2015
2015 Issues - Click to View
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DFS MODIFIES REG 79 Compromises Reached as Mandatory Inspection Reg Undergoes Intense Scrutiny, Revision
Insurance Advocate Cover Story
A set of compromises has been reached in the matter of Reg 79 requirements as the DFS adopted modifications to the long-controversial regulation governing automobile photo inspections. Of the several parties to the compromised changes, many reported satisfaction with the Department’s action, taking steps to streamline the inspection process for policyholders, agents, carriers and vendors […]
Progressive
We mourned the death of former Governor Mario Cuomo as did so many across the State. He was a refreshing liberal personality in that he was always clear in what has been lately called “progressive” orthodoxy in taking positions on the issues that faced New Yorkers. In financial services, he was responsible for the De […]
Safe Again!
New York life insurance and annuity beneficiaries can breath easier! They are safe again! Two years after the statutory life guaranty fund was exhausted by the Executive Life Insurance Company of New York failure, the State’s legislature has passed and the Governor has signed into law legislation restoring the viability of the fund. The new […]
Uber, Airbnb and Insurance
Jerry Trupin
Exposures and Coverages
What do Uber and Airbnb have to do with insurance? Sounds like the opening line to a bad joke, but it’s no laughing matter. When each started, Uber and Airbnb wanted as little to do with insurance as possible. It’s not working out that way. The insurance problems each presents are similar, but since they […]
Eric Kobrick and Elizabeth Mullins Chosen as ARIAS•U.S. Chairman and President for 2015
Eric S. Kobrick, Vice President, Deputy General Counsel & General Counsel, Claims, Reinsurance, Operations and Technology at American International Group, Inc. (AIG), was elected Chairman of ARIAS•U.S. at its 2014 Fall Conference in New York City. He succeeds Jeffrey M. Rubin, Senior Vice President, Director Global Claims at Odyssey Reinsurance Company, who has retired from […]
“Telehealth” Bill
ALBANY, NY—Gov. Andrew M. Cuomo has signed a bill into law as Chapter 550 of the Laws of 2014, which will require insurers and medical assistance for needy persons to provide coverage for the provision of telehealth and telemedicine services. The bill defines telehealth as delivering health care services by means of information and communications […]
Tweaking your Agency’s Traditional Marketing Routine
Chris Paradiso
The Social Notebook
As marketers in the insurance industry, we have a responsibility to make our campaigns as effective and efficient as possible. Over the past several years, we have learned that this is accomplished through inbound channels like social media, search engine optimization and content for lead generation. But as inbound has matured and merged with traditional […]
We’re Not Alone
It’s easy to feel that you’re alone when you struggle with business issues. One issue I have been struggling with lately is how independent agents and brokers can get consumers to appreciate the value they bring to buying insurance protection. To those of us who work in the system it’s a no-brainer. There is also […]
Happy New Year!
Michael Loguercio
Face to Face
So for my first article of 2015, I want to share with you some- thing that truly doesn’t get enough press, but plays such a huge part in this thing of ours: the Excess and Surplus market. E&S makes up almost 15% of the Commercial Lines direct premiums, but being that the sector is so […]
How Underwriters Can Weigh (and Diminish) Cyber Risk Against Critical Infrastructure
By Lior Frenkel Critical infrastructure presents a difficult cyber risk problem for insurance underwriters. The capability for cyber attacks is growing, and they are becoming increasingly targeted. The Havex and BlackEnergy malware strains are but two recent examples of the growing sophistication of high-end capabilities for adversaries of any skill level. Military-grade cyber attack techniques, […]
Contractor Fails to Purchase OCP Coverage for Owner, and Owner Does Not Become Additional Insured on CGL Policy Because Contract Did Not Require It
By agreement dated September 3, 2008, Strauss Painting, Inc. (Strauss)/Creative Finishes, Ltd. (Creative) contracted with the Metropolitan Opera Association, Inc. (the Met) to per- form work on the Met’s premises; specifically, to strip and repaint the rooftop steel carriage track for the opera house’s auto- mated window-washing equipment (here- after, generally referred to as the […]
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Top Leaders, Conferees View Trends, Concerns at January Conference
Attracting Millenials Seen as Important Challenge for U.S. Insurers The “millennial question” was one area of consensus among six chief executive officers at a panel discussion at the Property/Casualty Joint Industry Forum, held here. The CEOs—drawn from a wide range of insurers, including large and small carriers, writers of personal and commercial lines, insurers and […]
Fast at Work …
Over the holidays and into the New Year we at?the Insurance Advocate® have been preparing?to mark our 125th year of service to the New York, New Jersey and Connecticut insurance community with a special touch. The Insurance Advocate®, the oldest and largest regional in an industry that is – thankfully – state regulated, is publishing […]
Too Big … To Succeed!
“An essential aspect of creativity is not being afraid to fail.” Edwin Land At this time of year we are bombarded by images of Mother Nature at her most traumatic and beautiful moments. Blizzards and ice storms mixed with bucolic and tranquil winterscapes. One of the more iconic seasonal images is of a youngster so […]
Small Businesses and Facebook
Chris Paradiso
The Social Notebook
Things seem to be getting uglier for small businesses in the world of Facebook. The most recent development that took place was November 5th’s ban on likegating. This is the practice of forcing a customer to like your page in order to receive the content on the other side. Now while this is a small […]
Starting the Year off With a Win
I often discuss legislative and regulatory issues of importance to agents and our industry in this column. Usually, I write an update about a regulation or urge fellow agents to contact their representatives regarding an important bill that will affect us. I am interested in the legislative and policymaking process and my affiliation with PIA […]
How to Mess Up Your Insurance…Without Really Trying
Michael Loguercio
Face to Face
So how many times have your clients come to you and asked, “How do I mess up my insurance policy so that I don’t get paid on a claim?” Not too often, I’m sure, as many insured are very capable of doing this all by themselves and without any assistance or advice on your part. […]
The Griffith Insurance Education Foundation Awards
MALVERN, Pa.—Forty students from 17 different undergraduate and graduate programs were selected as recipients of The Griffith Insurance Education Foundation’s 2014 scholarship offerings. This past year’s schol- arship funds totaled $102,000 and allowed these students to continue advancing their education in preparation for future careers in risk management and insurance. These scholarships are awarded biannually […]
PIANJ/PIANY 2015 Annual Conference at New Location
ATLANTIC CITY, N.J.—The Professional Insurance Agents of New Jersey and New York State have announced they will hold their PIANJ/PI- ANY Annual Conference June 7-9, 2015, at a new location—Bally’s Atlantic City. “The annual conference is at a new location this year, with new programs, new entertainment and new opportunities,” said PIANJ President Glenn Tippy, […]
NYIA Hits “Hijacking”
January 16, 2015 marked five years since the New York Insurance Association, Inc. (NYIA) filed suit to stop the state’s illegal diversion of funds levied on New York insurance companies. The suit was filed in State Supreme Court, Albany County on January 13, 2010. By law, the assessment on insurers is sup- posed to pay […]
Life Insurance Fraud Fails
Reinstatement of Life Policy Like New Policy States, in an attempt to protect life insurance beneficiaries, make it impossible to contest the viability of a life insurance policy, even if obtained by fraud, unless the coverage is contested within two years of the inception of the policy. In Texas the requirement for an incontestability clause […]
Arbitrator’s Refusal to Honor Prior Jury Verdict is Irrational; Award Vacated
New York City Transit Authority v GEICO On December 23, 2013, petitioner filed its petition under Article 75 of the CPLR to vacate an award made by arbitrator Mavis Thomas on September 24, 2013. In its papers, petitioner argued that the award made by the arbitrator to respondent was improper because the arbitrator exceeded its […]
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CYBER WAR: NYSDFS hits the Ground… Regulating
Benjamin M. Lawsky, Superintendent of Financial Services, has released a DFS report on cyber security in the insurance industry and has announced a series of measures that DFS will take “to help strengthen cyber hacking defenses at insurers.” DFS plans to integrate regular, targeted assessments of cyber security preparedness at insurance companies as part of […]
Proof of Concept
When we read in these pages of legislative and regulatory issues – in particular, the recent successes for agents with Reg 60, Reg 79 and now the C of I clarifications – it reminds me of the value agents get from their associations: NYSAIFA, IIABNY, PIANY and the others. That was underlined just the other […]
Report Cards – The Sequel
I received a number of calls recently from colleagues, including a couple of former NY insurance department employees, asking if I had seen the new report card on the effectiveness of each of the state insurance departments. Usually the conversation started out by the caller noting that California received an “F” and NY a “D”. […]
Appraisal Rights Expanded; Drones and Insurance; Cuomo Signs C of I Legislation
Jerry Trupin
Exposures and Coverages
New York has expanded the usefulness of appraisals for settling disputed property insurance losses. The revision clarifies that the scope of the damage is a proper subject for appraisal. The change passed both houses of the legislature unanimously and was signed by Governor Cuomo on November 24, 2014. Almost all property insurance policies include a […]
PIANY Hails Passage of Law Providing Coverage Clarity on C of I
ALBANY, N.Y. — The Professional Insurance Agents of New York State Inc., is applauding Gov. Andrew M. Cuomo’s signing of its top-priority bill (A.9590 and S.6545-A) into law today. The law addresses a growing problem for construction and insurance businesses, where certificates of insurance are issued that may not accurately represent policy coverages. The law […]
Davis named PIANY’s MetroRAP Industry Professional of the Year
The Profes sional In-surance Agents of New York State Inc. presented Kevin Davis, president of Kevin Davis Insurance Serv ices Inc., with its Industry Professional of the Year award at the annual Metropolitan Regional Awareness Program, Jan. 29, 2015. Davis also currently is the managing general agent for Travelers Insurance which is one of the largest writers of specialty insurance coverage for community associations in […]
Twelve Mistakes in Marketing
Chris Paradiso
The Social Notebook
Recently I spoke at an insurance conference about success in social media marketing, and shortly after finishing my speech, a young insurance professional came to me and asked if I could take a few minutes to explain to her what I thought were twelve mistakes in marketing that agencies should avoid in the new year. […]
IIABNY Lauds “Victory for Agents”
eWitt, N.Y.— IIABNY is celebrating a major win for producers who issue certificates of insurance, after legislation it helped develop was signed by Gov. Andrew Cuomo. The Independent Agents and Brokers of New York said that the new law will stop businesses and government agencies from pressuring insurance producers into issuing false or misleading certificates […]
Intercepted!!!!! …by the Police!
