2017
2017 Issues - Click to View
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DFS Sets Out Cybersecurity Regulations
Insurance Advocate Cover Story
The New York State Department of Financial Services (DFS) has updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the growing threat of cyber-attacks. The proposed regulation, presented by Superintendent Maria T. Vullo will be effective as of March 1, 2017, and will require banks, insurance companies, and other financial services institutions […]
Orrino to get a top PIANY Award
Congratulations are in order. PIANY will present Gino A. Orrino, CPIA, with its Industry Professional of the Year award at the annual Metropolitan Regional Awareness Program. Orrino is principal of Orrino Capital Services LLC in Corona, N.Y. MetroRAP will be held at The Roosevelt Hotel on Thursday, Jan. 26. According to the PIANY standard, “the […]
Take the Challenge
I’m astounded by the lack of response by independent agents to the significant increase in competition for their clients. Not responding is a mistake. The competition is growing daily and it is no longer isolated to personal auto insurance or even just personal lines. This new competition is after small-to-medium commercial accounts as well as […]
Five Reasons Every Agency Should Be On Instagram
Chris Paradiso
The Social Notebook
Yes, you read that title properly. Every independent insurance agency should be making the most of Instagram as a part of their digital marketing plan. I’ll give you three reasons right off the bat that should help convince you: it allows you to connect with your customers and clients, visually promote your agency’s brand, and […]
You’re Old, You’re Sick, Get Over It
One day in the hospital costs Medicare about $708. One day in hospice costs $183. One hundred twenty morphine tablets cost $20.88 retail. Health Savings Account money in the bank creates real options. But if you leave the choice up to the government, with a roll of the dice you could figuratively be in Jail […]
Set-Up of Injured Plaintiff Fails; Clear and Unambiguous Exclusion Must be Applied
When a liability insurer is presented with a claim seeking defense and indemnity and the facts appear to exclude all coverage, it will provide a defense under a reservation of rights so that it can take the time needed to determine whether coverage applies or not. If the insured refuses the defense, fires the defense […]
John Roberts to ShelterPoint’s Board of Directors
Richard White, CEO of ShelterPoint Life has announced the election of John Roberts to the Company’s Board of Directors. Mr. Roberts is a senior-level insurance executive with 37 years of experience in disability, life, dental, and special risk businesses. He held leadership roles in group insurance, as well as operational management positions in underwriting and […]
New York Insurance Association Elects 2017 Officers and Board of Directors
Albany, N.Y., Jan. 5, 2017—The New York Insurance Association (NYIA) announces the election of its 2017 officers and board of directors. The following officers were elected for a one-year term ending Dec. 31, 2017: Chair: Steven Coffey, president and chief executive officer, Broome Co-operative Insurance Company, Vestal, N.Y. First vice chair: Elizabeth Heck, president and […]
Intercompany Arbitration: Though Award Exceeds Policy Limits, Court Will Not Vacate
Nationwide Mut. Ins. Co. v. Geico Cas. Edited by Lawrence N. Rogak In this property damage loss transfer arbitration, Geico contended that the amounts sought by Nationwide exceeded Geico’s policy limits. Despite this, the arbitrator made an award in excess of those limits. Nationwide moved to confirm the award, which was granted by District Court. The Appellate […]
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Bad Laws/Bad Actors–Part I
New York’s new Superintendent of Financial Services, Maria Vullo, was confirmed less than a year ago, but has already put her own mark on the position. She was on the job adding staff and implementing policy even before confirmation—an unprecedented move in the annals of the DFS and its predecessor Insurance Department. She has appeared […]
Banning “Bad Actors”: Cuomo Calls It Curtains For Crooks On Financial Stage
Governor Andrew M. Cuomo has advanced a new proposal to further protect consumers from egregious and deceptive behavior in the financial services industry by pushing to empower the state Superintendent of Financial Services to ban certain “bad actors” from the banking and insurance industries for misconduct like that seen in the Wells Fargo scandal. “New […]
Market Shear
New York lost another 191,367 residents to other states during the year ending last July 1, and its population declined for the first time in a decade, according to the U.S. Census Bureau’s annual population estimates. The latest estimated annual “net domestic migration” loss—equivalent to nearly the entire population of Yonkers, New York’s fourth-largest city—is […]
Claims-Made Trap; ISO Filing New Designated Premises Endorsement—Watch Out; FEMA Buying $1 Billion Flood Reinsurance; DFS Rules Against Troublesome Crime Exclusion; Lower A.M. Best Rating Linked to Increased Risk of Impairment
Jerry Trupin
Exposures and Coverages
Claims-Made Trap Claims-made policies are different animals and they can viciously bite the unwary. An example: a Pittsburgh University claim under a Lexington Insurance Company policy. This claim arose out of a professional liability dispute between University of Pittsburgh and Ballinger and Company, the architects on a building renovation of Salk Hall at the University. […]
What Keeps Me Up At Night
Over the years, I’ve written a lot about how independent agents are burdened more and more by business expenses we just didn’t used to have. Some of these costs can be attributed directly to insurance company cost-transferring: things like reductions in commission and profit sharing; front-line underwriting; loss control and even printing policies ourselves, rather […]
Paint The Town Red
Michael Loguercio
Face to Face
For those of us who write personal lines, and especially automobile insurance, we are all well aware of the fact that there are quite a few factors that contribute to the price of an auto insurance policy. For instance, we have age, gender, marital status, territory, type of vehicle, tickets, accidents, consumer credit, color, and […]
Is Your Agency’s Reporting Making You Crazy?
