2021
2021 Issues - Click to View
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Three Little Words
Objective Technical Expertise As so many in business today strive for social relevance and for a place in the sun that shines through social media, we must applaud The American Academy of Actuaries, the people who are the brunt of jokes about personality and senses of humor – not true by the way. The AAA […]
NAPIA Elects New President
Insurance Advocate In The Associations
Jodie A. Papa, the Manager of National Fire Adjustment Co., Inc. headquarters office located in Buffalo, New York has been elected as National President o the National Association of Public Insurance Adjusters (NAPIA) which was established in 1951 to promote a higher standard for policyholder advocacy. Ms. Papa worked her way up the ladder with […]
The Post Covid Consumer: Buyers Unmask New Plans To Shave Costs And Shred Cares
37,000 high income insurance clients of 150 high income agents Want “Fresh” when the Refresh Comes: Results of a survey by the Private Risk Management Association
Hall of Shame Unmasks Winners for 2020
$80-billion pandemic of insurance fraud Here are the headlines: Homeless New Yorkers are targeted in a $31.7 million slip-and-fall ring … A crime ring burns and floods dozens of homes. … A sober-home mogul trades sex for drugs. Meet the “winners” in the Insurance Fraud Hall of Shame, the nation’s most brazen convicted insurance scammers […]
MSO Announces Partnership with Optima Siu
Glen Rock, NJ/December 2020 – MSO, Inc. (The Mutual Service Office, Inc.), is pleased to announce their Vendor Partnership with Optima SIU. Established in 2002, Optima is a global company handling insurance fraud cases in the United States and Europe. In addition to fraud investigations, Optima offers a full range of fraud compliance services. Based […]
PIANY CIC and CISR Programs Online
PIANY’s Certified Insurance Counselor and Certified Insurance Service Representative designation programs continue to be available online. These continuing-education credit-approved, nationally recognized designation programs take a practical, hands-on approach to learning. These designations are recognized nationwide as important credentials—ones that benefit individuals, their agencies, and their customers. To earn the CIC or CISR designation, participants must […]
Big ‘I’ Leaders Among Top D.C. Lobbyists
The Hill, a prominent political newspaper, has once again named Bob Rusbuldt, Big “I” president & CEO, and Charles Symington, Big “I” senior vice president of external, industry and government affairs, among the top trade association lobbyists in Washington, D.C. this year. As in previous years, the Big “I” was the only insurance agent/broker group […]
Portable and Supplemental Heater Safety
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE As temperatures fall, the demand for and use of supplemental heating sources rises. Portable heaters are commonly used when the main heating system is inadequate, or when just an area of the building needs to be heated. During the COVID-19 pandemic, supplemental heaters became essential equipment […]
The Oft Unheard Skill: Listening
Seven Simple Ways to Turn Up the Volume on Leadership and Client Service By Richard Torrenzano Listening has been a problem since mankind developed ears. Sometimes, the results have been dire, particularly in military and risk management history. October 25, 1854, in the Crimean War, the British Light Brigade was ordered to attack from the […]
A Fable of Fraud
ZIFL publishes this Story at Holiday Time Every Year. I Hope You like it Again The story that follows is fiction based, in part, on a true case worked on by me. Any similarity to real people is unintentional. It is meant only to educate fraud professionals about how some unscrupulous people use the crime […]
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Is Artificial Intelligence the Answer to Insurance Fraud?
By Nigel Cannings
Ongoing investment suggests that the perception amongst insurance professionals is yes. According to a 2021 survey, approximately 31% of insurance CIOs reported that they had already deployed AI and an additional 23% will deploy in the next 12 months. Focusing on Fraud and a recent survey by the Coalition Against Insurance Fraud showed that 21% of respondents are planning on investing in AI for fraud detection over the next 2 years. Yet against this backdrop of adoption, we see that most insurance companies process only 10-15% of the data they hold.