Michael Loguercio
Face to Face
So what did you do right after the Super Bowl ended? Cheer for The New England Patriots on their exciting win with seconds remaining? Chastise Pete Carroll of The Seattle Seahawks for what some say was a very poor coaching decision to call a pass play, when the whole world was thinking run out the […]
IIABNY’s Inaugural NYiDAY Sells Out & Delivers
A look back… From its inception, NYiDAY – created by the Independent Insurance Agents & Brokers of New York (IIABNY) and Trusted Choice® – was unlike anything before. “After numerous conversations with agents in the Metro New York area, it became quite apparent there was not an event that gave them what they wanted,” said […]
Top CEOs to Address Big “I”
The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) has announced that the participants for a top insurance carrier CEO panel discussion on Friday, April 24, during its annual Legislative Conference will include: David H. Long, Liberty Mutual Insurance chairman, president & CEO, Christopher J. Swift, The Hartford chair- man & […]
It Doesn’t Pay to Seek Penalties Not Owed
States, like Louisiana, have enacted statutes requiring insurers to pay an agreed claim immediately but no later than 30 days from the date of the agreement. In Louisiana a court can assess a penalty even if the payment is made 34 days after the settlement agreement. However, to get the penalty it is necessary that […]
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2015/ February 18/ Past Issues
LICONYMarks 47th Year
The Life Insurance Council of New York, Inc. (LICONY), celebrated its 47th Anniversary on Thursday, February 5, 2015, with a reception at the Mutual of America headquarters building on Park Avenue, NYC. The Anniversary Celebration Reception was attended by over 150 guests from life insurance companies, legal, accounting, actuarial, and other professional services firms, as […]
2015/ February 18/ Past Issues
Moneyball for Law – Analyzing the big firms
The Brad Pitt film, Moneyball, portrays Billy Beane, baseball team manager of the Oakland A’s, struggling against accepted dogma in player selection. Beane’s insight was to use already available player data to pick athletes. This flew in the face of accepted conventional wisdom in the game. Talent scouts prided themselves on their “eye” for talent, […]
2015/ February 18/ Past Issues
Life Imitates Art
The Mercury Insurance Special Investigations Unit (SIU), which refers to itself as the CSI of the insurance industry, continues to uncover fraudulent claims, saving Mercury policy holders hundreds of millions of dollars and per- forming a service to all of the industry’s SIUs and sleuths. From sophisticated organized crime and sleazy lawyers and doctors to low intelligence criminals chasing quick bucks, […]
2015/ February 18/ Past Issues
The Sausage Factory
There are a number of variations to an old saw comparing the messy legislative process with sausage making. A common current iteration observes that: “If you love the law or sausages you should never see either one made.” Given the vagaries of law-making mills, imagine the possibilities when relying on legislation to solve a simple […]
2015/ February 18/ Past Issues
Traditions, Trends and Turns at PIANY’s MetroRAP
Readers of The Advocate surely are familiar with MetroRAP, the Professional Insurance Agents of New York State’s (PIANY) regional aware- ness program for New York City and the surrounding areas. The event has a history spanning three decades and it usually kicks off PIANY’s extensive events calendar each year. Since 2001, it has been held […]
2015/ February 18/ Past Issues
PIANY’s MetroRAP Brooklyn
New York City’s producer community came back to Brooklyn for the Professional Insurance Agents of New York State Inc.’s 2015 Metropolitan Regional Awareness Program, held Thursday, Jan. 29, 2015, at the Brooklyn Marriott. MetroRAP, PIANY’s first net- working event of the year, has become the place to be seen. This year’s event was a smashing […]
2015/ February 18/ Past Issues
Let’s Talk About Your “Why”
Chris Paradiso
The Social Notebook
Have you seen the iconic 2009 TED Talk by Simon Sinek? The talk was about how great leaders must inspire trust, cooperation, and action. If you have NOT seen or heard that talk PLEASE drop everything you’re doing and watch it. Simon talks about a simple but paradigm-shifting model. This model has transformed the way […]
2015/ February 18/ Past Issues
Rock Paper Scissors…What’s Next?!
Michael Loguercio
Face to Face
So a few days ago, Devin and I were rummaging through some old papers and memorabilia of mine, some of which I had not seen in many, many years. Something that I came across was my original New York State insurance license, issued from the now-non-existent NYS Department of Insurance (remember them?) from about thirty-five […]
2015/ February 18/ Past Issues
Mailing is All Needed to Perfect Nonrenewal
Agent Not Required to Inform Insured of Nonrenewal Some cases go on and on with trial decisions reversed, remanded, retried and appealed again. In Collins v. State Farm Ins. Co., — So.3d —, 2015 WL 468970 (La.App. 4 Cir.), 2014-0419 (La.App. 4 Cir. 2/4/15), after eight years of litigation over damages resulting from Hurricane Katrina […]
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Attorney General in New York named “Prosecutor of the Year”
Award bestowed by the New York Alliance Against Insurance Fraud NEW YORK, N.Y. — Cited for an aggressive campaign to counter auto and healthcare insurance fraud scams, the Office of Attorney General in New York was honored with the “Prosecutor of the Year” award by the New York Alliance Against Insurance Fraud. The award was […]
Generous and again generous….
Insurance leaders are among the most giving of executives. It’s kind of a culture in the field, from local agents who engine local teams, runs, charities and give support to fire fighters and police, up to the C Suite professionals who send dollars and staff to the good causes that change the world for so many. The New York Times […]
News Flash: Tail Wags Dog!
The insurance media sometimes does not know quite how to report on pronouncements by our fearless regulatory leader in New York. This is probably because so many of his statements are about “financial services” without distinction between industries, and insurance industry reporters are not always sure if he is including, excluding or consciously ignoring insurance. […]
A Tale of Two Exclusions: Fungi and Bacteria & Cosmetic Damage
Jerry Trupin
Exposures and Coverages
Reader Asks About: Fungi and Bacteria Exclusion A Westchester producer writes: We have a client that plans to produce and sell maxi- pads in foreign countries. We’ve received two quotes. The first totally excluded losses in any way involving fungi or bacteria. The second has a more limited exclusion: “Bodily injury” or “property damage” which […]
Success in Social Media Starts with…
Chris Paradiso
The Social Notebook
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 Google’s fluidity, and that’s why we can never stop learning. Remember, Google is the boss of the Internet […]
Some Policies Have Tails, But This One Has Legs!
Michael Loguercio
Face to Face
So think about this for a second: what was the most bizarre risk that you have ever insured? Where did the risk originate from? How did it end up in your office? Were you well versed in the type of coverage that was applicable to the risk? Where did you place it…direct with an admitted […]
Misrepresent Material Fact – Lose Coverage
Uberrimae Fidei Allows Voidance of Marine Insurance Policy Insurance has, from its inception, been an agreement requiring utmost good faith by both parties to the contract of insurance. As used in maritime insurance failure of an insured to deal in the utmost good faith with its insurer allows the insurer to void the insurance. A […]
Medical Provider Must Submit to EUO Whether it Gets an Assignment or Just Authorization to Receive Payment
Stracar Med. Servs., P.C. v State Farm Mut. Auto. Ins. Co. Appeal from an order of the Civil Court of the City of New York, Kings County (Devin P. Cohen, J.), entered January 29, 2013. The order granted defendant’s motion for summary judgment dismissing the complaint and denied plaintiff ’s cross motion for summary judgment. […]
Study Reveals Stability and Growth in P-C Insurance Market
Independent insurance agents continue to outperform captives in several areas. The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) has released the results of the 2015 Market Share Study (based on 2013 data) which reveal that independent insurance agents and brokers (collectively “IAs”) continue to dominate commercial lines while rivaling […]
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Springing into Spring. POTHOLES COST INDUSTRY DEEPLY
Drivers, Local Authorities Deal with Tough Winter’s Potholes Trusted Choice® survey shows about 50% of U.S. car owners report vehicle pothole damage. “The snow, ice and freezing rain during the rough winter months left their mark on the country’s roads. Severe potholes have led to accidents which may impact insurance rates, as premiums are determined […]
REG. 60
“The winter of our discontent” was how King Richard III described his plight in Shakespeare’s play of the same name. In fact the errant king was just reinterred in England after his miscreant bones were discovered. And what timing, near the end of the worst winter in memory. Who would have thought that potholes would […]
Start Up, New York!
It is hard to miss the ads all over the airwaves and print media extolling the virtues of New York State as a great place to do business. Offering tax breaks, access to human and natural resources, friendly regulations, minimal red tape, the State spends tens of millions – yours and my tax dollars at […]
Signs
I’m often asked how I come up with ideas to write my column. Many ideas come from friends and fellow agents who share stories in casual conversation, or an agent will reach out to me because they have an idea that they think others would be interested in reading about. As the time between each […]
PRI Cites Mercy Medical Center, Rockville Centre, for Risk Management and Patient Safety “Best Practices” Award
Terence Cardinal Cooke Health Care Center Earns Honorable Mention “We are proponents of creative, aggressive approaches to achieving excellence in patient care. The Patient Safety Award gives us the opportunity to publicly acknowledge some of the best practices taking place in the field and gives others an opportunity to learn more by facilitating the exchange of information. […]
Google is on the Move
Chris Paradiso
The Social Notebook
Google is once again tweaking its search algorithm with a new change that should have some benefits for its users. Google announced last month that it will rank mobile-optimized sites higher in search results, starting April 21, 2015. Sites that work well on a mobile device should get a “significant” boost over other sites that […]
CMSV Announces Fishlinger Center for Public Policy Research
To further its commitment to the intellectual, ethical, and personal development of its students, faculty, and the public at large, the College of Mount Saint Vincent has announced the creation of the Fishlinger Center for Public Policy Research. The development of the center, which is slated to open in late summer, opens new vistas for […]
Jonathan Bing to Lead Wilson Elser’s NYC Government Affairs Practice
National law firm Wilson Elser appointed Partner Jonathan L. Bing, a former New York State assemblyman and Governor Cuomo appointee, to head of the New York City Government Affairs practice. In this role, Bing will work closely with Albany Regional Managing Partner Kenneth Shapiro and Deputy Regional Managing Partner Lisa Marrello, both of whom lead the firm’s […]
National Fire Adjustment Co., Inc. Names David LeBlanc V.P.
