2020
2020 Issues - Click to View
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What Happens When Disability Laws Conflict with Company Policy?
Winter brings us to peak flu season. Employee absenteeism, whether for the employee’s own illness or that of a family member, becomes a regular issue for many employers. Fortunately, for most employers the absences caused by the flu and other common ailments are of short duration and covered by the employer’s sick leave policy. Operations […]
2020 Insurance Regulatory Outlook From Deloitte: Status Quo Not An Option For Insurers
Insurance Advocate Cover Story
The Deloitte Center for Regulatory Strategy, Americas’ prepares a cross-industry series on the forthcoming year’s top regulatory trends, eyeing some of the issues that will have a significant impact on businesses. We excerpt liberally from the text…
“…but i wouldn’t want to live there”
New York has lost nearly 1.4 million residents to the rest of the country since 2010—and largely as a result of this outflow, the Empire State’s total population barely budged during the decade, according to the U.S. Census Bureau’s latest annual update of population estimates. Recent Census Bureau estimates show: • 180,649 more residents had […]
Starting From Scratch
Recently the question came up whether it was possible to successfully start an agency from scratch. I believe the answer is it is possible just not highly probable. The chances of someone with no previous experience successfully creating a viable insurance agency from scratch are miniscule and fraught with many roadblocks and issues. Having some […]
Five Ways Employers Get Themselves Sued
There are several practices that get insurance industry employers into legal trouble when disciplining employees. In no particular order, they are: Not Treating Your “Similarly Situated” Employees Equally For the most part, the anti-discrimination laws require you to be consistent with raises, disciplinary action, application of your policies, and all other “terms and conditions” of […]
DFS Issues Cybersecurity Risk Alert
On January 4, 2020, the New York State Department of Financial Services, issued a “Cybersecurity Risk Alert” (“Cyber Alert”) to all DFS regulated entities. The Cyber Alert arose in response to media reports of a heightened risk of Iranian cyber attacks given rising tensions between the U.S. and Iran. In its Cyber Alert, DFS referred […]
Time for a Coverage Checkup?
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Most people try to take care to have regular health checkups. But when was the last time your clients had a checkup on their insurance coverage? Over time, needs change, and, more importantly, there may be penalties for being underinsured. Improper […]
Prechtl Elected Chair of New York Insurance Association
The Insurance Brokers’ Association of the State of New York (IBANY) honored Rubin Alspector of Marsh and McLennan Agency, LLC as its Insurance Person of the Year at its annual Holiday Breakfast on Thursday, December 12 at the Down Town Association in New York City. Alspector was recognized for level of engagement within the industry, […]
Sari Gabay Named Insurance Regulatory Lawyer of the Year
Sari Gabay, Esq., of Gabay Bowler, received the Insurance Regulatory Lawyer of the Year Award. Gabay is a frequent columnist for this publication, contributing to the Legal Update series. The award was given by the Institute of Jewish Humanities, and the receipient’s longtime former colleague, John Gross of Proskauer, presented the award at an event […]
Geraldine DelPrete Named President of Programs at Sterling Risk
SterlingRisk Insurance, one of the nation’s top independently owned insurance brokerages, today announced the promotion of Geraldine DelPrete to President of Programs. According to SterlingRisk CEO David Sterling, DelPrete’s extensive background in reinsurance/underwriting and deep understanding of programs has directly contributed to the significant growth of the firm’s specialty market business. “Soon after joining SterlingRisk […]
As Evil as They Can Be, a Racoon Can Never Be a Vandal
Court Refuses to Allow Pro Se Plaintiff to Annoy Court Lawyers are creative people. They will try almost anything to get money out of an insurance company. Sometimes, however, their creativity approaches stupidity and a waste of the time of a court and lawyers. In Capital Flip, LLC v. American Modern Select Insurance Company, Civil […]
NY Courts Have Jurisdiction Over North Carolina Driver and Insurer
Matter of Geico v Escoto and Farm Bureau Ins. Co., 2019 NYSlip Op 09265 (App Div. 2d Dept 2019) υThis was an appeal from an order of NY Supreme Court which stayed a UM arbitration and added a North Carolina resident and his auto insurer to the action for a framed issue hearing. On December 28, […]
Medicare for All— No Care for You
By Marilyn M. Singleton, M.D., J.D. Democrat presidential candidates are sparring over how much to expand Medicare. Should it be Medicare for all, for people over 50 and children, or for “all who want it”? Does “all” include veterans, Native Americans, and military dependents, who now have their own government program? Does it include everybody […]
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Insurance Industry Can Set Standards on Cyber Security as World Digitizes, Impacting Society
“One mantra often heard in cyber circles is that cyber risk should be a business issue, not an IT issue. I can confidently say without reservation, it is a business issue at the highest levels of the world’s largest corporations.” – Pascal Millaire, CEO, CyberCube
First minority-led tier-one insurance and reinsurance broker launches in the U.S.