Big ‘I’ Presents Bill Harrison with Woodworth Memorial Award
The Big “I” presented William “Bill” E. Harrison Jr., chairman of the Big “I” Reinsurance Company, with the Woodworth Memorial Award at the Big “I” virtual Board of Directors meeting on Jan. 28. The Woodworth Memorial Award recognizes individuals who serve the insurance industry and the Big “I” with uncommon dedication. It is the association’s […]
Business Tips for Winter Months
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Colder temperatures can present challenges for business owners and their employees. With the COVID pandemic and the switch to more people working remotely, the challenges were increased. Employee and client safety are as important as profits to the conscientious business owner. […]
Deloitte: More Risks On More Fronts: Credit Risk, ESG and Cybersecurity Top Concerns for Financial Institutions
With economies contracting and unemployment rising, credit risk has moved to the top of the risk management agenda, according to Deloitte’s biennial survey on the state of risk management in the financial services industry globally. Twenty percent of the chief risk officers at financial institutions surveyed identified it as the No. 1 risk they see […]
Litigation Funding Dispute Gets Costly
The fight between prominent plaintiffs’ attorney Thomas Girardi and a litigation funder that claims he and his firm haven’t paid back a $15 million loan has been routed to arbitration. However, a significant, potentially public fight remains over whether Mill Valley-based funder Law Finance Group LLC will be able to go after Girardi’s personal assets […]
Bank’s Standing In Foreclosure Actions Just Got Easier
Attorneys who defend foreclosure actions often employ a defense called “produce the note.” Because mortgage notes often change hands (i.e., are sold) between the time the mortgage is taken out and the time of foreclosure, the foreclosing bank sometimes doesn’t have the actual note — and this may defeat the foreclosure action. But New York’s […]
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The rise of the exponential underwriter
Leveraging a convergence of data, technology, and human capital to transform underwriting in insurance: As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernizing the underwriting function now
Tax Hikes Will Hit Hard
The New York State Legislature should avoid major tax hikes in this year’s state budget, including a three-year surcharge on multimillion-dollar incomes proposed by Governor Cuomo. The Empire Center’s senior fellow, E.J. McMahon, made a cogent case against the hikes in testimony offered recently in Albany. “Raising taxes on the highest incomes to raise revenues […]
Big ‘I’ Praises Reintroduction of Main Street Tax Certainty Act
The Independent Insurance Agents & Brokers of America (the Big “I”) is grateful for the reintroduction of the “Main Street Tax Certainty Act” in the U.S. House of Representatives by Reps. Jason Smith (R-Missouri) and Henry Cuellar (D-Texas) and in the U.S. Senate by Sen. Steve Daines (R-Montana). The legislation would make permanent a 20% […]
Big I Presents Selective’s Greg Murphy with Jeff Yates Lifetime Achievement Award
The Big “I” presented Greg Murphy, executive chairman of the board of directors for Selective Insurance Group, Inc., with the Jeff Yates Lifetime Achievement Award. The Jeff Yates Lifetime Achievement Award, named in honor of former Big “I” CEO Jeff Yates, recognizes individuals beyond the agent community who contribute to the vitality and strength of […]
Protect Property from Weather-Related Damage
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Winter weather takes a toll on houses, commercial buildings and other outdoor property, including fences, patios, pools and sheds. According to the Insurance Information Institute (III), winter storm damages exceeded $2.1 billion in 2019, down from $3 billion the year before. […]
Susan Preston Promoted to Vice President, Director of Program Development for Specialty Program Group, LLC
Summit, New Jersey–Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced the promotion of Susan Preston to Vice President, Director of Program Development for SPG. Susan has been President of Professional Program Insurance Brokerage in Novato California since 1993. She has put more than 15 programs together over […]
Specialty Insurer and Reinsurer SiriusPoint Launches with Over $3bn in Capital
SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”), an international specialty insurance and reinsurance company, has launched with over $3 billion in initial capital. The Bermuda-based Company has been formed as the result of the previously announced merger between Third Point Reinsurance Ltd. (NYSE: TPRE) (“Third Point Re”), a specialty reinsurer, and Sirius International Insurance […]
COVID-19: The 2021 Landscape for Surgeons
By Max Schloemann According to reports, this year is looking to be one of changes and big possibilities for surgeons. While 2020 brought declines in surgical revenue and drops in patient intake, the COVID-19 pandemic caused a paradigm shift. Adaptations and innovations designed to cope with the pandemic could be a boon for the surgical […]
Famous Lawyer’s Assets Frozen by Federal Court
Thomas Girardi, a prominent Los Angeles attorney faced a federal judge in Chicago who froze the assets of his firm after finding that he misappropriated at least $2 million in client funds that were due to the families of those killed in the crash of a Boeing jet in Indonesia. Girardi is one of the […]
NY PIP: Post-Claim Policy Exhaustion Appears To Be Revived As a Defenset
For nearly four years now, New York auto insurers have awaited with trepidation a decision from New York’s Appellate Division, Second Department, on a question of great urgency: is “policy exhaustion” a complete defense to a PIP lawsuit (or arbitration) if the policy became exhausted after the claim was denied? The general rule of policy […]
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Client/Agent: THE NEW “SPECIAL RELATIONSHIP” DECISION
Guest Author
Cover Story, Guest Article
By Howard S. Kronberg, Esq.
On February 10, 2021 the Appellate Division First Department[1], affirmed the dismissal of a failure to procure action against a broker in the case of Trimasa Restaurant Partners[2]. This case is a significant decision in that it narrows, limits and thus clarifies the application of the special relationship doctrine, which has been used by plaintiff’s attorneys in E&O lawsuits since 1997 to attempt to hold insurance agents and brokers liable for things that they never agreed to do for their customers, like procuring coverage not specifically requested. Here, we will review the special relationship doctrine and the court’s decision in the Trimasa case.
