2023
2023 Issues - Click to View
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Defenses to the Tort of Bad Faith
Barry Zalma
Cover Story, On My Radar
Insurers in states where the tort of bad faith exists (almost every state) who deny fraudulent insurance claims with fear and trembling. The specter of punitive damages has worked to make multi-millionaires of many insurance criminals who convince insurers to settle rather than take a chance on a trial of a suit alleging the insurer acted in bad faith.
Top Insurance Attorney Joins Arent Fox
One of the sharpest insurance attorneys in New York is now a Partner at Arent Fox, an emerging insurance powerhouse. Huhnsik Chung, has joined the firm’s Complex Litigation and Insurance & Reinsurance groups bringing more than three decades of experience advising clients nationally and internationally in the highly regulated financial and insurance sectors. To disclose, […]
NAIC Foundation Board Members Share Update at NAIC Meeting
Insurance Advocate In The Associations
During the National Association of Insurance Commissioners’ (NAIC) recent National Meeting, the board members of the New Avenues to Insurance Careers Foundation reported to state insurance regulators on their progress in setting up the Foundation. NAIC Past President and former South Carolina Insurance Director Ray Farmer, NAIC Past President and former Kentucky Insurance Commissioner George […]
Big ‘I’ Sees Win as Congress Passes Spending Bill
Insurance Advocate In The Associations
Government funding measure extends NFIP and includes key crop insurance provisions. The Big “I” applauded the U.S. Senate and House of Representatives for passing legislation that would extend the National Flood Insurance Program (NFIP) and support crop insurance agents, all as part of government funding legislation. “We are grateful that the passage of this government […]
NAIC Members Elect 2023 Officers
Members of the National Association of Insurance Commissioners (NAIC) elected officers for 2023 in December. The following officers were elected for 2023: • President: Missouri Insurance Director Chlora Lindley-Myers. Chlora Lindley-Myers was confirmed as the director of the Missouri Department of Commerce and Insurance on April 13, 2017. • President-Elect: Connecticut Insurance Commissioner Andrew N. Mais. Andrew N. Mais was nominated […]
NAIC Releases Homeowners Insurance Report
The National Association of Insurance Commissioners (NAIC) has released its Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2020, which provides validated data on market distribution and average cost by policy form and amount of insurance. The report compiles national and state-specific premium and exposure information for non-commercial […]
ACORD Names Top InsurTech Leaders 2022
ACORD & Alchemy Crew Recognize Women Leaders in Insurance Technology for Driving Change through Collaboration, Sustainability & Inclusion, and Global Ecosystem-Building ACORD, the global standards-setting body for the insurance industry, announced its annual InsurTech Leaders list developed in conjunction with Alchemy Crew, whose co-founder & CEO Sabine VanderLinden has herself been a perennial member of ACORD’s […]
Active Shooter
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor The number of active/mass shooter events has increased alarmingly in recent years. While there is no set definition of an active/mass shooting event, they are generally deemed to include four or more injuries or deaths and occur in a public setting, such […]
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A Look at Risk Tolerance
U.S. Insurers Expected to Increase Investment Risk Tolerance Amid Concerns of Higher Volatility and Inflation | A Conning Survey
US insurers are expected to increase their risk tolerance and grow portfolio allocations to private assets amid their concerns about higher market volatility and inflation, according to a new survey of U.S. life and property & casualty (P&C) insurers, sponsored by leading global insurance asset management firm Conning.State-ly
Governor Ron Santis of Florida offered an excellent example of what a state leader can do for insurance pricing and availability. The governor intervene to make it more difficult for trial lawyers and others to pillory the industry. He did this on the heels of what has been a volatile situation in the Sunshine State […]
Menzies Orchestrates Russian Rescue
As the plight of US citizen and Navy veteran Taylor Dudley, detained since April 2022 by Russian authorities, increased to a level of grave concern for all Americans, the Steve Menzies Global Foundation (www.boldthinkers.org) intervened and effected his rescue and safe return on Thursday, January 12th at the Bagrationovsk-Bezledy border crossing between Poland and Russia. News […]
New York Insurance Association Elects 2023 Officers and Board Directors
The New York Insurance Association (NYIA) has announced the election of its 2023 officers and board of directors. The following officers were elected for a term ending Dec. 31, 2023: Chair: Charles Makey, president, Merchants Insurance Group, Buffalo, N.Y. First vice chair: Edward Harper, president and chief executive officer, Statewide Underwriting Services, Schenectady, N.Y. Second […]
“Thank Goodness for Insurance” (TGFI) Launches Business Insurance Section
υOwning a business comes with unique challenges but protecting your business, employees and customers should not be one of them. That is where insurance comes in, a resource that provides peace of mind and security during unforeseen times. Thank Goodness for Insurance or TGFI, a campaign that aims to educate consumers about insurance, is an […]
Association of Professional Insurance Women to Honor Janet Jordan-Foster as Insurance Woman of the Year
APIW, Inc. has announced taht Janet Jordan-Foster, Executive Vice President, and Head of Primary Casualty Insurance at AXIS, has been selected as the 2023 recipient of the prestigious APIW Insurance Woman of the Year Award. Ms. Jordan-Foster will be recognized with this award on Thursday, May 11, 2023, from 6:00 – 8:00 p.m. at The […]
The New York State Department Launches New Electronic Notary License System to Provide Online Services to New Yorkers
Starting February 1st, Notaries Can Register the Capability to Offer Electronic Notary Services in New York. Existing Notaries Can Choose to Keep the Traditional License. The New York State Department of State today announced the availability of an online application and registration portal for notaries starting February 1st, 2023. Notaries can now register the capability to perform […]
The Home Invasions Threat
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor A home break in occurs every 30 seconds in the United States. Department of Justice statistics reveal that there are over 1.65 million home invasions per year, resulting in an average loss of nearly $3,000 per invasion(simplyinsurance.com). Helping clients prevent home invasions […]
Eleventh Circuit Allows Retrial of Esformes
Presidential Commutation Doesn’t Stop Retrial On Cases Where Jury was Hung In United States Of America v. Philip Esformes, Nos. 19-13838, 19-14874, United States Court of Appeals, Eleventh Circuit (January 6, 2023) Philip Esformes challenged his convictions of healthcare fraud, illegal kickbacks, and money laundering and the related restitution award and forfeiture judgment. After Esformes […]
Damar Hamlin Goes to a Game; Is Everything Fine Now?
