2024
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Big I: Nearly 70% of Americans Are Reviewing Their Insurance Policies
Insurance Advocate Cover Story
New Survey from Trusted Choice® Reveals Consumer Uncertainty
and Behavior on Insurance Coverage.SWAT-ing Wc Fraud
I’ve always liked Adam Friedlander and his dad and the way they do business: sharp, bright and always with reference to the buyer’s benefit – even when it takes a lot of effort and funds. In 2012, Friedlander introduced the Fraud Solutions (SWAT) team was introduced to combat escalating workers’ compensation fraud, achieving notable success this past year […]
Harper Elected Chair Of New York Insurance Association
Edward Harper of Statewide Underwriting Services has been elected chair of the New York Insurance Association (NYIA) and began serving a one-year term on Jan. 1, 2024. He has served on NYIA’s Board of Directors since 2018. “Eddie is a tenacious leader who never shies away from a challenge,” Ellen Melchionni, president of NYIA said. […]
Daniel F. Maher’s Career Celebrated
In honor of Daniel F. Maher’s 26+ years of leadership, the Board of ELANY has renamed its state-of-the-art conference center the Daniel F. Maher Conference Center. Dan’s dedication and passion to the needs of Excess Line members have helped the industry serve its clients faster and more efficiently for over a quarter century. ELANY is […]
PIANY Hails Hochul signing of its “bait-and-switch bill”
The Professional Insurance Agents of New York State Inc., applauded Gov. Kathy Hochul for signing legislation to require insurance companies to make a good-faith attempt to verify a drivers’ driving history prior to binding a personal automobile insurance policy. “The law, which was termed a top priority for PIANY during the 2023 legislative session, will ensure that consumers […]
Home Generator Safety
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Power outages can happen at any time, but they are especially dangerous during cold weather. In February of 2021, the entire state of Texas lost power, and some areas were out for an extended period. Home generators can literally be life savers, […]
Aon’s $ 13.4 billion acquisition of NFP is largest global brokerage deal
Aon’s acquisition of NFP, announced on 20th December 2023, will have a significant effect on the structure of the insurance broking sector, according to Insuramore and other sources in London. . According to its global rankings of insurance broking and MGA / MGU groups, which were last updated earlier in 2023 with data for 2022, […]
Risk Strategies Acquires Setnor Byer Insurance & Risk
Risk Strategies, a leading national specialty insurance brokerage and risk management firm, announced it has acquired Setnor, Byer, Boganoff, Inc., which does business as Setnor Byer Insurance & Risk, a Greater Fort Lauderdale brokerage and risk management firm with a specialization in developing innovative property, casualty and employee benefits solutions. Terms of the deal were not […]
Risk Strategies Acquires Robert Alan Agency
Risk Strategies announced it has acquired Robert Alan Agency, a New York-based full-service retail insurance agency. Terms of the deal were not disclosed.Established in 1980 by Bob Carlucci, the Robert Alan Agency is headquartered in New City, NY with several offices in the region. Its primary business focus is providing personal and commercial lines of insurance to […]
Five Financial Services Trends That We Are Going To See in 2024
1. DATA IS BACK BABY! And so is your Chief Data Officer “Data is the enabler for better experiences – be it on app or on websites. The issue? Getting it. It is currently scattered and inaccessible. But once you do access it, then you will really start seeing the difference. We’re therefore going to see […]
The World’s Largest P&C Insurers, 2023
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence. US companies dominated the top 50 nonlife insurers, taking 20 of the global spots and accounting for more than 40% of total premiums. China […]
New York State Workers’ Compensation Board Joins State Effort To Protect Undocumented Workers During Labor Investigation
WCB Will Partner with State, Federal Authorities to Gain Temporary Protection for Workers Exercising Their Right to File Workers’ Compensation Claims. Builds on Governor Kathy Hochul’s Commitment to Protecting Workers in New York State – Regardless of Immigration Status. The New York State Workers’ Compensation Board (Board) has joined a wider state effort in shielding […]
Insurance Litigation Never Easy