Mary, this time it’s about you
When I first learned that Mary Lanning had passed away, it took a while for it to sink in. Later that day, I went to the internet to find her CV and photo for this column. Her bio, her “story”, was hidden among the pages describing her projects and her great works of charity. “Selflessness” […]
FOX’s Bill Hemmer to Address Big ‘I’ Members
The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Bill Hemmer, co-anchor of FOX News Channel’s “America’s Newsroom,” will be a featured speaker at the annual Big “I” Virtual Legislative Conference. Hemmer will chat with Big “I” President & CEO Bob Rusbuldt on Friday, April 16 in the closing segment […]
Agents Council for Technology Announces Online Agency CX Self-Assessment
The Big “I” Agents Council for Technology has updated its Customer Experience (CX) Journey webpage to debut a free online independent agency CX self-assessment. Agencies can now use the self-assessment tool to gain insights on ways to improve digital interactions with customers. The self-assessment asks a series of questions regarding technology touchpoints across consumers’ insurance […]
Risk Strategies Launches Brand Refresh as Acquisition Count Tops 100
Risk Strategies, a national specialty insurance brokerage and risk management firm, announced a new brand strategy designed to harness the full power of all the business entities within the Risk Strategies family. “This will allow each division to come together as one holistic brand and highlight the company’s specialist approach to partnering with clients”, they […]
AMWINS Chalks Up Number 52
Amwins, a global distributor of specialty insurance products and services, announced its acquisition of Worldwide Facilities, the fourth-largest wholesale broker in the U.S to expand its offerings to provide a wider variety of unique, specialty insurance solutions to its retail clients. With a flurry of mergers and acquisitions in the specialty insurance space, Amwins states […]
COVID-19 Vaccine & Employee Safety
Guest Author
Covid-19, Guest Article
By Sunz Holdings Across the country states are slowly but steadily looking to make the COVID-19 vaccine available to all age groups. While many celebrate this development in the ongoing fight against COVID-19, the vaccine poses interesting questions for employers and staffing companies. Can we mandate the vaccine for all employees? According to the EEOC which […]
Court’s Preclusion of Plaintiff’s Expert Leads to Reversal of Defense Verdict
Robins v City of Long Beach, 2021 NY Slip Op 01277 (App. Div., 2d Dept, 3/03/21) When Wendy Robins was walking past a condominium building under construction in the seaside community of Long Beach, New York, she stepped onto a curb adjacent to an unfinished driveway apron, and fell. She sued the owner of the […]
Insurance executives form Jersey City-based trade association, Hudson Insurance Federation
The Hudson Insurance Federation of New Jersey, Inc., (HIF) has formally announced its establishment as the newest New Jersey-based trade association. HIF consists of members across all segments of the insurance industry including property-casualty, life-health, brokers and agents, regulators, and compliance professionals. HIF’s co-founders include James M. Burns, a partner at Genova Burns LLC, and […]
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The Changing Insurance Landscape and Advisory Role of the Broker
Guest Author
Cover Story, Covid-19
RESPONDING TO CUSTOMER NEEDS IN LIGHT OF COVID-19 AND GROWING CYBER DISRUPTIONS
By Tom Laughran and Liz Wilder
Businesses across the world have faced great headwinds over the past year. From the myriad ramifications the global pandemic has –and continues –to present, to the rising threat of cyberattacks, business leaders and owners are tasked with defending against a broader range of threats than ever before.Worn Out Words
Worn out words..and the people who use them! Have you taken stock recently? How is your English? Will language ever recover from COVID Era usage and cliches The Zoom Age has given us an overwhelming vocabulary of useless, vapid verbiage that has created put-you–to– sleep-white -noise that rivals Sominex …and radio preachers. You have probably […]
Agency Revolution is the Newest Company Partner of ACT
Agency Revolution provides independent insurance agencies with technology-driven marketing solutions. “ACT is excited to welcome Agency Revolution as a supporting partner,” says Ron Berg, ACT executive director. “Now more than ever, an agency’s digital presence is their new storefront—whether that’s on social media, their website or in email interactions with clients. We’re looking forward to […]
Peter Milnes Honored for Forty Years of Leadership and Service
The Society of Certified Insurance Counselors (CIC) recently honored Peter R. Milnes, CIC, CPCU, Chief Executive Officer of Optisure Risk Partners, LLC for 40 years of committed professional leadership and service. He joins an elite group of CIC designees who have reached this 40-year milestone. Peter earned the designation through a series of rigorous examinations […]
Getting Charged About Electric Vehicles – Residential Charging Stations
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor, MSO Electric vehicles are becoming more and more popular. They are less expensive to operate, better for the environment, and cheaper to repair than traditional gas-powered vehicles. One factor that may deter potential buyers is the lack of readily available charging stations. […]
Major Trade Associations Announce Partnership to Stem Towing & Staged Accident Fraud
The American Trucking Association (ATA), American Property Casualty Insurance Association (APCIA), and the Coalition Against Insurance Fraud pledged to leverage the power of their combined resources and influence to secure passage of needed legislation to tackle the scourge of towing fraud and staged vehicle accidents across the country. These issues and many more are driving […]
Applied Underwriters’ Exceptional Care for Injured Workers Featured in Fall TV Series on Discovery Life
“Back from the Brink” highlights heroic recoveries and the people who realized them Officially recognized for its extraordinary care for injured workers as a leading US workers’ compensation insurer, Applied Underwriters will be featured in episodes of an upcoming TV series called Back from the Brink. The series, set for the fourth quarter of 2021 […]
New York Life Donates $200,000 for Asian Americans
New York Life announced that it has donated $100,000 to Asian Americans Advancing Justice/AAJC and $100,000 to Stop AAPI Hate in response to the recent violence against the Asian American and Pacific Islander communities. As part of the donation to Advancing Justice/AAJC, $50,000 is directed to a special fund supporting victims and their families impacted […]
Appeals court reverses, orders fall injury compensable
by Louise Esola The injuries suffered by a call center employee who slipped and fell backward on an icy curb leading from the parking lot to the building where she worked in Salem, Oregon, are compensable, an appeals court in Oregon ruled Wednesday. The latest ruling in In the Matter of the Compensation of Ashley […]
Mask-Wearing Represents Fear & Blind Obedience, Not Science
Guest Author
Covid-19, Guest Opinion
By Dennis Prager When I see people walking outside, often alone with no one anywhere near them, wearing a mask, my primary reactions are disappointment and sadness. I am disappointed because I expected better from my fellow Americans. I never thought most Americans would be governed by irrational fears and unquestioning obedience to authority. I […]