“Protecdiv, the first tier-one minority-led insurance and reinsurance broker in the U.S.”, has launched The new Philadelphia-based company is led by experienced insurance industry professionals Kael Coleman and Paul Little. As a specialty U.S. Property and Casualty (P&C) brokerage with process, technology, and diversity at the very center of its business model, the broker has […]
Small Commercial Insurance: Bigger, More Varied and More Specialized
Changes Driven by New Technology and Increased Carrier Appetite While most insurance agents and carriers are well aware of the opportunity for growth in the small commercial market, not everyone is focused on the rapidly developing trends that have the power to accelerate that growth: small commercial is getting bigger, more varied and more specialized, […]
“Needlessy expensive and restrictive”
The Empire Center has launched “DeregulateNY,” a web-based contest inviting users to identify the most needlessly expensive and restrictive rules imposed on people offering goods and services in New York State. Contestants submit entries online and compete to win a cash prize …..and a trip to Albany. New York businesses contend with more than 300,000 […]
Lockton Affinity – NJDOBI Consent Order Highlights Affinity Marketing Risk
Analysis by Genevra Burns Law Offices, New Jersey Affinity Brokerage relationship can present regulatory risk. On September 5, 2019, the State of New Jersey, Department of Banking and Insurance entered a Consent Order in the Matter of Proceedings by the Commissioner of Banking and Insurance, State of New Jersey, to fine Lockton Affinity, LLC, Reference […]
Expanded Role for Big ‘I’ Virtual University Director
Chris Boggs has been named the executive director of risk management and education for the IIABA. Boggs’s new role combines his current position of Big “I” Virtual University executive director, in which he leads the university in delivering education and research to member agencies, subscribers and the industry, with directorship in Big I Advantage®. In […]
Big ‘I’ Names New President of Big I Advantage®
Big I Advantage® has announced the appointment of Mark Steven Wolf, CPCU as new leader of Big I Advantage®, replacing Paul Buse who is moving on after more than 21 years of dedication and contributions to the company. Wolf is now president of Big I Advantage®, Inc., IIAA Agency Administrative Services, Inc. (AAS), IIAA Membership Services, […]
NYIA Elects 2020 Officers
The New York Insurance Association (NYIA) announces the election of its 2020 officers and board of directors. The following officers were elected for a one-year term ending Dec. 31, 2020: Chair: Mark Prechtl, executive vice president/chief executive officer, Chautauqua Patrons Insurance Company, Jamestown, N.Y. First vice chair: Charles Makey, senior vice president, insurance operations, Merchants […]
Fifth Amendment Doesn’t Apply to a Plaintiff’s Suit
Fear of Arson Arrest Not Basis for Refusing to Testify When a person obtains insurance under false pretenses and then, as soon as the policy goes into effect, causes it to be set afire to defraud the insurer, he cannot then refuse to testify in a suit he filed pursuant to the Fifth Amendment of […]
NAIC Names 2020 Committee Leaders
The National Association of Insurance Commissioners (NAIC) has named its 2020 committee chairs and vice chairs. The association also assigned members to the organization’s standing committees based on preferences, experience and requirements established by the NAIC Bylaws. “Our 2020 NAIC committee leadership aligns talent and expertise and reflects a strong commitment to service; as we […]
Kevin H. Kelley to receive the Business Insurance Lifetime Achievement Award
Kevin H. Kelley, retired vice chairman of Liberty Mutual Insurance Co.’s Global Risk Solutions business, has been named the recipient of the 2020 Business Insurance Lifetime Achievement award for outstanding accomplishments in the insurance and risk management sector. He will receive the award at the Business Insurance U.S. Insurance Awards on March 12 in New […]
NY Court Orders Disclosure Of Ethics Probe against Mayor DiBlasio
New York Times v City of New York Office of the Mayor, 2020 NY Slip Op 50035(U) (Supreme Court, N.Y. County, 01/15/2020) Ruling against Mayor DiBlasio in his attempt to keep secret the findings of an ethics panel that looked into his fundraising, the New York State Supreme Court ruled that the Mayor must turn over […]
Giving Medicare for All a Facelift: the Ugly Is Still There
By Marilyn M. Singleton, M.D., J.D. Medicare for All (M4A) retained its prominent place on the stage at the latest Democratic debate. In its purest Bernie Sanders form, concurrent with abolishing private health insurance, U.S. residents would be enrolled in “Medicare.” The program would pay for unlimited “medically necessary” health expenses, including pharmaceuticals, mental health […]
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Digital Transformation in P&C Insurance
Current Benchmark and Future Roadmap
The latest Aite Group report finds that improving the customer experience is the top digital transformation objective for P&C insurance firmsInsurance Companies and the Federal Home Loan Bank of New York: A Sensible Proposal
Legislation has been introduced in the New York State Assembly (Bill 8040) that will significantly increase funding opportunities for insurance company members of the Federal Home Loan Bank of New York (“FHLBNY”). Under the proposed bill, which is already law in 19 states, provisions of the insurance insolvency law will be amended to clarify the […]
The Necessary Boldness of the Entrepreneur
From time to time, you hear a speech or a presentation or read a letter that is worth repeating or reprinting. What follows is one such presentation. Recently on these pages, we presented remarks made by Steve Menzies, Chairman of Applied Underwriters, upon his receipt of Man of the Year of the State of Israel […]
“Risk Thinking” in an Unstable World
Businesses are being asked to measure their financial risk of climate-related change. But no one seems to know how In October 2018, Ron Dembo was driving through an area of burned forest in Northern California.The CEO and founder of Toronto-based Riskthinking.ai, Dembo had been invited to give a keynote speech at the conference of the […]
Big ‘I’ Member Reappointed to Federal Advisory Committee on Insurance
The Independent Insurance Agents & Brokers of America (the Big “I”) congratulates Quincy L. Branch, president and CEO of Branch Benefits Consultants in Las Vegas, who has now been officially reappointed to the Federal Advisory Committee on Insurance (FACI). FACI is a committee composed of various state government officials, insurance professionals and consumer advocates that […]
PIANY Applauds Gov. Murphy
The Professional Insurance Agents of New Jersey applauded Gov. Phil Murphy for signing A-1924/S-2930. The new law, which has been a legislative priority for PIANJ, requires the commissioner of the Department of Banking and Insurance to waive the initial insurance producer licensing fee for any New Jersey resident veteran who has received an honorable discharge […]
S&P Market Intelligence releases its annual 2020 Insurance M&A Outlook Analysis
S & P projects a relatively stable level of aggregate deal volume for insurance carrier transactions involving buyers or targets in the US and/or Bermuda. The second-strongest fourth quarter in the last 13 years provides momentum for 2020, but the outlook does not assume a repeat of the $6.3bn New York Life/Cigna group protection transaction […]
SterlingRisk Names Alternative Market Leader
SterlingRisk Insurance, one of the nation’s top independently owned insurance brokerages, has hired Kaitlin Friedman as Alternative Market Leader. A Licensed Property & Casualty Insurance Broker, Friedman also provides wholesale support to the SterlingRisk Programs Department. “It’s a pleasure to welcome Kaitlin to SterlingRisk,” remarked SterlingRisk CEO David Sterling. “She is a solutions-driven commercial lines […]
Largest insurance convention in Connecticut features a brand new format
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 5-6. “The PIACT Annual Convention is the must-attend event of the year for all industry professionals throughout the region,” said PIACT President Mark Connelly, CIC. “The convention […]
The Coming Impact of ESG on M&A
Recent months have seen institutional investors and other stakeholders, notably BlackRock and State Street, stressing the importance of comparable and decision-useful ESG disclosures by their portfolio companies. Such calls follow in the wake of growing interest among investors and other stakeholders in understanding and assessing the performance of companies based on ESG metrics. While the […]
The Insured Signs the Proof of Loss not the Public Adjuster – Beware!
Fraud by Public Adjuster Imputed to Insured People who are busy with their lives hire a public insurance adjuster to assist them with a property claim. Most trust the public adjuster as a professional. Even when, as did one of the parties in Chubb & Son Inc. et al. v. Pio Consoli et al., Defendants, […]
Faulty Blood Test Results Do Not Make Doctor Liable For Patient’s ER Bill
Topiel v Caremount Med., P.C., 2020 NY Slip Op 50151(U) (Appellate Term, Second Department 2020) Your doctor takes your blood for testing. When the results come back he tells you to go to an Emergency Room because you have a potentially fatal condition. But it turns out the blood test result was wrong. Is the doctor […]
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Coronavirus could affect medical malpractice rates, say experts
Guest Author
Cover Story, Covid-19
The coronavirus pandemic could lead to increased medical malpractice claims, but much remains uncertain at this point, including the possibility of federal and state governments acting to relieve health care provider liability, say observers.