When Appraisers Fail to Agree on Umpire Court Must Appoint One When a claim for damages due to a hurricane was disputed the parties demanded appraisal and appointed their respective appraisers. However, the appraisers could not agree on an umpire for reasons unclear and bad faith litigation ensured. Because of the inability of the appraisers […]
Subrogation Must be Fair
Insurer May Never Subrogate Against its own Insured Zurich American Insurance et al sued their coinsurers – Appellant Certain Underwriters at Lloyd’s, London Subscribing to Policy Number B12630308616 (Lloyd’s) and Defendant Arch Insurance Company (Arch) – seeking a declaratory judgment that Lloyd’s is barred under New York law from bringing a common law indemnification or […]
Go to Jail, Do Not Pass Go
Fraudster Must Serve Time and Lose His Residence to Pay Restitution Armando Valdes appealed his 60-month sentence for health care fraud after he pleaded guilty. Valdes’s conviction and sentence arose out of his scheme to submit millions of dollars in fraudulent medical claims to United Healthcare and Blue Cross Blue Shield for intravenous infusions of […]
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S&P Global Analysis: US homeowners insurance rates jump by double digits in 2023
The nationwide calculated weighted average premium rate increase for owner-occupied homeowners insurance was 11.3% through Dec. 29, 2023, according to S&P Global Market Intelligence’s RateWatch application. Key highlights from the analysis include: • In total, 25 states saw an effective rate change of at least 10% in 2023, compared to only six states during the […]
AMAZING ETHICAL DILEMMA..OR IS IT?
A new nationwide research / digital consultancy company Customertimes has shown that the cost of living crisis has forced Americans to abandon some ethicl aspects that were once common,, with 1 in 5 admitting they’ve considered committing insurance fraud. Customertimes surveyed 2,000 adults in the US to see how the downturn, tech adoption and insurance […]
AmTrust Appoints James Thanasules as President of AmTrust Title
AmTrust Financial Services, Inc., (“AmTrust” or the “Company”), a global specialty property casualty insurer,announced the appointment of James Thanasules as President of AmTrust Title Insurance Company (“AmTrust Title”). In this role, he will oversee AmTrust Title’s operations providing title insurance for the commercial and residential real estate industries. “I’m excited to continue working with James […]
LIO Specialty Launches Revolutionary Online Portal for Life Science Insurance Solutions
Leading the Excess and Surplus Lines Market with Innovative Coverage for Cannabis and Nutraceutical Industries LIO Specialty Insurance Company proudly announces the launch of its state-of-the-art online portal. This innovative platform is set to transform the insurance process for wholesale brokers, offering the ability to quote, bind, and issue policies in a matter of minutes. […]
Risk Strategies Acquires Professional Risk Associates
Physician-focused agency adds to National Healthcare Practice Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced that it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency helping medical professionals manage a wide range of risks and liabilities. Terms of the deal were not disclosed. Founded […]
Rhodian Group Partners with Renaissance Alliance
Rhodian Group Partners with Renaissance Alliance Rhodian Group — a provider of managed IT and cybersecurity services to the insurance, banking, healthcare, private equity, and other industries — has partnered with Renaissance Alliance to provide cybersecurity, managed IT, and compliance services to Renaissance member agencies. “This partnership is another indication of our commitment to the […]
Sands Point Risk Launches MGA Platform with FlagshipTransactionLiability Practice
An underwriting team that is widely recognized as leaders in the Transaction Liability Insurance (“TLI”) industry is pleased to announce the launch of Sands Point Risk (“Sands Point’’ or “the Company”). Sands Point is a managing general agent (“MGA”) focused on supporting expanded opportunities across financial and property and casualty insurance lines. With its flagship […]
Global Ransomware Attacks Reach Record High for 2023, according to Corvus Insurance Q4 Ransomware Report
Despite Law Enforcement Stopping Significant Q4 Activity, 2023 Ransomware Incidents Still Surpass 2022 by Nearly 70 Percent and Active Ransomware Gangs Grow by 34 Percent Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, has released its Q4 2023 Ransomware Report. Featuring data collected from ransomware leak sites, the report […]