Three Case Studies: Arson, a Jail Sentence and Fraud
Arson for Profit Conviction Affirmed in Pennsylvania υ John M. Sekerak appealed from the January 16, 2020 judgment of sentence entered in the Court of Common Pleas of Berks County (“trial court”), following his jury convictions for two counts of arson, recklessly endangering another person (“REAP”), and insurance fraud. In Commonwealth of Pennsylvania v. John […]
Insurance Leaders Need to Do These Three Things for Digital Transformation Success
The global pandemic has uprooted many industries from healthcare to travel to dining. Historically, the insurance industry is one that can survive change because it is a critical need for businesses and individuals. However, this fact alone is no longer enough to drive sustained growth for insurance companies, especially in the face of global events […]
Hudson Insurance Federation Formed by Industry Executives
On March 29, the Hudson Insurance Federation of New Jersey, Inc., (HIF) www.hifnj.org, formally announced its establishment as the newest New Jersey-based trade association. HIF consists of members across all segments of the insurance industry including property-casualty, life-health, brokers and agents, regulators, and compliance professionals. HIF’s co-founders include James M. Burns, a partner at Genova […]
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Reg 187: Big “I” Victorious In Key Legal Battle
Court sides with BIG “I” in Win for Agents and Brokers
Onerous and Confusing Regulation 187’s Controversial “Best Interest” Standard Called “Unconstitutionally Vague”The New York Supreme Court handed a big win to the BIG “I” and to agents and brokers in the state as it reversed a 2019 ruling that the DFS was within its authority when it issued Regulation 187. Regulation 187, went into effect on August 1, 2019.
Seven Minute Meeting: Liberty Mutual Targeted to Stop Insuring Fossil Fuel Expansion and Respect Indigenous Rights
This press release hit our desk and sent us into Zillow New Zealand. The politicization of everything now by passes shareholders and policyholders. It is the work of a pressure group that seems established to bring Liberty Mutual into the fold of the “woke”. We present it exactly as received for the edification of industry […]
Promotions Announced at MSO
MSO, Inc. (The Mutual Service Office, Inc.), is pleased to announce the promotion of two longtime employees to Vice President: Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE and Laura “Pepper” Treuvey, AU. Both are licensed property casualty producers. In addition, Mary Beegle has been promoted to Senior Product Development Analyst. Ms. Treuvey joined MSO […]
Applied Underwriters Receives UK OK
Mr. Steve Menzies, Chairman, Applied Underwriters, announced that the Company has received definitive regulatory approval from the Financial Conduct Authority (FCA), the United Kingdom’s governing body for insurance, banking and investment transactions, for the completion of Applied’s acquisition of Concept Special Risks (CSR), effective April 12, 2021. The acquisition, announced in February, will enable the […]
Matthew Hudnall Joins Preferred Mutual as Senior Vice President, Underwriting
Matthew (Matt) Hudnall has joined Preferred Mutual Insurance Company (“Preferred Mutual”) as Senior Vice President, Underwriting. Hudnall will be responsible for providing leadership and strategic vision to the underwriting function, to product development initiatives, as well as agency partnership development. Hudnall brings to Preferred Mutual over 20 years of underwriting service experience, and operational and […]
How Do I Optimize My Instagram Business Profile For Better SEO?
by Sarah Smith Instagram has become the major revenue generator for the B2C business. People are checking the Instagram pages of brands to gain knowledge before making a purchase. Thus, the way you present yourself on Instagram will play a significant role in building your brand image. So, optimizing your Instagram business page according to […]
New High, New Low
Insurance and Cannabis Meet in the Middle More and more states across the country are opening up to the idea of allowing cannabis-related businesses to operate, and with business comes risk, and with risk comes insurance. But insuring cannabis-based businesses introduces some tricky areas to navigate, especially as this market is quickly evolving. Getting the […]
The Biden Administration’s Health Insurance Priorities
by Patrick McGovern The Biden Administration wasted no time in implementing some of the new President’s campaign promises relating to health insurance and the Affordable Care Act (“ACA”). First, on February 10 the Department of Justice filed a letter with the Supreme Court reversing the position it took under the Trump Administration asking the Court […]
There Can Never be a Fraud Too Small to Void a Policy
Material Misrepresentation Concerning the Extent of Loss Voids Policy After the district court ruled for the defendant insurance company on cross-motions for summary judgment, ending the action, the plaintiff appealed that summary-judgment ruling. In Meat Town Inc. v. Sentinel Insurance Company, Case No. 19-2351, United States Court of Appeals for The Sixth Circuit (March 30, […]
IMA Financial Group Acquires Bolton & Company
Largest-ever partnership adds California to IMA’s expanding footprint, continues rapid growth trajectory IMA Financial Group, a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage and wealth management, announced that it will partner with California-based Bolton & Company to expand its brokerage services to California. The transaction is effective May 1, 2021. […]
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Small Commercial Insureds: Expectations for New Buyers Quantified in Key Survey
Generational trends point to inherent differences and new business approaches
The market for small business insurance is evolving in many ways. With the number of small businesses on the rise, emerging risks and new products to cover those risks, and even shifting business models due to the pandemic, there are many opportunities for new small commercial sales.Preferred Policies
Maurice “Hank” Greenberg, Chairman and CEO of C. V. Starr & Co., Inc., initiated an advocacy campaign by 16 top business leaders calling upon President Biden to “demonstrate decisive U.S. leadership now” to combat increasingly deadly Covid-19 outbreaks in Latin America, Europe and Asia. The campaign started with a letter signed by: Greenberg, Ken Langone, […]
Garamendi Introduces Bill to Bolster Oversight of Nation’s Financial System
Congressman John Garamendi (D-CA) has introduced the “Primary Regulators of Insurance Act” with Congressman Barry Loudermilk (R-GA). Congressman Garamendi served as California’s first-ever elected State Insurance Commissioner from 1991 to 1995, and again from 2003 to 2007. Congressman Loudermilk is a senior member of the House Committee on Financial Services. The “Primary Regulators of Insurance […]
Insurance Industry Responses to Weather
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Weather impacts every homeowner and business owner and therefore their insurer. Insurance companies are in business to pay claims but also to make money for their members and/or stockholders. Insurers use a variety of methods to address weather, including policy conditions, underwriting […]
Driving distracted? Probably.