by Jane M. Orient We are all grateful that Buffalo Bills player Damar Hamlin survived his encounters with sudden death (two encounters—his heart stopped twice). He has expressed gratitude for the thousands who prayed for him, and he was delighted to be able to attend a Buffalo Bills-Bengals playoff game just 20 days after his […]
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U.S. Gig Economy study
Gig Workers’ independent mindset opposes corporate team-think, adds to the growing cache of research from Legal & General on the U.S. Gig Economy, looking into questions such as: • Implications of 1 in 5 gig workers saying they could not work in a corporate setting • Why bills such as those in CA and NYS are likely to […]
Hold Fast
A few weeks back, I mounted the podium to give a presentation to a group of fellow business owners and found that the podium itself was unsteady. Quite an irritant and a bit unsettling after just being introduced. What went through my head in that flash of seconds was: “is this podium about to fall […]
NAIC Announces Resignation of Michael Consedine as CEO
υMichael (Mike) F. Consedine is stepping down as the organization’s Chief Executive Officer, effective April 30, 2023. Consedine has served as the CEO of the NAIC since January 2017. “On behalf of our members and the NAIC staff, we are grateful to Mike for all his good work over the past six-plus years and his commitment […]
IMUA Launches New Broker Membership Category
Marsh & Amwins First Brokers To Join New York, NY,– The Inland Marine Underwriters Association announced it has launched a new broker membership category. The latest broker category comes with a modest member assessment and entitles all interested brokerage firm employees to access the IMUA remote/virtual education curriculum at no additional fee. According to IMUA President & CEO […]
Big ‘I’ Testifies Before Congress on NFIP Funding, Potential Reforms
Big ‘I’ agent from Hurricane Ian-torn region urges Congress to consider flood policy changes. WASHINGTON, D.C., The Independent Insurance Agents & Brokers of America (the Big “I”) testified recently at a hearing before the U.S. House Financial Services Subcommittee on Housing and Insurance entitled “How Do We Encourage Greater Flood Insurance in America?” Chris Heidrick, […]
PCF Insurance Services Names Jenni Lee Crocker New President
LEHI, UT PCF Insurance Services (PCF), a top 20 U.S. insurance brokerage firm, announced the appointment of Jenni Lee Crocker as President of the company. In this role, Crocker will be responsible for fueling PCF’s agency partnership potential, organic growth, enterprise carrier relationships and strategic partner initiatives. Prior to her appointment, Crocker held the position of […]
Glomads and the Great Resignation
The COVID-19 pandemic dramatically impacted businesses and individuals. Virtually overnight, working remotely became a norm causing millions to rethink their life choices, including where they wanted to work and live. In response, employers chose to be more flexible, allowing employees the ability to earn a living from virtually anywhere in the world. Helping clients adapt […]
Chubb Launches First-Of-Its-Kind Personalized Genetics-Based Cancer Program
Brings Advanced Cancer Risk Identification to Mainstream America, Coupled with Treatment, Recovery and Insurance Protection WHITEHOUSE STATION, N.J. Chubb Workplace Benefits (CWB), a Chubb business that partners with benefits brokers and consultants to offer voluntary benefits to the employees of middle-market and large companies in the U.S., has announced the launch of Cancer Advocate Plus, a first-of-its-kind cancer-specific, […]
Financial Services Commission Appoints Michael Yaworsky as Insurance Commissioner
The Florida Financial Services Commission appointed Michael Yaworsky as the Insurance Commissioner for the Florida Office of Insurance Regulation (OIR). Michael Yaworsky has served as Interim Insurance Commissioner since being nominated by Governor DeSantis in February 2023.Commissioner Yaworsky has issued the statement below in response to his appointment as Insurance Commissioner: “I’m honored to have the opportunity […]
ACORD Releases Results of “Insurance 2040” Survey
Survey participants from across insurance industry reveal predictions, forecasts, and priorities for coming decades. ACORD, the global standards-setting body for the insurance industry has unveiled the results of an industry-wide survey on the future of insurance. ACORD CEO Bill Pieroni presented the findings of Insurance 2040: Prospects and Predicaments for Innovation & Value Creation at the DXC […]
NAIC Releases 2022 Market Share Data
Life/Fraternal and Property/Casualty Reports KANSAS CITY, Mo. The National Association of Insurance Commissioners (NAIC) released data on life/fraternal and property/casualty insurers. The reports provide market share information and identify leading insurance writers in several key lines of business. The reports reflect data filed by insurers as of March 1st. The 2022 market share data include […]
Protect Your Company From Digital Assassination
Six actions to make sure you’re ready when—not if—a cyberattack strikes. by Richard Torrenzano “Beginning today, all passwords must include sign language, thumb fingerprints, and animal noises,” read a sign in a corporate office I visited recently. Unfortunately, contemporary cyber challenges extend way beyond password protection. Among the most costly and troublesome matters facing boards […]
Homeowners Policy Never Covers Business Pursuits
In a declaratory judgment action to determine whether the plaintiffs were obligated to defend and indemnify the named defendant under certain insurance policies for damages awarded against the named defendant in a separate action, where the court denied the plaintiffs’ motion for summary judgment and granted the motion for summary judgment filed by the named […]
Vexatious Litigant Warned
Suing an Insurer & its Chairman as Racist for Denial of Claim is not Viable After a car accident, Nehemiah Rolle filed a claim with his insurer, Founders Insurance Company, a member company of the Utica National Insurance Group. Founders responded with a request for more information, and when none came, the company denied the […]
Agent’s License Removed for Fraud
Insurance Agent Who Kept Premium Money Loses License Vincent Alexander, appealed the trial court judgment which affirmed the March 23, 2021 decision of the Louisiana Division of Administrative Law that revoked his insurance agency license. He appealed and the Louisiana Court of appeal reviewed the appeal in Vincent Alexander v. Louisiana Department Of Insurance, No. […]
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NAIC TARGETS “NEW NORMAL” Regulators outline accomplishments in Report to the industry
NAIC RELEASES 2022 ANNUAL REPORT
National Association of Insurance Commissioners (NAIC) presented its 2022 Annual Report. “Conquering the New Normal Together,” to share how the NAIC successfully overcame pandemic-era challenges to further its state-based agenda. According to the report, in 2022 the NAIC enhanced connectivity among its staff and Members, leaned forward on emerging issues, accelerated investments in technology, and rallied its internal team. The NAIC achieved all of this while helping Members protect consumers and remain solvent. The report details accomplishments in these areas. Excerpts follow.Taking on Tort Reform… and Doing Something
The topic of Tort Reform never goes away, largely because so few states ever do anything to rein in the Trial Bar’s excesses and advantages…until Florida’s governor signed a bill that is a model for the other states. To curb legal system abuse and frivolous lawsuits by Gov. Ron DeSantis inked H.B. 837, which was […]
NAIC Names Acting Chief Executive Officer
The National Association of Insurance Commissioners (NAIC) Executive Committee named Andrew J. Beal as Acting Chief Executive Officer (CEO). The appointment was made during the 2023 Spring National Meeting in Louisville, Kentucky. Beal currently serves as the Chief Operating Officer and Chief Legal Officer of the NAIC. He joined the NAIC in 1999. Director Chlora Lindley-Myers, […]
IMUA Announces Updated Guide To State Rate, Rule & Forms Filing