David LeBlanc has been named Vice President of the Canadian Operations for the National Fire Adjustment Co., Inc. announced NFA President Ronald Papa. National Fire Adjustment Co., Inc. is a family–owned and operated public adjusting firm which began in Buffalo, New York, U.S.A. in 1922. The National Fire Adjustment Co., Inc. is one of North […]
What Will Happen if Supreme Court Cuts ObamaCare Subsidies?
The Obama Administration was apparently shocked when the U.S. Supreme Court agreed to hear the case of King v. Burwell, which challenges insurance subsidies flowing through federal Exchanges. The Affordable Care Act (ACA) clearly states that subsidies flow only through Ex- changes established by States. This, according to MIT economist Jonathan Gruber, was meant to […]
Writing Off Insurance Agents, Again, is not a Safe Bet
As a young legislative staffer back in the onset of the 1980s I was given two early lessons: one had to do with attending the same meeting with a reporter, reading about it the next day, and wondering if I was at the same meeting; the other was to never underestimate the power of the […]
Duty to Defend Not Effected by Denial of Motion for Summary Judgment
Defense Can’t Be Avoided by Use of Limine Motions The duty to defend owed by an insurer is very broad and requires an insurer to defend even if there is only a potential for coverage on the facts of the case and the policy wording. Usually, an order denying a motion for summary judgment seeking […]
Where MVAIC Claimant Indicates he was on a Motorcycle, Burden is on Claimant to Prove he is a Qualified Person
New Millennium Med. Imaging, P.C. v M.V.A.I.C. Plaintiff, a radiology center, commenced this action to recover the sum of $2,659.81 and $912.00 for imaging services it provided to its assignor Yao He Wang. Defendant MVAIC requests that the Court dismiss the claim based upon the assignor’s ineligibility for MVAIC benefits under Article 52 of the […]
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Miscalculating : Majority of Americans Overestimate Cost of Life Insurance
The results of the 2015 Life Insurance Barometer — the fifth annual measure of consumer trends and perceptions regarding life insurance, retire- ment and their financial well-being conducted by the non-profit Life Happens and LIMRA – found that while the majority of Americans know they need life insurance, a lack of aware- ness about the […]
“Likeable Enough”
Love this news: USAA reports the financial services industry’s reputation has “recovered considerably” from its recent low point in 2009, but it still falls far below other industries many people love to hate, including energy and telecommunications. Some financial firms escape the downbeat industry assessment, according to the 16th annual Harris Poll Reputation Quotient® (RQ) […]
Mixed Messages
There were two recent, seemingly unrelated events involving NY’s superintendent of financial services – one in his capacity as the chief financial services regulator and one in his separate role as receiver of an insolvent insurer – that send strikingly opposite messages. First there was the very public castigation of the New York branch of […]
What Is Theft? Crime Coverage Terminates for Certain Employees Uber & Lyft Insurance Update The Drones are Coming
Jerry Trupin
Exposures and Coverages
What is “Theft”? “When I use a word,” Humpty Dumpty said in rather a scornful tone, “it means just what I choose it to mean — neither more nor less.” “The question is,” said Alice, “whether you can make words mean so many different things.” “The question is,” said Humpty Dumpty, “which is to be […]
Why Your Mobile Presence Matters
Chris Paradiso
The Social Notebook
Was your agency ready for the April 21 update? Google made its biggest change to its algo- rithm ever. The Google mobile algorithm update will be influencing the display of organic search results on mobile devices such as tablets and smartphones. This will not only be affecting insurance agency websites but all websites that have […]
IIABNY CEO Dick Poppa Receives Lifetime Achievement Award
Washington, D.C. — Richard Poppa, CAE, AAI, president and chief executive officer of the Independent Insurance Agents & Brokers of New York (IIABNY), received the Jeff Yates Lifetime Achievement Award from the Independent Insurance Agents & Brokers of America (IIABA.) Poppa was honored during at ceremony at the IIABA’s Big “I” Legislative Conference at the […]
Agency Impossible
There’s a show on the Food Channel called Restaurant Impossible that I enjoy watching. If you’re not familiar, English Chef Robert Irvine takes two days and $10,000 to turn around failing restau- rants. His team is headed by two other peo- ple, his builder and his interior designer. On his first visit to these establishments […]
Covenant Not to Execute Not a Release
It is almost common for a plaintiff who gets a large judgment against a tortfea- sor that cannot be collected to enter into an agreement with the defendant to not execute upon the judgment in exchange for an assignment of the defen- dant’s claims against its insurer. It is unusu- al, however, for the insurer […]
Medical Provider Must Submit to EUO Whether it Gets an Assignment or Just Authorization to Receive Payment
Appeal from an order of the Civil Court of the City of New York, Kings County (Devin P. Cohen, J.), entered January 29, 2013. The order granted defen- dant’s motion for summary judg- ment dismissing the complaint and denied plaintiff ’s cross motion for summary judgment. ORDERED that the order is affirmed, with $25 costs. In […]
ObamaCare Can Cancel Your Insurance, Warns AAPS
Tucson, AZ. One of the biggest sell- ing points for the Affordable Care Act (ACA or ObamaCare) was the promise that insurers couldn’t cancel your plan if you get sick. But if the U.S. Supreme Court, in King v. Burwell, holds premium subsidies to be illegal in Exchanges not established by States, the Administration will […]
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Modern Technology could very well determine the trajectory of your business
The insurance industry in general has often been accused of lagging when it comes to adopting and leveraging the latest technologies, but that doesn’t mean the industry is standing still, particularly insurance carriers. And sometimes, carriers’ use of technology has come at the expense of insurance agents. In recent decades, insurers have used the Internet […]
Newton Award to New York’s Peter C. Browne
In an advance for commercial property insurers, site-specific exposures can now factor into underwriting models. Verisk has developed a new analytic report that provides underwriters the ability to determine the likelihood of fire incidents and a broad spectrum of non-modelled weather events. The Peril and Incident Report is offered as part of Verisk’s newly enhanced […]
Cyber Insecurity
Although insurance industry players – companies and producers – are not exactly modern Luddites opposed to any technology advances, it is no secret that the industry usually lags behind in keeping up with an ever-chang- ing world. In an age where young people in the same room are more comfortable communicating via texting rather than […]
New Seasons, Innovations and the Rules They Provoke
I’ve always seen Spring as the season of rebirth. As I write this article, I’m sit- ting at home: The tulips are about four inches above the ground and I’m watching the same birds come back and attempt to nest in the automatic awning over my deck, where they have been for the last two […]
Long Island RAP 40th Anniversary Celebration
Hundreds of professional, independent insurance agents gathered at Crest Hollow Country Club in Woodbury for the 40th Annual Long Island Regional Awareness Program on April 22. Attendees took the opportunity to honor their col- leagues, network, earn continu- ing-education credits, peruse the latest industry innovations and of course to hear the inspirational words of Dwight […]
SEO as a Part of Your Agency’s Marketing Strategy
Chris Paradiso
The Social Notebook
Did you ever wonder about making your insurance website more appealing to the three core search engines (Google, Bing and Yahoo)? First I would say forget about Bing and Yahoo. Why? The stats don’t lie – 79% of people use Google. In my opinion, that’s where your focus should be. Have you been scared off […]
Cheaper to Keep Her!
Michael Loguercio
Face to Face
So when you hear this saying, what do you typically think of? Someone who is contemplating a potential divorce? The song made famous by The Blues Brothers ? The movie starring singer turned-actor Mac Davis ? Then what is the first thing that pops into your mind when you hear that saying? What about the […]
Careful with Applications : Broker’s Misrepresentation Without Knowledge of Insured is Sufficient for Rescission
Insurance brokers, who represent the insured to transact insurance with, but not on behalf of, an insurer often will try to make the process easy for the insured by filling out the application before asking the insured to sign it. It is a practice fraught with danger that can cause the insured to have no […]
E&O Considerations for the Automated Agent
Technology is providing agents and brokers (“agents”) today with several tools to increase sales and profitabil- ity, as well as to provide better customer service. Automation is also helping many agencies manage their E&O risks more effectively, because of its capabilities to retain accurate data, foster consistent processes, document transactions and con- versations and generate […]
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NAIFA Launches an Attack on “Unreasonable” Legislation
The National Association of Insurance and Financial Advisors–New York State (NAIFA–NYS) has launched an all-out attack on an initiative introduced in the leg- islature that would institute what it sees as unreasonable requirements upon providers of Financial counsel. NAIFA which represents the interests of tens of thousands of agents, their associates, and their clients who […]
Post Ben: Revisit the Concept
Too bad that the news of Ben Lawsky’s departure from the NYDFS was greeted in the major papers almost universally with a recounting of his hard-hitting penalties and pun- ishments of bankers. It has made him appear a bit of an over-reacher in the prosecution of errant bank operatives, when in fact he meted out […]
Egads Charlie Brown!
One of my favorite Peanuts car- toons is of Linus and Charlie Brown talking. Linus says, “Well Charlie Brown, you win some and you lose some!” Charlie Brown thinks about it and through his inimitable meek smile responds: “Gee, that would be neat!” The insurance industry, particularly in New York, can certainly empathize with Charlie […]
When Does a Property Loss Occur?