Deregulate New York: Winners Reveal Albany Obstacles
Some weeks back in this space we hailed the advent of a new contest calling upon New Yorkers to identify obstacles that the State places in the path of businesses. Response was robust. The Empire Center has just announced the winners. Chris Kendall of Madison County and Jacob Rieper of Columbia County are the DeregulateNY […]
Stop the World (Please!) I Want to Get Off!
Virtual Mediation and Virtual Arbitration Stop the World: I Want to Get Off was a musical with Anthony Newley. It originally opened in London in 1961 and made it to Broadway in 1962. It was followed by a film in 1966 and a revival in 1978. In the play, whenever something unsatisfactory happened to the […]
Surge in working from home raises cyber exposure issues
Guest Author
Covid-19, Guest Article
By Judy Greenwald Companies directing large numbers of employees to work from home for the first time because of the coronavirus pandemic face a host of cybersecurity issues, including concerns over tthe security of workers’ personal computers and vulnerability to phishing attacks.In addition, data lines may be strained as the number of staffing corporate systems […]
PIANY Leader meets with Southern Tier lawmakers to discuss legislative priorities
Professional Insurance Agents of New York Government Affairs Committee Vice Chairperson Steven Stork, CIC, met with local lawmakers to discuss legislative issues affecting the state’s insurance industry, as part of the association’s District Office Visits program. Stork met with Sen. Thomas F. O’Mara, R-58, and Assemblyman Philip A. Palmesano, R-132, on Dec. 16, 2019. “The […]
Digital Asset Management
Advances in technology have created a new class of property: digital assets. More and more parts of our lives, including photos, documents and financial information, are now accessed and stored online and in the cloud. These assets may not necessarily be bought or sold, but they represent value to the owner. Just like tangible property, […]
Independent Insurance Channel Growth Remains Stable
Reagan Consulting Urges Agents, Brokers to Continue Improving Efficiency ATLANTA (February 17, 2020) — Optimism remains high in the independent insurance channel, despite a slight drop in year-end 2019 growth rates and profitability. Agents and brokers predict that 2020 will be a stronger year with 7.0% organic growth, according to the latest Organic Growth […]
Considerations for the COVID-19 Crisis
Daniel Morris
Covid-19, HR Update
Unprecedented. Surreal. I have been using those terms with clients over and over as we respond to issues that arise out of the COVID-19 coronavirus. There is literally no road map for what we have gone through in this past week and what we will likely go through over the coming weeks and months. As […]
Why a Policyholder Must Fulfill all Conditions before Filing Suit
Failure to Submit to EUO Abates Lawsuit Almost every first party policy contains a provision requiring the insured to produce relevant documents and submit to an examination under oath (EUO) and to do so before filing suit. Similar conditions have been enforced since the early Nineteenth Century. In AXO Staff Leasing, LLC v. Zurich American […]
SUM Coverage Is Offset By Recovery From Tortfeasor
New York’s Appellate Division, Second Department, cleared up a question which apparently needed clarification: when an injured party receives a SUM award from an arbitrator, that award gets offset by whatever recovery the claimant made from the tortfeasor. In Matter of Merchant v State Farm Ins. Company, 2020 NY Slip Op 01917 (Decided on March 18, 2020) […]
IME No-Show Voids NY Auto Policy, Even in PIP Arbitration
Matter of Global Liberty Ins. Co. of N.Y. v Capital Chiropractic, P.C., 2020 NY Slip Op 01466 (Appellate Division, First Department) υIn New York PIP arbitration, arbitrators are given fairly wide latitude, and as a general rule, mere mistakes of law or fact in an arbitrator’s decision are not reversible by the courts. In 2011, the […]
AI and Insurance: What’s in That Black Box?
Excerpted from the Cromwell Moring Regulatory Forecast 2020: What Corporate Counsel Need to Know for the Coming Year, Co-edited by Dan Wolff and David Stepp Artificial intelligence business solutions and other “cognitive” systems have the power to transform insurance. Here’s a sci-fi scenario for 2030, courtesy of the McKinsey consultancy: You’re using your mapping app […]
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Potential Implications of COVID-19 for the Insurance Sector
How the Coronavirus Outbreak May Impact Insurers Operationally and Economically: COVID-19 is impacting the insurance industry in multiple ways—from employee and business continuity issues to client service considerations to the financial outlook. Here are some key issues insurers face and potential action steps they could take.
S & P P/C Least Impacted
Steve Acunto
Covid-19, Foreword
S&P Global Market Intelligence found that property and casualty insurance is the least impacted from the COVID-19 health situation, based on market signals. S&P Global Market Intelligence conducted this analysis for the month of March generating industry medians from its Credit Analytics Probability of Default (PD) Market Signal model which uses stock price and assets […]
Olympics Delay, Not Cancellation, Provides Reprieve for Insurers
Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics on Tuesday were postponed to 2021, the first such delay in the modern Games’ 124-year history, as the coronavirus crisis forced […]
Thoughts For Leaders
BY RICHARD TORRENZANO “Leaders are made, they are not born. They are made by hard effort. It is the price which we must pay to achieve any goal that is worthwhile.” –Vince Lombardi In crisis, leadership is far more important than management. People follow leaders. People work for managers completing plans and tasks against budgets. […]
Attorney Has No Liability For Talking Client Into Filing Meritless Lawsuit
Bill Birds Inc. v Stein Law Firm, 2020 NY Slip Op 02125 (NY Court of Appeals, 3/31/2020) New York’s top court ruled today that an attorney faces no liability or penalty of any kind for giving a client bad advice that induces him to file a lawsuit that has no legal merit. Plaintiffs, a New […]
DFS Circular Letters Encourage Leniency on Insureds and Extend Continuing Education Licensing Deadlines
The New York State Department of Financial Services (“DFS”) has issued several Circular Letters and industry guidance over the past month due to COVID-19. While considerable information is geared towards health insurances and telemedicine, two Circular Letters in particular are relevant to all insurance producers. Circular Letter No. 7 (2020) dated, March 19, 2020, […]
Avalanche of Legislation Passed in Response to COVID 19
Daniel Morris
Covid-19, HR Update
I wrote my last column in the shadow of the coronavirus shutting down wide swaths of the northeast and California and Washington State doing the same. Since then, nearly all of the country has followed suit. Hundreds of thousands have now been diagnosed with COVID 19 in the United States and tens of thousands have […]
Advising an Insurer of a Claim When Insurance Obtained by Fraud is a Crime
Conviction Affirmed Against the best Wishes of the Appellate Court In Commonwealth of Pennsylvania v. Renee M. Bruder, J-S40005-19, No. 1282 WDA 2018, Superior Court of Pennsylvania (September 30, 2019) Renee M. Bruder, appealed from a sentence of 3 years’ probation, imposed after a jury convicted her of insurance fraud. Bruder was charged with insurance […]
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Paperwork Pandemic
Guest Author
Cover Story, Covid-19
COVID-19: Lawmakers Should Protect Businesses Filing Business Interruption Claims. Pre-emptive legislation could stem the tide of a massive amount of COVID-19 related paperwork that is about to flood the insurance sector, having no discernible purpose and many bad implications for business clients. The 130 year-old Insurance Advocate has called it the “Interruption Eruption.”
