told state senators. Jack Smith, an IIABNY […]
NY State Bond Issue to Cover WC Trust Claims
NY State Bond Issue to Cover WC Trust Claims New York State issued $370 million in bonds to assist businesses in failed group self-insured trusts to fulfill their obligations to their injured workers. The bonding is made possible by the 2013 Business Relief Act, which authorizes the Workers’ Compensation Board to use the proceeds to […]
New York State Insurance Fund Elects Eric Madoff
Kaitlin Nash In The Associations
New York State Insurance Fund Elects Eric Madoff By Katlin Nash The New York State Insurance Fund Board of Commissioners has elected Eric Madoff as its Executive Director. Mr. Madoff joins the Fund from the New York State Department of Financial Services (DFS), where he served as Chief of Staff from 2011 to 2013 where […]
Kelly Norris Named Executive Director for Northeastern PIA
Kelly Norris Named Executive Director for Northeastern PIA Kelly K. Norris, CAE, has been named executive director of the Glenmont, N.Y.-based Professional Insurance Agents associations of Connecticut, New Hampshire New Jersey, and New York State, and their affiliated organizations. She succeeds Diane Fowler who retired January 1st and is latest in a long line of […]
Resolutions
Resolutions We all make resolutions this time of year … some of us with more success than others. In fact, by the time this article reaches your desk, many resolutions will have been broken already. I, personally, have resolved to lose five pounds and I’ve already broken my resolution to exercise more. In the big […]
Cahill Appointed to the NCOIL Executive Committee
Cahill Appointed to the NCOIL Executive Committee Albany, NY—Assemblyman Kevin Cahill (DUlster, Dutchess) has been selected to serve on the Executive Committee for the National Conference of Insurance Legislators (NCOIL). NCOIL is a non-profit agency founded in 1969 to promote sound insurance public policy, which is centered around model legislation. It offers state legislators a […]
NYPIAA Hails Cuomo Signature of New Law
NYPIAA Hails Cuomo Signature of New Law The New York Public Insurance Adjusters Association has applauded Governor Cuomo for enacting into law legislation which it says “promises to help consumers make better choices when hiring a public adjuster and contractor in the event of a fire, flood or other catastrophe.” The new law will prohibit […]
Insured Must Pay Premium to Effect Insurance
Insured Must Pay Premium to Effect Insurance If Judge Doesn’t Believe You – You Lose Mark Brooks appealed from a judgment of the Superior Court in favor of Massachusetts Mutual Life Insurance Company (MassMutual) following a jury-waived trial. At trial, Brooks asserted that MassMutual made misrepresentations to him regarding his obligation to make premium payments […]
GUEST OPINION: We Need Doctors Who Are Out of Control
We Need Doctors Who Are Out of Control By Alieta Eck, M.D. We constantly are told that “while ObamaCare might not be perfect, the right has not come up with a better plan.” Is it possible that we do not need a “plan” at all? Think about it. Has the federal government set up a […]
IN MEMORIAM: Eugene Wollan
Eugene Wollan By Steve Acunto The sad news of Gene Wollan’s passing reached this office on the wintry morning of February 3rd. The Times obituary reported in simple terms that he died at home after a long illness, with his family at his side. We hope it was peaceful for him, a great friend of […]
Insurance Industry Leaders See a Yes, a No and an Appetite for Regulation Ahead
Insurance Industry Leaders See a Yes, a No and an Appetite for Regulation Ahead Outlook for personal and commercial lines not optimistic. Leaders of the property/casualty insurance industry believe Congress will delay implementation of the Biggert-Waters (BW) 2012 NFIP reforms, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its 18th annual […]
-
2014/ February 10/ Past Issues
LICONY Heats Up Legislative Activities
LICONY Heats Up Legislative Activities The Life Insurance Council of New York, Inc. (LICONY) celebrated its 46th Anniversary on Thursday, February 6, 2014, with a reception at the Mutual of America headquarters building on Park Avenue, NYC. The Anniversary Celebration Reception was attended by guests from life insurance companies, legal, accounting, actuarial, and other […]
2014/ February 10/ Past Issues
ForeWord
So sad to learn of Gene Wollan’s passing. He was a force for good in the field of reinsurance law and a great friend. I knew Gene from the Metropolitan Opera and other incarnations in addition to his being a great writer and contributor for the Insurance Advocate. R.I.P… The Life Insurance Council of New […]
2014/ February 10/ Past Issues
Budget Balancing (and Other Magic Tricks)
Budget Balancing (and Other Magic Tricks) The State of Nirvana has come up with a painless way to not only balance its budget, but to also increase spending on new programs and capital projects and reduce taxes. Nice trick, right? How, you may ask, is this possible? Nirvana has decided to require all state domiciled […]
2014/ February 10/ Past Issues
National General Holdings Corp. Acquires Renewal Rights and Assets of Tower Group’s Personal Lines Business
National General Holdings Corp. Acquires Renewal Rights and Assets of Tower Group’s Personal Lines Business Karfunkel Cites Advantages to Agents, Brokers National General Holdings Corp. (NGHC) has moved to acquire the renewal rights and assets of the personal lines insurance operations of Tower Group International, Ltd in connection with an agreement simultaneously entered into by […]
2014/ February 10/ Past Issues
Peace of Mind
Peace of Mind Some 30 years ago when I was starting my new career as an independent agent I learned a concept at the time that I thought was just a gimmick to get people to buy the coverage they needed. During my training at the Aetna’s PRIME school they stressed we weren’t selling Insurance […]
2014/ February 10/ Past Issues
MetroRAP Rings in the New Year
MetroRAP Rings in the New Year On Thursday, Jan. 23, PIANY held its first RAP of the year: MetroRAP, a landmark event for the New York City Metro insurance community, has become the first event professionals mark on their calendar. Despite record cold outside, insurance agents and those seeking to interact with them met each […]
2014/ February 10/ Past Issues
Life Settlements Market Holds New Opportunities
Life Settlements Market Holds New Opportunities Conning, a thought leader in insurance since 1912, has recently shared an executive summary of its latest study on the Life Settlement market, revealing that there is increased investor interest and new opportunity for the aggregation of these policies by licensed agents and brokers. As an asset class, life […]
2014/ February 10/ Past Issues
First Party vs. Third Party
First Party vs. Third Party “Other Insurance Clause” Eliminates Coverage First party property insurance only insure the owner of the property for its loss and makes no promise to defend or indemnify the insured against claims of third parties. Even in bailment situations, where the policy insures against the risk of loss of property of […]
-
2014/ February 24/ Past Issues
The Affordable Care Act Spillover Property Casualty Insurance
The Affordable Care Act Spillover Property Casualty Insurance The Insurance Research Council is a division of the American Institute For Chartered Property Casualty Underwriters (The Institutes). The Institutes are affiliated with the CPCU Society, a community of credentialed insurance professionals who promote excellence through their technical expertise and ethical behavior and The Griffith Insurance Education […]
2014/ February 24/ Past Issues
Consolidating Producer Associations: One or Two… or What?
Consolidating Producer Associations: One or Two… or What? For as long as I can remember, agents and brokers have disagreed over whether or not the two major producer associations in New York (IIABNY and PIANY) should merge or consolidate – you pick the combination wording du jour. In recent issues, one of our columnists, Jamie […]
2014/ February 24/ Past Issues
Show Us the Numbers!
Show Us the Numbers! Ah, Spring! The long, torturous winter with its seemingly endless cold and snow is behind us and we can look forward to warmer days, greening trees, blooming flowers and the beginning of Derek Jeter’s retirement tour. Spring is also reporting season for the insurance industry. Just about everyone in the industry […]
2014/ February 24/ Past Issues
Policy Must Be Read as A Whole Single Fire – Multiple Occurrences
Policy Must Be Read as A Whole Single Fire – Multiple Occurrences Bad facts with severe injuries make bad insurance law when courts attempt to interpret policies to provide maximum funds available for the victim. The Supreme Court of Connecticut was asked to interpret various provisions of a professional liability insurance policy to determine the […]
2014/ February 24/ Past Issues
New York Court of Appeals Rejects Insurance Company’s Use of Limitations Period “That Renders Coverage Valueless”
New York Court of Appeals Rejects Insurance Company’s Use of Limitations Period “That Renders Coverage Valueless” New York, NY— Rejecting what plaintiff’s counsel called a “heads we win, tails you lose” insurance company argument, the New York Court of Appeals has found that an insurance company cannot enforce a two-year suit limitation period on a […]
2014/ February 24/ Past Issues
Brown & Brown, Inc. to Acquire Uniondale Based Wright Insurance Group, LLC
Brown & Brown, Inc. to Acquire Uniondale Based Wright Insurance Group, LLC DAYTONA BEACH, FL and TAMPA, FL—J. Powell Brown, Chief Executive Officer and President of Brown & Brown, Inc. (NYSE: BRO), announced that Brown & Brown, Inc. has entered into a merger agreement to acquire The Wright Insurance Group, LLC (“Wright”). This transaction brings […]
2014/ February 24/ Past Issues
New Threats in the 21st Century
New Threats in the 21st Century It was dramatic to watch the chief executives of Target and Neiman Marcus testify this month in front of the Senate Judiciary Committee about recent data hackings at their stores during the holiday season. But as I caught parts of the hearings, I wondered if the size of these […]
-
The Ever Looming Nature of Cyber Liability
The Ever Looming Nature of Cyber Liability The threat of cyber crime continues to grow in the public’s awareness By: Paul Dzielinski – U.S. RE Corporation (This article originally appeared in the New York Insurance Association’s Your NY Connection magazine.) Imagine turning on your work computer tomorrow and all you see is the blue screen […]
State of Inflexibility
State of Inflexibility It is right there in the New York insurance law: if an insurer “ceases to do any insurance business for more than one year continuously,” it is subject to, among other things, forfeiting its charter and being liquidated. There is no counterpart to this provision in the NAIC receivership model act’s long […]
Workers’ Compensation Opt-Out; Court of Appeals Reverses Ruling on Failure to Defend; Two-Year Time Limit to Start Suit Tested; Carbon Monoxide is a Killer— Literally and Financially; Update on Improvements & Betterments
Jerry Trupin
Exposures and Coverages
Workers’ Compensation Opt-Out; Court of Appeals Reverses Ruling on Failure to Defend; Two-Year Time Limit to Start Suit Tested; Carbon Monoxide is a Killer— Literally and Financially; Update on Improvements & Betterments Workers Compensation Opt-Out Prior to 1954, Maine elected its governor in September. From 1896 through 1932 whichever party won the gubernatorial race invariably […]
Welcome To McDonalds, May I Take Your Data?