Jerry Trupin
Exposures and Coverages
It’s generally clear when a property loss has occurred. The building burns down, the insureds call the fire department, and then call their insurance producers. But sometimes the damage occurs and the insured doesn’t know about it. It’s the insurance variation of “If a tree falls in a forest and no one is around to […]
ISO Tries to Fix “Where Do You Reside” Problem in HO
Jerry Trupin
Exposures and Coverages
ISO Fixes the Residence Prob- lem in Homeowners Policies— Somewhat. Mary, an elderly widow, suffers from a number of chronic ailments and has signs of dementia. Her family decides that she can no longer live on her own and must be moved to a nursing home. They realize that Mary will never recover sufficiently to […]
ISO Responds to Uber, Lyft and Other TNCs
Jerry Trupin
Exposures and Coverages
ISO Responds to Uber, Lyft, and Other TNCs (Transporta- tion Network Companies) ISO has responded to the Uber, Lyft and the TNC craze that’s disrupting the taxi industry by filing new endorsements. It’s a response that will leave ISO-based insurers out of the game. The most important change is a mandatory endorsement that eliminates coverage […]
Computer Hacking Caused by Carelessness More Than Cleverness
Jerry Trupin
Exposures and Coverages
Phishing, not Phenoms, Cause Most Computer Hacking Problems It’s not Professor Moriarty, Darth Vader, or even Crabby Appleton who wreak havoc on our computers, it’s our own gullibility. More than two-thirds of the 290 electronic espionage cases studied by Verizon and Symantec involved some- one victimized by phishing (computer- speak for emails that trick you […]
Catch the Social Media Wave
Chris Paradiso
The Social Notebook
Social media has become one of the most prominent marketing chan- nels. A recent study shows that near- ly 91 percent of all businesses are using social media as a new marketing tool to reach customers and prospects. It’s also reported that Americans spend more than 3.5 hours a day using social media. That’s more […]
Grill Baby Grill!
Michael Loguercio
Face to Face
So as we approach Memorial Day and the dog days of summer, many of us have thoughts in our minds of trav- eling on vacation, trips to the beach, and backyard barbeques. Well, as we commit to these different events, there are a few reminders that I want to share for us to keep in […]
The Time Is Now!
The insurance business is changing. Many insurance consumers have been programmed to believe all insurance coverage is the same and there is no need for the professional services of an insurance agent in the buying process. Unfortunately we all know this isn’t true and shudder to think of what might happen to the unsuspecting consumer […]
When are Intentional Acts Also Accidental? When Herbicides Destroy Crops Litigation Follows
Insurance policies are said to give everything in large print and take it away in fine print. That canard is no longer true since all modern policies are written in common language and each part of the policy is written in the same size print with headings even larger. However, insurance policies provide coverage for […]
Plaintiff ’s Failure to Comply With 90-Day Notice Results in Dismissal : South Nassau Orthopedic Surgery & Sports Medicine, P.C. v Geico Ins. Co.
Appeal from an order of the Civil Court of the City of New York, Queens County (Barry A. Schwartz,J.), entered November 28, 2012. The order denied defendant’s motion to dis- miss the complaint pursuant to CPLR 3216. ORDERED that the order is reversed, with $30 costs, and defendant’s motion to dismiss the complaint pursuant to […]
IIABNY Honor Leaders: Awards given at insurance producer organization’s leadership dinner
COOPERSTOWN, N.Y.—The Inde- pendent Insurance Agents & Bro- kers of New York recognized excellent performance by insurers, a local trade group, volunteers and associates in a ceremony this evening. Acting for the final time in his capacity as IIABNY chair of the board, James Sutton presented the awards at the association’s 2015 Leadership Din- ner, […]
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Guiding Insurance Professionals on the New Insurance Regulatory Guidance
In the wake of some of the largest data breaches to hit health insurance companies, the National Association of Insurance Commissioners has followed on the heels of the Securities and Exchange Commission and has issued “Guidance” on cyber security. In April, the Cybersecurity (EX) Task Force of the National Association of Insurance Commissioners (NAIC) adopted […]
Statewide Doctor Shortage Looms
As our healthcare system is “transformed,” fixing greater focus on primary care, care coordination, and population health, residents across the state need more primary care providers, according to an eye-opening report from the Healthcare Association of New York State (HANYS). Doctor Shortage Imperils Primary Care Expansion confirms that New York’s physician shortage continues and is […]
End of the Trail “My work here is done!” (The Lone Ranger)
Many of us smiled – perhaps cynically – at the New York Times headline on May 20th: “Benjamin Lawsky, Sheriff of Wall Street, Is Taking Off His Badge.” The article included the semi-iconic rendering of “Johnny Lawsky” in old-west sheriff’s garb from The Village Voice cover in 2013. Place a black mask on that graphic […]
IIABNY Elects Todd Rockefeller Chair of the Board Westchester County insurance agent is trade group’s top elected officer
Cooperstown, N.Y.—The Independent Insurance Agents & Brokers of New York (IIABNY) today elected R. Todd Rockefeller as its chair of the board for the 2015-16 term. Rockefeller took the oath of office during a ceremony following IIABNY’s Annual Business Meeting, held at The Otesaga Resort Hotel in Cooperstown. Members also elected and installed new officers […]
Stewart to be Honored at 2015 IIS Global Forum
The International Insurance Society (IIS) has announced that the late Gordon C. Stewart, former IIS Vice Chair and retired CEO of Insurance Information Institute, has been selected as the recipient of the Distinguished Service Award for his dedication and leadership in forwarding the mission of the IIS. Mr. Stewart will be honored before an audience […]
Your Personal Brand
Chris Paradiso
The Social Notebook
An essential part of networking today is to be “memorable” for the right reasons. OK, what does this mean? It means recognizing and developing your personal brand. Without the creation of your personal brand, it will be very difficult to network effectively. A brand is often described as a “collection of perceptions” people have about […]
Insurance Brokers, PEOs and Clients: A Win-Win-Win Partnership
Over a decade ago, insurance brokers and Professional Employment Organizations (PEOs) were nothing more than competitors. PEOs brought workers’ compensation and health insurance options to clients, and these offerings threatened to displace that which insurance brokers had in place. Times have changed. In today’s legislative landscape, especially with the enactment of the Affordable Care Act […]
A Woman’s Place is Not in the Kitchen Any Longer
If you have attended an insurance networking event, you will probably see only a handful of women on the roster and at the networking bar. Women not only enjoy lower auto insurance rates, we also make up 83% of the insurance processing and claims jobs, according to the Bureau of Labor statistics in 2011. Today’s […]
An American Response to Loss of ObamaCare Subsidies
This summer, the U.S. Supreme Court could, in King v. Burwell, uninsure eight million Americans by finding that subsidies are illegal outside State Exchanges. Some Republicans are saying “Let it burn.” For Democrats, it’s “ObamaCare or nothing.” Can you detect a difference? How about an American, rather than a partisan response? One that is voluntary […]
Motorcycle Passenger is Still “Occupying” it After Being Thrown Off; Gets no PIPBenefits for Being Struck While on Pavement Boyson v Kwasowsky
Appeal from a judgment (denominated order and judgment) of the Supreme Court, Oneida County (Bernadette T. Clark, J.), dated October 3, 2013. The judgment granted the motion and cross motion of defendants Kemper Independence Insurance Company and Farm and Family Casualty Insurance Co., respectively, for summary judgment dismissing the complaint against those defendants. It is […]
What Happens When State Formed Insurer Acts in Bad Faith? First Party Bad Faith Creature of Statute in Florida
Citizens Property Insurance Corp. (Citizens) was created by the state of Florida to deal with wind damage claims from the annual damage caused by hurricanes passing through the state that standard, for-profit, insurers were unwilling to risk. To limit the liability of the state funded insurer the Florida Legislature granted Citizens immunity from most suits […]
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NYIA Annual Conference Attendees Saddle Up for Success
The New York Insurance Association (NYIA) Annual Conference attracted more than 240 insurance industry executives to Saratoga Springs, New York May 27–29. Those in attendance made it known that they were ready to fulfill the theme of this year’s event, Saddle Up for Success, in the spirit of Saratoga’s rich horse racing culture. NYIA prides […]
Amendments to the Stringer Bill
Following our cover story in early May in which we presented – on the cover – the language proposed in a bill that would require agents and brokers to recite a rather ridiculous “disclosure,” we have had a waterfall of response. Here is the language we quoted that agents and brokers would be required to […]
Go Figure “Facts are stubborn things, but statistics are pliable.” Mark Twain
Ever wonder how many state insurance regulators there are nationwide? Or how the state departments compare in size, number of staff, or budgets? Or how the states compare in collection of taxes, fees and assessments, fines and penalties or total revenue? The answers to these and many more questions can be found in Volume 1 […]
Designated Premises Exclusion NYTimes On Homeowners Deductibles & Damage to a Tenant’s Apartment Updates on C of I and TNCs
Jerry Trupin
Exposures and Coverages
Designated Premises Exclusion—Score One for the Home Team. I hate the designated premises exclusion endorsement. It links coverage to a specific location rather than providing broad coverage throughout the coverage territory. While it’s probably needed in certain situations (e.g. the insured operates multiple locations and the policy is intended to cover just one), it is […]
Experience or OJT?