Backstops
Seven senators have spurred their peers in an effort to convince President Trump to protect the insurance industry from proposals in state legislatures that would require insurance companies to cover small-business losses due to the coronavirus pandemic retroactively, using BI and WC formats extended for the purpose. At the same time, state lawmakers in New […]
Remembering a Friend…
Gerard (Jerry) Visco was a great friend to the independent, professional agent and to the betterment of the image of the local agent. As we go to press, the insurance industry is under duress to help pay. Regardless of the letter of the policy language and commitment. The agent’s role in advising clients will come […]
Pandemic and Infectious Disease Preparedness and Response
Guest Author
Covid-19, MSO Inc.
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The coronavirus pandemic of 2020 changed how many companies do business. Forced social distancing and closing or revamping of operations had many companies scrambling to adapt. These changes may lead to insurance coverage gaps. Disaster preparedness can sometimes be an overlooked […]
Insurers Step Up, Despite Some Officials’ Proposed Solutions
American Insurers, despite the threats to their balance sheets that some ambitious legislators have been proposing ( to extend the BI coverage, to use workers’ comp as a back stop for the effects visited upon society by COVID 19 and other “creative” ides) several have stepped up to help. As we go to press, the […]
Attorney Has No Liability For Talking Client Into Filing Meritless Lawsuit
New York’s top court ruled today that an attorney faces no liability or penalty of any kind for giving a client bad advice that induces him to file a lawsuit that has no legal merit. Plaintiffs, a New York corporation that manufacturers and distributes decorative metal automotive parts for antique autos, alleged that defendants, their former […]
Teleworking as the “New Normal” Presents Challenges for Employers
As we navigate the COVID 19 pandemic, nearly every employer that is still able to operate is doing so with at least some combination of teleworking. Many employers are operating exclusively through teleworking. While teleworking allows companies to continue to operate, it presents several important employment law and HR considerations. Usually, teleworking was offered to […]
Fraud Steals estimated $87 Billion from Insurers
Real Cases Underline Duplicity Insurance fraud continually takes more money each year than it did the last from the insurance buying public. There is no certain number. 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. […]
Cash Value Life Insurance Provides a Safe Harbor in Today’s Economic Storm
Guest Author
Covid-19, Guest Opinion
By Mark Schecter In light of recent market challenges that have impacted the diversified investment portfolios we manage for our clients, many have asked how the cash values in their investment-oriented life insurance policies are weathering the storm. Whole Life, Universal Life, and Indexed Universal Life have traditionally maintained their values through tough economic times […]
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Stress Inside and Outside the Workplace
Part I of III: Excerpted from the forthcoming book Stress in the American Workplace
by Don DeCarlo and Deborah H. Gruenfeld
In the opening chapter, Dr. Hans Selye first defined stress as the “non-specific” response of the body to any demand made upon it. With the passage of time, Dr. Selye came to define stress as “the rate of wear and tear on the body. Still later in his career, Dr. Selye was again asked to define stress and responded, “Everyone knows what stress is, but nobody really knows.” These words sound vaguely familiar to the comment of “I know it when I see it” first used by United State Chief Justice Potter Stewart in 1964 to describe his threshold test or obscenity in Jacobellis v. Ohio.
Mitch Gets the Hitch As Next Stimulus Package Is Unwrapped
U.S. Senate majority leader Mitch McConnell has called for stronger Federal measures to protect front-line health workers and business in general from what he said could become the “biggest trial lawyer bonanza in history”, as suits mount to pursue damages claims caused by the Covid-19 pandemic. During a time when opportunism (“never let a crisis […]
Insurers’ donation provides relief to Big ‘I’ members
The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Foremost® Insurance and Bristol West® Insurance have donated $500,000 to the Trusted Choice® COVID-19 Relief Fund in response to the economic and operational challenges the coronavirus crisis has presented to independent agencies. The grant will be dispersed directly to independent agencies […]
Telemedicine
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The use of telecommunications during a pandemic or other disaster offers opportunities for many businesses to continue their operations, and even expand the services they provide. However, proper attention to security is essential when utilizing telecommunications. The healthcare industry is especially […]
Axa XL launches commercial umbrella program
by Matthew Lerner XL’s global risk management and North America excess casualty business units now offer Multipass, aimed at helping U.S.-domiciled multinational businesses efficiently address their tax/compliance regulations and contractual obligations, Axa XL, a division of Axa SA, said in a statement Thursday. The coverage combines an international controlled master program with an umbrella liability […]
How New Technology Will Shake Up the Future of the Insurance Industry
By David Lundgren The insurance industry is starting to embrace modernization, shifting from hands-on manual efforts to an automated digital approach with the potential to unlock millions in value. We’re on the cusp of a technological revolution where new insurtech advancements are starting to transform and disrupt this traditional industry, becoming the standard for productivity […]
SUM Coverage Is Offset By Recovery From Tortfeasor
New York’s Appellate Division, Second Department, cleared up a question which apparently needed clarification: when an injured party receives a SUM award from an arbitrator, that award gets offset by whatever recovery the claimant made from the tortfeasor.In Matter of Merchant v State Farm Ins. Company, 2020 NY Slip Op 01917 (Decided on March 18, […]
I’m Not a Carjacker – I was Only Helping an Insurance Fraud
Positing one of the most ridiculous defenses and ground for appeal, Dajuan D. Bowie (the “Defendant”) after he was convicted of car jacking and armed robbery, claimed he was not truly a criminal because he was fooled into believing that he was helping commit insurance fraud, forgetting that insurance fraud is also a felony. In […]
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Big I, Namic, Apcia Unveil “Customer Focused” Federal Pandemic Protection Plan
The National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I”) unveiled a new customer-focused proposal for a federal program tailored specifically to help businesses meet the financial challenges from future pandemics. The industry-backed Business Continuity Protection Program (BCPP) would provide revenue replacement assistance for payroll, employee benefits, and operating expenses following a presidential viral emergency declaration.