Coalition Announces New Miscellaneous Professional Liability Insurance Coverage
Active Insurance Provider to Expand Cyber Offering to Include MPL by Endorsement Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced it now offers Miscellaneous Professional Liability (MPL) Insurance. This coverage helps protect against the impact of a claim that a business committed errors and omissions in […]
Conning Survey: U.S. Insurers to Embrace More Portfolio Risk in 2024, Welcome AI Tools in Investment Process
Insurers outsourcing investment management reported lower levels of concern with key portfolio challenges 62% of U.S. P&C/life insurers expect to add investment risk in 2024 · 51% expect their allocations to private assets will be at least 20% in the next two years · Three in four insurers using or piloting AI in investment process […]
CFM Insurance Successfully Implements sureti Property Claim Payments
Simplifying and streamlining claims payments for an unparalleled customer and contractor experience CFM Insurance (CFM) has entered a new era in property claims payments with a successful implementation of sureti, a disbursement platform purpose-built for property claims. This strategic implementation positions CFM to offer its policyholders a completely paperless and lenderless settlement experience, setting a […]
A Incomplete Aircraft is Still an Aircraft
Injured by an Aircraft Fuselage Arose Out of Ownership of Aircraft A woman was severely injured while moving an inoperable airplane. She now seeks to recover from her husband’s homeowner’s insurance policy. The insurance policy excludes injuries “arising out of” the ownership, maintenance, use, loading or unloading of an aircraft. The policy further defines “aircraft” […]
Punitive Damages
How to Put Fear of Insolvency Into a Defendant For more than fifty six years working in and about the insurance industry I For more than fifty six years working in and about the insurance industry I have personally seen the fear in the faces of corporate executives faced with a suit claiming wrongful conduct […]
Pollution Exclusions
Total Pollution Exclusions The Pollution exclusion often found in policies that are the subject of dispute provides: It is agreed that this policy does not apply to liability for personal injury or property damage arising out of the discharge, dispersal, release, escape, or seepage of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or […]
Statutes of Limitations
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Insurance policies contain conditions for how and when claims must be submitted. There are also state requirements and timeframes for filing claims. Statutes of limitation determine the maximum time for bringing causes of action or lawsuits after an event. Some statutes, […]
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New Survey Reveals How Independent Insurance Agents Are Adapting to the Hard Market
Insurance Advocate Cover Story
Client communication, retention, technology and team morale are among agents’ top priorities, according to a Trusted Choice® report. How are independent insurance agents adapting to the hard market? Trusted Choice–the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big “I”)–examines that question in-depth in its newly released report, […]
Public Sentiment is a Signal for Insurers
So sad to report that new nationwide research from a digital consultancy company Customertimes shows that the cost of living crisis has forced Americans to take unprecedented actions, with 1 in 5 admitting they’ve considered committing insurance fraud. Customertimes, using acute insurtech expertise, surveyed 2,000 adults to see how the economy downturn, tech adoption and […]
Certificates of Insurance – Issues to Consider
By Sue C. Quimby, CPCU, AU, CIC, CPIW, CLP, DAE – Senior Vice President Certificates of insurance (COI) are often a source of headaches for insurance agents and producers. Mishandling of certificate requests can lead to an errors and omissions exposure for the agent. Helping clients understand possible problems with certificates of insurance is another […]
Safe Driving Stats By States
In 2023, 44,986 motor vehicle fatalities happened in the United States averaging 3,749 deaths per month, or about 123 daily. A recent study by baderscott.com conducted a thorough analysis, identifying the safest and riskiest states for driving based on the car accident fatality rate. New York has emerged as the safest state for car driving, boasting […]
The Risk of Polarization