It should come as no surprise to anyone that finding, training and retaining quality employees is a huge issue and a top priority in many independent insurance agencies. The effect of the Baby Boomer generation retiring from active participation in agencies is creating a real problem for agency owners and managers to solve. Most of […]
When a Customer is Not a Customer Bankers’ Bond Requires Loss to Bank’s Customer
In an unusually brief, succinct and intelligent decision the Ninth Circuit Court of Appeal interpreted an insurance contract, called a financial institution bond, as it was written in First Nat. Bank of Northern California v. St. Paul Mercury Ins. Co., — Fed.Appx. —, 2015 WL 2225044 (C.A.9 (Cal.) 5/11/15). First National Bank of Northern California […]
District Court Finds Lack of Standing for Cyber Data Breach Victims
The United States District Court in Nevada issued an Order on June 1, 2015 dismissing the complaint filed by alleged victims of a data security breach suffered by Amazon.com d/b/a Zappos.com (Zappos) on the ground that the victims lacked standing to sue because they could not identify any specific harm that they had sustained as […]
Feds Want to Spend $20B on AIDS Drugs, Based on 45 Cases
About $6 billion per year is now spent on a cocktail of drugs to treat “HIV disease”—a positive blood test for antibodies for human immunodeficiency virus, the accepted cause for AIDS. Treatment generally starts when the patient’s CD4 white blood cell count drops below 350-500. (Normal is 500 to 1,200 per cubic millimeter.) But if […]
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2015 PIANJ/PIANY ANNUAL CONFERENCE
Thousands of agents and insurance industry professionals turned out to see the new and exciting developments to the PIANJ/PIANY Joint Annual Conference at Bally’s Park Place in Atlantic City, N.J. June 7-9. The event included a sold-out trade show; jam-packed education from which agents and their staff could obtain valuable information; sensational networking opportunities, and […]
Boundaries
Fast on the heels of the announcement that Anthony Albanese will fill the role of Acting Supt. of the DFS to succeed Benjamin Lawsky comes a letter to the Governor from Elizabeth Warren calling upon him to find and name a prosecutorial czar to shake up the financial services sector – largely the banks – […]
Reflections
Whatever else you may think about Governor Cuomo’s policies, you have to appreciate his ability to be ahead of the field when it comes to tooting one’s horn. Take, for instance, his e-mail blast within minutes of the end of the legislative session. The session gaveled out at 12:18 a.m. Friday, April 25th, and less […]
Fifteen Years Later, Scary Computer Threats Really Do Exist
Anyone who knows me knows that my grandsons are the joy of my life. I spend as much time as I can with them—I go to their school events; enjoy having them visit at home; and I try to make as many games as I can to watch them play soccer. They are quite good. […]
The Beginning…
Chris Paradiso
The Social Notebook
Are you confused and overwhelmed by social media and where to begin? Well, don’t feel bad, most insurance agency owners are. In this article I provide a few of the best social media sites for insurance agency owners and why I feel you and your agency need to be there. First, when considering your insurance […]
IBANY’s Emerging Leader Program Honors 17 Young Insurance Professionals
“I stumbled into the insurance world quite by accident.” “The insurance business found me.” “Insurance was not part of my initial plan.” “A career in the insurance industry was not something I had considered.” Those statements come from honorees in the Emerging Leader program, established this year by the Insurance Brokers’ Association of the State […]
Prechtl Honored by New York Insurance Association
SARATOGA SPRINGS, N.Y.—The New York Insurance Association, Inc. (NYIA) honored Mark Precthl with the Chair’s Distinguished Service Award at the association’s annual conference May 28 in Saratoga Springs, N.Y. Prechtl is executive vice president and chief executive officer of Chautauqua Patrons Insurance Company. “Mark embodies the fundamental purpose of insurance—helping people,” Bernard Turi, NYIA chair […]
Agency Performance Partners Celebrates One-Year Anniversary : Consulting firm shares insight gathered through proprietary agency assessments
EAST GREENWICH, RI—This month marks the one-year anniversary of Agency Performance Partners, an agency success consultancy led by Kelly Donahue-Piro. “During our first year in business, we’ve been fortunate to work with some of the most forwardthinking independent agencies in the country,” Donahue-Piro says. “It’s been exciting to see these businesses start to transform their […]
IIABNY Honors Leaders : Awards given at insurance producer organization’s leadership dinner
Cooperstown, N.Y.—The Independent Insurance Agents & Brokers of New York recognized excellent performance by insurers, a local trade group, volunteers and associates in a ceremony this evening. Acting for the final time in his capacity as IIABNY chair of the board, James Sutton presented the awards at the association’s 2015 Leadership Dinner, held following its […]
The TriCounty I.I.A. Installs 2015–2016 Officers and Directors
Albertson, New York – New officers and directors took the helm on June 15 during the Long Islandbased TriCounty Independent Insurance Agents Association annual installation dinner and awards ceremony. The gathering, held at Cheateau Briand in Carle Place, NY, set the TriCounty IIAA leadership for the 2015-2016 term. More than 200 agents and brokers, company […]
I.I.I. Receives 2015 Innovation Award
The Insurance Information Institute (I.I.I.) was presented with the Insurance Marketing & Communications Association’s (IMCA) 2015 Innovation Torchbearer Award, given annually to those who have “demonstrated innovative ideas or initiatives impacting the insurance industry.” “IMCA selected the Insurance Information Institute for this prestigious honor as a result of its exceptional record of seeking to educate […]
Does the AIA Construction Contract Avoid Litigation?
Insured May Effectively Waive Subrogation Subrogation is an equitable remedy where an insurer that pays to indemnify its insured will be able to step into the shoes of the insured and sue any tortfeasor who is responsible for the property damage that its policy of insurance was required to indemnify its insured because of the […]
Dr. Carson Wants to Heal, Unite Americans
Physicians from North Carolina, along with some from around the country who were in Raleigh for a meeting, had a unique opportunity to chat with Dr. Ben Carson last week. We heard some original ideas—and some facts that all presidential candidates should be talking about but apparently don’t dare. It’s not just the $18 trillion […]
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Major Questions Surround I-PIRP Assessment Process
Guest Author
Cover Story, Feature
By F. Joseph Wertz This past year, New York State extended the pilot of the Internet Points Insurance Reduction Program (IPIRP) despite major questions regarding the studies supporting its effectiveness. There has been no conclusive proof that the I-PIRP actually improves driver safety and reduces the risk of accidents, yet the I-PIRP pilot program has […]
Every So Often…..
Every so often, we get it right. Among the many e-mails received here following my piece in this space on June 29th, there were several that expressed pleasure at our critique of Sen. Warren’s presumptuous advice to Gov. Cuomo on his selection of the next DFS chief. She’d like it if the Governor were to […]
Summer Refreshments
Every once in a while it seems like a good idea to take a refresher course on the wonderful world of insurance regulation from our state regulators, to our national overlords, to the international financial wannabe wizards: a little bit of summer school, if you will, to catch up on all the developments that we […]
Two Big Cases: Fedex Ground vs Drivers and Supreme Court on Fiduciary Liability
Jerry Trupin
Exposures and Coverages
Courts have a way of shaking up the insurance industry. We are going to look at two cases today that may change the rules in two areas: independent contractors and fiduciary liability. FedEx Offers to Pay $228 Mil to Settle Independent Contractor Case An average of almost $100,000 each, that’s what FedEx Ground has offered […]
2015/ Current News/ July 27/ Past Issues/ Uncategorized
Capitalizing on a Changing Market: Sava Insurance
By Kelly Donahue-PiroChange is a challenge for many agency owners but not for Donna Yother from Sava Insurance. In fact when you meet her one of the first things she generally tells people is that she loves change. Donna has not sat still in her 30 years in the insurance business. Located in New London, […]
Consumer Costs at Stake: The Case for an Organized Approach to Principle-Based Reserving
By John R. Hurley The National Association of Insurance Commissioners (NAIC) has been developing a different approach to life insurance reserving and pricing for almost 10 years. The current system used by each state, the Standard Valuation Law (SVL) involves pricing and reserving assumptions fixed by law and regulation and applicable to all life insurance […]
Marketing to Millenials
Chris Paradiso
The Social Notebook
In general, it is said that Millennials display a great deal of confidence. This is a result of a combination of a few different things. The focus they receive from their parents and high expectations placed upon them, not to mention their new-found independence along with the advent of cell phones, the internet, social media […]
PIANY: 2015 NYS Legislative Wrap Up
The New York State legislative session that originally was slated to end on Wed., June 24 was extended by lawmakers in Albany through the week to address important issues including longterm rent-control regulations; mayoral control of New York City schools; and the 421-a tax abatement. Gov. Andrew M. Cuomo, Senate Majority Leader John Flanagan, R-2, […]
PIA launches E&O Risk Management Tool Kit for Agents and Brokers
GLENMONT, N.Y.—The Professional Insurance Agents associations in Connecticut, New Hampshire, New Jersey and New York launched a PIA member-only benefit this week—the Agents and Brokers E&O Risk Management Tool Kit. This tool kit can help PIA members prevent or mitigate errors-andomissions damage and offers them tools and information to protect their agencies. “A champion of […]
IIABNY Offers Premium Onboarding Training
As agents hire new employees, new tools are needed to onboard, educate and assimilate in a structured and productive way. Online learning is ideal for new hires and job changers and is an excellent way to build coverage education into the workday. IIABNY offers curriculums on Commercial Lines and Personal Lines from industry education leader […]
A Special “Thank You”
By Lisa K. Lounsbury When you look at the major wins and critical stops of the New York State Legislature’s 2015 session, it is critical that you know the story behind these successes. The volunteer leaders of IIABNY (the Independent Insurance Agents & Brokers of New York), our local association leaders, and our countless engaged […]
How Do You Set Aside an Appraisal Award?
Umpire Must Be Unbiased Appraisal awards are almost impossible to set aside. However, if it is shown that the umpire is biased or even has a potential for bias, the award can be set aside. In Zurich American Ins. Co. v. Omni Health Solutions, LLC, — S.E.2d —, 2015 WL 4034465 (Ga.App., 7/2/2015) the question […]
MSO Outing Benefits Emmanuel Cancer Foundation
Glen Rock, NJ— MSO®, Inc., an insurance rating/service bureau located in Glen Rock, NJ, held its 22nd Annual MSO Golf Outing on May 19, 2015. At the outing, held at the Heron Glen Golf Course in Ringoes, NJ, MSO offered attendees and companies the opportunity to sponsor a hole, with proceeds going to Emmanuel Cancer […]
Will Republicans Keep the Court from Blowing Obama’s Cover?