Michael Loguercio
Face to Face
Welcome To McDonalds, May I Take Your Data? I am certain that we have all heard those words, at least almost those words, which are usually muffled with a sound quality so poor that it basically sounds like the person on the other end of the headset and behind window number one, is eating a […]
Workplace Bullying – New Age Workers’ Comp Benefits
Workplace Bullying – New Age Workers’ Comp Benefits By Donald T. DeCarlo, Esq. It is not just your child being bullied at school that’s creating concern as described in the national press, concern also extends from the fact workers compensation benefits are now being awarded for mental stress in the workplace as a result of […]
Why Should I Do Business With You?
Why Should I Do Business With You? A fair question and your response is critical to the future success of your agency. I just finished recording an upcoming two part webinar on value added selling. I’m pretty sure there will be some members and their staff who will laugh at the idea. They prefer price […]
Four-State PIA Survey Shows Hard Market isn’t Escalating as Expected
Four-State PIA Survey Shows Hard Market isn’t Escalating as Expected GLENMONT, N.Y.—In the first month of 2014, the PIA affiliates in Connecticut, New Hampshire, New Jersey and New York conducted their second-annual Market Trends Survey, finding the heralded hard market may not be launching as expected. In fact, when compared to responses from last year, […]
On Dissent
On Dissent By Casey O’Brien, Cuyler News ALBANY, N.Y.—Insurance cases are being brought to the forefront at the New York Court of Appeals, ranging from a three million dollar malpractice case to personal injury cases, with three out of five including a dissent. It happens coincidentally that there are five insurances cases at once, one […]
-
Insurers’ Focus on Market Conduct, Privacy and Filing Rules
Insurers’ Focus on Market Conduct, Privacy and Filing Rules Market conduct exams topped the list of concerns among all respondents to Wolters Kluwer Financial Services’ new U.S. Insurance Regulatory and Risk Management Indicator. In the report (follows on page 18) just released, seventy-five percent of those surveyed indicated a significant level of concern with exams, […]
Insurance Reasoning / Spill-over
Insurance Reasoning / Spill-over There is a new subject in Economics that is taking the country by storm. It’s called ObamaMath. It starts with the addition of 7 million people together with the subtraction of 5 million people to determine the success of an ill conceived equation. Right. 7 million sign ups, but 5 million […]
Hats Off to the Younger Generation
Hats Off to the Younger Generation By G. Keith Smith, M.D. The Unaffordable Care Act (UCA) is about to become even more unaffordable, thanks to the unpredicted wisdom of the younger generation. Recognizing yet another Ponzi scheme in UCA, the vast majority of young people (a group the central planners had counted on to keep […]
Medical Costs for Auto Injury Claims Outpace Inflation, Even as Reported Injuries Become Less Severe
Medical Costs for Auto Injury Claims Outpace Inflation, Even as Reported Injuries Become Less Severe MALVERN, Pa.—Medical expenses reported by auto injury claimants continue to increase faster than the rate of inflation, in spite of the fact that the severity of the injuries themselves remain on a downward trend. A new study by the Insurance […]
IIABSC Installs Officers & Directors for New Term
IIABSC Installs Officers & Directors for New Term Albertson, N.Y.—The Independent Insurance Agents & Brokers of Suffolk County, Inc. installed new officers and directors for the 2013 through 2014 term. More than 110 IIABSC members and guests attended the May 22 event which took place at the East Wind Conference center, Wading River. NY. Thomas […]
Tea Leaves and Press Releases
Tea Leaves and Press Releases My very first Insight column (IA, May 21, 2012) took a look at the press releases issued by the new Department of Financial Services for the first four months of 2012. I pointed out that not one of the 27 DFS press releases issued in that period related to support […]
Twelve Commandments of Selling
Twelve Commandments of Selling As professional independent agents, we each have our own unique selling style. What works for me may not work for the agent down the street, and neither approach may work for the next person. In fact, a singular sales approach often is what sets us apart from our competition. But, over […]
PRI Names North Shore-LIJ Health System Winner of Risk Management and Patient Safety “Best Practices”
PRI Names North Shore-LIJ Health System Winner of Risk Management and Patient Safety “Best Practices” Parker Jewish Institute for Healthcare & Rehabilitation, New Hyde Park, New York, Earns Honorable Mention Roslyn, N.Y. — Physicians’ Reciprocal Insurers (PRI) presented North Shore-LIJ Health System, Lake Success, L.I. its Risk Management and Patient Safety Best Practices Award for […]
NOW What?
Michael Loguercio
Face to Face
NOW What? How many times, since you first became “intimately involved” within the insurance industry, have you been asked that most obvious question, “When should I file a claim?” I can tell you this: that from being in this thing of ours for many, many years, I would venture to guess that it is something […]
The Institutes’ AAI-M Designation Now Available
The Institutes’ AAI-M Designation Now Available MALVERN, Pa. — In response to evolving industry trends, The Institutes have released a new course, Advanced Agency Leadership and Strategic Alignment (AAI 87). With the introduction of AAI 87, insurance professionals who have completed The Institutes’ Accredited Adviser in Insurance (AAI®) designation program can now also earn the […]
Health Insurance Fraud
Health Insurance Fraud Health Insurance Fraud is rampant. Most people convicted of health insurance fraud are doctors and other health care providers. Where most of the money goes, however, is to people taking advantage of free or subsidized health care benefits when they are not entitled to receive the benefits because there is no investigation […]
REVERSED: Executive Plaza v. Peerless Insurance Company
REVERSED: Executive Plaza v. Peerless Insurance Company In a far-reaching and historic decision, the highest court in New York State, answering a certified question posed by the United States Court of Appeals, has ruled that insurance companies cannot hide behind their policies’ two year contractual limitations period to deny policyholders the right to collect their […]
Court of Appeals Reverses K2 Decision
Court of Appeals Reverses K2 Decision ALBANY, NY—The New York Court of Appeals reversed its decision in the case of K2 Investment Group v. American Guarantee & Liability Insurance Company. This new decision upholds the important principle that an insurance policyholder is entitled to all coverage purchased as part of a policy but no additional […]
-
The Hartford and IBM Ink $500 Million Cloud Accord
The Hartford and IBM Ink $500 Million Cloud Accord Move Aimed at Agent and Customer Service The Hartford and IBM (NYSE: IBM) just announced a new six-year technology services agreement to implement a new service model that includes a private cloud infrastructure. The project will leverage the expertise of both firms, market insights and research […]
Can Spring be far behind…?
Can Spring be far behind…? We need some thought and some thaw on several fronts, as Spring starts to show its green. How could any legislator ignore the fact that the Terrorism Risk Insurance Act (TRIA) saves U.S. taxpayers billions of dollars to cover losses that could result from a terrorist attack? A RAND Center […]
Pension Stripping and De-Risking
Pension Stripping and De-Risking Pension what? Is this some form of new TSA security protocol? A new energy source? An X-rated event for old people? No, but it does involve the alchemy of converting pension obligations into annuities. Corporations, particularly large organizations with massive pension obligations, are always looking for ways to reduce or stabilize […]
A Collapse is a Collapse is a Collapse?; What’s your Problem? More on Improvements & Betterments; ISO’s New CGL Data Breach Exclusions; Labor Law Claims Continue to Keep New York’s Courts Busy
Jerry Trupin
Exposures and Coverages
A Collapse is a Collapse is a Collapse?; What’s your Problem? More on Improvements & Betterments; ISO’s New CGL Data Breach Exclusions; Labor Law Claims Continue to Keep New York’s Courts Busy A Collapse is a Collapse is a Collapse? “Is a Collapse a Collapse if nothing actually Collapses?”1 If we could channel Gertrude Stein, […]
Auto Insurance Under the Knife
[FEATURE] Auto Insurance Under the Knife Standing Committee on Insurance Holds Public Hearing to Examine High Costs and Coverage Gaps By Betty Flood and Casey O’Brien ALBANY, N.Y.—The New York Assembly Standing Committee on Insurance held a public hearing on April 10th to examine the automobile insurance market in the state. The hearing was conducted […]
This Internet Thing of Ours
Michael Loguercio
Face to Face
This Internet Thing of Ours Recently, Symantec Corporation, whom we all know as the folks who build counterattack and virus protection software, released a study regarding cyber-attacks, and in their report they state that “we have only seen the tip of the iceberg” according to Property Casualty 360. The report discloses that Cyber Crime is […]
No Excuse For Failure to Appoint Umpire
No Excuse For Failure to Appoint Umpire The Supreme Court of Alabama was asked, in Ex parte Tower Insurance Company of New York Inc., 1120228 (Ala. 08/23/2013), to grant a petition for a writ of mandamus filed by an insurance company, an independent adjusting firm, and an adjuster employed by that firm (collectively “the petitioners”) […]
5 Tech Trends Revolutionizing the Insurance Industry
5 Tech Trends Revolutionizing the Insurance Industry By John Sarich From property & casualty to healthcare, big technology changes are coming for the insurance industry. With the onset of the Affordable Care Act, a whole new world of required technology has become necessary for health insurers. And while property & casualty is typically reluctant to […]
Clumsy Regulation Puts Insurance at Risk
Clumsy Regulation Puts Insurance at Risk By Diane Katz, Thomas A. Roe Institute The Senate Banking Committee convened this week to examine recent moves by federal regulators against insurance companies. There exists considerable confusion on and off the Hill about Washington’s place in what has always been the states’ regulatory domain—confusion produced by lawmakers’ careless […]
Top 9 Ways Government Attacks American Seniors
Top 9 Ways Government Attacks American Seniors By Elizabeth Lee Vliet, M.D. Chaos, cost increases, and turmoil reign since Obamacare took effect. Hidden changes drastically transform Medicare, affecting your ability to get needed medical care—even if you pay out of pocket. Here is my list of the Top 9 government attacks on American seniors: 1. […]
-
LOOKING UP — First Net Underwriting Gains Since 2007 Mark P/C Insurers’ 2013 Results
LOOKING UP First Net Underwriting Gains Since 2007 Mark P/C Insurers’ 2013 Results Private U.S. property/casualty insurers’ net income after taxes grew to $63.8 billion in 2013 from $35.1 billion in 2012, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus climbing to 10.3 percent from 6.1 percent. At […]
A question often asked…
A question often asked… The IBANY held its annual fete at an amazing location at 2 Desbrosses Street Rooftop in New York’s SoHo. There were about 400 in attendance. Anthony Greene and his band of brokers did a great job. Many industry veterans were among the happy younger generation of professionals – the latter far […]
Motivational Misdirection
Motivational Misdirection Anyone who loves a good mystery knows that determining motivation is a key element to understanding actions. But as in all good mysteries, motivation can be cleverly concealed or woven into the fabric of a tale. We are probably all guilty at one time or another of the practice of misdirection in order […]
April Was Volunteer Month: What are you doing for your industry?