Consider what you would do if you were driving down the road at 45 mph and lost visibility for six seconds-barreling forward, no breaking, no slowing down, no ability to see. This is essentially what happens 13 times a day for the average driver according to new data released by Nationwide1. “What kind of damage […]
Slip, Fall and then some…
Alexander Goldinsky staged a ham-fisted slip-and-fall on ice in a company cafeteria, then tried to wriggle out by seeking pre-trial intervention that could’ve led to the insurance fraud charges being dropped. No go, the New Jersey court ruled. Goldinsky was sentenced to two years of probation plus community service for insurance fraud. The Randolph man […]
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E&S Role in New York Homeowner’s Market | Report
This study of New York’s $3.7 billion dollar homeowners insurance market was underwritten by the Excess Line Association of New York. It was initiated to determine if the excess line market competes with the admitted market for homeowners insurance business in New York State. All analysis, findings and conclusions are solely those of NovaStance Analytics.
City Coming Back… On Foot?
Taxi And Van Underwriting Issues Threatens New York City’s “Return To Normal” A looming crisis could slow the comeback of New York City – removing wheels from the equation. An actuarial report has hit at American Transit Insurance Company’s reserves, putting the main underwriter of critical transportation classes into a dubious spot. ATIC has long […]
ELANY Holds 33rd Annual Members’ Meeting; Breslin Delivers Keynote
The Excess Line Association of New York (ELANY) held its 33rd Annual Members’ Meeting on Thursday, May 27, 2021. New York State Senator Neil Breslin delivered the keynote address in his usual candor touching on topics such as industry innovation, ELANY’s diligent effort and affidavit reform legislation, as well as the challenges New York is […]
TigerRisk appoints former A.M. Best CRO Jack Snyder as Head of Insurtech Origination and Head of Financial Advisory
Rod Fox, Chief Executive Officer of TigerRisk, said: “I’ve known Jack for 20+ years, and I am thrilled to have him join us. No one knows the ratings agencies as well as Jack and his wealth of experience helping hundreds of companies over the years navigate the ratings process will be a tremendous help to […]
Wearable Technology – Changing How We Work
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Wearable technology, including fitness apps trackers and other wireless communication, gives everyone the ability to do things more efficiently. In 2020, 22.6 million smartwatches, the most popular wearable technology, were sold in the United States alone. Total sales of all wearables as […]
New IMUA Officers & Board Members Elected
More than 475 underwriters, brokers, claims personnel and key industry personnel clicked on to participate in the 90th Inland Marine Underwriters Association (IMUA) Virtual Annual Meeting. The two half-day virtual meetings were held on May 25th & 26th. The first order of business was the announcement of the approval of the election results for the […]
Igniting the Tech Change in a Post-Pandemic Workplace
Insurance Advocate Covid-19, In Focus
How Companies Are Shifting Focus to Health and Safety as Turnover Accelerates By R.J. Frasca Current employees are leaving behind the uncertainty and burnout of the pandemic and setting their sights on new jobs now that COVID-19 cases in America are on a steady decline. Healthcare workers who put their lives in jeopardy caring for […]
It’s All About Your Bottom-Line and Our Servicing
By Glenn Femminella The insurance climate today, as in years past, is all about servicing clients and their needs. Working in a collaborative environment, where ALL team members filter their thoughts on how to effectuate change to YOUR bottom-line. American Global has adopted this philosophy and it has become our culture, illustrated by our results. […]
The impact of COVID-19 on diseases of despair
By Nico van Zyl and Paul Edwards Hannover Re Understandably, there has been a focus in medicine and among governments on dealing with the devastating impact of the pandemic. However, there is less comment about the psychological effects of social isolation, the tsunami of grief as people cope with losses – all dovetailing with financial […]
Do Insurers Get Their Money’s Worth from Fighting Fraud?