New York, NY, March 21, 2023 – The Inland Marine Underwriters Association announced its Legislative & Regulatory Affairs Committee had updated its paper on the IMUA guide to state rate, rule, and forms filing. The updated version provides a digest of the rate, rule, and forms filing requirements for inland marine insurance in all fifty states, the […]
Finger Lakes Partners Insurance Services Joins World Insurance Associates
World Insurance Associates LLC (World), a Top 50 Insurance Brokerage, announced that it acquired the business of Finger Lakes Partners Insurance Services Inc. (“Finger Lakes Partners”) of Geneva, NY.. Terms of the transaction were not disclosed. Finger Lakes was formed in 2007 when two established agencies with histories dating back to 1900 combined – Chacchia […]
Risk Strategies Acquires Insurance Center of North Jersey
Commercial and professional liability expertise bolsters Metro New York region Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, has announced its acquisition of The Insurance Center of North Jersey (ICNJ). Terms of the deal were not disclosed. A leading provider of business, professional and personal insurance coverages for clients […]
Peer-to-Peer Loans and Insurance
Social Transactions Technology and the sharing economy have led to seismic changes in how people live – altering the face of social collaboration. Peer-to-peer (P2P) lending, or social lending, occurs when lenders and borrowers deal directly with one another through online services. P2P insurance involves a group of people with a common interest pooling their […]
New York has one of the lowest Home Ownership rates in the US
U.S. states with the highest / lowest home ownership rate: • Maine has the highest home ownership rate of the U.S. at 33% • West Virginia and Vermont are second and third • California , New York among the lowest home ownership rate Maine is the state with the highest home ownership in the […]
No Contract Compelling Arbitration Between Insurer and Insured No Arbitration
Non-Signatory to Agreement Can’t Compel Arbitration In Alex Weingarten v. Certain Underwriters At Lloyd’s, London Subscribing To Policy Number IML-0114N0-190029, B321148, California Court of Appeals, Second District, Fourth Division (March 23, 2023) Certain Underwriters at Lloyd’s, London (Lloyd’s Underwriters) appealed from the trial court’s order denying their motion to compel arbitration of plaintiff Alex Weingarten’s […]
Mortgagee has no Right to Insurance Proceeds After Debt Paid
Satisfaction of Mortgage Eliminates Right of Mortgagee to Recover from Homeowners Policy In Thomas P. Williams, Sr. v. Nationwide Insurance a/k/a Nationwide Mutual Insurance Company, Civil Action No. 22-1090, United States District Court, E.D. Pennsylvania (March 24, 2023) Nationwide denied the claim of its insured because they failed to comply with the Policy’s post-loss duties by […]
Wilfulact Exluded by California Statute
Satisfaction of Mortgage Eliminates Right of Mortgagee to Recover from Homeowners Policy Markel American Insurance Company (“Markel”) issued a management liability policy to United Talent Agency (“UTA”). UTA was sued by a competitor, Creative Artists Agency (“CAA”) for allegedly stealing its clients and employees. Markel declined coverage based on California Insurance Code § 533, which […]
Malicious Prosecution Not Insurable in California
California Insurance Code 533 Prohibits Insurance for Wilful Acts of the Insured Aspen Specialty Insurance Company appealed from the district court order dismissing its complaint against Miller Barondess, LLP, and several of its partners (collectively “MB”). Aspen appealed to the Ninth Circuit in Aspen Specialty Insurance Company v. Miller Barondess, LLP Louis R. Miller; James […]
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Leston Welsh Named President Of Shelterpoint
Mr. Leston Welsh has been named President of Shelterpoint, an important resource for agents and brokers.
Socialization – anew
It was back at NYU, late 60’s, in a required class called Introduction to Sociology that I first heard the word “socialization”. The field occupied itself in terminology that re captured common sense concepts and tried to make a science of it. Did not really work. As a major in Latin and Ancient Greek – […]
Jewelers Mutual® Group Launches Safety and Security Academy
The free online training program empowers jewelers and pawnbrokers to advance their security education and safeguard their businesses from crime. Jewelers Mutual® Group, the insurance and business solutions provider dedicated to the jewelry industry since 1913, recently announced its collaboration with Jewelers’ Security Alliance (JSA) and UL Solutions to develop the Safety and Security Academy, a free […]
Risk Strategies Acquires CT Agency
May, Bonee & Clark Insurance to “ add strength in Employee Benefits, Financial Services to New England Region” Risk Strategies, a leading national specialty insurance brokerage and risk management firm, tannounced it has acquired May, Bonee & Clark Insurance, a Connecticut-based firm providing insurance placement, financial services and risk management advice. Terms of the deal were not […]
Golf Cart Safety
Guest Author
Advertorial, MSO Inc.
The use of golf carts continues to grow. Worldwide, in 2022, the golf cart market surpassed $1.5 billion and is expected to grow 6% per year, reaching $2.55 billion by 2028. Golf carts are found in more and more places – from airports to hotels, resorts, theme parks, and residential communities – not just golf […]
Applied Underwriters Sets 2023 – 24 Plans for Nation’s Largest Amateur Golf Tournament
The Applied Underwriters Invitational, with Anticipated 11,000 Golfers Set to Compete to Benefit 65 National and Local Charities Top names in sports join Applied in drive to raise $10 million through the longest-running, most successful charity golf event. Applied Underwriters, a global risk services leader, has set the dates for the world’s most successful charity […]
Georgia State University Renames its Department of Risk Management & Insurance as the Maurice R. Greenberg School of Risk Science
Renaming Acknowledges Extraordinary $15 Million Gift from Top US Entrepreneur The University System of Georgia’s Board of Regents has approved renaming Georgia State University’s Department of Risk Management & Insurance as the Maurice R. Greenberg School of Risk Science. The name change recognizes a $15 million gift from The Starr Foundation that will dramatically expand […]
Fraudster Must Stay in Jail
Obesity, Diabetes, and Covid Not Basis for Compassionate Release The US Congress, feeling sorry for federal prisoners amended the law to create The First Step Act to allow a District Court to shorten a sentence when there exists extraordinary and compelling reasons to release the Prisoner. In United States Of America v. Earl Lee Planck, […]
Sue Promptly or Lose
Failure to Report, Acknowledge and Make Claim to Your Client’s Insurer is Legal Malpractice David Quaknine and several of his companies sued their former attorney and his law firm for alleged malpractice connected to a 2014 suit. The district court granted the defendants’ motion to dismiss. It ruled that the two-year limitations period, which at […]
No Right to Waive Subrogation
No Right to Waive Subrogation Following a vehicular accident, Martin Peteet entered into a release and settlement agreement with the driver of the other vehicle and her insurer. Peteet did not seek a waiver of subrogation or consent from his own automobile insurer, Mississippi Farm Bureau Casualty Insurance Company (Farm Bureau), prior to executing the […]
Chutzpah! Fraudster Sues Twice
Res Judicata Requires Fraudster to Lose Again After it Sues Again Integrated Pain Management, PLLC, sought $366.64 in no-fault insurance benefits for medical services it rendered to assignor Mikwan Murphy on August 16, 2018 although the insurer had already obtained a judgment that the claim was fraudulent. In Integrated Pain Management, PLLC, as assignee of Mikwam […]
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Hard Market Impacts 97% of Brokers | Cover Story
Amwins releases the 2023 Insurance Trends report, which showcases the challenges of the ongoing hard market as well as rising inflation.
Amwins surveyed 303 brokers and agents about the top insurance trends and found that 97% of respondents shared that hard market conditions are impacting their book of business.