How do you feel about running reports in your agency management system? Does it make you crazy? Or do you just stay away from it altogether because you know it’s inaccurate? Maybe it’s a combination of both. The reality is you cannot manage your agency by your bank account and P&L; you must lead and […]
And Now Donald Trump
The views of an expert on leadership and corporate governance By Richard Torrenzano, edited for the Insurance Advocate Let me share with you, first hand, what is happening in America…and try to explain a presidential election that I know baffles many of you. In short: What happened?…How did it happen?…Why did it happen?… What […]
Insurance Companies Have the Right to Limit Coverage in any Manner Desired
Duty to Defend Limited to Time on Risk in Louisiana When a defendant is uninsured for a particular risk and plaintiffs sue for injuries and illness allegedly incurred in periods of time when the defendant was uninsured and some where it was insured, insured sought defense for the entire period while insurer claimed it was […]
Insurer Might Not Have Waived Late Notice Defense Even Though Not Mentioned in Disclaimer Letter
Estee Lauder Inc. v OneBeacon Ins. Group, LLC Edited by Lawrence N. Rogak In a brief decision with a minimum of details, the Court of Appeals holds that an insurance company’s disclaimer which did not cite late notice as a defense, did not automatically waive that defense, because late notice had been cited by the […]
Florida Supreme Court Rules: As Long As Policy Covers Any Cause, Homeowners Insurer Must Cover Loss With Concurrent Causes
American Home Assurance Co. v Sebo, Case number 2D11-4063 The Florida Supreme Court ruled on 12/01/2016 that insurance companies should not deny coverage for property damage just because it had more than one concurrent cause, as long as the policy covers one of the causes. John Sebo sued AHAC after it denied his claim for […]
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2017/ February 13/ Past Issues
Insurance Agency Mergers and Acquisitions in 2016 Second-Highest Recorded, OPTIS Partners’ Report Reveals
Strong sellers’ market continues in United States and Canada CHICAGO—Jan. 30, 2017—Mergers and acquisitions of insurance agencies last year were the second-highest ever in 2016, according to OPTIS Partners’ annual report. The OPTIS database recorded 449 deals in the United States and Canada in 2016, a slight dip from the all-time record of 456 in […]
2017/ February 13/ Past Issues
Increased Fines Against Insurance Producers – Another Bad Idea for New York’s Main Street Businesses
Gov. Andrew Cuomo’s proposed New York State budget includes a plainly misguided addition that must be expunged, if small businesses – thousands of them across the State – are to sustain their viability and continue to serve other local businesses, homeowners and drivers. We refer to a newly minted set of penalty levels that independent […]
2017/ February 13/ Past Issues
The Time is NOW!
The independent agency system is under attack. New competitors fueled by technology and oblivious to the protection needs of the consumer are trying to take over the personal and small-to-medium business market. We see it happening, we’re concerned, but we just aren’t moving quick enough to deal with the threat. Both independent agents and the […]
2017/ February 13/ Past Issues
When Bad Hacks Happen to Good Insurance People
By Chris Moschovitis It started with a friend’s request for help: “Advice please: One of my email accounts has been hacked five times in the last week. I keep changing the password using the complicated passwords that are computer generated and now it seems like I’m getting hacked even more. What can I do to […]
2017/ February 13/ Past Issues
Clear & Unambiguous Policy Language Must Be Enforced
Insurer May Decide What It Wants to Insure This case involves an insurance coverage dispute arising from a wrongful death and products liability claim. Lindsey King (“King”), individually and on behalf of her deceased minor child Peyton Wilt (“Wilt”), appealed the June 26, 2015 judgment of the district court granting summary judgment in favor of […]
2017/ February 13/ Past Issues
Appellate Division Rejects Argument That Driver Was Too Drunk to “Knowingly” Refuse Breathalyzer
Matter of Hickey v New York State Dept. of Motor Vehs. Edited by Lawrence N. Rogak Appealing the revocation of her driver’s license, plaintiff argued that although she refused a Breathalyzer test when police offered it at the hospital, she was in too much of an “altered state” to knowingly refuse. In addition, she argued […]
2017/ February 13/ Past Issues
Why Republicans Should Let ObamaCare Self-Destruct
Suppose you are a surgeon who is called to see a patient who is bleeding from something in his abdomen. You are to consider an exploratory operation to try to find the bleeding point and stop the hemorrhage. The problem is that the patient has widely-metastatic cancer. He has already mostly depleted the blood bank’s […]
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2017/ February 27/ Past Issues
Predictive Analytics: Added Insurance for Insurers in a Volatile Economy