April Was Volunteer Month: What are you doing for your industry? I have been asked more than a few times where I get my ideas for writing this column. In fact, when I was first approached to contribute to the Insurance Advocate in 2005, a colleague of mine advised against it. He said interesting issues […]
Social Media –The 5 Reasons Your Business Cannot Survive Without It
Social Media –The 5 Reasons Your Business Cannot Survive Without It By Chris Paradiso Social media is no longer just a possible fad. It is now an actually form of communication. If you are an agency owner and have yet to begin using social media to support your sales strategy, you may need to recheck […]
IBANY Spring Reception Draws 400+ Attendees
IBANY Spring Reception Draws 400+ Attendees The Insurance Brokers and Agents of New York, Inc., (IBANY) held its Annual Spring Reception at the Tribeca Rooftop in New York City on April 17, 2014. The event followed the Board of Directors meeting at which the 2014-2015 Board were elected. The elected members include: Directors: Anthony Greene, […]
RRGs Report Financially Stable Results at Year-End 2013
RRGs Report Financially Stable Results at Year-End 2013 By Douglas A. Powell, Senior Financial Analyst, Demotech, Inc. A review of the reported financial results of risk retention groups (RRGs) reveals insurers with a great deal of financial stability. Based on year-end 2013 reported financial information, RRGs continue to collectively provide specialized coverage to their insureds. […]
Myth BUS-ted!
Michael Loguercio
Face to Face
Myth BUS-ted! As a school board member for 10 years, on countless occasions I have had many a parent tell me how (especially in inclement weather) they would prefer to not only drive their little darlings to school in the morning, but also pick them after school in the afternoon. Of course my initial response […]
Court Denies Default Motion in DJ Action Even Though Defendants Defaulted
Court Denies Default Motion in DJ Action Even Though Defendants Defaulted Interboro Ins. Co. v Rosetta Dawkins et al. Plaintiff INTERBORO INSURANCE COMPANY moves pursuant to CPLR 3215 for a default judgment against defendants MERIT ACUPUNCTURE, AVENUE C MEDICAL, P. C. PROFESSIONAL HEALTH IMAGING and TOTAL MOBILITY, P.C. (collectively, the “Provider Defendants ). Plaintiff purports […]
-
HEIGHT OF ABSURDITY — New York’s Dizzying Scaffold Bill
HEIGHT OF ABSURDITY New York’s Dizzying Scaffold Bill By Casey O’Brien ALBANY, N.Y.—Governor Andrew Cuomo has stated there won’t be much movement on the Scaffold Law this year; but that doesn’t stop the issue from continuing to be highly contested throughout the state. Labor Law 240, more commonly known as the Scaffold Safety Law, was […]
Consolidating
Consolidating Moses Insurance Group has acquired Maloney Petrison Agency, a full-service firm in Williamsville, NY since 1978. The purchase was finalized some weeks back and just announced by Robert Moses. The acquisition of Maloney-Petrison Insurance is a strategic part of the Moses Insurance Group’s expansion and future growth plans in the Greater Buffalo/Western New York […]
ENCORE! ENCORE!
ENCORE! ENCORE! Congratulations to the New York Liquidation Bureau! Yes, you read that right. For the second year in a row the Bureau has timely posted its annual report on its website (www.nylb.org). This is the statutorily required report of the Superintendent of Financial Services as receiver (liquidator, rehabilitator, conservator or ancillary receiver) on the […]
Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim; Business Income Coverage for Employees’ Payroll and Commissions; The Mudslide Tragedy— Insurance Aspects
Jerry Trupin
Exposures and Coverages
Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim Business Income Coverage for Employees’ Payroll and Commissions The Mudslide Tragedy— Insurance Aspects Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim The New York Court of Appeals has again denied an insurance broker’s motion for summary […]
Your Local Neighborhood MARKET-ing
Michael Loguercio
Face to Face
Your Local Neighborhood MARKET-ing So many times you have heard me mention in this column, or in a conversation that we may have had, about how important it is to obviously market both yourself and your business products through community involvement. You have also heard me say many times how important both face to face […]
Taking A Lesson From March Madness
Taking A Lesson From March Madness Why do consumers believe that insurance is a commodity? Because an enormous amount of advertising money has been spent to teach them that. Conversely not enough time, money and effort has been spent to tell them the truth. Most independent agents and brokers know that not all coverage is […]
RAA Elects Officers
RAA Elects Officers Tad Montross, President and Chief Executive Officer, General Reinsurance Corporation, was elected chair of the Board of Directors of the Reinsurance Association of America (RAA) at the 46th Annual Meeting of Members held in Washington. Elected to serve with Mr. Montross are vice chair Henry Klecan, President and Chief Executive Officer, SCOR […]
LIRAP: More than 300 drawn to PIANY in Woodbury Conference
LIRAP: More than 300 drawn to PIANY in Woodbury Conference More than 300 insurance professionals attended The Professional Insurance Agents of New York’s Long Island Regional Awareness Program on May 1, 2014. This year’s Long Island RAP took place at Crest Hollow Country Club in Woodbury. The venue and perfect spring weather combined with inspired […]
Putative Class Action Challenges Use of “Shadow Insurance”
Putative Class Action Challenges Use of “Shadow Insurance” By Matthew Gaul, Denton’s Anew putative class action suit filed in the Southern District of New York alleges that the use of so-called “shadow insurance” transactions violates New York Insurance Law Section 4226(a)(4), which prohibits insurers from making “any misleading representation, or any misrepresentation of the financial […]
Change is Not Always for the Better
Change is Not Always for the Better By Marilyn M. Singleton, M.D., J.D. Recently, I took a respite from my concerns about the Affordable Care Act, which I left simmering in the crockpot while I was re-visiting the Kingdom of Cambodia. Most people visit Cambodia for a brief trip to Siem Reap to experience the […]
-
M&A A’ GO•GO
There were 110 announced mergers and acquisitions of insurance agencies in the U.S. and Canada in the first four months of 2014, the strongest showing of any comparable period for at least seven years, OPTIS Partners’ new survey reveals. “While it’s still early, 2014 could surpass the record set in 2012 if the rest of […]
M&A A’ GO•GO : M&A Scoreboard, Q1’14
M&A A’ GO•GO M&A Scoreboard, Q1’14 By Adam Cancryn and Jan Haider Kiani The underwriter space logged a total of $4.4 billion in M&A transactions in the first three months of 2014, by far the highest first-quarter total in four years. The deals ranged across all sectors and specialties; private equity firms swooped in for […]
PIANY – NJ 75th Just Ahead
PIANY – NJ 75th Just Ahead Sad news. Ken Pollack wrote to advise of the passing of Joseph Costa, a lifelong insurance professional who became a leading volunteer in the IIABNY and its several affiliated chapters. Joe was President of Queens and Kings County Association in 1979 – 1980, a member and President of the […]
EXTRA! EXTRA! Read it Here First!