The Next Pandemic Has Begun to be “Courted”
Whether or not a particular policy contains an explicit exclusion for pandemics or some similar condition, misses the point: there is no federal pandemic backstop, as there is for Terrorism. And, by the way, if you follow the early line from the White House, it may have been purposefully motivated, i.e. terroristic in nature.. This […]
Zurich N. America brings Apprenticeship Program to NYC
Zurich North America is expanding its professional apprenticeship program from its Chicagoland headquarters to its downtown New York City office, with the Borough of Manhattan Community College as the education provider. Zurich’s earn-while-you-learn apprenticeship program, launched at its Schaumburg headquarters in 2016, is designed to attract diverse talent to the insurance industry while providing a […]
MSO Advances Megan Townley
MSO, Inc. (The Mutual Service Office, Inc.), continues to grow in a strong manner, promoting from within its talented ranks. Megan Townley has been named to the position of Assistant Vice President Operations and Program Management. Ms. Townley joined MSO, Inc. in 1998 as Network Administrator and has held various positions including Director of Operations […]
Risk Retention Groups Report Surplus Growth Despite Underwriting Losses
By Douglas A. Powell A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. […]
PIANJ Elects Leadership for Coming Year
The Professional Insurance Agents of New Jersey elected five independent insurance agents from around the state to its board of directors, at the association’s annual business meeting. The following individuals were re-elected to serve for a three-year term, expiring in 2023: Michael Beckerman, CPCU, of Millington, N.J. Beckerman is president of Beckerman & Co./Acrisure in […]
A Victory For American Transit Insurance Company As It Defeats Motion to Dismiss Filed by Health Care Providers on $28 Million Lawsuit
American Transit defeated a motion to dismiss filed by various health care providers in a lawsuit seeking a declaration that American Transit has no obligation to pay claims and to recover the payments that it has made relating to fraudulent and abusive claims made under New York automobile no-fault coverage. The lawsuit was filed in […]
PartnerRe Appoints Head of U.S. Casualty
PartnerRe has just announced the appointment of Gareth Stanley as Head of U.S. Casualty. Mr. Stanley assumes responsibility to lead Partner Re’s strategic effort to r grow and develop its U.S. Casualty business by providing clients with relevant and impactful casualty reinsurance solutions, the announcement states. He will be based in PartnerRe’s Stamford office and […]
How COVID-19 is Impacting the Home Insurance Industry
Guest Author
Covid-19, Guest Opinion
By Bill Martin Accidents at home don’t disappear in a pandemic, but they do require home insurers to make some critical adjustments. The auto insurance industry has been busy developing relief plans to return unexposed premiums and support their customers financially through COVID-19. Home insurers have a different opportunity to help. Homeowners are taking this […]
Prior DJ Action Entitles PIP Insurer To Dismissal of NY PIP Suit
Wave Med. Servs., P.C. v Farmers New Century Ins. Co., 2020 NY Slip Op 50555(U) (Appellate Term, Second Department) In this action by a medical provider to recover assigned first-party no-fault benefits, plaintiff Wave Medical Services, P.C. moved for summary judgment and defendant Farmers New Century Insurance Co. cross-moved for summary judgment dismissing the complaint. In […]
Why the Feds Need to Set Up Business Interruption Insurance
Guest Author
Covid-19, Guest Opinion
By Ray Kegnabb About once a generation, the U.S. insurance market encounters a crisis that demands a federal response. In the 1960s, it was severe uninsured flooding. In more recent memory, it was the catastrophic terrorism of September 11th. Yet another protection gap has been revealed in recent weeks, as the COVID-19 pandemic shutters thousands […]
Insurance Fraud Is Epidemic
Insurance fraud continually takes more money each year than it did the last from the insurance buying public. There is no certain number. 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 backed […]
How to Help Employees Return From Working From Home
By Carol Barkes Remember change is hard on our brains. By now many people have somewhat settled into working from home and will have a fight or flight response to “being released back into the wild.” Have a plan that you allow your team to help create, and that you clearly think out and share […]
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4 Reasons Insurers Should Adopt Artificial Intelligence in 2020
According to Price Waterhouse and Coopers & Lybrand (PwC), Artificial Intelligence has the potential to contribute $15.7 trillion to the global economy by 2030. While AI impacts nearly every industry, the insurance market is rife with the opportunity to leverage AI in business operations. Advanced technology such as this not only grants insurers a competitive […]
The Next Pandemic Has Begun to be “Courted”
Commendably, New York Department of Financial Services Superintendent Linda A. Lacewell announced the New York State Department of Financial Services (DFS) has launched DFS FastForward, a new program to support innovators seeking to deliver new solutions in financial services, FinTech, InsurTech, and HealthTech for New Yorkers in the COVID-19 era. “As New York begins re-opening, […]
AmTrust Exec: New Commercial Crime Product
AmTrust Exec, a division of AmTrust Financial Services, Inc. offering a full suite of management liability products, announced that it has introduced a new Commercial Crime product to provide coverage for a wide range of medium- and large-sized businesses. Melissa Schwartz joined AmTrust in January 2020 from Euclid Exec to lead their Commercial Crime product […]
DFS News – Re: Property Damage Due to Riots or Civil Commotion
In June, amidst the rioting, the Superintendent of Financial Services (“Superintendent”) promulgated an emergency 17th amendment to 11 NYCRR 216 (Insurance Regulation 64). This amendment applies to any claim filed on or after May 30, 2020 for loss of or damage to real property, loss of or damage to personal property, or other liabilities for […]
Big ‘I’ Offers New Online Learning Program with IRMI and WebCE
The Independent Insurance Agents & Brokers of America (the Big “I”), along with International Risk Management Institute (IRMI) and WebCE® have partnered to offer EXCEED, a new online learning program designed to reinforce and build upon agents’ training through interactive modules on property-casualty insurance topics and scenarios. Written by top property-casualty industry experts, EXCEED is […]
PIANJ elects officers for 2020-21
Officers of the Professional Insurance Agents of New Jersey for 2018-19 were elected during the association’s annual business meeting. Steven C. Radespiel of Hillsdale, N.J., was elected president. Radespiel is president of Insurance Center of North Jersey in Maywood, N.J. Michael DeStasio Jr., TRIP, of Iselin, N.J., was elected president-elect. DeStasio is senior vice president […]
Independent Agents Divided on Digital Experience
The annual survey of independent insurance agents from Channel Harvest Research shows insurance at a crossroads when it comes to ease of doing business and a divergence between agents who value the personal touch and those who promote self-service. Nearly 2,000 agency staff — from principals to producers to CSRs — participated in the survey […]
SterlingRisk Programs Partners With Elpha Secure To Launch Sterling New Age Cyber
The need for robust cybersecurity coverage has never been greater as businesses of all sizes find themselves increasingly dependent on technology and the vulnerabilities of a remote workforce. To help meet the challenge, SterlingRisk Programs, a division of SterlingRisk Insurance, has partnered with the cybersecurity insurance company Elpha Secure to launch Sterling New Age Cyber. […]
The Benefits of Insurance
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor The insurance industry has long had an image problem. Even though insurance is essential to life as we know it, too often the negative stories, such as claims being denied or delayed, make the headlines. Insurance providers are not always […]
4 in 10 Agents Say They’ll Continue Working from Home Post-Pandemic
A Channel Harvest Research survey of U.S. independent insurance agencies reveals about half expect to make no permanent transition to working at home when the pandemic is over, and all staff would return to the office. However, 27% said at least some staff would continue to work from home, and 10% said that all employees […]
When Does an Insurtech Need a Producer’s License?