By Jessica Dolezal, Sr., Data Scientist, Prevedere Despite the promise of big data to provide insurance companies with revolutionary insights that will drive business forward, the benefits of such data have proven elusive. In fact, less than 20% of insurers had leveraged or were planning to leverage big data as of 2015. But there is […]
2017/ February 27/ Past Issues
Pretty Huge
One of the early actions taken by the Trump Administration calls for the Department of Labor (DOL) to halt implementation of the Obama Administration’s ridiculous fiduciary rule and to implement a complete re-review of the rule. Trade associations were quick to hail the halt and credit themselves—properly—for getting this in the crosshairs of the President. […]
2017/ February 27/ Past Issues
Murder, Examination Under Oath & the 5th Amendment; Lead Paint Claims and the Pollution Exclusion; Landlords’ Additional Insured Coverage Primary; Small Businesses Need Fiduciary Liability Insurance; Short Takes
Jerry Trupin
Exposures and Coverages
Murder, Examination Under Oath & The 5th Amendment The headline read “Ohio Homeowner Charged With Murder, Arson Declined EUO” (“EUO” is insurance shorthand for “examination under oath”). The story: Lester Parker, co-owner with his wife of a home in Hamilton Ohio, was accused of torching their house and causing the death of a firefighter who […]
2017/ February 27/ Past Issues
Give Your Agency Facebook a Boost
Chris Paradiso
The Social Notebook
When we discuss marketing in today’s world, the first thing that hits my mind is our agency’s efforts to successfully market our products and services in the digital world. Marketing has taken a shift, and a large one, because everyone now has access to the web, whether it’s on their desktop computers or their mobile […]
2017/ February 27/ Past Issues
Does Your Agency Have Employees or Brand Ambassadors?
Insurance is a fantastically fabulous industry. Agents sell a product that everyone must purchase, and there is a defined date to purchase by. For us in the insurance industry, we may feel that what we do is boring, we aren’t valued and all anyone cares about is price. In order to thrive we need to […]
2017/ February 27/ Past Issues
Are You Awake?
Michael Loguercio
Face to Face
So many times, we hear about disasters on the road in the form of motor vehicle accidents. Now although they may truly be “an accident,” they may also have been avoided if someone was paying just a little more attention! Sleepy driving, or “Driving While Drowsy,” has become a tremendous problem in our society. Although […]
2017/ February 27/ Past Issues
IIABNY Denounces Proposal For Increased Fines Against Insurance Producers
1000 percent increase is ‘substantial and unwarranted’ Dewitt, New York, Feb. 9, 2017—A measure in Gov. Andrew Cuomo’s New York State budget proposal could put small insurance agencies out of business, an insurance producer’s trade group said today. The Independent Insurance Agents & Brokers of New York (IIABNY) criticized the proposal as “unwarranted.” The governor’s […]
2017/ February 27/ Past Issues
PIANY Praises Legislation to Protect Coastal Homeowners
Professional Insurance Agents applaud Sen. LaValle for introducing bill January 18, 2017, GLENMONT, N.Y.—The Professional Insurance Agents of New York State commends Sen. Kenneth P. LaValle, R-1, for introducing a bill (S.2062) in the Senate last week to standardize the windstorm triggers for homeowners’ hurricane deductibles throughout the state. PIANY has long sought to address […]
2017/ February 27/ Past Issues
IVANS Enables Distribution, Automated Servicing Via Independent Agencies, MGAs and Insurers
IVANS, a division of Applied Systems, has announced new, innovative capabilities to expand digital distribution and servicing of insurance products throughout the insurance lifecycle. Leveraging its network of more than 30,000 agencies and 380 MGAs and insurers, IVANS’s latest enhancements enable agencies, MGAs and insurers to identify new business opportunities and markets, as well as […]
2017/ February 27/ Past Issues
Impact of PFL on New York’s Small Businesses
By Richard A. White New regulations often inspire focus on the small business community—and for good reason. It’s estimated that as much as one-half of the nation’s private sector labor force is employed by small businesses—those that employ less than 500 people and earn less than $7.5 million in annual revenue.1 As the backbone of […]
2017/ February 27/ Past Issues
HHS Secretary Tom Price and the AAPS
by Alieta Eck, MD Dr. Tom Price, our new Secretary of Health and Human Services, has been accused of belonging to a “conservative, fringe medical group” that “holds positions that are at wide variance with the basics of federal health policy.” Thus says Amy Goldstein of the Washington Post. For example, Dr. Price was heard […]
2017/ February 27/ Past Issues
Clear & Unambiguous Language Not Enough
Latent Ambiguity Trumps Policy Wording Although the law allows an insurer to enter into any contract terms it desires that is agreeable to the insured, seriously injured people and a court’s desire to help the injured person raise a public policy guise to rewrite the language of the policy even after the court found the language […]
2017/ February 27/ Past Issues