EXTRA! EXTRA! Read it Here First! Certain information about the insurance business in New York is being exclusively presented here for the very first time! This information is not otherwise publicly available and was mined from the Department of Financial Services through the magic of the Freedom of Information Law (FOIL), with the help of […]
Outrage: DMV’s Internet I-PIRP Program Fails
Outrage: DMV’s Internet I-PIRP Program Fails By William Bonds, President, Empire Safety Council It is outrageous that the Department of Motor Vehicles is considering renewing the Internet-Point/Insurance Reduction Program (I-PIRP) based on fraudulent and flawed studies coupled with failed User/Identity Validation measures. The impact of these fraudulent research studies diminish the credibility of the Department […]
Agents and CSRs Must Remind People of the Value We Offer Them
Agents and CSRs Must Remind People of the Value We Offer Them The relationship between the independent agent and the insured is one of, if not the most, important things we offer our clients. We work or live right down the road; we have a familiar face; and we work with our clients always on […]
IIABNY Taps Suffolk County Insurance Agent to be Chair of the Board
IIABNY Taps Suffolk County Insurance Agent to be Chair of the Board Riverhead, N.Y.—Insurance agent James D. Sutton, CPCU, AAI, CIC led the list of officers elected by members of the Independent Insurance Agents & Brokers of New York, Inc. New York’s oldest insurance producer trade association installed Sutton as chair of the board at […]
PIA’s Launches Company Performance Surveys
PIA’s Launches Company Performance Surveys GLENMONT, N.Y.—The Professional Insurance Agents of Connecticut, New Hampshire, New Jersey and New York State launched their Company Performance Surveys on Monday, May 5, 2014. Each survey, available through June 30, 2014, gauges insurance producers’ views of the companies they represent in their respective states. Independent agents will rate the […]
Extending TRIA Ensures Workers’ Comp Availability
Extending TRIA Ensures Workers’ Comp Availability WASHINGTON, DC – The Coalition to Insure Against Terrorism (CIAT), which represents business consumers of terrorism risk insurance across a broad range of industries welcomed the findings of a new RAND Corporation study that confirmed the Terrorism Risk Insurance Act (TRIA) is critical to ensuring the availability of workers’ […]
Independent Insurance Agents & Brokers of New York Present Awards
Independent Insurance Agents & Brokers of New York Present Awards Riverhead, N.Y.— The Independent Insurance Agents & Brokers of New York recognized excellent performance by insurers, a local trade group, volunteers and associates during its May convention. Acting for the final time in his capacity as IIABNY chair of the board, Andrew Kaufman presented the […]
IIABNY Top Honor to WAHVE Founder Sharon Emek
IIABNY Top Honor to WAHVE Founder Sharon Emek The Independent Insurance Agents & Brokers of New York (IIABNY) presented WAHVE founder Sharon Emek, Ph.D., CIC with its highest honor: The 1882 Fellow Award during the organization’s leadership dinner on May 14, 2014 in Riverhead, N.Y. following the IIABNY’s 132nd annual business meeting. The 1882 Fellow […]
Ernesta Procope, NYC Insurance Broker, Receives Black Enterprise’s Lifetime Achievement Award
COLUMBUS, OHIO—Ernesta G. Procope, chairman of E.G. Bowman Company, a Manhattan insurance brokerage, has received the 2014 A.G. Gaston Lifetime Achievement Award from Black Enterprise magazine at its annual conference mid-May in Columbus, Ohio. The award “recognizes the entrepreneurial spirit and the guiding light of an individual who has established an extended and consistently distinguished […]
Crystal Appoints Lou Roca Executive Managing Director
Crystal Appoints Lou Roca Executive Managing Director NEW YORK N.Y.—Crystal & Company, a leading strategic risk and insurance advisor, has named Lou Roca as Executive Managing Director and head of Commercial Insurance Services. In this role he will be responsible for the growth and the development of the business unit, defining and executing the unit’s […]
CyberRiskPartners, LLC Selects Advisor
CyberRiskPartners, LLC Selects Advisor RYE, N.Y.— CyberRiskPartners, LLC has announced that Farmington Capital Partners (“FCP”) has been appointed financial advisor to assist the Company with a review of potential capital and strategic alternatives. FCP will examine and consider opportunities available to the Company with the objective of further enhancing shareholder value. This will include exploring […]
When an Insurer Must Interplead Funds
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 has […]
NYS to Require Licensing of Title Insurance Agents
According to the Bill, however, “title insurance agents” are unequivocally incorporated into the definition of “insurance agent.” Moreover, new Section 2113 imposes certain mandatory disclosure requirements and restrictions on commissions and payments of fees to title insurance agents.
“Accountable Care, Patient Protection” Act Harms Young Millennials
“Accountable Care, Patient Protection” Act Harms Young Millennials By Elizabeth Lee Vliet, M.D. “Millennials,” the group of young people born after 1980, overwhelmingly voted in 2008 for politicians who promised “healthcare for all” and sponsored the “Affordable Care Act” (aka Obamacare). Sadly, young people took on faith the promises of an orator and did not […]
-
E&O: “Voss” Decision Raises the Bar for Agents
With Sandy claims looming over the heads of many Long Island and New Jersey agents, carriers and residents, the New York State Court of Appeals has heightened insurance brokers’ liability to their clients for the possible failure to recommend sufficient, proper coverage for their property. The upshot of what is now termed “the Voss decision” may be far-reaching for agents and brokers and their errors and omissions insurers.
The Decision…
The primary question before us is in this insurance dispute is whether a special relationship existed between the insureds and their insurance broker. Under the circumstances of this case, we conclude that the broker failed to meet its burden justifying summary judgment and [*2]dismissal of the complaint is not warranted.
Capital Ideas
The real changes however are coming at the top of the food chain. New money sources are changing the expectations and the outlook for insurance itself. The Casualty and Actuarial society sounded off on this, stating that “reinsurers and the entire property/casualty industry need to evolve as waves of capital reshape their business model.”
Regulatory Paranoia
It started over a year ago, in a speech before a prestigious conference on the state of the U.S. and world economies, when New York’s Superintendent of Financial Services first raised the warning signs against private equity firms “becoming active in the acquisition of insurance companies” because “these private equity firms are more short-term focused – when [insurance] is a business that’s all about the long haul.” Since issuing this warning shot, the issue of hedge funds and private equity firms investing in the insurance business has become a topic of significant discussion and some action.
Certificates of Insurance in the News Again
Jerry Trupin
Exposures and Coverages
Certificates of insurance are a sore point with both those who ask for them and those who have to provide them. On the one hand, the requests sometimes ask for the impossible and the other, the certificates often don’t enable the certificate-holder to detect serious gaps in coverage. … Agent associations and others have been fighting the first part of the problem by pushing for state administrative or legislative action to make it illegal to ask for expansion of coverage via a certificate of insurance. Risk managers have been pushing for more information on what coverage is provided by the policies underlying the certificate of insurance. There are new developments on both fronts.
No One Wants a Satisfied Customer!
Michael Loguercio
Face to Face
Whenever I speak with an agency, one of the first questions that I ask them is “What makes you different than the agency across the street?” and guess what I immediately hear almost every time: “Our customer service is the best, and our customers are all satisfied!” Well, that’s great, as I am sure that your customers are very “satisfied”, but is purely being satisfied going to keep them renewing with you every year, and more importantly are they going to tell a friend about your firm? Most likely not… so what do you need to do in order to make this happen?
PIA-endorsed Floodbroker.com Now Offered to PIA Members
“The errors-and-omissions exposure created by not offering a particular coverage haunts every agent. It is a well-established fact that following a hurricane, not offering flood insurance to your clients is a leading cause of E&O claims,” Spindelman says. “Groundless or not, E&O claims are real and have a detrimental effect on all parties concerned. The highhazard zoned properties will be far more likely to have some form of flood insurance due to bank insistence. While Floodbroker.com rates many high-hazard flood risk properties (even those that require elevation certificates), the program serves a significant market segment of property owners who are not obliged by a bank to buy flood coverage as well.”
Are We Our Own Worst Enemy?
The sad part is the agency I referred them to didn’t check back after the fact to see how their experience went and so they have no idea that their new clients have started out on the wrong foot. … The issues and less than satisfactory experiences were all things that should not have occurred in the agency. It involved failing to provide exactly the kind of personalized, quality service that is the hallmark of doing business with an independent insurance agent. Is it any wonder after experiencing less than adequate service why it is so easy for our competitors to sell price as the only determinant in deciding where you buy insurance.
Four Factors That Will Grow Your Agency
I personally feel that every agency needs at least one social media because I have witnessed significant growth from the day I hired my first social media engineer, due in large part to the way society and technology has progressed. Agency owners simply lack the time to manage all of the social media outlets, so that’s where the social media engineer comes in. I often hear agency owners say that they cannot afford a social media engineer, but what I say to that is: you can’t afford NOT to have a social media engineer!
I’ve Made Up My Mind – Don’t Confuse Me With Facts
The Four Corners Rule, applied in Pennsylvania and several other states, limits the decision to defend and/or indemnify an insured to a review of the allegations of a complaint. As such, it ignores facts extrinsic from the wording of the complaint, and provides an insured with coverage that would not exist if the court applied the facts rather than the allegations. In Lanigan v. T.H.E. Insurance Co., 646 WDA 2013 (Pa.Super. 03/14/2014), a Pennsylvania appellate court was asked to reverse a summary judgment in favor of an insurer by ignoring the facts and applying only the allegations of the complaint.