The Big Lie of ObamaCare is in the title: the Affordable Care Act. Administration officials invoke “affordable” over and over again.The U.S. Supreme Court could well blow the Democrats’ cover in King v. Burwell if it rules that people in the 37 states that did not establish an Exchange cannot legally get taxpayer subsidies for […]
Applied Systems Launches Applied Performance Management 2015
University Park, Ill.—Applied Systems has announced the release of Applied PerformanceManagement 2015 to U.S. and Canadian insurance agencies and brokerages. With the release of Applied PerformanceManagement 2015, insurance executives gain greater visibility into operational performance based on their organizational structure, clients and geographies. Access to this broader range of information allows executives to more easily […]
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LTC FINANCING: Breakthrough Proposal Looks to Private Sources
By Wesley Yin LTSS includes institutional care, community- based assistance, and homebased assistance with daily living activities. Elderly households’ LTSS expenses in the event of cognitive or physical impairment present the largest source of out-of-pocket spending risk. The average 65-year-old couple can expect to spend $65,000 on LTSS, and five percent of elderly couples can […]
Donald Trump
What a great attention getting headline. Just use his name and, bingo, you get attention. I anticipate some brave entrepreneur seeking to franchise Trump Insurance or Trump Brokerage. Competitors might include Kardashian Risk Management or Jenner Reciprocal Underwriting – figure that out. The presidential campaign has become a Branding Battle. Agents and brokers fight that […]
Disconnection
One of the most important tasks in advising insurance company or producer management over the years has been to stress the importance of reporting violations – no matter how minor, incidental or innocent – to the regulatory authorities. The challenge is to overcome management’s fear of repercussions that often outweighs the potential consequences of not […]
It Takes More Than an Injury to Trigger Liability, Flood Insurance Debris Removal Coverage Gaps, Risk Purchasing Group Coverage Shortcomings, 10 Most Expensive Hurricanes to Strike the U.S.
Jerry Trupin
Exposures and Coverages
It Takes More Than an Injury to Trigger Liability Michael Mossberg slipped and fell into the water while disembarking from a friend’s sailboat. Mossberg was injured and sued the marina where the boat was docked. The Supreme Court of Nassau County ruled in his favor and Crow’s Nest (the marina) appealed. The appellate court reasoned […]
Don’t Be A (F)SAP!
In April 2015, the International Monetary Fund (IMF) issued Country Report 15/90 (i.e., The Financial Sector Assessment Program report). The report is dated March 2015 and analyzes the United States in terms of adherence to the Insurance Core Principles (ICPs) formulated by the International Association of Insurance Supervisors headquartered in Basel, Switzerland. The United States […]
Rey Insurance: Taking Their Agency to the Next Level
By Kelly Donahue-Piro Family and insurance tend to go hand-in-hand but for the Rey sisters, Laura and Linda, they take running a family-based business to the next level. The dynamic duo purchased the agency from their father in 2013 and have relentlessly pursued agency growth ever since. Rey Insurance, in Sleepy Hollow, NY, focuses on […]
Basis of the Business Model
There are a few tenants of modern life that everyone should know and heed. Among them: Change your digital passwords regularly; never hitch a ride with a stranger (unless you know the Uber driver is fully insured); and don’t believe everything you see on the Internet. It’s amazing what you find there. So many websites […]
Five EASY Ways Your Agency Can Create Engaging Content
Chris Paradiso
The Social Notebook
Creating engaging content on social media is not only easy, but it can be very enjoyable and also contribute to strengthening relationships within your insurance agency. When we say easy, we mean it. This strategy requires only creativity, your team, and a camera! Believe it or not, content that requires minimum effort and the most […]
Not Every Prospect Deserves Your Time and Attention
I read an article this week about a young consumer (in his early twenties) looking to buy a car, register and insure it. As luck would have it he intended to get a premium indication on a Friday afternoon and planned to buy the car over the weekend. The premium indication was to be based […]
CPCU The Myths About NY’s Certificates of Insurance Law
By Timothy Dodge, AU, ARM, CPCU New York’s certificates of insurance law officially took effect on July 28, 2015. The New York State Department of Financial Services has posted an initial list of certificate forms it has approved. We are getting closer to a huge relief for New York insurance producers. Judging from the emails […]
Three’s Company… or is it a Crowd?
Michael Loguercio
Face to Face
Remember last summer’s ice bucket challenge… I am certain that if you personally did not take part in it, you absolutely knew someone who did. Whether they dunked themselves in a pool of cold water, or dumped a bucket full of ice over their head, millions of people throughout the country participated in this “dare” […]
Can Murder be Accidental?
It seems that some judges believe that insurance is an entitlement rather than a contract that can be interpreted beyond reason to provide benefits to victims of persons insured even if that person intentionally causes injury. In so doing they forget that insurance is a contract that provides indemnity only for fortuitous actions and can […]
Alliant Acquires Preferred Concepts
NEWPORT BEACH, CA — Alliant Insurance Services, the nation’s largest specialty insurance brokerage firm, has expanded its managing general agent (MGA) practice through the acquisition of Preferred Concepts, a leading insurance program underwriter and wholesale broker with offices in New York, New Jersey, and Connecticut. This is Alliant’s fourth MGA acquisition of 2015. “As the […]
ShelterPoint Life Partners with National Vision Administrators
GREAT NECK, NY — ShelterPoint Life Insurance Company is partnering with National Vision Administrators, L.L.C. (NVA), one of the largest national vision networks and benefit administrators, to provide enhanced network benefits and claims processing capabilities for its policyholders. The partnership allows ShelterPoint to leverage NVA’s negotiating power to reduce the cost of its vision benefits […]
NYSIF Selects Fiorillo as 2015– 2016 Recipient
ALBANY, N.Y.—The New York Insurance Scholarship Foundation, Inc. (NYISF) awarded its 2015–2016 scholarship to Thomas Fiorillo, a senior at St. John’s University studying actuarial science from New Port Richey, Fla. “The New York Insurance Scholarship Foundation is pleased to recognize a student as exemplary as Thomas,” Ellen Melchionni, president of NYISF said. “His academic and […]
King v. Burwell: The Fix Was Definitely In
By Richard Amerling As I predicted back in March, the U.S. Supreme Court ruled for the administration in King v. Burwell. So I was not surprised by the decision, but that doesn’t mean I am not deeply disappointed. I am. Beyond the ramifications for the continuation of the abominable Obamacare, the obvious truth is that […]
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Litigation Revolution: How Legal Big Data Will Be Changing Insurance
By Toby Unwin and Guy Kurlandski All lawyers are not created equal. Some are quite simply better, whether by knowledge, skill in advocacy, connections or case management. Whom you choose is often a matter of little more than luck. The public has for centuries chosen litigators by perceived ability, or peer recognition. Sadly this often […]
Libertarians…and not.
In a season of relentless speculation on how voters view the nearly 20 total candidates vying for 2016 ballots, U.S. voter motivation has taken on all the trappings of consumer styled surveying, possibly because a hero of the supermarket magazine rack is in the race. While some believe – and campaign heavily – in libertarian […]
Regulatory Kudzu
Anyone who has travelled in or visited the Southeastern US is likely to be familiar with kudzu, the ubiquitous climbing vine that seems to have swallowed large chunks of landscape, invading and conquering whole forests in an unstoppable march. Kudzu, a plant native to Japan and China, was introduced in the 1920s as forage, and […]
Dorothy Parker on Insurance Workers’ Comp Experience Modification Change Certificates Of Insurance—Are The Bad Old Days Coming Back?
Jerry Trupin
Exposures and Coverages
And Now For Something Completely Different— Dorothy Parker on Insurance Dorothy Parker, the doyenne of the Algonquin Round Table in the 1920s and the quintessential New Yorker, has always been one of my heroes. How could you not love someone who said the two most beautiful words in the English language are ‘cheque enclosed’?1 However, […]
Five Stats Every Agency Owner Must Obsess Over
By Kelly Donahue-Piro In my line of work with local agencies across the country, I often find principals are not focused on their agency’s data but rather they manage from the checkbook. Trust me, money is a key indicator of success and by looking at the numbers you can find papercuts before they become bigger […]
How to Stay Relevant in the World of Google – An Agency Must!
Chris Paradiso
The Social Notebook
If you were an agency owner who owned several websites, would you think that it’s more important to keep your website visitors interested in what you have to say, or would the content not matter as long as you attracted them in the first place? That’s the million dollar question. Attracting new visitors is very […]
Newly Elected PIANY President Speaks on Importance of the Association
During the PIANY awards dinner and reception held at Shaker Ridge Country Club, Colonie, newly elected PIANY President Eugene L. Sandy told fellow board members their dedication and commitment to the association and the industry is contagious. “PIA is great at helping agents run and at marketing their own agencies: I want to put this […]
You Get Out More Than You Put In
Earlier this month, the Professional Insurance Agents of New York State held its annual reception in Albany. There, we honored the newly elected officers and directors for 2015-16 and presented awards of distinction. The Advocate no doubt will report on the awards and the new administration, but I want to share a particularly striking speech, […]
Should a Signed Rejection of UM/UIM Cover be Ignored? Can an Insurance Agent be Negligent for Not Obtaining UM Coverage After the Insured Rejects Coverage?