The simple answer is “yes” and “no.” The more difficult question to answer is how to quantify the savings, if any. A report from the Insurance Services Office (ISO) commented: 1. Insurers consider fraud a serious problem but their companies’ Anti-fraud efforts are only moderately effective; 2. Sixty-eight percent say their companies’ anti-fraud programs address […]
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Home Buying After the Pandemic — Don’t Skip the Inspection
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor The pandemic has impacted the home buying process in numerous ways. Social distancing protocols and a super-hot home real estate market have created new challenges for residential buyers. Inspections have long been an important part of the home buying process, from both […]
Consumer Groups Call on FIO to Dig Deep into “Unfairness” in Auto Market
A group of consumer organizations urged the Department of Treasury’s Federal Insurance Office (FIO) to update a 2017 study on the affordability of auto insurance in historically underserved communities and to conduct a “deep and thorough investigation of unfair discrimination in auto insurance markets”. While state laws in all states but New Hampshire require drivers to purchase auto insurance, the group holds that it is often unaffordable for lower-income drivers and that industry pricing practices that rely on non-driving, socio-economic characteristics of customers disproportionately penalize people of color with higher premiums and fewer choices in the market.
Did Covid Change That?
Some indicators really do point to to where the market is heading … long term. With housing affordability a major problem in the U.S., millennials who are trying to find their first entry into home ownership are stumbling, seeking exurban homes, living smaller or renting … or all of the above. Top 10 global asset […]
Aflac Global Investments Announces $2.1 Billion Strategic Partnership with Denham Capital to Accelerate Denham Sustainable Infrastructure’s Platform
Aflac Global Investments, the asset management subsidiary of Aflac Incorporated, announced a new partnership with Denham Capital — a global sustainable infrastructure, energy and resources investment firm — to expand the Denham Sustainable Infrastructure business. Aflac Global Investments has made a $2 billion commitment to Denham Sustainable Infrastructure to launch a new debt platform, which […]
Insurance Leader Will Head International Foundation To Address “Human Ecology”
Marking the sixth Anniversary of his landmark encyclical, Laudato, Si, Pope Francis expressed his keen interest in seeing his encyclical’s focus, “human ecology” translated into action over the years ahead. During a May 26th meeting in Rome, the St. Francis Day Foundation, a non-profit organization to serve mankind through a series of mandates was born, […]
New Policies will Help Transgender People Obtain Appropriate Treatment for Gender Dysphori
NYS Office of Mental Health and Department of Financial Services Announce NY Insurance Carriers Complying with State Requirements to Provide Coverage for All Gender-Affirming Treatments The NYS Office of Mental Health (OMH) and Department of Financial Services (DFS) has announced that insurance carriers in New York are complying with new State requirements to provide coverage […]
AI: Digitization, Automation, AI Define Role of Human Agents in Insurance Industry
The digitization of the insurance industry is inevitable but human interaction is still an essential part of the process. Paul Ford, CEO of insurance platform Traffk, explains how the companies that will succeed are those that use data and automation to develop better products and help their agents become advisors. Artificial Intelligence (AI) and automation […]
“Unfair Trade Practices” Exclusion Does Not Extend to Consumer Protection Claims
By Mary McCutcheon and Shanti Eagle Two phrases combined in a single exclusion — “alleging, arising out of, based upon or attributable to any violation of any law…” and “as respects… unfair trade practices” could inspire carriers to make trouble for policyholders seeking coverage for consumer protection claims. Fortunately, a recent federal decision recognizes that […]
The Four Corners Rule Strikes Again
It is axiomatic that the duty to defend is broader than the duty to indemnify. However, every liability policy excludes coverage for the intentional act of shooting a plaintiff in the stomach with a gun. However, in Pennsylvania, where the four corners rule of policy interpretation applies, when a plaintiff alleges both intentional and negligent […]
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Fiduciary Professions: Legal Challenges and Solutions for Trustees of Trust-Owned Life Insurance
Active and careful management is required
By Grace Bronstein & Ian Weinstock
Many trustees mistakenly believe that life insurance is a static financial instrument. However, trust-owned life insurance (TOLI) requires active and careful management. Recent case law provides a roadmap for how trustees can adequately manage TOLI pursuant to the Uniform Prudent Investor Act (UPIA). Trustees should be aware of their exposure to liability, as there’s been an increasing trend towards lawsuits filed against trustees for policy mismanagement.