Nordhaus
For anyone interested in the Insurance Agency business in the 80’s and 90’s the name George Nordhaus, marketing pioneer and great advocate of independent agents, will join us in mourning his passing at age 90 on April 24th. We were privileged to have “partnered” with George in the production of his agency newsletter directed at […]
The Excess Line Association Of New York (ELANY) is Pleased to Announce the AppointmentofJanetPane as Exec.Director
Pane comes to ELANY from Willis Towers Watson (WTW) where she is currently Managing Director and Head of Global Services & Solutions, Corporate Risk & Broking. She joined WTW in 1999 and has held a variety of leadership positions during her career. Pane has been a member of the ELANY Board of Directors since 2009, […]
MUA Announces Slate Of Officers & Board Members
Intact’s Anthony Falcone To Serve As New Chair Nearly 350 underwriters, brokers, claims personnel and key industry professionals gathered to participate in the 92nd Inland Marine Underwriters Association (IMUA) Annual Meeting. IMUA’s premier education symposium was held April 29-May 3, 2023, at the Loews Canyon Rest in Tucson, AZ. The first order of business was […]
Global Risk Consultants Partners with Archipelago to Deliver AI-Powered Property Risk Data Insight
Global Risk Consultants (GRC) and Archipelago announced a new partnership utilizing artificial intelligence (AI) to provide risk managers and owners of large commercial real estate portfolios actionable insights into their property risk data to improve efficiency, increase transparency, and drive improved financial outcomes. The partnership will increase efficiency and efficacy for clients by: • Navigating […]
NAIC Recommended Provisions Eyed: Federal Home Loan Bank Law Will Affect Insurers’ Approach To Liquidity
by Matthew Lerner Sen. Breslin sees critical aspects to the relationship of FHLA to its member insurers The New York State Senate has before it an opportunity to strengthen and streamline laws governing how insurers in the region approach liquidity and other financial issues with the aid of the Federal Home Loan Bank of New […]
Workforce Insurance Underwriters Implements Joshu to Power Products
Joshu, the platform to build, distribute, and grow digital insurance products, has announced that Workforce Insurance Underwriters (WIU), a managing general agent (MGA) and wholesale insurance broker with a specialized focus on independent trucking owner-operators and trucking line companies, has selected and implemented Joshu to power occupational accident, contingent liability, non-trucking liability, physical damage, and […]
Addressing Active Shooter Risk
Active shooter cases continue to be in the news. These events can happen anywhere, at any time. Exposures and losses usually extend beyond coverage provided by traditional insurance products. In response, insurers have introduced programs to help mitigate these vulnerabilities, both for prevention of attacks and support after an event. Helping clients understand and address […]
Percipience and Concirrus Partner to Expand Data Capabilities for Insurers
Percipience LLC, a leading insurance data and analytics platform provider has announced a new partnership with Concirrus, the leading artificial intelligence (AI) insurtech that is helping commercial insurance clients accelerate digital strategies. This partnership has already led to the integration of the two companies’ complimentary software products, combining Percipience’s comprehensive insurance data and analytics platform […]
Small cars falter in moderate overlap crash test
None of the five small cars IIHS tested earns a good rating in new crash test Most small cars don’t provide good protection for rear- seat passengers, the latest crash test ratings from the Insurance Institute for Highway Safety show. “These results highlight one of the key reasons that we updated our moderate overlap front […]
NAIC Warns “Get Ready for Tornadoes”
“Tornadoes can happen at any time. No matter where you live, now is the time to prepare and reduce your risks.” Advise your insureds. Stay informed. Monitor local media and alert systems. Know the difference between a tornado watch and a tornado warning. A tornado watch means weather conditions are favorable for a tornado. A […]
Mold Exclusion Applies
In Clay Buchholz; Lindsay Buchholz v. Crestbrook Insurance Company, doing business as Nationwide Private Client, No. 22-50265, United States Court of Appeals, Fifth Circuit (April 18, 2023) Clay and Lindsay Buchholz sued their insurer after recovering $745,778 for damage to their ten-thousand-square-foot house in Austin, Texas. The Buchhholz’ insured their home with Crestbrook Insurance Company. […]
New York Issues Proclamation to Highlight Post-Disaster Contractor Fraud
Proclamation Recognizes May 22-26, 2023 as Contractor Fraud Awareness Week New York is joined forces with the National Insurance Crime Bureau (NICB) during NICB’s Contractor Fraud Awareness Week to educate homeowners on how to avoid becoming a victim of deceptive contractors after a natural disaster. These catastrophic events can leave millions of Americans across the […]
Policy Words Overrule Unwritten Intent
INSURANCE POLICY MEANS WHAT IT SAYS The Eleventh Circuit Court of Appeal was asked to resolve what a court is to do when all the surest proof of contracting parties’ subjective intentions and expectations flatly contradict the clear words of the issued policies of insurance. In Shiloh Christian Center v. Aspen Specialty Insurance Company, No. […]
It’s Not Nice to Sell a Property You Don’t Own
In Lewis v. Fidelity National Title Insurance Company, No. A23A0030, Court of Appeals of Georgia, Fifth Division (April 26, 2023) Torriel Deyon Lewis appealed the grant of summary judgment to Fidelity National Title Insurance Company in Fidelity’s fraud action against him. FACTUAL BACKGROUND When a party moves for summary judgment and supports his or her […]
Judgment for Unjust Enrichment
Thomas Spoon and Maria Spoon appealed from the Pulaski County Circuit Court order granting summary judgment in favor of appellees Chester Lee Bolds and Linda Bolds in the Boldses’ civil suit for damages related to insurance proceeds. FACTS In Thomas Spoon And Maria Spoon v. Chester Lee Bolds And Linda Bolds, 2023 Ark.App. 244, No. […]
Millions for Defense: Not a Dime for Tribute
In a no-fault auto insurance matter brought in New York, State Farm Fire and Casualty Company, as the plaintiff insurer established prima facie entitlement to summary judgment by: 1. submitting the examination under oath transcript of defendant insured Lesie Merle, in which she testified that she primarily garaged the car involved in the accident in […]
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Insurance Industry Is Poised To Withstand Market Uncertainty
At the 39th Annual S&P Global Ratings Insurance Conference, the message from panelists was clear: the insurance industry remains well capitalized to withstand potential adverse market or economic developments.