Auto Exclusion Applies to Trucker Injured While Unloading Trailer
Country-Wide Ins. Co. v Excelsior Ins. Co. Edited by Lawrence N. Rogak A truck driver was injured while unloading a trailer, when the trailer’s lift gate collapsed. The truck’s owner had a “Trucker’s Policy” from Country-Wide and a general liability policy from Excelsior which had an auto exclusion. Country-Wide defended the truck’s owner, settled the […]
2017/ February 27/ Past Issues
Travel Ban Is Revealing—But Does Not Threaten American Medicine Jane M. Orient, M.D. A 90-day ban on travel from seven countries has sparked tremendous outpourings of “worry” or outright opposition by some 33 medical organizations. “The community is reeling over the order, fearing that it will have devastating repercussions for research and advances in science and medicine,” states an article in Modern Healthcare. Certainly the order is disrupting the lives of individual physicians who have won coveted positions in American medical institutions and were not already in the U.S. when the order was issued. Also their employers have a gap in the work schedule to fill. War tears people’s lives apart, however innocent they may be. And countries that sponsor terrorism have effectively declared war on the U.S. But is American medicine so fragile that it can’t survive a 90-day delay in the arrival of physicians, most of them trainees, from Iran, Iraq, Libya, Syria, Yemen, Somalia, and Sudan? After all, every year more than a thousand seniors in U.S. medical schools do not land a position in a post-graduate training program through the annual computerized “Match” of graduates with internships. After another chance through the Supplemental Offer and Acceptance Program, or SOAP, hundreds of seniors are still without a job. This means that they cannot get a license to practice in the U.S., however desperate rural communities or inner-city hospitals are to find a physician, and their four years of rigorous, costly post-college education are wasted. Yet James Madara, CEO of the American Medical Association (AMA), is worried about vacant residency slots, according to a Feb. 3 article in MedScape by Robert Lowes. Entry to medical school is highly competitive, so presumably all the students are well-qualified. Can it be that graduates from Sudan are better trained? Does the U.S. have so few young people capable of and interested in a medical career that we have to depend on a brain drain from countries that are themselves desperately short of physicians? For all the emphasis on “cultural competence” in American medical schools, and onerous regulations regarding interpreters for non-English speakers, what about familiarity with American culture and ability to communicate effectively with American English speakers? Some foreign-born graduates are doubtless excellent, but many American patients do complain about a communication gap. So why do some big institutions seem to prefer foreigners? Could it be that they want cheap, and above all compliant labor? Physicians here on an employment-related visa dare not object to hospital policy. Whatever the reasons for them, here are some facts about the American medical work force: One-fourth of practicing physicians in this country are international medical graduates (IMGs), who are more likely to work in underserved areas, especially in primary care, according to Madara. According to the Accreditation Council for Graduate Medical Education (ACGME), 10,000 IMGs licensed in the United States graduated from medical schools in the seven countries affected by the ban. Immigrants account for 28% of U.S. physicians and surgeons, 40% of medical scientists in manufacturing research and development, and 15% of registered nurses, according to the Institute for Immigration Research at George Mason University. More than 60,000 of the 14 million workers in health-related fields were from the seven countries affected by the ban. Is medicine, like agriculture, now filled with “jobs that Americans won’t do”? Actually, we have more than enough Americans who love medical work. But some of the best doctors are being driven out by endless bureaucratic requirements, including costly “Maintenance of Certification™” programs that line the pockets of self-accredited “experts” but contribute nothing to patient care. They are being replaced (substituted for) by “mid-levels” with far less training. Then there are thousands of independent physicians having to retire or become employees because they can’t afford the regulatory requirements—soon to be greatly worsened by MACRA, the new Medicare payment system. Physician “burnout” is becoming so bad that we lose up to 400 physicians—the equivalent of a large medical school class—to suicide every year. The U.S. should be a beacon to attract the best and brightest, and it should welcome those who want to become Americans. Unfortunately, the lives of Americans, as well as the opportunities of aspiring foreign-born doctors, are threatened by those who desire to kill Americans and destroy our culture. These must be screened out. Meanwhile, the reaction of organized medical groups to the travel ban is spotlighting serious problems in American medicine.