Remembering Fmr. Ny Supt of Insurance, Albert Lewis
An exemplary public servant, gentleman and friend Many in the insurance industry have communicated great sadness together with enduring admiration for former New York State Superintendent of Insurance, Albert Lewis, who died on August 7th at 95 years of age. The cause was complications from Alzheimer’s disease. Insurance regulation was itself improved by Al Lewis […]
Adrienne Harris Named Superintendent of the Department Of Financial Services
Adrienne Harris has been nominated to lead the New York State Department of Financial Services as its next Superintendent by Governor Hochul. Formerly a top economic advisor to President Obama, Ms. Harris will become the state’s top financial regulator tasked with overseeing the banking and insurance industries and their compliance with state laws as New […]
New York Insurance Scholarship Foundation Selects Delgado And Fitzpatrick As 2021–2022 Scholars
The New York Insurance Scholarship Foundation, Inc. (NYISF) has named Diego Delgado from Minoa, N.Y. and Lily Fitzpatrick from Whitestone, N.Y. as the foundation’s 2021–2022 New York Insurance Scholars. Delgado is a junior at Le Moyne College majoring in risk management and insurance, finance, and information systems. Fitzpatrick is a senior at St. John’s University […]
Invest™ Appoints Juan Padron as Board Chair
Invest™, the insurance industry’s premier classroom-to-career education program, has appointed Juan Padron, partner at SafeGuard Insurance Agency in McAllen, Texas, as the new chair of the national Invest board. Padron has been part of the insurance industry since 2002. He has served on the Invest board since 2019 as an agent member and currently serves […]
Auto and Property Insurance Shopping Continue to Diverge; Both Younger and Riskier Consumers Increase Auto Shopping
TransUnion report reveals the personal lines insurance marketplace shows signs of returning to pre-pandemic levels Auto and property insurance shopping continued to diverge in Q2 2021 as factors such as low mortgage rates, pandemic-driven nesting and supply chain disruptions impacted these industries differently. TransUnion’s (NYSE: TRU) latest Personal Lines Insurance Shopping Report also found a resurgence in […]
Motorized Bikes- A New Cycling Trend
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Electric bikes or e-bikes are becoming increasingly popular. Although at first glance they may look like a traditional bicycle, they have a battery-operated motor to assist the rider in travel. E-bikes are not all the same, and their usage varies. Use […]
Americans Deemed “Too Risky” to Acquire Life Insurance are Getting a Second Look
By Paul Ford Life insurance ownership across the nation has dropped by 9% in the last decade.(1) As of 2018, it was estimated that 27% of non-elderly adults in the United States had at least one pre-existing condition that would disqualify them from getting life insurance—that’s 53.8 million people.(2) According to NerdWallet, the average minimum […]
Praedicat Launches Company Risk Score to Underwrite Liability Emerging Risk
Praedicat, the liability emerging risk analytics company, has launched a new Company Risk Score designed to vastly simplify the underwriting of complex emerging risks for liability insurance The Company Risk Score, available in Praedicat’s emerging risk software product CoMeta™, applies machine learning and artificial intelligence technologies to identify emerging risks in scientific literatures. Once new […]
A Theft is a Taking of Property
A Decision Finding Theft Can Be a Taking of More than Money Costs National Union $22,114,883 Plus Interest Cargill, Inc.’s (Cargill) moved for judgment on the pleadings. Cargill seeks judgment in its favor as to the one disputed claim between the parties on the extent of theft coverage and as to the issue of prejudgment interest. […]
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Turns for the Better… And Worse
How Insurance Premiums Have Changed in Each State since 2010
by Mike Brown
Using data from the NAIC & US Census Bureau, I analyzed how insurance premiums have changed in each state (and nationwide) from 2010 to 2020.Personalities and Personnel
In this issue, we welcome Cyber Security expert Pete Sfoglia, Chief Information Security Officer and Cofounder, Insurun Advisory Services. Pete has 26 years Big-x consulting experience in IT Security, Business Process Re-engineering and Governance, Risk and Compliance management, 13 as a Partner at EY, Accenture, and Wipro. He brings a wealth of experience in ensuring […]
Consumer Reports Investigates Auto Insurance Telematics
What’s Known And Unknown About Consumer Data Collected And Used By Insurers An investigation of telematics, or usage-based, auto insurance programs by Consumer Reports (CR) reveals that auto insurers collect substantial amounts of information to calculate insurance premiums for participants as well as data that may be used for other purposes. This scale of data […]
In Surfside Ruins, Stark Reminders of Board Duties
By Stuart R. Levine The tragic collapse of a 13-story condominium in the Surfside neighborhood of Miami that claimed the lives of at least 98 people underscores the need for board members to be both reflective and proactive. Bearing witness to tragedy is part of the human experience yet memory dissipates quickly unless, of course, […]
Flood – Tips On Recovery and Prevention
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor 2020 was not just the year of the pandemic. It also brought record climate and weather-related disasters to the United States. In all, 22 such events caused at least $1 billion in damage each, with the Midwest derecho in August resulting in […]
Digital Safety Basics
How to secure your cyber identity Here we go again, same evil, same demons: trojan horses, bots & botnets, spyware, worms, scams, and phishing. Then there’s ransomware, a set of malware programs that hackers install on your network that blocks access to data or publicizes confidential data unless a ransom is paid, has become big […]
Judge Properly Questioned Witness at Trial to Clarify Insurance Fraud Allegations
Plus A Second Case Review Regarding Water Damage Melbourne Reid appealed from a judgment of the Supreme Court, Queens County (Ira H. Margulis, J.), rendered April 20, 2018, convicting him of falsifying business records in the first degree, offering a false instrument for filing in the first degree, making a punishable false written statement (two […]
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Supply Chain Problems Plague Construction Firms
Shortages lead to skyrocketing prices for wide range of building materials, adding to insured values across sector
by Matthew LernerConstruction and building materials are in short supply and have seen double-digit price spikes since the COVID-19 pandemic took hold last year, driving up project and rebuilding costs and affecting companies ranging from contractors to insurers.