By Joe Chvasta, JD, CPCU The Insurtech market’s global revenue reached $5.5 billion in 2019 and is projected to double by 2025. (1) Insurtech products are mainly being purchased by individual consumers. Life insurance represents the largest segment with nearly one-half of all 2019 global written premiums for Insurtech, followed by accident and health at […]
Expert Witness Disclosure of Peer Review Doctor Can Be Made at the Last Minute
Brand Medical Supply v. Unitrin Advantage Ins. Co., 2020 NY Slip Op 50687 (App Term 2d Dept) Many kinds of lawsuits require, or at least employ, expert witnesses on a wide variety of topics, and indeed it seems that for every topic there is an expert somewhere who is willing to testify (and another one […]
False Statement on Life Insurance Application Voids Coverage
Lie on Application Causes Beneficiary One Million In Erin Peterson v. USAA Life Insurance Company, No. 18-1447, United States Court of Appeals Tenth Circuit (May 22, 2020) Ms. Peterson appealed from the district court’s grant of summary judgment to USAA Life Insurance Company (“USAA”). The district court granted USAA’s motion for summary judgment on the […]
COVID Hype and Hope
By Jane M. Orient, M.D. The dictionary definition of “hype” is a deception or put-on, or promotional publicity of an extravagant or contrived kind. But regarding medical advances, it might be used to refer to hope. Hope, or “false hope,” is something doctors are not supposed to give patients regarding a non-established treatment for a […]
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Insurability Issues Detour Truckers
By Doug Voss The trucking industry is faced with a crisis of insurability in the commercial automobile liability market. To a great degree, this crisis results from nuclear verdicts coupled with fewer insurance underwriters. Furthermore, while the trucking industry pursues various remedies to address nuclear verdicts, Congress is seriously considering an increase in truck liability […]
Asia Insurance Review and Middle East Insurance Review Join Beacon International Group, Global Insurance Media Leader
Asia Insurance Review and Middle East Insurance Review have joined a pre-eminent global risk and insurance media and publishing house, Beacon International Group, Ltd, a US-based enterprise that is expanding dramatically to serve risk management, risk transfer and risk financing leaders across the world, with a deep concentration in insurance, reinsurance, and all related fields […]
ACT Releases Agency Cyber Guide 3.0
The Big “I” Agents Council for Technology (ACT) has released an updated version of the free Agency Cyber Guide. Agency Cyber Guide 3.0 includes a complete redesign of navigation and user experience and an updated cybersecurity provider guide while continuing to provide crucial insights to the independent agency channel on cyber and technology issues. ACT […]
IMUA Announces 2020 Board Election Results
The Inland Marine Underwriters Association (IMUA) announced the election results for the association’s 2020 slate of officers and board members. Bruce Jervis, Chubb, was re-elected the association’s Chairman, Jessica Frankovich, Deputy Chair and Anthony Falcone, One Beacon, Vice-Chair. Commenting on this re-election Bruce Jervis said, “As we continue to face the challenges presented by the […]
Amend and Extend
National Flood Insurance Program Reauthorization as an Opportunity for Reform August typically marks not only the start of the peak of hurricane season but is also the time during which Congress recesses for its monthlong district/state work period. When Congress reconvenes in September, it will immediately face whether and how to reauthorize the National Flood […]
PIANY opposes business interruption bill
Sen. Andrew S. Gounardes, D-22, introduced S.8853—a companion bill to A.10837, introduced at the request of Assemblyman Robert Carroll, D-44, a few weeks ago. The bill would require business interruption insurance to cover disease outbreaks, and would apply to all business interruption claims filed by insureds, and all policies or contracts that were issued, modified, […]
Jacques Bonneau Appointed President and Ceo of Partner Re
PartnerRe Ltd. has announced the appointment of Jacques Bonneau as its President and Chief Executive Officer (CEO). Mr. Bonneau has been a member of the PartnerRe Board of Directors since February 2019, having served on the Company’s Audit Committee and as the Chairman of its Underwriting and Risk Committee, and has been former CEO of […]
Howard Mills Appointed to Ensight Board
Ensight, the leading life and annuity digital sales platform, today announced that Howard Mills, former Superintendent of the New York State Insurance Department and Senior Advisor at the Deloitte Center for Regulatory Strategies, has been appointed to its Board of Directors. The appointment will bring Mills’ insurance regulatory leadership to the Ensight Board of Directors […]
Restrictive Covenants for Insurance Producers
By Harris S. Freier, James W. Sukharev As States continue to diverge in their interpretation and enforcement of restrictive covenant agreements, it is now more important than ever to ensure those agreements are drafted to conform with jurisdiction-specific laws. MAIN TYPES OF RESTRICTIVE COVENANTS There are generally four main categories of restrictive covenants to consider […]
Priority of Liens in Personal Injury Settlement
Motor Vehicle Accident Indem. Corp. v Bader & Yakaitis LLP et al., 2020 NY Slip Op 50798(U) Supreme Court, New York County, Index No. 450314/2019. Decided 08 July 2020 This lawsuit arose out of a motor vehicle accident where a claimant was injured by an uninsured motorist. When a settlement was reached with the tortfeasor, […]
SQrBlock Offers Supply Chain Management for the Cannabis Industry
SQrBlock Solutions consultancy focused on enterprise blockchain deployment, has expanded its offerings to provide a range of business services to the cannabis industry and state regulators. SQrBlock offers unique supply chain management and digital certification capabilities for cannabis products at a time when the industry is rapidly expanding. Much of the U.S. cannabis sector and […]
Arsonist Did the Crime and Must Serve the Time
Arson-For-Profit That Caused Death of Firefighter Results In 360 Months in Federal Prison As I have said many times, arson-for-profit is the most evil form of insurance fraud and one where people are injured or die. Arson-for-profit fraud is highly profitable and is engaged in by people who have no concern for the lives or […]
What’s new with AI (Artificial Intelligence) in Workers Compensation Claims Processing?