A 90-day ban on travel from seven countries has sparked tremendous outpourings of “worry” or outright opposition by some 33 medical organizations. “The community is reeling over the order, fearing that it will have devastating repercussions for research and advances in science and medicine,” states an article in Modern Healthcare. Certainly the order is disrupting […]
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Bad Laws/Bad Actors—Part II
When a corporation doing business across many states runs into significant financial difficulty, it has two principal courses of action available under the US bankruptcy laws: reorganize or be liquidated. In either case, the Bankruptcy Court oversees the process with all affected parties being represented. Management itself may seek reorganization, but any plan has to […]
Say It: Optimism Is Rising
“Hope Springs Eternal in the Human Breast; Man never is, but always to be blessed.” Alexander Pope had it right, if you follow the results of a survey produced by a college survey institution whose Optimism Index™ shows that Americans are increasingly optimistic, amid concerns over leadership and progress. The Fishlinger Center for Public Policy […]
For Your Eyes Only
Strange title? Not really. This article isn’t for everybody. If you don’t realize your business is in jeopardy or don’t care, this article isn’t for you. If you don’t see any reason to change the way you have been operating for the past 10 years, this article isn’t for you. If you think social media […]
Four “Must-Haves” for Agency Websites
Chris Paradiso
The Social Notebook
Time and time again, I see agents and brokers from all around the U.S. and Canada who have not spent quite enough time on their agency website. What do I mean exactly? Well, I do see the rare case where an agency doesn’t have a website at all, and believe me that’s a huge problem. […]
Electronic Cigarette & Vape Shops
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The sale of electronic cigarettes and personal vaporizing devices, currently a $1.5 billion industry, is growing at a rapid rate, estimated to be 25% per year (www.fortune.com). Reuters reports that about 10% of adults now vape and that, in the United […]
The Oath of Hypocrisy—and the Politicians’ “Disease”
By Marilyn M. Singleton, M.D., J.D. As a physician, I proudly recited and adhere to the Oath of Hippocrates, which commands physicians to “use treatment to help the sick according to [their] ability and judgment…and [to] abstain from all intentional wrong-doing and harm.” Physicians don’t all think alike—medically or politically—but when a patient’s health is […]
NAIFA-NYS – A Strong, Effective Voice in Albany
Every man owes a part of his time and money to the business or industry in which he is engaged. No man has a moral right to withhold his support from an organization that is striving to improve conditions within his sphere. – Theodore Roosevelt Not long after TR spoke those words, a group […]
PIANJ Presents $5K John Laux Memorial Scholarship To Member Agency Family
John Laux Memorial scholarship will foster industry perpetuation Trenton, N.J.—The Professional Insurance Agents of New Jersey, in conjunction with The Fore John Memorial Foundation, is announcing a new $5,000 scholarship in honor of the late John Laux to be presented to the child or grandchild of a PIA member agency entering college in 2017. The […]
Largest Insurance Convention in the State on the Horizon
HARTFORD, Conn.—The Professional Insurance Agents of Connecticut’s Annual Convention, the largest industry networking and education event in the state of Connecticut, will be held at Foxwoods Resort Casino Mashantucket, March 9-10. “The PIACT Annual Convention is the must-attend event of the year for all industry professionals throughout the region,” said PIACT President Loretta Lesko, CIC. […]
Effectively Defending Adversarial Actions Brought Against Former D&Os in Bankruptcy Court
By Eric A. Kuwana and Sarah Downey (Reprinted with permission) For many litigants, the decision whether to prosecute or defend a lawsuit vigorously boils down to a rather basic calculus: What are my chances of success? What is the potential recovery or loss? Is this a “bet the company” litigation? And, how much will […]
Conviction for Health Care Fraud Upheld
It is a Crime to Cheat Insurers The government’s case against Theresa Fisher was strong, predicated in part on the following evidence: testimony by five witnesses who claimed to have been coached by Fisher; testimony by a co-conspirator that both she and Fisher were pressured to bring in patients for insurance-covered procedures; forged doctors’ notes […]
Insurer Might Be Liable for Negligence of Contractors It Hires to Make Repairs; Two-Year Limitation Does Not Apply
Bennett v State Farm Fire & Cas. Co. Edited by Lawrence N. Rogak Plaintiffs had a homeowner’s policy from State Farm. After an oil spill on their property, State Farm hired an engineer and a contractor to clean it up. Plaintiffs alleged that the contractors caused additional damage, and sued State Farm for negligence. State […]
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Up in Smoke…The Cost of Legalized Marijuana to Homeowners
Sean Maher is the co-founder of Swyfft, a platform that uses multi-patented big data and analytics to uncover accurate home insurance policies. A hash lab exploded and fire spread through the apartment in midtown Ventura last month. The blaze started in the kitchen when the butane ignited in the second-story flat. A similar incident in […]
Five Regulations That Need to Change
The administration is undoing regulations at a good clip. The clip and the clipping need to move quickly while the momentum is there. Rob Wilson, President of Employco USA and an employment trends expert has communicated some valid points along these very lines: recent employment numbers have cheered Americans with 235,000 new jobs added in February […]
Coming To You From….