Fmr DFS Head, Maria Vullo Looks to AG Post
Maria Vullo, former superintendent of the New York Department of Financial Services, has been rumored and reported to have plans to enter next year’s race for state attorney general, not too surprising to those who know her and marvel at her strengths and determination. The AG’s job will be vacant starting in 2023 because the […]
Maryellen Coggins Becomes President of the American Academy of Actuaries
Coggins Succeeds 2020–21 President Tom Campbell Maryellen Coggins of Boston, Mass.,has just begun a one-year term as president of the American Academy of Actuaries, succeeding 2020–21 Academy President Thomas Campbell to lead the national professional association of more than 19,500 members. During the Academy’s presidential transition ceremony at the Academy’s 2021 Annual Meeting and Public […]
Academy Officers and Regular Directors Begin Terms
The American Academy of Actuaries is pleased to announce that, in addition to Maryellen Coggins taking office today as 2021–22 Academy president, five officers and three regular directors began their terms on its Board of Directors at the conclusion of the Academy’s Annual Meeting of Members. Kenneth A. Kent of Mclean, Va., who previously served […]
NYS DFS Promulgates CE Law Changes
I, Adrienne A. Harris, Acting Superintendent of Financial Services, pursuant to the authority granted by Sections 202 and 302 of the Financial Services Law and Sections 301, 2108(r), and 2132 of the Insurance Law, do hereby promulgate the following Sixth Amendment to Part 20 of Title 11 of the Official Compilation of Codes, Rules and […]
Hub International Launches Complex Risk Practice
Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, announced the launch of its North American Complex Risk Practice and the addition of Mary-Beth Hahn, one of the industry’s top risk experts, to lead the practice. Bringing together and accelerating HUB’s already extensive network of specialists from its industry practices, placement, […]
Rinehart To Assume Greater Role At Preferred Mutual
Jenifer Rinehart currently serves as Preferred Mutual’s Executive Vice President and Chief Human Resources Officer, responsible for the development and execution of human resource strategy including talent acquisition, retention, development and succession planning, compensation, and performance management. Rinehart’s title has been updated to also reflect Preferred Mutual’s Diversity, Equity and Inclusion objectives. “I am excited […]
The Gig Economy
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor The rise of the Internet, and the economic challenges of 2008/2009 brought a shift in how people work. People started offering goods and services directly to consumers via websites and apps. Advances in technology have given rise to accessibility and connectivity that […]
World Insurance Associates Acquires Robert Wilkens Insurance Agency
World Insurance Associates LLC (“WIA”), a Top 100 Insurance Brokerage, has acquired Robert Wilkens Insurance Agency (“Wilkens Agency”) of Bogota, NJ . Terms of the transaction were not disclosed. For 31 years, the Wilkens Agency has provided insurance coverage custom tailored to meet individual, family and business needs. They are a full-service agency offering all […]
Applied on Boards Former Partner Re Pros in New Aerospace Launch
World Insurance Associates LLC (“WIA”), a Top 100 Insurance Brokerage, has acquired Robert Wilkens Insurance Agency (“Wilkens Agency”) of Bogota, NJ . Terms of the transaction were not disclosed. For 31 years, the Wilkens Agency has provided insurance coverage custom tailored to meet individual, family and business needs. They are a full-service agency offering all […]
Catalyit’s Tech Impact
Independent insurance agencies have long struggled with the adoption and implementation of technology in today’s digital world. Far from recognizing tech as an I.T. function of backroom servers and computer systems, a successful tech strategy is the sign of a future-focused agency. But, what does a digital strategy look like for independent insurance agencies? How […]
The Insured has the Duty to Prove Coverage for Defense
Insured Obligated to Prove Exception to an Exclusion In Zurich American Insurance Company v. Ironshore Specialty Insurance Company, 137 Nev.Adv.Op. 66, No. 81428, Supreme Court of Nevada, En Banc (October 28, 2021) the Supreme Court was asked to answer inquiries from the Ninth Circuit because two federal district courts issued conflicting decisions regarding whether, in […]
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U.S. P/C Insurers See Solid Performance in First Half of 2021
By Neil Spector, President, ISO and Robert Gordon, Senior Vice President, Policy, Research and International, APCIA
COVID-19 has visibly impacted the underwriting results, especially for the second quarter of 2020, suppressing premiums and losses and prompting extraordinary policyholder dividends.
It ain’t over… ‘til someone says it is
That’s not much of a Yogi-ism, but it is true. The pandemic’s spread has been an anvil chorus of spikes that has nailed down every decision made about everything, non stop, for many months, but now, after all of this, who can declare that it is over when in fact it is over? Fauci? Biden? […]
Commoditizing Insurance – Quo Vadis?
by Joseph Petrelli Let’s define three terms. According to Investopedia, commoditization is defined as the process by which goods that have economic value and are distinguishable in terms of unique attributes or brand end up becoming simple commodities in the eyes of the market or consumers. When products and services are commoditized, the lower the […]
Online Shopping Tips and Hazards
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor The holidays are a time of increased spending and celebrating. The COVID-19 pandemic and improved technology have led to a sharp increase in online shopping. The digital world is not without risks, however. Alerting clients to possible scams and dangers of online […]
Court Finally Stopped an Unconscionable Level of Overlitigation
Criminal Caused Suit on Policy to Drag on for More than Six Years OVERLITIGATING HAS CONSEQUENCES AND SHOULD United States District Judge Gary R. Brown was faced with a legal dispute that, perhaps because the defendant was a criminal, went on for years without a final disposition. In Principal Life Insurance Company v. Jason P. […]
A Review Of Two Recent New York Court Decisions
by Howard S. Kronberg, Esq. We close out the year with an update on two recent New York insurance related court decisions that might have significant impact. One that affects you directly: a special relationship/proximate cause insurance agent E&O decision. The other indirectly, but important to your insureds, and thus to you: the interplay of […]