In Arizona, like most states, a statute requires that an insurer offer each insured both Uninsured Motorist and Underinsured Motorist Coverage and holds that it can only be excluded if the insured signs a document specifically rejecting the coverage. In Wilks v. Manobianco, — P.3d —-, 2015 WL 4132181 (Ariz., 7/9/15) the Arizona Supreme Court […]
Claims Processing Simplified with Virtual Presence Technology
By Marieke Wijtkamp When property damage occurs, insurance clients want immediate service and closure from their insurance provider. Waiting days for a decision and the added inconvenience of staying home for a claims adjustor causes distress. For the insurance company, incurring the extra cost associated with sending out adjustors also burdens the operation. Leading insurance […]
Berkshire Hathaway GUARD Names Lyle Hitt E.V.P. of Property and Liability Insurance
WILKES-BARRE, PA – Berkshire Hathaway GUARD recently named Lyle Hitt Executive Vice President of Property and Liability Insurance. In his new role, Hitt will oversee activities related to lines of coverage used to complement the company’s traditional workers’ compensation specialty. Specifically, he will lead the expansion of the organization’s property and liability lines into new […]
Corporate Synergies Announces Appointments
Mount Laurel, New Jersey,– Corporate Synergies, a national property and casualty insurance and employee benefits consulting company, has announced the appointment of two industry veterans to key positions within the firm’s Property & Casualty Practice. Industry veteran Kenneth Jones has been named Sales Leader and Alexander Alday has joined the team as Vice President of […]
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DISRUPTION Insurers Face Radical Innovators…and Need to be Among Them
It is the rare insurance executive who would argue that innovation will drive a company’s competitive advantage and growth, yet most labor to spark innovation within their organizations. A new KPMG International report states that 48% say they are already being disrupted by new, more nimble, competitors. Based on a survey of 280 insurance executives […]
Mutual Admiration
The Financial Services Round Table notes that arbitration provides an efficient way for customers to resolve disputes with financial companies. A proposed new rule by the Consumer Financial Protection Bureau (CFPB) could push consumers’ arbitration of dispute resolution options back decades. Arbitration awards customers relief more quickly than lawsuits, which must make their way through […]
Quo Vadis, NARAB?
Insurance producers can be forgiven for their skepticism toward regulatory efforts to create a uniform national licensing process. Over the past couple of decades, as producers found it competitively necessary to expand their reach beyond their home state, they were introduced to the wonderful world of state individuality – each jurisdiction with its own set […]
Crime Insurance News: Bitcoin and Fraudulent Impersonation Coverages; Bitcoin Comes to Insurance
Jerry Trupin
Exposures and Coverages
Bitcoin seems to be, as Winston Churchill said about Russia, a riddle wrapped in a mystery inside an enigma. Even the name Satoshi Nakamoto, the one claimed to have developed Bitcoin, seems to be an alias for some other person or persons. Nevertheless, in many ways using Bitcoin is not that different from what you […]
Are you Mobile-Friendly?
Chris Paradiso
The Social Notebook
Unless you’ve been living under a rock for the last few years, you’ve probably caught wind of the Mobile vs. Desktop marketing saga, relating to customers actually buying products online from a desktop, versus buying and searching for products from their smartphone. When four out of five consumers shop on their smartphones and 40% or […]
Why You?
Why would someone choose you to handle their insurance protection? What makes you better than all the other providers out there? Do you really know what your customers think about you and your agency? Do you have any idea what consumers are looking for in an insurance provider? Why choose you, has come up a […]
Be Careful About Replacing ObamaCare
By Marilyn M. Singleton, M.D., J.D. Since the day the Affordable Care Act was enacted, we have been subjected to the “repeal and replace” mantra. Replacement offerings are basically slimmed down versions of the ACA. A few brave souls have proposed a straightforward repeal. Of course, such bills were merely making political hay since Obama […]
The Most Difficult Problem Facing Insurers
Insurance fraud continually takes more money each year than it did the last from the insurance buying public. There is no certain number because most attempts at insurance fraud succeed. Estimates of the extent of insurance fraud in the United States range from $87 billion to more than $300 billion every year. Insurers and government […]
Time Marches on but Does It Get Anyone Anywhere?
On November 16, 2014 the NAIC/Center for Insurance Policy Research issued a paper entitled, “U.S. Group Capital Methodology Concepts Discussion Paper” (the Paper) through the ComFrame Development and Analysis (G) Working Group (hereinafter, “the Working Group”). This Paper was part of the agenda package for the Working Group’s September 24, 2015 meeting. Following is an […]
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Pamela J. Newman: Insurance Advocate’s 2015 Insurance Professional of the Year
The Insurance Advocate is proud to name Dr. Pamela J. Newman, President and CEO of The Newman Team at Aon Corporation, our 2015 Person of the Year. Dr. Newman has been a leading presence in the industry for years, as she has consistently proven that superior client service can make all the difference…and does.
Businesses Upping Cyber Cover Purchases
As we go to press, Zurich Insurance released its fifth annual Advisen Cyber Survey of U.S. risk managers looking at trends in information security and cyber liability. Zurich presented the key findings, analysis and conclusions during a presentation at the Advisen Cyber Risk Insights Conference in New York on October 20th. The results reflect responses […]
LG Insurance: Can’t Stop, Won’t Stop
What do you think of when you first meet Aaron Levine, owner of LG Insurance? Impressive. Aaron started LG Insurance in 2009 as a scratch agency; in fact this was his first full-time insurance position. In 2007, Aaron focused on commercial real estate and obtained his commercial real estate license. Understanding that you could increase […]
Property/Casualty Insurance – 2015 First Half Results
By Dr. Robert P. Hartwig, CPCU and Dr. Steven N. Weisbart, CLU Highlights The U.S. property/casualty industry had a strong first half in 2015. Overall net income after taxes (profits) in the property/casualty (P/C) insurance industry increased by $5.0 billion (up 19.2 percent) in the first half of 2015 to $31.0 billion from $26.0 billion […]
Outside-In vs. Inside-Out Customer Experiences
Chris Paradiso
The Social Notebook
In the world of “customer experience,” formerly known as “customer service,” what’s the difference between outside-in and inside-out? Inside-out thinking for your agency means your focus is on the agency’s processes, systems, and insurance products that are designed and implemented based on internal thinking and intuition. You and your agency are focused on how you […]
Conviction of Murder Establishes Beyond a Reasonable Doubt that Killing Was Intentional
It seems that some judges believe that insurance is an entitlement rather than a contract that can be interpreted beyond reason to provide benefits to victims of persons insured even if that person intentionally causes injury. In so doing they forget that insurance is a contract that provides indemnity only for fortuitous actions and can […]
Without a Timely Denial, Prima Facie Case Requires Only Proof of Mailing
Viviane Etienne Med. Care v Country-Wide Ins. Co. Note: The Court of Appeals here upholds the Viviane Etienne v Countrywide decision from the Appellate Division, which held in effect that a third-party billing company could establish a prima facie case despite the fact that the biller had no personal knowledge of the facts of the […]
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2015/ November 16/ Past Issues
Reap What You Sow
The Wall Street Journal has – wittingly or unwittingly – underscored the conundrum that is NY’s Department of Financial Services. Its October 26 article headed “New York Bank Regulators Exit After Clash With Governor Cuomo’s Office,” reporting on the resignation of the Department’s acting superintendent, makes no reference at all to insurance. The October 30 […]
2015/ November 16/ Past Issues
Gotta Love Her!
Pamela J. Newman graced our cover last issue as Insurance Advocate’s 2015 Insurance Professional of the Year and proceeded to grace the victory party as well with her selfless, elegant manner – thanking her staff and according responsibility for her success to them generously. The Newman Team at Aon has a service formula worth imitating […]
2015/ November 16/ Past Issues
PIACT Praises Insurance Commissioner’s Warning to Companies About Canceling Coverage Over Home Foundations
PIACT praises insurance commissioner’s warning to companies about canceling coverage over home foundations HARTFORD, CONN.—The Professional Insurance Agents of Connecticut Inc. is applauding Connecticut Insurance Commissioner Katharine L. Wade’s recent notice to insurance companies, directing them not to cancel or non-renew homeowners insurance coverage as a result of foundation issues in homes if such action […]
2015/ November 16/ Past Issues
What’s The Plan?
Fall is here. The weather’s changing. Snow and cold are just around the corner. Thanksgiving and the Holidays will soon be upon us. 2015 is drawing to a close. Insurance agents have other things on their minds this time of year. January renewals, year-end loss ratios and contingency checks to name a few. They also […]
2015/ November 16/ Past Issues
Hudson Valley RAP Celebrates PIANY’s Legislative Successes
Zebrowski to insurance agents: PIA and lawmakers can be mutual resources Nearly 300 insurance professionals from across New York gathered on Oct. 28 in the Doubletree Hotel in Tarrytown, N.Y., to enjoy a day of networking, education and more as part of PIANY’s 12th Annual Hudson Valley Regional Awareness Program. During the event’s luncheon, newly […]
2015/ November 16/ Past Issues
Your Personal Branding Guide in the Digital Age
Chris Paradiso
The Social Notebook
The idea of personal branding is relatively new in today’s complex marketing world. The first mention of the concept “personal branding” online was in 1997 when Tom Peters wrote an article for Fast Company titled The Brand Called You. However, in the last decade, the importance of personal branding has grown astronomically as new social media […]
2015/ November 16/ Past Issues
How to Build a Killer CSR Incentive Program
By Kelly Donahue-Piro, President of Agency Performance Partners Have you ever started a new initiative with your team but gotten discouraged when it didn’t take off like wildfire? Maybe you spent hours thinking of the best plan to drive the highest result but when you launched it your team gave you bitter beer face. Here […]
2015/ November 16/ Past Issues
Why a Risk Manager in Louisiana Should be Licensed as an Agent
Risk Manager Can Be Liable For Failing to Provide Coverage Ordered Insurance Risk Management companies help their client obtain insurance by negotiating on behalf of an insured with insurance agents and brokers. The insured uses a risk manager to take on an obligation to provide needed coverage that the insured does not feel competent or […]
2015/ November 16/ Past Issues
Building a New Paradigm: Consolidation Trends in the Insurance Brokerage Industry
By Steve Vilas, vice president – Finance and Operations, Burnham Benefits Insurance Services, Inc. Consolidation within the insurance brokerage community has been an ongoing trend at least since the 1990s but undeniably more pervasive in the last several years, due in large part to the complexities of the Affordable Care Act (ACA) and the overall […]
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2015/ November 30/ Past Issues
IFNY Annual Luncheon: More than 300 Join in Tribute to Donald Kramer
More than 300 insurance leaders joined in the Insurance Federation of New York’s (IFNY) 101st Annual Free Enterprise Award Luncheon to honor Donald Kramer, Chairman, CEO and Chairman of Investment Committee, ILS Capital Management, Ltd. (Bermuda), as he received the Federation’s 2015 Free Enterprise Award. IFNY President Nick Pearson presented the Federation’s top honor to […]
2015/ November 30/ Past Issues
The Figuration Clerk
IFNY Free Enterprise Award honoree Don Kramer, easily one of the industry’s top exponents, recalled a bit of his history in the First National City Bank building that now houses Cipriani. He recalled the teller window just to the left of what is now the stage and the lines there, but most importantly, he traced […]
2015/ November 30/ Past Issues
Past is Prologue
The new Spielberg/Hanks movie “Bridge of Spies” is by all accounts a relatively factual telling of a 1950s Cold War drama played out on the front pages of the press with little public knowledge of the real drama occurring behind the scenes. The movie’s hero is an insurance lawyer from Brooklyn, James B. Donovan, who […]
2015/ November 30/ Past Issues
Who’s Driving?