Do you know where I am writing this article from? I could be writing it from my office at IIABNY. Maybe I’m doing it from my home office. I like to spend time at Starbucks drinking coffee and writing, so maybe it was written there. I love visiting Vermont, so for all you know I’m […]
The Time is Now for New York to Join the Interstate Insurance Product Regulation Compact
By Mary A. Griffin, President and CEO of the Life Insurance Council of New York Life insurers offer a wide array of products, including many designed to provide financial security to people who are planning for retirement. In today’s rapidly evolving world, life companies are continuously working to bring new products to the marketplace. To […]
Get the Lead Out
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Lead poisoning is a serious health hazard, especially for young children. Helping clients understand the hazards of, and their possible liability for, injuries from lead poisoning is another value-added service of the professional insurance agent. The most common sources of lead […]
ObamaCare Repeal vs. Reality
The attempt by House Speaker Paul Ryan and other powerful Republicans to “repeal and replace” the Affordable Care Act (ACA or “ObamaCare”) has run into a buzz saw of opposition from both sides. Most proponents of the American Health Care Act (AHCA) concede that the Act is “not perfect.” But there is “political reality” to […]
Instantly Grow Your Instagram
Chris Paradiso
The Social Notebook
Instagram has become a huge element of branding in the digital marketing arena in the past years, therefore it’s critical to take advantage of advertising using sponsored content on this social media network. Sponsored content falls into three categories on Instagram: photo, video, and carousel. Photo advertisements are the traditional still images that Instagram is […]
ISO Launches Market Landscape
ISO announced the launch of ISO Market Landscape(TM), an interactive dashboard that allows insurance professionals across disciplines to visualize and benchmark their company’s results with one of the largest property/casualty insurance databases in the world. ISO is a Verisk Analytics (Nasdaq:VRSK) business. ISO Market Landscape uses data visualization to benchmark insurer performance and identify specific […]
PIANY to Present LIRAP Distinguished Insurance Service Award to Keep
GLENMONT, N.Y.—The Professional Insurance Agents of New York State Inc. will present Johanna Keep, senior vice president of personal lines for CMS, LLC with its Distinguished Insurance Service award at the 42nd Annual Long Island Regional Awareness Program, April 26, 2017. The event will be held at Crest Hollow Country Club in Woodbury, N.Y. […]
ObamaCare Subsidies Rob the Middle Class
by Alieta Eck, MD As the controversy rages between those Republicans who want full repeal and those who want to retain what might be “good” about ObamaCare, we are not asking the right questions. While they are arguing whether or not to keep the ObamaCare subsidies (or the equivalent as “tax credits”), is anyone asking […]
Top 10 Causes of Liability Losses Include Bedbugs, Crashes and Defective Products
Not only are liability losses increasing but they are getting more expensive, particularly in relation to global product recalls, corporate liability, cyber and environmental incidents, according to a new report by Allianz Global Corporate & Specialty (AGCS). Global Claims Review: Liability in Focus identifies defective product or work, crash and human error incidents as the […]
Pay Before Accident to Reinstate Cancelled Policy; No Excuse for Failure to Timely Pay Premium
Insurance premiums are hard to pay. Anyone who owns a car would prefer to only pay insurance premiums until after they have a loss so that they can collect and pass the expense on to the insurer. That, of course, defeats the purpose of insurance to spread the risk to all insureds. When insurers issue […]
Insurer Waits Until After Traverse Hearing to Issue Disclaimer Based on Failure to Cooperate; Too Late, Court Holds
Batista v Global Liberty Ins. Co. of N.Y. Edited by Lawrence N. Rogak A liability insurer issued a disclaimer three years after learning of the occurrence, and a year after receiving a default judgment against the insured. The insurer assigned counsel to represent the insured at a traverse hearing to challenge the validity of service […]
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D.C. or Not D.C.? That is the Question.
State Regulatory System Defended by PCI as House Hears Viewpoints The insurance industry again has its periodic task at hand, i.e., the defense of state regulation. The House seems to be getting the point, having just held a hearing entitled “A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs,” which itself […]
Winners’ Circle … and Then Some
When Always Dreaming crossed the finish line first to win the Kentucky Derby convincingly, he carried more than a talented jockey with him. The horse’s owners, joined together as Brooklyn Boys with a formidable stable of race horses, are two wealthy men well known in New York: Vincent Viola, recently offered the post of Secretary of […]
Independence Requires Expertise
Technology…it’s invaded nearly every aspect of our lives today. It’s almost impossible to function without it. Did anyone ever dream the time would come where you would actually take time off to avoid using technology? There is no business more affected by technology than insurance. It’s changing the way we operate our business. It’s creating […]
Catching Fire with your Content
Chris Paradiso
The Social Notebook
What exactly do we mean by “catching fire” in terms of your agency’s digital content marketing? Well, simply put, to get more visibility in the social world, your agency is going to need shares, and a lot of them. So the million-dollar question is this: how can you get more people to share more of […]
IIABNY Heads Off Draconian Penalty Increases in State Budget
Budget agreement also includes IIABNY-supported ride-sharing measures Dewitt, New York—Thanks to the efforts of the Independent Insurance Agents & Brokers of New York (IIABNY), insurance producers have been spared drastically larger penalties for violating the state’s insurance law. The state budget the New York Legislature adopted over the weekend dropped the governor’s proposal for increased […]
Home Appliances — Helps or Hazards?