Court of Appeals: City Liable for Permitting Bicyclist to Enter Road That Was Closed for Repairs
Wittorf v City of New York (2014 NY Slip Op 04037)
We are asked in this case if the City of New York was engaged in a proprietary function at the time of plaintiff ’s bicycle accident in order to determine if the jury properly evaluated the City’s actions under ordinary negligence principles.Asbestos Litigation Creates Vague Notions About the Law
When some primary insurers exhaust their policy limits, excess insurers must take over the defense and indemnity of the insured as their interests appear. When there are multiple primary and excess insurers the allocation of the costs of defense and indemnity become complicated and result in litigation when the multiple parties should work together to […]
-
NYIA Annual Conference
The New York Insurance Association (NYIA) prides itself in offering the premier property and casualty insurance event in New York, and attendees say 2014 was no exception. More than 225 people joined NYIA this year at the Sagamore Resort in Bolton Landing, New York, May 28–30. New York State Department of Financial Services Superintendent Benjamin […]
Certificates of Reliability
There is an interesting dilemma that the NY regulators have been facing for literally decades now. It involves a well-defined and acknowledged violation of the insurance law and regulations that has defied any viable enforcement solution. The subject is the issuance of insurance certificates that improperly expand or provide coverages not intended or included in […]
75 Years Strong … When it Comes to Teamwork, PIA is the Best!
Iwrite this article in the afterglow of the PIANJ/PIANY Joint Annual Conference, which took place June 8- 10 at the Trump Taj Mahal in Atlantic City. This event is particularly special to me for several reasons. First, I have a personal connection to the event itself. In 2000, I was convention chair for the PIANY […]
TriCounty Independent Insurance Agents Association Installs Officers and Directors for the 2014 – 2015 term
ALBERTSON, N.Y.—New officers and directors took the helm on June 5 during the Long Islandbased TriCounty Independent Insurance Agents Association annual installation dinner and awards ceremony. The gathering, held at the Fox Hollow in Woodbury, NY, set the TriCounty IIAA leadership for the 2014 through 2015 term. About 180 agents, company representatives, vendors and other […]
IIABSC Installs Officers and Directors for the New Term of 2014 – 2015
WADING RIVER, N.Y.—The Independent Insurance Agents & Brokers of Suffolk County, Inc. installed new officers and directors for the 2014 through 2015 term. Over 90 IIABSC members and guests attended the May 29 event which took place at the East Wind Conference center, Wading River, NY. Richard A. Poppa, President & CEO of the Independent […]
Bring It On!
So a while back I wrote a piece on BYOD (Bring Your Own Device), and spoke about what exactly the benefits are to employers, businesses, and employees. However, along with all of those benefits are a plethora of risks and dangers that are associated with BYOD. First off, let’s begin with the definition of BYOD, […]
PIANJ/PIANY Joint Annual Conference Marked by Milestones and Records
Two thousand agents and insurance industry professionals made history at the PIANJ/PIANY Joint Annual Conference and 75th anniversary celebration at the Trump Taj Mahal in Atlantic City, N.J. June 8-10. The event surpassed all previous records for attendance as the industry flooded the boardwalk, networking and honoring industry stars at gala banquets, and packing an […]
White Honored by New York Insurance Association
BOLTON LANDING, N.Y.—The New York Insurance Association, Inc. (NYIA) honored Thomas White with the Chair’s Distinguished Service Award at the association’s annual conference May 29 in Bolton Landing, N.Y. White is president of Community Mutual Insurance Company, an affiliate of Union Mutual of Vermont Companies. White is also regional vice president of Union Mutual, responsible […]
Healthcare Fixed, on to Climate Change
Now that 8 million or more have signed up on health insurance exchanges under the Affordable Care Act (ACA), the President is deploying his phone and his pen to solve another urgent problem: climate change. This will require another transformational change that no previous President has been able to bring about, as they were unable […]
-
EBB and FLOW: Unions Swim Against the Tide as Pension Issues Surface
Contributions to multiemployer defined benefit pension plans have been a mainstay, legacy feature of union negotiations in many industries. But the fabric of such staples may be tearing apart as employers contemplate the potential of escalating contributions to amortize unfunded liabilities that increase costs but may have imperceptible value for their own employees. Increasingly, employers […]
When Policy Excludes Someone Who "is" Covered Under Another Policy, "is" also Includes "Was"
It is now legendary that when former President Bill Clinton testified before a grand jury in 1998, he rationalized his repeated statements that “there is nothing going on between us” [himself and Ms. Lewinsky] by telling the jurors, “It depends on what the meaning of the word ‘is’ is….” He went on to explain that […]
P/C Insurers’ Profits and Profitability Slipped in First-Quarter 2014 as Gains on Underwriting Shrank
JERSEY CITY, N.J.—Private U.S. property/casualty insurers’ net income after taxes fell to $13.8 billion in first-quarter 2014 from $14.3 billion in first-quarter 2013, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus falling to 8.4 percent from 9.6 percent. Insurers’ pretax operating income – the sum of net […]
Certificates of Insurance: New CT Law & Cancellation Notice Requirement Solution An Email Swindle Yields a Trifecta of Insurance Issues Cyber Breach: A Billion Dollar Headache
Certificates of Insurance Yet Again Want Expanded Coverage via Certificate in CT? FUHGEDDABOUDIT! Two months ago I wrote about Delaware’s new law that not only bars insurers and producers from issuing false or misleading certificates, but also bars anyone from requesting such a certificate.1 Connecticut has just passed a similar law to be […]
Christmas In July
Oh the anticipation! Ever hopeful for pleasant surprises and thoughtful gifts! Alas, once again it is not to be. Nothing but another collection of coal in our stockings! Guess we’re still bad boys and girls. The 2013 annual report of the NY superintendent of financial services to the governor and the legislature, required to be […]
Being 007 Ain’t What It’s Cracked Up to Be
I love a good spy story—Espionage, conspiracy, international trade and government drama … it’s all so exciting! But, in real life the most dangerous versions of these can seem mundane on the surface. Perhaps that’s why agents—insurance agents, not secret agents—have been so slow to do for themselves what they should also be recommending to […]
7-11-2014 Back to the Future
So for the past twenty something years, I have been traveling across the country for business, visiting forty three out of fifty states. I have stood right next to hot, flowing lava; been in a hurricane in New Orleans; witnessed firsthand earthquakes in Seattle and Los Angeles; survived 115 degree heat in the jungle of […]
VA Scandal—a Battlefield of Deceit, Delays and Death for Veterans
The VA has many truly dedicated doctors, nurses, and health professionals who do their best to genuinely serve America’s veterans. I salute their conscientious work and commitment under difficult conditions, often in a culture of fear and intimidation if they identify News headlines since the Phoenix scandal first broke in late April, however, clearly […]
How is Your Relationship?
Not your personal relationship but the relationship your agency has with your clients and prospects. The most important reason to get your insurance protection from an independent agent or broker is the strong, trusting relationship you develop with your agent and the agency staff.^P What’s it like to be a customer or prospect of your […]
IMUAElects Officers & Board
The Inland Marine Underwriters Association (IMUA) elected a new slate of officers: Michelle Hoehn, The Travelers Group, was inaugurated as IMUA’s new Chairperson replacing Peter Opinante, Swiss Re America, who has served as the Association’s Chairperson for the past four years. Also elected were Deputy Chairperson William Rosa, XL Reinsurance, and L. Pat Stoik, Chubb […]
Foundation Announces 2014 Spring Scholarship Winners
MALVERN, Pa. — The Griffith Insurance Education Foundation has announced that 21 undergraduate and graduate students from nine states have been selected as recipients of $63,000 in scholarship funds. These biannual scholarships are available to students who are in good academic standing and are committed to pursuing careers in the insurance industry. Through scholarship opportunities, […]
Facts Rule: Coverage Pollution Exclusion Effective
Insurers do not want to cover pollution under a basic automobile insurance policy. In their generosity they take on the liability of their insureds if, as a result of a collision or upset of an insured vehicle, some pollution occurs. That does not, however give coverage for every incident of pollution related to a vehicle. […]
When Policy Excludes Someone Who "is" Covered Under Another Policy, "is" also Includes "Was"
It is now legendary that when former President Bill Clinton testified before a grand jury in 1998, he rationalized his repeated statements that “there is nothing going on between us” [himself and Ms. Lewinsky] by telling the jurors, “It depends on what the meaning of the word ‘is’ is….” He went on to explain that […]
Emotionitist: a Political Malady
Today’s political debates are extremely polarized and emotional. One person’s charming, clever, and assertive is another’s manipulative, cunning, and ruthless. Consider the opposing perspectives on some of the most important issues: • Did the politician lie or merely misspeak? • Is the NSA perpetrating an obscene invasion of privacy or deploying a crucial tool against […]
-
DISCORD: ACORD IntroducesForm That Spells C of I Flux
The new ACORD form 855NY will shake up our already hectic certificate of insurance world. It’s an addendum to certificates of insurances for New York. It will provide detailed information about the policies shown on the certificate, particularly the CGL. This is good news for additional insureds and their risk manager. It’s bad news for […]
Markham Rollins, Jr., James Inzerillo Served Industry and Community
We note with sadness the passing of two professional gentlemen, truly worthy of the name: The first is Markham Rollins, Jr., aged 80, father of Markham III and Charles, and successor to his father in the operation of the Rollins Agency in Bronxville, founded in 1910, now located in Rye Brook. A former U.S. Marine, […]
Alphabet Soup
Last August I took a semi-serious look at the acronymic National and International insurance regulatory agencies, institutions and forces of nature (“Late Summer Delights: Fishing for Acronyms,” IA, August 19, 2013), with a somewhat jaundiced view of how these paragons of regulatory expertise may affect the future course of the insurance industry and its denizens. […]
Mobile Moments: Are You Ready?