Enter AI
Congratuations to Verisk. Insurers now have a new weapon in the battle against claims fraud: image forensics. Verisk, the familiar global data analytics and technology provider, is expanding its anti-fraud claims solution with artificial intelligence that will enable insurers to identify potential fraud in claims photos with lightning speed and laser precision. Drawing on millions […]
Up in Smoke: More People Deem Cigarettes Dangerous, More Addictive Than Vaping, Opioids, Technology and Alcohol
Americans widely agreed that cigarettes are unsafe (84%) and addictive (87%), and yet a fifth (21%) report smoking every day! The vast majority of people believe alcohol, opioids, and vapes are addictive, and about two-thirds said alcohol and opioids are unsafe in a recent survey , while more than three- fourths said vaping is unsafe. […]
InvestSM Awards 5 Academic Scholarships
Financial and insurance literacy program is key to attracting young talent to the insurance industry. InvestSM, the insurance industry’s premier insurance education program, has awarded $30,000 in scholarships to five students pursuing insurance- related degrees. A nonprofit organization, Invest works in high school and college classrooms across the U.S. to educate, train and attract the […]
AAIS Taps Werner E. Kruck as President and CEO
Experienced insurance leader assumed the leadership role effective June 26. The Board of Directors of American Association of Insurance Services (AAIS) has announced the selection of Werner E. Kruck as President and Chief Executive Officer, effective June 26, 2023. Mr. Kruck has spent his entire career in leading roles within the insurance industry and has […]
HomeZada Adds AI Chat Assistant
HomeZada, the cloud-based platform that integrates all home renovation, maintenance, finances, inventory and management functions into a single platform accessible from any personal device, has added an AI chat assistant with specific benefits for Insurance carriers, brokerages, agencies and related companies. The new “Zada” AI Assistant adds a crucial AI overlay to the HomeZada all-in-one […]
Paul J. Krump and Bronislaw E. Masojada named to Brown & Brown, board of directors
Brown & Brown, Inc. (NYSE: BRO) announces the addition of Paul J. Krump and Bronislaw (Bronek) E. Masojada to Brown & Brown’s board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/ Corporate Governance Committee of Brown & Brown’s board of directors, said, “Paul and Bronek are […]
UPDATE: Bryant Asset Protection Joins World Insurance Associates LLC
World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced that it acquired substantially all the insurance assets of Bryant Asset Protection, Inc. (“BAP”) of Slingerlands, NY on May 1, 2023. Terms of the transaction were not disclosed. BAP was founded in 1951 by Charles Bryant, and today the insurance agency provides a full […]
The 831(b) Institute Launches Advocating for Clarity from the IRS
Miami, Oklahoma – June 28, 2023 – On National Insurance Awareness Day, the 831(b) Institute is launching across the U.S. The 831(b) Institute was formed to bring the business community together and give them a voice around what true risk mitigation and insurance coverage means to small and medium-sized businesses. Insurance is an essential part […]
Pool Rental
Summertime brings thoughts of swim parties and barbecues. Pools are costly to maintain, and frequently underutilized. Advancements in technology have allowed owners to match up with potential renters, earning income from allowing others to use their pool. These arrangements are not without drawbacks. Helping clients understand exposures and possible risks of renting their pools and […]
Moving Season in New York
• July had the most new property listings with 89,976 in total. • Overall, the summer months saw 261,640 new property listings in New York. Moving home can depend on several factors but perhaps the most important is how many properties are available at the time. Moving experts at movingfeedback have used Zillow data to […]
The Uncertain Math of ‘Coverage for All’
by Bill Hammond State lawmakers are divided over proposal known as “Coverage for All,” which would allow low-income undocumented immigrants to obtain free health insurance through the state-run Essential Plan. The state Senate approved the measure on June 8, but the bill did not pass the Assembly. Advocates of the proposal insist that it would […]
Losing a Lawsuit is not Evidence of Discrimination
David Webb, proceeding pro se, appealed an order dismissing his complaint. Webb was involved in a car accident. He sued a law firm, firm employees, insurance companies, and other entities related to his legal representation, insurance coverage, and the sale of his vehicle after the accident. The District Court dismissed the complaint on the grounds […]
No Defense of False Advertising
Kona Coffee Must be From the Big Island of Hawaii L&K Coffee claimed its various insurance companies erroneously denied coverage to defend it against a Lanham Act false-advertising lawsuit brought by Hawaiian coffee growers. The district court concluded the applicable insurance policies did not obligate a defense and entered summary judgment in the insurance companies’ […]
Primary Insurer On First
Umbrella Policy Always Excess Over Primary Policy Two insurance companies argued who must indemnify an insured for a settlement involving their mutual insured. Great American Insurance Company paid subject to a reservation and sued the primary insurer, Allied World Assurance Company, alleging that because it was the umbrella insurer it only owed after Allied World […]
Life Insurance Can Be Hazardous to Your Health
A Story of Life Insurance Fraud This is a fictionalized True Crime Story of Insurance Fraud to explain why Insurance Fraud is a “Heads I Win, Tails You Lose” situation for Insurers. The story is intended to help you to Understand How Insurance Fraud in America is Costing Everyone who Buys Insurance Thousands of Dollars […]
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Big ‘I’ 2023 Market Share Report: Growth in Independent Agencies
Slow but steady growth, includes increase in homeowners market share.
The independent agent is holding his own showing slow, steady gains in lines of business penetration, including homeowners, according to the Big “I” 2023 Market Share Report.
The annual Market Share Report compiles and analyzes property and casualty premium data from AM Best and provides insights for agencies and carriers on current market shares by distribution types.New York’s Economic Recovery – The $150 Billion Solution
This month I have invited a friend and colleague to submit an article about a sensational idea he is steering in New York. While it may appear in financial and other NY publications, we have it exclusively in Insurance Advocate. Enjoy the balance of Summer, SA New York’s economic recovery hinges on innovative solutions […]
U.S. Employers Budget for 3.8% Pay Increases in 2024– Payscale
• 78% of organizations in the United States and 81% in Canada say that their 2024 salary increase budget is the same or higher compared to last year • 2024 pay increases are predicted to be 3.8% on average in the United States • Pay increases were 4% on average in the United States in […]
DEMOTECH: Report Updates RRG Results
By Douglas A Powell, Sr Financial Analyst at Demotech 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 […]
Drug Crisis Impact Increases
The United States is currently experiencing the worst drug crisis in its history, believed by many to have been exacerbated by pandemic lockdowns and increased trafficking at our borders (cfr.org). The crisis impacts individuals, families, and society as a whole. Helping clients understand the prevalence and dangers of drug overdoses is another value-added service of […]
Creative Pleading Does not Avoid Punishment for Sloth
In late 2018 or early 2019, plaintiff noticed that on two occasions an elderly neighbor stumbled and fell as she descended plaintiff’s outside staircase and learned that the pitch of the stairs had changed and that to make the stairs safe the staircase needed to be replaced. In late April 2019, plaintiff authorized the work […]
Man Bites Dog
State Farm Obtains Injunction Against Doctor to Stop Fraudulent No Fault Accident Claims State Farm alleged common law fraud and unjust enrichment, seeking damages for benefits paid under no-fault insurance policies to Kotkes. State Farm also sought a declaratory judgment establishing that, among other things, it is not obligated to pay unpaid, pending claims submitted […]
No Coverage After Expiration of Policy
Insurers Should Avoid Suing Each Oth The United StatesCourt of Appeals for the Ninth Circuit certified to the California Supreme Court, the following question for our review: “Under California’s Motor Carriers of Property Permit Act (Veh. Code, § 34600 et seq.; the Act), does a commercial automobile insurance policy continue in full force and effect […]
Is a Covid-19 Lawsuit Frivolous?