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Home appliances have drastically changed how people live over the last century. They are great time savers and convenience items, as well as providing entertainment. However, these gadgets and products that are meant to make life easier are also responsible for […]
A Simple American Solution for Today’s Government-Caused Health Care Crisis
Where words are many, sin is not wanting.” Proverbs 19:10 By: Dr. W. Scott Magill, Executive Director, ViDoL, USMC/USArmy-Med.Corps The 2016 platform to repeal the worst healthcare law in American history resulted in one-party control of executive and legislative branches of the federal government in 2017. But voters soon re-learned that campaign promises are simple […]
PIACT Offers Testimony in Support of TNC Legislation, Voices Reservations about the Current Proposal
HARTFORD, Conn.—In testimony before the state Senate Insurance & Real Estate Committee on April 18, Professional Insurance Agents of Connecticut President Kenneth A. Distel offered testimony supporting legislation that would create comprehensive legislation for transportation network companies. However, Distel noted the association’s concerns with insurance gaps that would be created by H.B.7126 to establish insurance […]
Qui Tam Action Takes the Profit Out of Fraud
Judgment In Favor of Qui Tam Plaintiff Insurer Can Be Enforced In California an insurer can, on its own behalf and on behalf of itself and the state, bring a qui tam action. When the state does not join in the action the insurer may try the action alone. In People ex rel. Allstate Insurance […]
Storm in Progress Defense Applies Even if Temperatures Warmed Up at Time of Accident
Sherman v New York State Thruway Authority Edited by Lawrence N. Rogak Plaintiff slipped and fell on a patch of ice the morning after an ice storm, when the temperatures had risen above freezing but a light intermittent rain was falling. The Court of Appeals holds that the “storm in progress” rule is a complete […]
Mitigating Cyber Risks for the Insurance Industry with the Right Security Controls
By: Chris Moschovitis, CEO, tmg-emedia It is no secret that cyber security risks add complexities that often restrict the process of seamlessly carrying out business transactions. Firms and institutions in the insurance industry need solutions that ensure confidentiality, availability, and integrity of sensitive data to avert significant damages to their business. However, companies should never […]
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Editorial: “Measurement Began Our Might….”
Steve Acunto
Cover Story, Foreword
When poet William Butler Yeats wrote these words, he was not thinking of insurance underwriting standards for sure. But his line does apply to the essence of the stability and viability of insuring, especially in the face of increasingly intrusive concepts from governments turned activists and activists who’d love to be the government. A proposal […]
How Do You Get Rich?
Readers of this column know I am a proud family man. My twin grandsons are entering college in the fall and we could not be more delighted. They are an endless source of pride and an equally great source of stories. Recently, one of my grandsons asked me, “Grandpa, how do you get rich?” I […]
Insurable Interest—It’s Not Just Theory; Authorized Rep Steals $5.2 Mil—Firm “Fully Insured” But Collects Zero; After 40 Years in the Desert, Norman Rockwell Painting Returns; Vacancy and Ambiguity—A Bad Mix
Jerry Trupin
Exposures and Coverages
Insurable Interest, It’s Not Just Theory Insurable Interest is not just a topic in Insurance 101. You cope with it every time you specify the named insured for a property policy. Insurable interest means the insured has to have some skin in the game. It doesn’t mean the insured has to be the absolute owner. […]
GGA Emerges as Generali Expands Market Presence in North America
Chris Carnicelli is on a mission. CSA Travel Protection, a leading provider of travel insurance, is now Generali Global Assistance. This corporate initiative is part of a broader organizational program to rebrand several Europ Assistance business lines in the United States to Generali Global Assistance. Europ Assistance is part of the Generali Group, one of […]
Over Half of Agents Have Never Had Sales Training
Yes, you are hearing it straight from us—52% of insurance agents have never had any sales training. So if part of becoming an agent is the ability to sell insurance, where did we go wrong? Sales is an art form. There are people naturally born to be salespeople, but the rest of us have to […]
Universal Coverage Means Less Care
By: Jane M. Orient, M.D. The reported success of the Affordable Care Act (ACA or ObamaCare) is based on enrollment numbers. Millions more have “coverage.” Similarly, the predicted disasters from repeal have to do with loss of coverage. Tens of thousands of deaths will allegedly follow. Activists urge shipping repeal victims’ ashes to Congress—possibly illegal […]
Facebook Cannot Appeal Grant of Warrant to Search User’s Account, Holds Court of Appeals
Matter of 381 Search Warrants Directed to Facebook, Inc. Edited by Lawrence N. Rogak In a novel ruling affecting internet privacy, New York’s top court holds that Facebook cannot appeal a court’s search warrant in a criminal case—issued under the federal Stored Communications Act–which compelled Facebook to grant prosecutors complete access to certain users’ accounts. […]
Merchants Awarded “Brand Champion” by IIABNY
Gina Marie Balog-Sartario
In The News