By Randy Lioz Shortly after the first Covid vaccines were introduced, a food solutions company in Idaho wrestled with the best course of action for its business and employees. While a vaccination mandate was a non-starter, they strongly encouraged vaccination among their employees, bringting in representatives of the local health department to support the push. […]
Underwriters to Target Credit and Political Risk Markets
Newly formed enterprise taps credit and political risk sector veteran, Bernie de Haldevang, as CEO Looking toward increased market demand for leadership-level resources in the intensifying areas of credit and political risk, United Risk has launched a new division, Applied Credit Underwriters, to be led by sector veteran Bernie de Haldevang as CEO. Applied Credit […]
Insurance Fraud is a Violent Crime
Insurance Fraud is a Violent Crime Jatiek Smith (also known as “Tiek”) a member of the Bloods Gang was charged with one count of racketeering conspiracy, in violation of 18 U.S.C. § 1962(d), and one count of extortion conspiracy, in violation of 18 U.S.C. § 1951, arising out of allegations that Smith and his co-conspirators […]
No Alarm No Coverage
Protective Safeguards Endorsement is a Condition Precedent Kinsale Insurance Company (“Kinsale”) sought declaratory relief against Sea Brook Harbor and Marine, et al (collectively “Seabrook”) arguing that Seabrook failed to comply with a condition precedent in the insurance policy it issued to Seabrook and that consequently there was no coverage for a fire occurring at Seabrook’s […]
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ShelterPoint Announces Leadership Succession
As Richard White transitions to Executive Chairman of the Board, Leston Welsh steps up as CEO of ShelterPoint. Richard White, who has led ShelterPoint Life Insurance Company (ShelterPoint) as CEO since 2009, is moving into the role of Executive Chairman of the Board of Directors, with the company’s existing Chairman, Dr. Seth Goldberg, remaining on […]
GIMME SHELTERPOINT
Anytime, especially the way they do business over there led by careful and thoughtful executive thinking and planning. Richard White, who has led ShelterPoint as CEO since 2009, moves up to the role of Executive Chairman of the Board of Directors, with the company’s existing Chairman, Dr. Seth Goldberg, remaining on the Board as a […]
Finseca’s 2024 Hall of Fame Inductees Announced
Finseca has announced that Anthony T. Mazzei, Sr., Chairman and Founding Partner at National Financial Network, an agency of The Guardian Life Insurance Company of America (Guardian); first-ever female inductee, Deb White, District Manager at Farm Bureau Financial Services; and Howard Cowan (recognized in memoriam), formerly with MassMutual, were honored with the prestigious Finseca Hall […]
Distracted Driving Report: New Research
Road trip season is upon us, and with higher traffic levels comes more distracted driving. Auto insurance rates are now at the highest levels in 50 years, so the cost of repairs that may come from distracted driving is also up. Ahead of this year’s Distracted Driving Awareness Month (April), there is new research under […]
Tokio Marine Holdings Establishes New IR/SR Desk in NYC
Tokio Marine Holdings, Inc. (President and Group CEO: Satoru Komiya) has announced the establishment of an Investor Relations and Shareholder Relations (IR/SR) Desk in New York City as part of the IR/SR Group of the Global Communications Department. The new Desk will further strengthen Tokio Marine Holdings’ relationships with institutional investors, shareholders and equity analysts […]
Corvus Insurance Enhances Cyber Renewals
Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today announced updates to its policy renewal process, including the introduction of an application-free, click-and-bind option for select accounts. The updates drastically reduce the time brokers spend on cyber renewals by eliminating repetitive application questions and providing transparency with a customized […]
Applied Underwriters Names Gregg Holtmeier Vice President, Strategic Development, for Company’s Growing M&A and Partnership Alliances
Steve Menzies, Chairman of Applied Underwriters, has announced the naming of Gregg Holtmeier to the post of Vice President of Strategic Development, to collaborate with the company’s growing team in M&A, corporate alliances and partnership relationships. Applied Underwriters has announced several transactions recently, which follow a long list in the preceding years. According to Mr. […]
Risk Strategies Acquires LI Based Pace Professional Services, Ltd.
Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced it has acquired Pace Professional Services, Ltd. (Pace), a Long Island-based firm specializing in professional liability coverages with a focus on certified public accountants and law firms. Terms of the deal were not disclosed. Based in Garden City, NY, Pace was […]
Amwins Program Underwriters Announces New Home Health Care HNOA Program
Amwins Program Underwriters (APU), part of the Amwins Underwriting division, has announced the launch of their new Home Health Care HNOA program designed to provide hired and non-owned auto liability coverage for home health care operations. This specialized HNOA program is designed to tackle the distinct hurdles faced by providers when delivering vital services to […]
$50 billion opportunity emerges for insurers worldwide from generative AI’s potential to boost revenues and take out costs
AI technology offers insurance businesses large-scale financial potential from productivity gains, optimizing sales channels and digital advice, and delivering enhanced, personalized customer experience υInsurance businesses worldwide have a $50 billion dollar financial opportunity from generative AI to harness the technology in ways that could boost their revenues by as much as 20% and cut their costs by […]
New York Ranks Worst Among States for Public Transport Safety
Recent data has highlighted the states where public transport users are most at risk of collisions, injuries, and fatalities, naming New York as the most dangerous state in the country. The worst states for fatalities, collisions and injuries occurring in or from public transport The data, compiled by Las Vegas personal injury lawyers H&P Law, […]
AND WHY…? New York named among the states with fewest young homeowners
A new study has revealed the states with the fewest young homeowners, with Hawaii taking the top spot. Real estate experts at Agent Advice analyzed data from The United States Census Bureau on mortgage status based on homeowners between the ages of 15 and 34 in 2022. Hawaii ranks at the top, with 1.49% of the population being […]
Battery Do’s and Don’ts
By Sue C. Quimby, CPCU, AU, CIC, CPIW, CLP, DAE – Senior Vice President Batteries are a ubiquitous part of everyday life – powering everything from flashlights to electronic devices and now even bicycles and cars. According to www.des.nh.gov, the average household in the United States has 20-60 batteries at any given time. The […]
Insurer Must Report Suspected Fraud
No Cause of Action for Libel, Slander or any Other Relevant Tort This is not a new case but it is important to everyone in the insurance business in California and any other state that has similar statutes. The principal issue raised is whether the insurer’s report to the Bureau of Fraudulent Claims (hereinafter Bureau) […]
Pollution Exclusions Deter Polluters
No Insurance Policy Covers Every Risk of Loss In the world of business, corporations obtain commercial insurance to protect their assets, and commercial insurers customarily include exclusion provisions in their policies. Exclusion provisions dispel the notion that insurance coverage is without limits and place the insured on notice about actions or omissions that will trigger […]
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Workers’ Compensation: 2024 Small Business Report
Hanover’s “2024 Small Business Risk Report: A Focus on Workers’ Compensation” includes fresh data on small business owners’ insurance-buying habits and risk exposures related to workers’ compensation
SAFE CITY
At a time when all you hear in the burbs is “The City is dangerous, unsafe, dirty, uncivil, a must avoid, especially at night, along comes a report that is surprising, even a bit dubious, perhaps. A new ranking has revealed the safest state for a night out in the town, with New York crowned […]
Risk Strategies Acquires Robert C. Williams Insurance Agency, Inc.
Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced it has acquired Robert C. Williams Insurance Agency, Inc. (Williams Insurance), a property and casualty retail specialist based in Wilkes-Barre, Pennsylvania. Terms of the deal were not disclosed. Founded in 1958, Williams Insurance is led by siblings Rick and Barbara Williams, […]
Present-Day Risks of Asbestos Exposure in America
38% in High-Risk Jobs, 47% Vulnerable through Second-Hand Exposure A recent nationwide survey conducted on the risks of asbestos in America revealed that 38% of respondents have worked in high-risk industries where asbestos was present, while 47% have experienced indirect exposure through family members employed in these high-risk environments. The survey results reflect the fact […]
How the FCC’s recent decisions on AI robocalls and lead-generation will impact the insurance industry
Overview and intent of the new legislation By Mark Mckinney In January 2024, the Federal Communications Commission (FCC) passed a law designed to close the “lead generation loophole.” This new law is a significant change from previous practices. Organizations must now obtain explicit, individual one-to-one consent from each consumer before contacting them. It also states […]
Pet Insurance