Ninth Circuit Is Exhausted by Covid Insurance Claims Suit Khatchik Hairabedian d/b/a Kris Mobil (“Khatchik”) appealed from the district court’s order granting Defendant Security National Insurance Company’s (“Security”) motion to dismiss this action for insurance coverage in Khatchik Hairabedian, Dba Kris Mobil v. Security National Insurance Company, a Texas Corporation, No. 22-55355, United States Court […]
No Sprinklers No Coverage
Negligent Broker Saved by Exclusion Boulevard RE Holdings, LLC, (Boulevard) sued Mixon Insurance Agency, Inc., (Mixon), alleging breach of contract and negligent procurement of insurance only to find that if the policy had been issued protecting Boulevard there would be no coverage because of a clear and unambiguous exclusion requiring operative fire sprinkler systems. In […]
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Charles Symington Becomes Big ‘I’ President & CEO
Symington heads the association after serving as its executive vice president.
ALEXANDRIA, VA, September 1, 2023—Charles Symington is the new president & CEO of the Independent Insurance Agents & Brokers of America (the Big “I”), effective, Sept. 1.Guest view/REGULATION: NCLA Brief seeks to topple FINRA
Alpine Securities Corporation v. Financial Industry Regulatory Authority, United States of America The Financial Industry Regulatory Authority (FINRA) investigates, prosecutes, and punishes hundreds of securities firms and brokers every year for alleged violations of federal securities laws and rules, despite operating outside the government and without answering to the President. In early September, the New […]
NAIC Now Accepting Applications for 2024 Consumer Representatives
The National Association of Insurance Commissioners (NAIC) announced it is accepting applications for the 2024 Consumer Participation Program, with a deadline of 5:00 p.m. CT, Oct. 31, 2023. Established in 1992, the Consumer Participation Program promotes consumer representation and interaction with NAIC Members by providing for qualified applicants to participate in NAIC meetings as individuals […]
Applied Surety Underwriters and Sirius Point Ink Exclusive Strategic Partnership for Major Market Expansion
Houston, Texas –August 2nd 2023 – Applied Surety Underwriters and SiriusPoint Ltd. have joined forces in an exclusive partnership aimed to maximize their joint impact in major markets across the world, starting with North America and advancing across borders to deliver a unique formula of underwriting expertise, capital resources and concerted marketing in the surety […]
Inflation and Insurance
Inflation affects all of us, including our insurance. Claim expenses and premiums rise, and costs to repair and replace property and vehicles also increase. Helping clients understand how inflation impacts their insurance, and provide ways to cope with the changes, is another value-added service of the professional insurance agent. The insurance industry is impacted by […]
S&P Global Analysis: US private auto insurance rates see double-digit jump in 2023
US private auto insurers are racing to increase premium rates as they seek to offset historically poor underwriting results. The year-to-date nationwide average increase for private auto insurance is 11.0% through Aug. 18, 2023, according to S&P Global Market Intelligence’s RateWatch application. Key highlights from the analysis include: • There is a wide variance in […]
AI Approaches
Establishing a code of conduct for the use of artificial intelligence (AI) will be vital to protect company brands and reputation. Today, AI stakes are colossal with its capability of fabricating any reality whatsoever. As the proliferation of AI continues to reshape efficiency, innovation and productivity, business leaders are recognizing this transformation and potential. Boards […]
Dodge muscle cars again top HLDI’s list of most-stolen
The Dodge Charger SRT Hellcat and Dodge Charger HEMI top a new list of the most-stolen vehicles for model years 2020-22. Four Kia vehicles make the top 20, thanks to a viral trend. Two Dodge muscle cars, the Dodge Charger SRT Hellcat and Dodge Charger HEMI, once again top the Highway Loss Data Institute’s list […]
Litigants Must Never Assume
Three sophisticated commercial parties in the insurance industry entered into what appears, in hindsight, to be a somewhat unsophisticated business arrangement. That arrangement led to complex litigation, which generally isn’t a good thing for a business arrangement to lead to. In American Builders Insurance Company v. Keystone Insurers Group and Ebensburg Insurance Agency, No. 4:19-CV-01497, […]
Liars Must Always Lose
This case arose out of an accident that occurred in 2019. Plaintiff was hit by a car at around 8:15 p.m. while riding a bicycle in Flint, Michigan. Plaintiff sustained serious injuries, including multiple broken bones and lacerations, blunt force trauma to the chest and abdomen, and a traumatic brain injury. However he submitted a […]
Insurance Fraud is a Violent Crime
After a multiple-count indictment against dozens of members of the Gangster Disciples five of them, Alonzo Walton, Kevin Clayton, Donald Glass, Antarious Caldwell, and Vancito Gumbs, appealed their convictions and sentences following a joint trial. Each raised several grounds for reversal contending they were overcharged and over-sentenced. Some argued that the Racketeer Influenced and Corrupt […]
Unambiguous Exclusion Effective
McCann Plumbing, Heating & Cooling, Inc.; Andrew R. McCann; and Wendy McCann, sued defendant, Pekin Insurance Company, for breach of an insurance contract and sought declaratory judgment because the demolition of an adjacent building damaged the McCann’s building. In McCann Plumbing, Heating & Cooling, Inc., an Illinois Corporation; Andrew R. McCann; and Wendy McCann v. […]
Hindsight Can’t Change Policy Limits
Steven and Nancy Taylor appealed the trial court’s granting defendant Lake Michigan Insurance Company’s motion for summary disposition and dismissing their case and the court’s denial of their motion for reconsideration. In Steven G S Taylor and Nancy Taylor v. Lake Michigan Insurance Company, No. 360974, Court of Appeals of Michigan (August 24, 2023) the […]
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Focus: the Energy Market
This summer’s news of extended production cuts by Saudi Arabia and Russia, as well as an attack on key Russian oil export hubs by Ukraine and ongoing sanctions against Russia, has kept oil prices high. Combined with a growing backlash against green energy and overall losses within the sector tied to costs of energy transition, it’s not surprising that U.S. pricing trends continue to push upward. Social inflation and the rise in claims across the sector have also resulted in a heightened level of underwriting scrutiny and the ongoing need for adequate valuations.