First it was the “web.” Then it was “social.” Now it’s “mobile.” The pace of technological change is daunting. If you were late to the party for the first two, you better not be late for mobile. Mobile has fundamentally transformed every element of consumer behavior. And it’s transformed how businesses engage with shoppers and […]
Serio on Bickford
Steve: The large pile of reading material that accompanied me on my summer encampment to Block Island included the May 12th edition of the Insurance Advocate (among a number of other editions in my quest to get up to date). I especially like to read Peter Bickford’s Insight columns when I do pick […]
You’re Gonna Need a Bigger TV
If you have ever watched television, surfed the web, picked up a newspaper, been on Facebook, Twitter, or LinkedIn, spoken with your kids since last August, or if you have been to a Dunkin Donuts, then you know that today begins “Shark Week” on The Discovery Channel! Although I am a huge fan of state, […]
InVESTAwards 70 Academic Student Scholarships
InVEST has awarded $87,000 in scholarships to 70 students pursuing insurance- related degrees, breaking previous scholarship records. The program is a key incentive in attracting new talent to the insurance industry. Many of the winners are from New York schools. “InVEST congratulates the 70 students representing 17 schools and from eight states who earned scholarships […]
PIWA Hotline: Newest Benefit for Wholesalers and Members
GLENMONT, N.Y.—The Professional Insurance Wholesalers Association of New York State Inc. has announced a new, exclusive member benefit designed to provide quick, practical guidance on day-to-day issues facing the insurance wholesaler. The association will launch a toll-free phone line, called the PIWA Hotline, at (844) FOR PIWA or (844) 367-7492, by which members will receive […]
Staying #1 in Your Client’s Mind
The world of the independent agent and broker is changing rapidly and in many areas. Sometimes it seems things are changing so quickly it’s impossible to keep up. Competition is fierce. Clients are demanding more service, completed faster and taken care of when it’s convenient for them. Running an agency isn’t getting easier and finding, […]
Insurers Must Avoid the Gastonette; Insurer’s Duty is to the Insured
Insurance policies of all types have contribution or excess clauses. Sometimes the clauses conflict and when two insurers insure the same risk both will claim that the responsibility lies with the other. In Central States, Southeast and Southwest Areas Health and Welfare Fund v. First Agency, Inc. — F.3d —, 2014 WL 2933225 (C.A.6 (Mich.)) […]
Paying Out Policy Limits to One Insured Before Second Insured Files Claim is Not Bad Faith
The plaintiffs operate a farm on land leased from two brothers, Donald J. Keicher and Robert Keicher. On May 13, 2011, runoff from a heavy rainstorm allegedly caused manure that the plaintiffs had spread on their fields to contaminate several ponds on adjoining land. It is undisputed that Donald and Robert Keicher also own the […]
-
2014/ Past Issues/ September 15
ShelterPoint Life: New York’s First Rehab Life Unfolds Fresh Brand, Bright Plan for National Expansion Art Shea
[COVER] ShelterPoint Life New York’s First Rehab Life Unfolds Fresh Brand, Bright Plan for National Expansion New York’s familiar First Rehab Life Insurance Company (First Rehab) has adopted a fresh, new banner as it sets sail on a full scale effort to attract a national audience. The venerable Long Island-based resource that has served agents […]
2014/ Past Issues/ September 15
Single-Handedly
FOREWORD Steve Acunto Single- Handedly Every New York taxpayer should thank DFS leader Ben Lawsky for the spate of fines – and their size – that seem big enough to balance the State’s budget. Looks like he’s bolstering the bottom lines single-handedly. Ben is an ambitious man, hardly a fault, but […]
2014/ Past Issues/ September 15
A Man of Letters
[INSIGHT ] By Peter H. Bickford Who says the art of letter writing is dead? In this age of smart phones, instant messaging, initials in place of sentences, and the general demise of the printed word, it is quite refreshing to see at least one regulator that seems to relish the written word and […]
2014/ Past Issues/ September 15
Short Takes on Sunday Topics
[EXPOSURES AND COVERAGES] By Jerome Trupin, CPCU Short Takes on Sundry Topics: Sandy Claims Deadline, Sewer Backup, Continuing Ed Problems, Security Breach Law, and Hail & Ice It’s Almost Midnight for Sandy Claims Most states mandate that insurance policies provide at least two years from the date of a property loss for an insured to […]
2014/ Past Issues/ September 15
Mobile Moments: Are You Ready?
[ THE SOCIAL NOTEBOOK] By Christopher Paradiso, CPA Ways to Get Ahead in the Social Media Arena When you think of social media and the success that can be gained from it, one thing that we always need to keep in mind is to continuously keep learning. Social media is constantly changing because of […]
2014/ Past Issues/ September 15
APIx, a New Art Stability Rating System, to Lower Risk on Blue- Chip Art
[RESOURCES] APIx, a New Art Stability Rating System, to Lower Risk on Blue-Chip Art Los Angeles, CA—A provisional patent application for the Art Preservation Index or APIx was filed in July to standardize the measurement of stability risks of blue-chip paintings and other types of artwork that may deteriorate over time. The APIx is a […]
2014/ Past Issues/ September 15
MSO Outing Benefits Emmanuel Cancer Foundation
[NEWS NOTES] MSO Outing Benefits Emmanuel Cancer Foundation Glen Rock, N.J.—MSO®, Inc., an insurance rating/service bureau located in Glen Rock, NJ, held its 21st Annual MSO Golf Outing on May 20, 2014. At the outing, held at the Heron Glen Golf Course in Ringoes, N.J., MSO offered attendees and companies the opportunity to sponsor […]
2014/ Past Issues/ September 15
Ian McKenchie Named MSO VP, Actuarial Services
Guest Author
In The Associations
[ IN THE ASSOCIATIONS] Ian McKechnie Named MSO Vice President, Actuarial Services Glen Rock, N.J.—MSO, Inc. (the Mutual Service Office, Inc.) is pleased to announce the addition of Ian M. McKechnie, CPCU, ARP, CIDM, AIAF, CSF, ARe, FLMI, ARC, AU to their management staff. As Vice President, Actuarial Services, he is responsible for development of […]
2014/ Past Issues/ September 15
The Age of the Customer: Companies Turn to Enhanced Video Communication
[ TECHBITES] By Jim Dicso, President & CRO, SundaySky The Age of the Customer: Companies Turn to Enhanced Video Communication In the last century, business sources of dominance have evolved from mass manufacturing to global distribution to information mastery. Today, we’ve entered the next generation of the business evolution – the age of the customer […]
2014/ Past Issues/ September 15
Interboro Insurance Group Celebrates 100 Years!
[COMPANY NEWS] Interboro Celebrates 100 Years! Interboro Insurance Group was proud to host their 100th Anniversary Party on July 9, 2014, at The Carltun in Eisenhower Park. The evening was enjoyed by over 250 guests who included employees, brokers, vendors and a variety of other business associates. To make the event more enjoyable, it was […]
2014/ Past Issues/ September 15
Other Insurance Clause Raises Actual Controversy
[ON MY RADAR] By Barry Zalma Other Insurance Clause Raises Actual Controversy Self-Insured & Insurer “Other Insurance Clause” When two or more insurers agree to insure against the same risk of loss disputes often arise as to which insurer must pay on a primary basis, which is excess or whether they must share the liability […]
2014/ Past Issues/ September 15
Disclaimer Issued 24 Days After Notice of Suit is Timely; Carrier Needed to Investigate
[COURTSIDE] By Lawrence Rogak Disclaimer Issued 24 Days After Notice of Suit is Timely; Carrier Needed To Investigate Guideone Ins. Co. v Darkei Noam Rabbinical Coll. In an action for a judgment declaring that the plaintiff is not obligated to defend or indemnify the defendants Darkei Noam Rabbinical College, Darkei Noam, Inc., Keren Hachesed, and […]
2014/ Past Issues/ September 15
Take Control of Your Brand: The 4Cs of Brand Management
[ THE LAST WORD] By DeEtta Jones Take Control of Your Brand: The 4Cs of Brand Management There are plenty of reasons to care about your brand, and high among them should be to make your voice heard: your unique voice. Voice is the contribution made to something larger than oneself. It’s the medium for […]
-
2014/ Past Issues/ September 29
“Reasoned Analysis” – An Important Letter to the Editor
[FOREWORD] Steve Acunto “Reasoned Analysis” An important Letter to the Editor RE: Jerry Trupin’s analysis of the ACORD 855NY form, Aug. 18 Dear Mr. Acunto, Jerry Trupin gave Insurance Advocate readers a reasoned analysis of the ACORD 855NY form in the Aug. 18, 2014, edition of the magazine. While relevant from the certificate […]
2014/ Past Issues/ September 29
Controlling Information
[INSIGHT ] By Peter H. Bickford Controlling Information It has been almost twenty years since Seinfeld’s mailman Newman uttered that threat and, even with the passage of time and the ensuing digital age, it is still a timeless reminder of the importance of availability and access to information. Even today with seemingly unfettered access to […]
2014/ Past Issues/ September 29
Big “I” Installs New Leadership
Big “I” Installs New Leadership Team Michigan’s David Walker as Chairman, Louisiana’s Randy Lanoix as Chairman-Elect, Connecticut’s Spencer Houldin as Vice Chairman; Jon Jensen of South Carolina Joins Executive Committee ALEXANDRIA, Va.— David Walker was inaugurated as the new chairman of the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”), with […]
2014/ Past Issues/ September 29
New York and New Jersey Amond Excellence in Insurance Education Awardees
ALEXANDRIA, Va.—Big “I” independent insurance agent associations in 24 states were recently recognized by the Independent Insurance Agents & Brokers of America (IIABA or The Big “I”) with Excellence in Insurance Education (EIE) Awards at the association’s Education Convocation in Grand Rapids, Michigan. “The Big ‘I’ Excellence in Insurance Education awards honor the outstanding contributions […]
2014/ Past Issues/ September 29
Hagerty Named “Great Place tow Work® 2014: Employee Trust is the Leading Factor for Great Workplaces
Hagerty Named “Great Place to Work® 2014: Employee Trust is the Leading Factor for Great Workplaces H agerty, a leading insurer of classic cars, was named by Great Place to Work® as one of the best small and medium workplaces in the United States on its annual 2014 Best Small & Medium Workplaces, just […]
2014/ Past Issues/ September 29
PIANY Elects New Leaders
GLENMONT, N.Y.–Anthony A. Kubera, CIC, director of business development for Russell Bond & Co. Inc., in Buffalo, N.Y., was elected president of Professional Insurance Agents of New York State Inc., at a meeting of the association’s board of directors today. Kubera is a member of PIANY’s Political Action Executive and Governing Committees. He is an […]
2014/ Past Issues/ September 29
The Griffith Insurance Education Foundation Awards $3,500
MALVERN, Pa.—The Griffith Insurance Education Foundation presented $3,500 in awards to 10 students at the Future Business Leaders of America (FBLA) National Conference in Nashville, Tennessee. As an event sponsor, The Griffith Foundation supported an insurance and risk management competitive event as part of the FBLA’s Competitive Events Program. More than 60 students participated at […]
2014/ Past Issues/ September 29
The Vulnerability of Art: Collection Risk Management Tips
[ RISKMANAGEMENT] By Michelle Impey, Fine Art Director, Fireman’s Fund Insurance The Vulnerability of Art: Collection Risk Management Tips When I visit the homes of high net worth clients to assess their art assets as the Fine Art Director with Fireman’s Fund Insurance, providing loss prevention advice is my primary objective. Whether it is a […]
2014/ Past Issues/ September 29
They Don’t Make ‘em Like They Used To
[ON THE LEVEL] By N. Stephen Ruchman, CPA They Don’t Make ‘em Like They Used To If you stick around long enough, you acquire expertise, skills, loyalties and valuable relationships. These are what make a career; they are the dividends of time well invested. I’ve been around a while. And I’ve developed such relationships with […]
2014/ Past Issues/ September 29
Between You and Me, Keep This On The DownLOAD!