By Kevin Ross It used to be that certain parts of the processing of a Workers Compensation Claim were 100% manual. The gathering, organization, and analysis of files – the first step in processing any new claim – was an unavoidably time-intensive task. A human got boxes of paper files or electronic pdfs (or other […]
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Independent Agencies Hit Hard by COVID-19
Insurance Advocate Cover Story, Covid-19
Agencies report decreased revenue and loss of commercial lines clients A national survey of Big “I” leadership agencies by the Independent Insurance Agents & Brokers of America (the Big “I”) has revealed that the COVID-19 pandemic continues to have a significant impact on the day-to-day operations of independent insurance agencies as the crisis lingers. Top […]
Science
Steve Acunto
Covid-19, Foreword
With a touch of real sadness, we present the effects of COVID -19 in this issue in a set of articles that we believe will prove useful and interesting. The art and science of underwriting relies upon levels of predictability that often include an irrational “gut” sense on the part of the professionals assessing risk. […]
Maryland’s Angela Ripley Elected to Big ‘I’ Executive Committee
The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Maryland’s Angela Ripley has been elected as the new at-large Executive Committee member at the recent Big “I” Board of Directors meeting in Alexandria, Virginia. Ripley has held numerous positions at the national level for the Big “I,” including Big “I” […]
Corvus Continues Rapid Acceleration with New Clients and 380% Gross Written Premium Growth
Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, has had a surge of growth with sharply increased revenues. On the heels of this accelerated growth, Corvus has made notable senior hires in order to properly scale to meet market demands. The appointment of Sam Kramer as VP of […]
Understanding Reverse Mortgages
Guest Author
Advertorial, MSO Inc.
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor More and more baby boomers are reaching retirement age. At the same time, the coronavirus pandemic may have put a wrench in their investments and income stream. For some, a reverse mortgage can be an attractive option, as they may have […]
Amid Uncertainty, Insurance Brokerage Firms Remain Resilient, Optimistic
While the U.S. economy contracted in the second quarter of 2020 (Q2) at a rate not seen in 70 years, the insurance brokerage industry is a “shining star” with median organic growth of 4.4%, according to Reagan Consulting. This is the rate of growth for the six-month period that ended on June 30, compared with […]
Etra forms Bridge Benefits Group
Bridge Benefits Group is the brainchild of Paul Etra, formed after Etra left PRB Wealth Management. The new firm will be dedicated to workplace benefits. Etra’s entire team will be joining him at Bridge Benefits Group. Additionally, Dan Baker (former VP of Business Development at PRB Wealth Management) will be joining the team as Senior […]
Navigating financial services sector performance post-COVID-19
Impact on personal and commercial auto insurance With people generally driving a lot less due to the pandemic, personal and commercial auto insurance carriers should expect to see a steady decline in premiums written for the next several quarters, and perhaps even for years. But given the lower traffic density, profitability could get a boost […]
Consumers Increase Shopping for Auto Insurance Despite COVID-19 Challenges
Newly released TransUnion Insurance Shopping Annual Report uncovers impacts of COVID-19 on personal auto insurance Even with the ongoing economic impacts of the COVID-19 pandemic, overall personal auto insurance shopping rates in the first half of 2020 surpassed 2019 levels. The 2020 Insurance Shopping Annual Report from TransUnion (NYSE: TRU) found overall shopping rates were […]
Pandemic or Not, Serious Insurance Fraud Criminal Must Serve the Sentence
Barry Zalma
Covid-19, On My Radar
Attempt to Avoid Sentence Because Of Pandemic by Insurance Criminal Fails Mikhail Zemlyansky is serving a 15-year sentence of imprisonment which was imposed in January 2016. He is currently incarcerated at the Federal Correctional Institution at Fairton, New Jersey. Defendant has moved for compassionate release under the First Step Act in light of the COVID-19 […]
Colorado Supreme Court Says: No Duty To Retreat in Self-Defense Case
In People v Monroe (18SC708, decided 29 June 2020), the Colorado Supreme Court held that “in light of Colorado’s long-standing no-duty-to-retreat rule which permits non-aggressors to stand their ground when acting in self-defense,” a prosecutor may not argue that a defendant’s failure to retreat undermines the reasonableness of her self-defense argument.” As a result, a defendant’s conviction […]
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Primer: Rescission of Insurance
Barry Zalma
Cover Story, On My Radar
An insurance policy is nothing more than a contract. It is a special type of contract because – by law – it contains an implied covenant of good faith and fair dealing. What that means is that neither party to the contract must do nothing to prevent the other from obtaining the benefits of the contract. When a prospective insured violates the covenant of good faith and fair dealing by misrepresenting or concealing a material fact that deceives an insurer to take on a risk that would not have been taken had the truth been known the law allows the insurer – upon a presentation of sufficient admissible evidence – to rescind the policy and treat it as if it never came into existence.
Andrew J. McMahon Named Guardian Chief Executive Officer
The Guardian Life Insurance Company of America’s Board of Directors announced that Andrew J. McMahon became Chief Executive Officer and President on October 1 and has joined the Board. He succeeds Deanna M. Mulligan, who will serve as Board Chair through year-end, when she will retire after leading the company for a decade. The appointments […]
Brightway Insurance opens new Agencies in FL, NY and TX
While the country’s response to the Coronavirus has caused many business operations to pause, Brightway Insurance remains committed to customers and to people who want to build their own Brightway business with the holistic support the company offers. More consumers in Florida, New York and Texas now have access to more choice and expert counsel […]
Forbes Advisor Unveils First-Ever Best Life Insurance Companies Awards
Pacific Life was named top life insurance company of 2020, followed by Northwestern Mutual and Penn Mutual Life Insurance Co. Forbes Advisor, a trusted destination for money news and reviews, and a financial product marketplace, announced Pacific Life as the winner of its 2020 Best Life Insurance Companies Awards. Northwestern Mutual and Penn Mutual were […]
Public Wi-Fi – Panacea or Peril?