HEALTH CARE COSTS UNDER THE KNIFE
As in everything in today’s contentious culture and media mayhem, health care costs have come under scrutiny. The NY DFS has issued a statement and it has been countered by the Empire Center. Here we give the Center’s reply / opinion about the DFS press release. The release is also produced in toto as submitted. […]
AmTrust Introduces Admitted Lawyers Professional Liability Policy
Offers Protection for Mid-Sized Law Firms AmTrust Financial Services, Inc., a global specialty property casualty insurer, has introduced a new Admitted Lawyers Professional Liability (LPL) policy from AmTrust PRO that offers flexible, customizable protection for mid-sized law firms. “In today’s competitive and complex legal environment, even a small error or simple oversight by an individual […]
Ronda named as next CEO of Howden Tiger
by Matthew Lerner Howden Broking Group Ltd. said Wednesday that President Tim Ronda will take over as CEO on Jan. 1, 2024. Mr. Ronda will report to David Howden, CEO of parent company Howden Group Holdings. Rob Bredahl, now CEO of Howden Tiger, will share vice chairman duties with existing vice chair Elliot Richardson, while […]
Loss Assessment Coverage Tips
Properties with shared ownership, such as homeowner and residential and commercial condominium associations, pose special challenges for unit owners and their insurance companies. Damage to property in common areas in such an association may end up being the responsibility of the unit owner. Loss assessment coverage can help in these cases, but it has limitations. […]
Risk Strategies Initiates Captives Group Consolidation
Establishes Risk Management Advisors brand as lead for operations Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced that it will consolidate its independent captives group under the Risk Management Advisors (RMA) brand. This move merges Atlas Insurance Management into the RMA brand and operations. The newly consolidated operations will […]
Workplaces in Financial Services & Insurance
J. Powell Brown, president and chief executive officer, and Julie Turpin, chief people officer, are pleased to announce that Great Place To Work and Fortune Media have named Brown & Brown, Inc. to the 2023 Best Workplaces in Financial Services and Insurance List. Chief People Officer Julie Turpin shares, “This incredible recognition is a testament […]
Margaret Bussiere to Commercial Lines Post
Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced it has appointed Margaret Bussiere as Commercial Lines Leader, New York Region. In this role, Bussiere will be responsible for building and executing the regional strategy for the Commercial Property & Casualty business segment. She will be focused primarily on driving […]
InvestSM Adds New Members to Board
Three new board members bring first-hand Invest program and insurance experience. InvestSM, the insurance industry’s premier classroom-to-career education program administered by the Big “I,” is proud to announce the addition of three individuals to the Invest Board of Directors: Kathy Conley-Jones, Rob Townley and Daniel Holst. Conley-Jones is an insurance and finance strategist with three […]
NAIC Releases 2022 Insurance Department Resources Report
Two Volumes Contain Key Statistics on State Insurance Department Resources and Regulatory Activities The National Association of Insurance Commissioners (NAIC) released the 36th edition of the Insurance Department Resources Report (IDRR), which is developed primarily through an extensive survey of the NAIC Member states. Divided into two volumes, the report helps state insurance departments assess […]
Verisk’s ISO Businessowners Program Adds Nearly 160 New Classifications
Goal is to Help Insurers Keep Pace with Evolving Risks υ To help insurers keep pace with the changing nature of today’s business exposures, as well as increase profitability and expand into new markets, Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced the launch of its latest update to the […]
Big ‘I’ Installs New Chairman
Michigan’s Mike McBride leads national association for 2023-24 term The Independent Insurance Agents & Brokers of America (the Big “I”) installed Michigan’s Mike McBride, president of Mason-McBride in Troy, as the 2023-2024 Big “I” chairman at the recent Big “I” Fall Leadership Conference in Grand Rapids, Michigan. With over 35 years of experience in insurance […]
Insurer Has Right to Control Defense
If Insurer Agrees to Defend Insured May Not Expect it to Pay Independent Counsel The Insureds sued Mid-Continent for failing to pay their attorneys’ fees in defense of the underlying lawsuit where the Insureds alleged several causes of action against Mid-Continent, including breach of contract, bad faith, and several Insurance Code violations. Mid-Continent filed a […]
Lies on Application & Insurance Never Existed
Rescission Results in Policy Void From its Inception Imperial Casualty and Lloyd’s Underwriters retained me in the 1980’s to advise concerning the fire claim presented by Levon Sogomonian and his wife as a result of a major arson fire and explosion that destroyed their home. The investigation took more than a year, multiple days of […]
Parties to Insurance Contract Alone Can Commit Bad Faith
Attorneys May Not Be Sued for the Tort of Bad Faith For many years lawyers for policyholders have sued insurer’s lawyers for the tort of bad faith to avoid federal court. I was sued dozens of times in spurious lawsuits claiming that drafting a denial letter was sufficient to sue me personally as the lawyer […]
Sexual Assault Excluded
Situs of Assault Does not Create Coverage A coverage dispute arose from the sexual assault of a special needs student aboard her school bus. National Liability and Fire Company sought a declaration that it had no duty to defend or indemnify the bus company or its school district client in a state court action brought […]
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Longevity Gets Longer
This report by Longevity Underwriting explores in detail the results of the TwentyFirst life settlement Actual-to- Expected data. Longevity Holdings is excited to report the details from TwentyFirst’s life settlement Actual-to-Expected report. In aggregate, the Actual-to-Expected ratio for the TwentyFirst (21st) LE business has been 103.5%, 103.8% and 100.8% for the 13-year, 10-year, and 5-year […]
ACLI BOARD
The American Council of Life Insurers (ACLI)has elected its new Chair, officers and Board of Directors during the 2023 ACLI Annual Conference. Their agenda is significant. Paul A. Quaranto, Jr., Chairman, CEO & President of Boston Mutual Life Insurance Company, was named ACLI Chair for 2024. He succeeds Andy Sullivan, Executive Vice President, Head of […]
Synatic and Certificial Partner to Empower Independent Agents
Synatic, a data integration and automation leader, has announceD a new technology partnership with Certificial, the creator of the patented Smart COI Network™ that is transforming insurance verification with real-time data, focused on continued insurance data modernization and mobilization. As the traditionally paper-based insurance industry moves away from manual processes, there is an increasing demand for organized digital data. […]
Applied Underwriters Unveils United Risk, Taps Industry Leader Dan Malloy as CEO
Newly consolidated top-level holding company harnesses billions in MGA premium, set to expand in select markets with elite veteran teams. Applied Underwriters announced the unveiling of United Risk and the naming of former SiriusPoint CEO and industry leader Dan Malloy to head the newly consolidated enterprise. Built up over the last three years within a […]
Big ‘I’ and Reagan Consulting Release 2023 Best Practices Study Update
Best Practices agencies continue exceptional organic growth and invest in young producer development. ALEXANDRIA, VA, As the independent agency channel continues to move past the historic economic disruptions of the coronavirus pandemic and into the challenges of a hard market, Best Practices agencies continue to display exceptional organic growth and profitability while heavily investing in […]
New YouTube channel announced by MSO
MSO, Inc. has launched a new phase in support of its mission to, “provide educational services to the property & casualty industry for the continued education of insureds, agents/brokers, and insurance carriers and their staffs.” The channel, provides information on timely, relevant insurance topics in an entertaining video format. Presently the channel contains: · Underwriters’ Corner – […]
Hot Tub Hazards
While hot tubs, saunas, spas, and whirlpool or jacuzzi baths can be fun and relaxing, there are also hazards. According to the Consumer Product Safety Commission (CPSC), hot tub accidents are the cause of over 300 deaths per year in the United States. More than one fifth of these involve children under the age of […]