Michael Loguercio
Face to Face
[FACE TO FACE] By Michael Loguercio Between You and Me, Keep This On The DownLOAD! So many times when I speak with an agency about purchasing a management system, or switching to the EZLynx Management System from their current provider, one of the questions almost inevitably posed to me is, “What carriers do you download […]
2014/ Past Issues/ September 29
Dipping Your Toe Into the Social Media as an Agent
[ THE SOCIAL NOTEBOOK] By Chris Paradiso Dipping Your Toe Into the Social Media as an Agent One of the biggest questions I am asked on a regular basis is, “what can I do to kick start my agency’s marketing plan into the social media arena.” An excellent question and I would imagine if you […]
2014/ Past Issues/ September 29
Must Insured First Prove Prima Facie Case?
[ON MY RADAR] By Barry Zalma Must Insured First Prove Prima Facie Case? An LLC is not an Employee When an insured acquires an insurance policy the insured promises, among other things, to first prove that when presenting a claim for indemnity the insured will establish a prima facie (on its face) case that coverage […]
2014/ Past Issues/ September 29
Unless Auto Policy Specifically Excludes Temporary Substitutes, They Are Covered for Sum
[COURTSIDE] By Lawrence Rogak Unless Auto Policy Specifically Excludes Temporary Substitutes, They are Covered for Sum Mechanic Driving Customer’s Loaner Car Covered Under Customer’s Auto Policy Matter of State Farm Mut. Auto. Ins. Co. v O’Brien In a proceeding pursuant to CPLR article 75 to permanently stay arbitration of a claim for underinsured motorist […]
2014/ Past Issues/ September 29
Obamacare, Goebbels and Ginsburg
[GUEST OPINION] By G. Keith Smith, M.D. Obamacare, Goebbels and Ginsburg Afriend recently opined to me about his increasing frustration with those who are unable to distinguish between politics and religion, particularly those for whom politics is their religion. This describes statists of all stripes, I think. Folks either want to use the power of […]
-
“TO CONVERGE, OR NOT TO CONVERGE,” That is the Question for Regulators and Legislators: And the answer may prove vexing on this increasingly dramatic financial services stage.
Whether “’tis nobler in the mind to suffer the slings and arrows of outrageous fortune….” is besides the point for financial services decision-makers. The question here is whether there are “noble minds” pondering this question as respects current efforts to devise global capital standards for insurers. I’ll leave the answer to you the reader after […]
Shared Histories
It is so gratifying to share common history and opinion. Art Moll was a friend to so many of us and to the industry itself that, when we ran his column in “Looking Back” several letters and e-mails followed with sentiments we all share. We present one of the most thoughtful here below. As always […]
A Golden Opportunity!
Welcome to my 50th Insight Column! I guess that makes it some kind of golden anniversary. But I look at it more as having been provided with a golden opportunity. For the past two and a half years my column has been addressing the natural tension between insurance regulators and regulatees, particularly where regulated entities […]
Short Takes on Sundry Topics II: The $750 Million Comma; Assault & Battery Exclusions; A Written Contract Required to be an AI; Theft By Tenant—Is It Covered?; & Certificates of Insurance Legislation
Jerry Trupin
Exposures and Coverages
My “possible topics” basket is still overflowing and new items come in all the time, so here’s another round of Short Takes. The $750 Million Comma BP is claiming that an exclusion in a contractor’s policy is ambiguous because a comma is missing in its agreement with the contractor. The missing comma may cost insurers […]
Morph to Thrive and Not Just Survive
Independent agents have existed for a long time and will continue to exist, maybe in smaller total numbers but evolved into very large agencies and smaller “boutique” or specialized agencies. No matter the size or nature of the agency, in order to grow organically all independent agencies will have to expand on the value that […]
Life Insurance Industry Convenes in Cooperstown for Annual Legislative & Regulatory Conference
From September 22 through 24, approximately 170 life insurance executives, state and national policymakers, firms that provide services to the industry, and their guests convened at The Otesaga Resort Hotel in Cooperstown, NY, to engage each other in discussion on a range of life insurance-related issues on the state, federal and international levels. The occasion […]
Email Marketing Myths That are Killing Your Agency’s Campaigns!
Chris Paradiso
The Social Notebook
As an email marketing aficionado, nothing infuriates me more than misleading ‘facts.’ NOTHING! And I don’t mean the ‘email is dead’ kind of articles that emerge every so often (just to set the record straight here, email marketing is very much alive) but rather articles suggesting that email marketing is only for the big corporations, […]
Text in the City
Michael Loguercio
Face to Face
As someone who has travelled quite extensively throughout the country on both business and pleasure, so many times I have been driving around and said, “Don’t people in this city know how to drive?!?!” Whether it is because of those who are texting and driving, or aggressively driving, or just trying to get home, it […]
When an SIR Isn’t
In this case the California Court of Appeal was asked to once again apply the well-established principle that any limitation on the coverage provided by a liability insurance policy must be expressed and consistent with the reasonable expectations of the insured. Simply put, people who write insurance policies should say what they mean and do […]
Insurance Companies (Even Small Ones) Are Not Immune from Cyber Risk
By Paul Dzielinski It seems as though every time you read the newspaper or watch the evening news, there is a story about another corporation’s website being hacked and their customer data compromised. Many business owners, especially small ones, take a head-in-the-sand approach and think, “This won’t happen to us. We’re a small company and […]
No Coverage for Damage Caused by Rainwater Entering Building Because of “Faulty Design”
Plaintiff commenced this action seeking insurance coverage from Tower for the collapse of a retaining wall in its parking lot and water damage to the interior of its building as a result of a June 23, 2011 rainstorm. Tower claimed that the insurance policy does not provide coverage for these damages and disclaimed. This matter […]
-
Claims Handling is Always King
Every other year, the PIA affiliates managed from Glenmont (PIA of Connecticut, New Hampshire, New Jersey and New York) conduct the oldest and largest survey measuring agents’ opinions of their carriers’ performance. As they say in sports, this is a “bi-year” for PIA’s Company Performance Survey. So, the associations conducted the Benchmark Survey to make sure that next year’s Company Performance Survey will measure the items that are most important to agents.
Is the term “industry loss and loss adjustment expense reserves” a meaningful one?
Insurance literature is replete with articles, analyses, studies and discussion documents related to industry loss and loss adjustment expense (L&LAE) reserves, the impact of L&LAE reserve adequacy on insurance pricing cycles, as well as the correlation between inadequate L&LAE reserves and the failure rates of carriers. However, we found negligible justification for the terminology or […]
Standing Strong
Greater New York Insurance Companies celebrated its 100th anniversary the first week of November in a style that fit the modest, but unquestionably upbeat swing of this highly successful enterprise. The dinner included 300 elected and regulatory officials, brokers, company executives and industry leaders gathered at New York’s historic Union League Club one block from GNY’s Madison […]
How About Free? Free Would be Nice!
The year 1984 has significance on so many fronts but none greater than its import regarding access to information. Contrast 1984 as George Orwell’s target year in his futuristic classic about subverting control over all communications through “Big Brother,” with 1984 as the year the first Macintosh computer was introduced and the dawning of the […]
Israel Bonds Luncheon Draws 250+ Fishlinger, Barton and Granum Honored
The annual Development Corporation for Israel/Israel Bonds Insurance Division luncheon was held on October 28th at Gotham Hall in New York City. Dr. Larry Barton, Chancellor, and O. Alfred Granum, Professor of Management, The American College, and William Fishlinger, Chairman & CEO of Gramercy Risk Holdings, were honored for their professional achievements and civic endeavors. […]
Management System Envy…is Bigger Really Better?