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Today’s technology allows for virtually instant 24/7/365 access to information, entertainment, friends and family. Wi-Fi access is everywhere – from the donut shop to the mall to hotels and restaurants. As convenient as it may be to check your e-mail at […]
Cuomo Announces $18 Million Initiative for Entrepreneurs in NY State
Training for Workers and Support Entrepreneurs During and After the COVID-19 Pandemic Federal Grant Will Be Used to Fund Educational Opportunities that Train New Yorkers for In-Demand Jobs, Support Entrepreneurs, and Help Small Businesses Recover New York Was One of Only Eight States in the Nation to Receive a Grant and Was Awarded the Most […]
Restrictive Covenants For Insurance Producers: A Primer On Legal Enforceability
As States continue to diverge in their interpretation and enforcement of restrictive covenant agreements, it is now more important than ever to ensure those agreements are drafted to conform with jurisdiction-specific laws. By Harris S. Freier, Esq MAIN TYPES OF RESTRICTIVE COVENANTS There are generally four main categories of restrictive covenants to consider in employment […]
New Amendments to Delaware General Corporation Law Will Make It Easier for Companies to Become Public Benefit Corporations
Elizabeth K. Lange & Elizabeth A. Diffley On July 16, 2020, Delaware adopted new amendments to its public benefit corporation statute, continuing a trend to make this relatively new corporate form more accessible. The amendments, among other things, (i) reduce impediments to use of the public benefit corporation form by eliminating supermajority voting requirements and […]
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Moral Markets: New Concerns Carry Ethics to Next Level
Review
Do Markets Corrupt Our Morals?
By Virgil Henry Storr and Ginny Seung Choi
296 pp.; Palgrave Macmillan, 2019Fitting Accords
Homie, a fast-growing full-service real estate technology company has announced the expansion of its affiliated company Homie Insurance to Southern Nevada, “saving homebuyers time and money in securing home insurance”. Point is, as they state in a press release, “Homie continues to reinvent the homebuying experience and now, its affiliate Homie Insurance has launched in […]
Artificial Intelligence Review of Insurance Contracts – Are we there yet?
Guest Author
Artificial Intelligence
by Joe Chvasta, JD, MBA, CPCU The use of Artificial Intelligence to review insurance contracts is growing as AI tools can rapidly compare a high volume of contract clauses and make human reviewers faster and more effective. First implemented in 2011, the technology automating the review of contracts has progressed dramatically, leading to the question […]
Vouch Insurance Expands Coverage to New York
Vouch Insurance, the business insurance platform for startups, announced the expansion of its coverage into New York, one of the largest and most resilient hubs for innovation in the world. The expansion will bring risk mitigation to local startups as they scale their technologies within one of the leading U.S. technology markets. In a tumultuous […]
Willis Towers Watson Launches Partnership with the Wharton School’s Mack Institute
Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced it is joining the Mack Institute for Innovation Management at the Wharton School, University of Pennsylvania, as a corporate partner. Through the Mack Institute’s renowned events and workshops and its global network of corporate partners, the Willis Research Network anticipates gaining […]
Applied Underwriters Announces Formation of Applied Specialty Underwriters, Names Christopher Day President of the New Company
Steve Menzies, CEO of Applied Underwriters, today announced the creation of Applied Specialty Underwriters, LLC to focus on select Casualty E&S risks across the country, with an initial focus on large construction in New York. Christopher Day, CPCU, has been named President of the new company and will be joined by 11 veteran underwriters in […]
Unlicensed Doctor Convicted of Insurance Fraud and Other Crimes
After Patrick E. Usanga (Usanga) was convicted for many crimes of fraud he appealed his convictions unsuccessfully and then filed Post Conviction Relief Act motion to set aside the conviction in Commonwealth of Pennsylvania v. Patrick E. Usanga, J-S29031-20, No. 1946 EDA 2019, Superior Court of Pennsylvania (July 13, 2020).Usanga appealed pro se (proving the […]
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Risk Retention Groups Report Financially Stable Third Quarter 2020 Results
By Douglas Powell
A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. It is important to note that ownership of RRGs is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in their strengthened capital position.
Really, Hot …and Cool
I had to read it twice. Hard to believe it. See if you get it the first time. In a motion made by Park Insurance to have the NY State Supreme Court vacate its order placing Park into Liquidation, the initial text reads as follows: Respondent Park Insurance Company (“Respondent” or “Park”) respectfully submits this […]
Applied Underwriters Forms Applied Specialty Underwriters
Christopher Day Named President of the New Company ASU will concentrate on Casualty E&S markets nationwide, initially focusing on New York construction risks Steve Menzies, CEO of Applied Underwriters, has announced the creation of Applied Specialty Underwriters, LLC to focus on select Casualty E&S risks across the country, with an initial focus on large construction […]
Avoiding COVID Scams
By Sue Quimby The fears and uncertainties of the pandemic of 2020 have brought with them a whole new arena for scammers. As is often the case, scammers prey upon the most vulnerable: the elderly, or those with underlying medical conditions, such as diabetes, who are also the most vulnerable to the infection. Some of […]
Vast majority of Insurance Customers Prefer Conversational AI and Messaging Experiences
LivePerson, Inc. (Nasdaq: LPSN), a global leader in conversational AI, has announced the findings of its 2020 Survey of Consumer Preferences Around Insurance examining consumer attitudes and behavior around interactions with insurers, messaging, and conversational AI and commerce. The 2020 survey of more than 2,500 U.S., U.K., and Australian respondents reveals that the vast majority […]
Leadership Is Doing: Axioms That Prompt “Doing” As A Leadership Style and Edge
Leadership Is Doing is the title of Pamela Newman’s entertaining and useful new tome that presents a series of axioms that characterize – or should – the approaches leaders take personally. I enjoyed it, especially as it comes from a former “Top Gun” at AON, responsible for a major book of their business. Her CV […]
From the Files, Some Fraudulent “Beauties”
Owner of Durable Medical Equipment Companies Admits Role In $16 Million Dollar Kickback Scheme Albert Davydov, 28, of Rego Park, New York, pleaded guilty by videoconference before U.S. District Judge Kevin McNulty to an indictment charging him with conspiring to violate the Anti-Kickback statute. Davydov, the owner of a group of related durable medical equipment […]
FLAMES: AAIS Data-Driven Fire Risk Model Sparks Approval
Fire Loss and Mitigation Evaluation Score (FLAMES) helps insurers predict expected fire severity more accurately AAIS (American Association of Insurance Services) has received approval from the Florida Office of Insurance Regulation for its new predictive model. The AAIS Fire Loss and Mitigation Evaluation Score (FLAMES) is a significant improvement on existing methods of quantifying expected […]