Fighting Fraud: New Leader
The Coalition Against Insurance Fraud is thrilled to announce the recommendation for Michelle Rafeld to serve as our 3rd Executive Director. Michelle was the unanimous choice of the Search Committee which worked over the summer interviewing candidates. Her selection will require approval by the Executive Committee later this month and by the Coalition Board at […]
Want to Own a Social Network? Ownet.com is Giving 80% Stake to Users
Ownet Allows Users to Monetize Their Social Network NEW YORK, NY / ACCESSWIRE / September 14, 2023 / A new social network is making it possible for its social media users to own and monetize their digital footprint. Ownet.com enables its users to own 80% of the value of the network, making it the first […]
NYSIF Launches Innovative Mobile App to Assist Injured with Claims
The new app enables NYSIF claimants to easily access their claim number and status, case manager contact information, benefit payment dates and amounts, and a schedule of upcoming events important to their claim. The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurance provider, has launched a new Claim Mobile App to […]
Not Wise to Explain Scheme to Defraud to FBI Informants
Insurance Fraudster Tries Multiple Bases for Appeal & Still Goes to Jail Brian Higgins diverted for personal use funds he received from his mortgage servicer to repair damage to his home caused by a broken fish tank. He also filed a lawsuit against two witnesses for the prosecution, accusing them of misdirecting the funds instead […]
After Avoiding Prison Fraudster Appeals Unsuccessfully
False Lightning Strike Claim Results in Fraud Conviction Sara Weisbeck appealed her convictions for insurance fraud: false material information and identity theft over $1500 and under $10,000, both class “D” felonies. In State Of Iowa v. Sara Jo Weisbeck, No. 22-1068, Court of Appeals of Iowa (October 11, 2023) considered her pleas for mercy. FACTS In […]
Conviction by Plea Manifestly Just
Criminal Defendant Unable to Change Plea of Guilty Defendant Carlo Amato appealed from a March 24, 2022 order denying his motion to withdraw his guilty plea. In State Of New Jersey v. Carlo Amato, No. A-2788-21, Superior Court of New Jersey, Appellate Division (October 10, 2023) dealt with the intent to withdraw Amato’s guilty plea. […]
Only Fools Fail to Read Policy and Assume Coverage Exists
Courts May Never Assume They Must Deal in Facts Grange Insurance Company (“Grange”) issued two insurance policies for insureds called Roosters – a Business Owners’ Policy (“BOP”), and a Commercial Umbrella Policy (“CUP”). All agree the BOP provides coverage. The BOP specifically covered liquor liability the CUP specifically excluded liquor Liability. In Grange Insurance Company […]
The Amoral Public Adjuster
Fictionalized True Story of Insurance Fraud Unfortunately, like Every Profession, Some are not Honorable and This Story is Presented to Warn Insurers and Professional Public Adjusters How to Recognize the Amoral Members of the Profession Public adjusters, like personal injury lawyers, work on a contingency fee. For a percentage of the recovery, they present claims […]
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IFNY 2023 Free Enterprise Award Luncheon
The Insurance Federation of New York (IFNY) gathered in full force on November 16th for its Annual Free Enterprise Award Luncheon at New York’s Union League Club, whereupon Mr Alan Schnitzer, Chairman of Travelers’ received IFNY’s prestigious award. QBE received the Mary Lanning Public Service Award for its programmes in climate control and DFS Superintendent […]
ACLI ELECTS LEADERS
The American Council of Life Insurers (ACLI)has elected its new Chair, officers and Board of Directors during the 2023 ACLI Annual Conference. Their agenda is significant. Paul A. Quaranto, Jr., Chairman, CEO & President of Boston Mutual Life Insurance Company, was named ACLI Chair for 2024. He succeeds Andy Sullivan, Executive Vice President, Head of […]
Risk Strategies Acquires Prince Associates,Inc.
Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, HAS announced its acquisition of Prince Associates, Inc., a multi-line retail insurance agency based in Hicksville, NY. Terms of the deal were not disclosed. Led by Leith Baren and Craig Sherman, Prince Associates is primarily focused on helping clients in need of commercials lines […]
Applied Underwriters Invitational Golf Tournament Garners Over $10M for Charities
Ryder Cup Winner Luke Donald, Applied President Jamie Sahara Interviewed by Sportscaster Jim Kelly As the world’s largest annual charity golf event heads into its final rounds, Applied Underwriters, the sponsor of the Applied Underwriters Invitational tournament has announced that the effort has set a new record and raised more than 10 million dollars for […]
Avoiding Holiday Scams
The hustle and bustle of the holiday season is upon us. Unfortunately, con artists are also out in full force. The Federal Trade Commission (FTC) reports that consumers lost nearly $8.8 billion to scams in 2022. This represented a 30% increase over 2021 (ftc.gov). Some reports have the number as high as $10 billion. Scams […]
BIG I, PIANY applaud Gov. Hochul’s signing of auto inspection bill reform into law
Best Practices agencies continue exceptional organic growth and invest in young producer development. New York auto insurance policyholders and independent insurance agents expressed universal praise for Governor Kathy Hochul’s signing into law New York’s “Auto Insurance Consumer Relief Act,” a measure supported by both consumers and the insurance community. The bill allows insurance companies to […]
Jewelers Mutual® Expands Counseling Benefit Globally
Relieve counseling services have been extended across five countries through end of year to assist jewelers, their families and employees Mutual® Group, the insurance and business solutions provider dedicated to the jewelry industry since 1913, recently announced the expansion of its “Relieve” counseling service in response to heartbreak being felt in the US and across […]
Petrelli hits “Root Causes” of Cost Drivers in Washington Testimony
Testimony by Joseph Petrelli, ACAS, ASA, MAAA (MBA) President and Co-founder My name is Joseph Petrelli. I have been employed in the insurance industry since 1969, when I entered The College of Insurance on a work-study program. After graduation, I was employed by a regional insurer for four years, and then, a national insurer for […]
Conditions in First Party Property Insurance Policies
When used in contract law, the word condition refers to an event, the occurrence or non-concurrence of which alters the previously existing relations of the parties by creating or extinguishing a legal duty. A condition is different from a promise or warranty. When used in an insurance policy the condition imposes duties on the insured […]
Conditions in First Party Property Insurance # 2
What is a Condition? Subscribe to my Substack, Excellence in Claims Handling for $5 a month or $50 a year where you can read this and others here. In AIG Centennial v. Fraley-Landers, 450 F.3d 761 (8th Cir. 2006) the Eighth Circuit found that Arkansas law does not require any showing of prejudice to the […]
When Parties Agree to Appraisal Court has no Choice but to Agree
Appraisal Required to Resolve Extent of Loss υ In an insurance dispute stemming from Hurricane Ian The parties agreed that their case should go to appraisal to determine the extent of the loss. When an insurance policy contains an appraisal provision, “the right to appraisal is not permissive but is instead mandatory, so once a […]
Insurance Policy Warranties
Important Requirements to Make Insurance Policies Work Certain policies contain the term “warranty.” This is a word of great power. Generally, a warranty can be defined as follows: “warranty” in insurance law is a statement or condition forming part of a contract whereby insured agrees that certain acts have been or shall be done, and […]
It is Expensive to Lie to Your Insurer
Fraud in Inception Allows Insurer to Rescind Lamin Fatty appealed the trial court’s order granting summary disposition to Farm Bureau on the basis of finding Fatty’s fraud was grounds for contract rescission and reimbursement of benefits paid. In Lamin Fatty v. Farm Bureau Insurance Company Of Michigan, No. 363888, Court of Appeals of Michigan (November […]
Only Fools Fail to Read Policy and Assume Coverage Exists
Courts May Never Assume They Must Deal in Facts Team Industrial Services, Inc. (Team) found it had incurred a $222 million judgment against it in a wrongful-death lawsuit arising out of a steam-turbine failure in June 2018 at a Westar Energy, Inc. (Westar) power plant. Team sought indemnity for the judgment from Westar, Zurich American […]