Michael Loguercio
Face to Face
So when shopping for an agency management system, what exactly are you looking for and what, precisely, are you trying to accomplish? Bigger…better…than what? As you are well aware, there are many extenuating factors that may (and most likely will) contribute to the ever changing landscape of the independent agency, which in turn will affect […]
Position Your Business for Future Opportunities
I have been a professional independent agent for nearly five decades. The job is challenging. But, I can say without hesitation that the compensation of running my own agency has extended far beyond the financial benefits, and I encourage anyone with an entrepreneurial spirit, the desire to truly help people, and the willingness to work […]
No Damage to Vexatious Litigant
Liability insurance policies are designed to protect those insured against claims seeking damages from the insured. Some suits, however, seek equitable remedies and no damages. In such a case, where damages are neither alleged nor proven, the availability of coverage for defense is questionable. The question was brought again in Ohio by a vexatious litigator. In […]
Court of Appeals, in Novel Case, Adopts “Likely to Succeed” Standard for Unappealed Legal Malpractice Cases
Grace v Law (2014 NY Slip Op 07089) We are presented with an issue of first impression for this Court: What effect does a client’s failure to pursue an appeal in an underlying action have on his or her ability to maintain a legal mal- practice lawsuit? We hold that the failure to appeal bars […]
-
2014/ November 17/ Past Issues
GNY Marks 100th Year Anniversary Three hundred gather to celebrate venerable New York Company’s first century
Greater New York Insurance Companies, nationally recognized specialists in insuring commercial and habitational real estate as well as other commercial classes of business celebrated its 100th anniversary on Thursday evening, November 6th, 2014 with a Gala Anniversary Dinner including elected and regulatory officials, brokers, company executives and industry leaders. The celebration, held at New York’s […]
2014/ November 17/ Past Issues
IFNY Annual Luncheon Draws 350; Hyatt Brown Honored
More than 350 insurance leaders joined in the Insurance Federation of New York’s (IFNY) 100th Annual Free Enterprise Award Luncheon to honor J. Hyatt Brown, Chairman, Brown & Brown, as he received the Federation’s 2014 Free Enterprise Award. The honoree’s son, J. Powell Brown, President and CEO of Brown & Brown, IFNY President Nick Pearson […]
2014/ November 17/ Past Issues
TRIAGE
In this season of high notes and well wishes, we applaud the new officers and directors of the New York Insurance Association (NYIA) for 2015. Chair is Bernard Turi, senior vice president, general counsel, general auditor and chief risk officer, Utica National Insurance Group, Utica; First vice chair: Steven Coffey, president and chief executive officer, Broome Co-operative […]
2014/ November 17/ Past Issues
Forecast: Cloudy With Lack of Clarification
Shame on AIG! It has now joined the growing list of insurance companies in NY that have agreed to pay substantial fines for their sins. These are not the fines of our predecessor administrations, where the largest fines were in the hundreds of thousands. No, now we are talking about fines in the tens of […]
2014/ November 17/ Past Issues
Cyber/Data Breaches
Jerry Trupin
Exposures and Coverages
“There are only two types of companies: those that have been hacked, and those that will be. Even that is merging into one category: those that have been hacked and will be again.” Robert Mueller, former director of the FBI.1 Cyber/data breaches2 are big news. And it’s not just the Targets and Home Depots of […]
2014/ November 17/ Past Issues
Time it Right—The Value of Timing When Using Social Media for Your Business
Chris Paradiso
The Social Notebook
Now more than ever, social media is a critical aspect of business. Many different platforms are used to ensure you are reaching your target audience, and getting your message across clearly. Every day we pin, tweet, and post about our business to maintain our social media presence and reach out to our audience. It is […]
2014/ November 17/ Past Issues
Hundreds Gather to Discuss Insurance-Related Issues at Tappan Zee Bridge Site
Guest Author
In The Associations
Insurance professionals from both sides of the Tappan Zee Bridge and across the Hudson Valley convened recently at the Professional Insurance Agents of New York State Inc.’s Hudson Valley Regional Awareness Program at the Doubletree Hotel in Tarrytown. “Hudson Valley RAP has become an institution over the past decade, almost as much as the Tappan […]
2014/ November 17/ Past Issues
Natural Selection or Apath?
There is an unhealthy trend occurring in our business caused by inaccurate perceptions and apathy on the part of some independent agents and brokers. They believe they can no longer success- fully write and retain personal auto insurance! Some have started to give up on personal insurance all together. They have conceded that market to […]
2014/ November 17/ Past Issues
Something to be Thankful for
Two weeks before Thanksgiving, I drove to Glenmont PIA headquarters for our committee and board days. On the way up, I crossed the Tappan Zee Bridge. For anyone who hasn’t driven over the bridge recently, it’s amazing to see the cranes, the pilings going in and the amount of progress being made on this construction […]
2014/ November 17/ Past Issues
Park Shifts into Drive
Park Insurance has changed gears pretty neatly, moving from its formative stages up to a speed level fit for a promising road ahead. President Tom Polsinelli is at the controls daily, even hourly, measuring and navigating admirably to keep his growing enterprise on the straight and narrow, from personnel decisions to court appearances. It’s the […]
2014/ November 17/ Past Issues
The Deadly Politicization of Ebola
The Ebola story gets stranger every day as administration officials, the CDC, and President Obama himself stretch logic and reason to the breaking point and beyond in an attempt to explain away their opposition to the basic epidemiological method of containment and quarantine. There is simply no dispute that Ebola needs to be contained in […]
2014/ November 17/ Past Issues
Rescission Attempt Fails
You Can Lie to an Insurer in Illinois and Still Keep Coverage When a person, directly or through a broker, lies in an application for insurance it usually results in voidance of the insurance policy either by the equitable remedy of rescission or by the language of the policy. Illinois, at least in the case […]
2014/ November 17/ Past Issues
Whether Batting Screens Were “Open and Obvious Condition” is a Jury Question
Francis v New York Yankees Partnership Order, Supreme Court, Bronx County (Howard H. Sherman, J.), entered April 16, 2013, which granted defendant’s motion for summary judgment dismissing the complaint, unanimously reversed, on the law, without costs, and the motion denied. Plaintiff allegedly sustained personal injuries when, to avoid a golf cart coming toward her in […]
2014/ November 17/ Past Issues
No Meritorious Defense Required When Moving for Extension of Time to Answer
Metropolitan Prop. & Cas. Ins. Co. v Braun Order, Supreme Court, New York County (Saliann Scarpulla, J.), entered on or about May 8, 2013, which denied plaintiffs’ motion for a default judgment and granted defendants’ cross motion for an extension of time to interpose an answer, unanimously affirmed, without costs. The motion court providently exercised […]
2014/ November 17/ Past Issues
Republicans Can No Longer Blame Harry Reid for Failing to Repeal ObamaCare
The time for Republican self-congratulation is over, and the work needs to begin. It appears that the majority of the voting population recognizes that our country is in dire condition. Time is running out to fix it. Are Republicans going to work for our country, or just shift money around to different special interests? It […]
-
2014/ December 22/ Past Issues
The Consequences of Misclassifying Employees as Independent Contractors in New Jersey
Guest Author
Cover Story, From Counsel
By Frank Agostino, Esq. & Eugene Kirman, Agostino & Associates, P.C. Overview The U.S. Department of Labor recently awarded a total of $10.2 million to 19 states for the purpose of improving worker classification compliance. New Jersey received the third-largest total award of $838,621. This sum included the second-largest bonus, $496,399, for its performance in […]
2014/ December 22/ Past Issues
Sad news
Insurance Advocate has received two sad notices, as we go to press. The first was this note and obituary from Diana Sands, daughter of Linda Lamel. “Dear Steve: My mother passed away on Friday, December 5th at her Manhattan home at the age of 71. At her request and with the encouragement of her former colleagues […]
2014/ December 22/ Past Issues
A View From The Far Side
Regulators are people too! I spend a lot of focus in this column on problems with excessive, pointless, redundant and counter-productive insurance laws and regulations. In the process, however, many of those individuals responsible for interpreting and enforcing the rules are often unintentionally caught in the crossfire. So I want to take a moment to […]
2014/ December 22/ Past Issues
Business Income—Purchase Adequate Limits Whether or not Coinsurance Applies; Telephone Toll Fraud
Jerry Trupin
Exposures and Coverages
The most frequent question producers ask me concerns how to set the amount of insurance for business income coverage. Here’s one from a NYC producer: “We are insuring a condo association of 50 units… If total annual maintenance fees amount to $250,000 for all units combined, would you suggest that we write the [Business Income] […]
2014/ December 22/ Past Issues
Holiday Wishes
It’s the time for holiday greetings. I received a holiday email from PIA this week featuring the staff at Glenmont headquarters, and it gave me the idea for this article. I was president of PIANY and I am a director on the board of PIA Management Services, which manages the PIA state affiliates of Conn., […]
2014/ December 22/ Past Issues
David J. Walsh Named Chairman of LICONY
At its Annual Meeting, the Life Insurance Council of New York, Inc. (“LICONY”), elected David J. Walsh to serve as Chairman of the Board of Directors for 2015. Mr. Walsh is President & Chief Executive Officer for Amalgamated Life Insurance Company. “Dave is a strategic thinker with deep experience on legislative and regulatory matters affecting […]
2014/ December 22/ Past Issues
Improving Customer Experience with Digital Marketing
Chris Paradiso
The Social Notebook
Agencies that have relied on traditional channels to build and grow personal relationships face a future in which conversations and in-person meetings have become the equivalent of landline phones and cursive writing. If you never meet the customer, how do you get to know them? Just as you trained staff to ask the right questions […]
2014/ December 22/ Past Issues
Meeting the New Challenges
Marketing insurance protection has changed considerably since I started my independent agent career many years ago. As I sat behind my desk on that first day with my telephone, criss-cross directory and my x-date cards there was no internet. Prior to coming onboard as an agent I had spent many nights on the phone gathering […]
2014/ December 22/ Past Issues
Polluter Must Pay
Pollution Exclusion Applies It is axiomatic that insurance companies have the right to limit coverage in any manner they desire, so long as the limitations do not conflict with statutory pro- visions or public policy. People who are sued have a problem with the concept when the policy wording does not apply to the allegations […]
2014/ December 22/ Past Issues
Noncumulation Clause Means One Policy Limit Applies To All Lead Paint Claims From All Plaintiffs Even After Policy Renewal
Nesmith v Allstate Ins. Co. SMITH, J.: In Hiraldo v Allstate Ins. Co (5 NY3d 508 [2005]), we interpreted a so-called “noncumulation clause” contained in a series of successively- issued liability insurance policies. We held that a person suing for exposure to lead paint during the terms of all the policies could recover no more […]