Michael Loguercio
Face to Face
Many folks nowadays look to leasing, not only for a more affordable payment, but also for the fact that they can drive a new vehicle every three years or so. This in and of itself is a huge benefit for multiple reasons, including the inherent benefit of being able to take advantage of the latest […]
2015/ November 30/ Past Issues
Seven-Step Process to Build Your Social Presence
Chris Paradiso
The Social Notebook
Sir Richard Branson has a famous quote, “If you’re an entrepreneur and you don’t have a social media presence, your company is at a competitive disadvantage.” While Sir Richard is speaking the absolute truth, many insurance agents and agency owners feel intimidated by social media. So let’s take it in steps; here are several tips […]
2015/ November 30/ Past Issues
Applied Systems Receives Highest Number of ACORD Awards at 2015 ACORD Forum
Company recognized as global leader in delivering innovative solutions to the insurance marketplace University Park, Ill.– Applied Systems announced that ACORD (Association for Cooperative Operations Research and Development), a global provider of insurance data standards, business and technology leadership, recently honored Applied Systems with the highest number of 2015 ACORD Awards, including the prestigious Leadership […]
2015/ November 30/ Past Issues
Protecting your business in the New Year
We are coming to the time of year when we take stock of all we’ve just endured and look forward to the year to come. Much has taken place in 2015; certainly more than I could write about in a single article. So, as we reflect, let’s consider what I think is the most overlooked […]
2015/ November 30/ Past Issues
Israel Bonds Insurance Division Luncheon Results in Record $44.6 Million in Bond Investments
250 people gathered on November 10th at Pierre Hotel in New York to honor Ronald Joelson, Northwestern Mutual and Stephen Ungar, AmTrust Financial Services, Inc. NEW YORK—On Tuesday, November 10th, 250 industry professionals and Israel Bonds supporters gathered for the annual Israel Bonds Insurance Division luncheon at the Pierre Hotel in New York City. […]
2015/ November 30/ Past Issues
PIANY to focus on NYSIF’s 30-day notice requirement during the 2016 legislative session
GLENMONT, N.Y.—During a recent survey, members of the Professional Insurance Agents of New York State Inc. told their association to focus on removing the requirement for policyholders to provide 30-days’ notice to withdraw from the New York State Insurance Fund during the 2016 legislative session, which will begin in January. Each year, PIANY surveys its […]
2015/ November 30/ Past Issues
Is Breach of Contract Required for Bad Faith?
Payment of Appraisal Award Fulfills Policy Promises An insurance company and its insured disagreed on the scope of damage due to hail. Eventually appraisal was demanded and an award was rendered and paid, including interest. Regardless, the insureds, unhappy, sued the insurer. In Burks v. Metropolitan Lloyds Ins. Co. of Texas, Slip Copy, 2015 WL […]
2015/ November 30/ Past Issues
Venue For Suit Based On Breach Of Policy Condition Is Where “The Contract Exists” — Insurer’s Offices
Country-Wide Ins. Co. v Blenman Plaintiff, Country-Wide Insurance Company, brings this action for a declaration that Plaintiff is not obligated to pay claims for no- fault benefits submitted to Plaintiff in connection with an alleged motor vehicle accident in which defendant, !genie F. Blenman, allegedly sustained personal injuries. The Accident took place on May 1, […]
2015/ November 30/ Past Issues
Danger: Interstate Compact Could “Fundamentally Transform” Medicine
While Americans are preoccupied with the political theater of the Presidential race, special interest groups toil to pass legislation that could radically transform your medical care. One example is the Interstate Medical Licensure Compact, which has passed in 11 states. Pennsylvania has joined a number of others in proposing it. The proposal promises to provide […]
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2015/ December 21/ Past Issues
Brokers: You Really Need to Know About Cyber Insurance
Legislative and Regulatory Update by Amy Roberti – Council of Insurance Agents and Brokers (edited for the Insurance Advocate®) Where there’s smoke there’s fire—and where there’s a crisis, there are state and federal lawmakers and regulators trying to be helpful. Major data breaches are in the news every day in both the private and public […]
2015/ December 21/ Past Issues
Tapping Talent
The NAIC reports that 25% of the industry will retire by 2018. That’s why so many are doing double duty in the office and on the volunteer scene. LICONY Timothy A. Walsh succeeds David Walsh as Chairman of the Board of Directors for 2016. Is it a genetic thing? No, the two men are unrelated. […]
2015/ December 21/ Past Issues
Hope for the New Year!?
Abandon hope, all ye who enter here. Hope springs eternal in the human breast ~Dante’s Inferno ~Alexander Pope, An Essay on Man No matter how discouraging, frustrating or bad the year has been, the prospect of a new year always seems to evoke a sense of optimism for a better tomorrow. A new year: a […]
2015/ December 21/ Past Issues
Preparing for an important legislative session
The holidays crept up on many of us this year, but not on PIANY: The association surveyed its members and held focus groups by way of Advisory Councils in October to pinpoint the issues members want their association to focus on—issues that impact our businesses every day. And, once those were identified, PIA volunteers took […]
2015/ December 21/ Past Issues
Certificates of Insurance in the Courts Again; A Reader Writes Re: Fraudulent Impersonation; D-Day and Insurance
Jerry Trupin
Exposures and Coverages
Certificates of Insurance in the Courts Again Will no one rid me of these troublesome Certificate of Insurance issues? The latest case to stir the pot involves a dispute over coverage on a wrap-up project. An electrician employed sub-contractor Urban Power & Lighting, alleged that he was injured and, as usually happens, sued everyone in […]
2015/ December 21/ Past Issues
Visual Content Marketing for Your Insurance Agency
Chris Paradiso
The Social Notebook
We live in an age of marketing where “traditional” marketing methods alone are not enough to leverage your agency’s brand. As I’ve mentioned before, marketing is going digital, and in fact, I believe that in 2015 and 2016 coming up, digital marketing should be considered the next era of traditional marketing. Mastering the digital marketplace […]
2015/ December 21/ Past Issues
Cyber Insurance: What you Should Know
By: Robert Jones – AIG Edited for the Insurance Advocate® No matter how strong or sophisticated an organization’s IT defenses are, how thorough the vetting of an organization’s vendors may be, or how well an organization trains or plans in preparation to respond to a data breach or other incident, there will still be network […]
2015/ December 21/ Past Issues
So This Is Christmas
Michael Loguercio
Face to Face
As John Lennon so beautifully resonated, “So This Is Christmas, and a Happy New Year…Let’s hope it’s a good one, without any fear.” Well, “fear” is something that unfortunately we need to keep in mind not only during this Christmas and Hanukkah season, but all through the year as there are people out there who […]
2015/ December 21/ Past Issues
LICONY 15th Annual Conference
LICONY held its 15th Annual Legislative & Regulatory Conference on October 7-9, 2015 at The Otesaga Hotel in Cooperstown, New York, over 200 in attendance. This conference was attended by LICONY member companies, professional and other services firms, NY Legislators and Regulators, and representatives from other trade associations.
2015/ December 21/ Past Issues
IBANY’s Annual Holiday Breakfast
(Pictured above: Aileen Marchese with IBANY President Rubin Alspector of Marsh & McLennan) The Insurance Brokers’ Association of New York (IBANY) held its annual Holiday Breakfast on December 8 at the Down Town Association in New York City. IBANY’s guest speaker was Mike McGavick, CEO of XL Group, PC, the parent of XL Catlin. […]
2015/ December 21/ Past Issues
Independent Insurance Agents Gone By 2020
Do you believe this? Why not, it’s the title of my article so it must be true. The point is, just because someone writes an article or references survey information it doesn’t mean their prediction will come true. What does happen is that many independent agents reading the headline or the article take it at […]
2015/ December 21/ Past Issues
How to Plead a Consumer Fraud Case for Denial of a Claim
Win Some, Lose Some When people are unhappy with their insurance company they refuse to limit themselves to a suit for breach of contract and obtain the indemnity promised by the policy. Rather, they file lawsuits seeking tort damages for breach of the covenant of good faith and fair dealing and violation of consumer protection […]
2015/ December 21/ Past Issues
For Services Performed In New Jersey, The NJ Fee Schedule Is The Prevailing Fee
Surgicare Surgical Assoc. v National Interstate Ins. Co. Plaintiff appeals from an order of the Civil Court of the City of New York, Bronx county (Anthony Cannataro, J.), entered November 17, 2014, which granted defendant’s motion to dismiss the complaint pursuant to CPLR 3211. Order (Anthony Cannataro, J.), entered November 17, 2014, affirmed, with $10 […]
2015/ December 21/ Past Issues
The Locker Room Controversy and the Threat to Your Child’s Health
An Obama Administration ruling that a school must allow a transgender “girl” with male parts full access to the girls’ locker room, or lose federal Title IX funding, sparked a revealing exchange between Megyn Kelly and school superintendent Daniel Cates on Fox News. Kelly tried to entrap an uncomfortable official, who seemed to be reciting […]