BUFFALO, NY—Merchants Insurance Group is proud to announce they have been named the 2017 Independent Agents Brand Champion by the Independent Insurance Agents & Brokers of New York (IIABNY). The award was given to Merchants “for excellence in the support and promotion of the Independent Agent brand.” Merchants was chosen for this award by a […]
Berkshire Hathaway GUARD Adds Commercial Auto Insurance in New York
Gina Marie Balog-Sartario
In The News
WILKES-BARRE, PA—Berkshire Hathaway GUARD Insurance Companies recently began offering Commercial Auto coverage in New York. The product can be written on a stand-alone basis or together with other complementary lines. The policy is aimed at accommodating the needs of a broad audience, including artisan contractors, repair and service operations, delivery and distributor classes, vehicles associated […]
Arson-for-Profit Fails—Life in Prison Without Parole
Stupid and Vicious Attempt at Insurance Fraud Fails I have reported often that arson-for-profit is the most dangerous, deadly, and stupid way to steal money from insurance companies, because there is always evidence left after the fire and people are killed and injured as a result of the set fire. When the criminals are stupid, […]
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Cyber Risk Beyond Compliance
Aspirin, Antibiotics, Surgery or Real Prevention and Cyber Health? By: Stephen M. Soble and Jack Dufrene ********************* The risks are ponderous, the exposures beyond most calculation, and the responsibility unrelenting. With the advent of Cyber compliance regs, the insurance industry faces baseline standards and a host of off-the-shelf solutions to deal with the pain, but […]
Eternal Rest
The eternal matter of fair compensation to agents and brokers placing business in the NYSIF may be laid to eternal rest if the “second floor,” legislators and regulators listen to the agents’ groups who have eternally pleaded for this measure of fairness. PIANY has just amended legislation to include a requirement for the New York […]
Interpersonal Customer Experiences via Video
Chris Paradiso
The Social Notebook
Have you ever had a difficult time communicating the details of a policy with a customer remotely? Well, technology is always evolving, and now there is a free and easy-to-implement tool that can transform the customer experience through the use of video. It sounds too good to be true, right? Well, this is the real […]
Top 20 Things to Know About NY Paid Family Leave
By Richard A. White We’ve spent the last few weeks combing through Paid Family Leave draft regulations to pull out the most important information, so you don’t have to. Here are your absolute must-knows based on the drafts: NY PFL is one of the most comprehensive paid family leave programs in the country. All New […]
Telematics and Usage-Based Insurance
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor In the George Orwell book, 1984, the overriding theme was “Big Brother is Watching.” With telematics, science fiction is now closer to reality. Telematics is the branch of information technology that deals with sending and receiving information, as well as effecting […]
Déjà Vu (All Over Again)
The NAIC held its 11th Annual International Forum in Washington, D.C. on May 15-16, 2017. The NAIC Press Release issued post-forum states as follows: “The two-day forum included more than 300 regulators and insurers from 20 jurisdictions representing more than 70 percent of global insurance premium.” While there were certainly late arrivals, i.e., too late […]
TriCounty IIAA Installs Officers and Directors for 2017-2018 Term
Gina Marie Balog-Sartario
In The Associations
Awards and scholarship announcements accompanied the evening’s activities May 18, 2017, Albertson, New York—New officers and directors took the helm on May 17 during the Long Island-based TriCounty Independent Insurance Agents Association annual installation dinner and awards ceremony. The gathering, held at Chateau Briand in Carle Place, NY, set the TriCounty leadership for the 2017 through […]
PIACT Lauds House Passage of Amended TNC Bill that Removes Coverage Gaps
Gina Marie Balog-Sartario
In The Associations
May 17, 2017, HARTFORD, Conn.—The Professional Insurance Agents of Connecticut commends the state House for passing H.B.7126, which has been amended to remove insurance coverage gaps that existed in the original bill. The amended bill passed the House [last Thursday] and has been sent to the Senate for consideration. PIACT President Kenneth A. Distel offered […]
Construction Worker’s Slip and Fall on Wet Temporary Staircase is not Enough for Summary Judgment
O’Brien v Port Auth. of N.Y. & N.J. Edited by Lawrence N. Rogak In this Labor Law case, a construction worker slipped and fell on a metal temporary staircase that was wet from the rain. The Court of Appeals held that the fact that a worker falls at a construction site, by itself, is not enough […]
Agent Should Explain Effect of Coinsurance
Promise of Coverage Without Explanation of Coinsurance Can Be Fatal To Insurance Agent No one seems willing to read the insurance policy they purchased. When they have a loss and the failure to read the policy costs the insured money, he, she or it will always sue the insurance company and the insurance agent. Often, […]
Repair or Replacement Cost as a Measure of Indemnity in New York
By Jennifer van Voorhis, Esq. Recently we received a request from a reader inquiring as to who has the responsibility to determine whether a sustained covered loss to a dwelling can be repaired or must be replaced. We always urge a thorough reading of the policy first, in order to determine what coverages exist, but […]