By Sue C. Quimby, CPCU, AU, CIC, CPIW, CLP, DAE – Senior Vice President Pet ownership continues to grow, especially since the Covid-19 pandemic. During the pandemic, people were forced to spend more time at home, and many continue to work remotely. The American Pet Products Association (APPA) advises that pet ownership in the United […]
The Honest Real Estate Lawyer Tempted to Commit Fraudt
No Cause of Action for Libel, Slander or any Other Relevant Tort Career criminals are not the only people who perpetrate insurance fraud. The temptation has become so great that almost anyone who is given the opportunity, will try. Those who do not premeditate insurance fraud are called perpetrators of soft frauds. Most are small. […]
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Deloitte 2024 Financial Services Industry Predictions
AI Expected to Transform Retail Investing, Increase Banking Fraud and Drive New Insurance Market – Plus, Climate Change Expected to Further Increase Insurance Costs for Commercial Real Estate
Bad Behavior
New York’s simple assault had over 57,000 incidents A new study has revealed New York’s most violent crimes, with simple assault accounting for 57,641 incidents. The research, conducted by personal injury lawyers DeMayo Law Office, used data from the Federal Bureau of Investigation to find which violent crimes were most prevalent in each state. The […]
North to Receive Top Business Insurance Award
Dave North, executive chairman of Sedgwick Claims Management Services Inc., will receive the 2024 Business Insurance Lifetime Achievement Award for outstanding accomplishments in the claims, insurance and risk management sector. He will accept the award during the Business Insurance U.S. Insurance Awards on July 18 in New York. Mr. North began his career in the […]
NAILBA, a Finseca Community, Announces New Underwriting Certification
NAILBA, a Finseca community, and the leading insurance industry organization that advocates for consumer choice in the insurance and financial services marketplace through independent brokerage distribution, has released a new professional certification for underwriting. Two years ago, Finseca successfully launched NAILBA Case Manager Certification, a program that yielded increased placement, innovation, and efficiency, and was […]
Spataro Honored by New York Insurance Association
The New York Insurance Association, Inc. (NYIA) honored Thomas Spataro with the 2024 Chair’s Distinguished Service Award. Spataro is senior vice president, mutual company specialty practice at Guy Carpenter. He was presented with the award at the association’s annual conference held at The Saratoga Hilton in Saratoga Springs, N.Y. “NYIA is honored to award the […]
ICYMI: The Dangers of Government Coercion Over Speech
By KRISTIN STOUT The recent unanimous U.S. Supreme Court decision in NRA v. Vullo has been seen a direct victory for free speech, and an indirect victory for the rule of law in insurance regulation. At Truth on the Market, the International Center for Law & Economics’ (ICLE) speech expert (Senior Scholar Ben Sperry) and […]
How the Insurance Industry Responds to Weather
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Senior Vice President Weather impacts every homeowner and business owner and therefore their insurers. Insurance companies are in business to pay claims, but also to make money for their stakeholders. Insurers use a variety of methods to address weather risks, including policy conditions, underwriting guidelines, […]
Appeal Dismissed Even With Fraud Allegation
Appeal Lost Due to Failure to Provide an Adequate Record In an action to recover damages for personal injuries, the defendant Myrtle 6, LLC, appealed from an order of the Supreme Court, Kings County (Lawrence S. Knipel, J.). The order, insofar as appealed from, denied those branches of the motion of the defendant Myrtle 6, […]
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Holding Steady: Independent Agency Market Share Basks in Hard Market
2024 Market Share Report: Independent agency market share holds steady in hard market ALEXANDRIA, VA,The independent agency channel is holding ground and showing slow, steady gains in lines of business penetration, including homeowners insurance, according to the Big “I” 2024 Market Share Report. The annual Market Share Report compiles and analyzes property & casualty premium […]
Ellen, Cassandra…and an Ongoing Challenge
The New York Insurance Association, Inc. (NYIA) Board of Directors did not have to look too far to find a strong successor to its high achieving President of many years who is headed to retirement. Ellen Melchionni, current president of NYIA, will retire effective December 31, 2024. Cassandra Anderson will assume the presidency on January […]
New Collector Car Insurer OpenRoad Announces Official Launch
DALLAS – The summer driving season may provide auto enthusiasts more opportunities than just getting back behind the wheel. New classic and modern collector vehicle insurer, OpenRoad, has announced it will begin offering coverage across select U.S. states Monday, July 15, 2024, promising better prices, superior coverage, and some much-needed relief from skyrocketing insurance costs […]
Commercial Insurers Captured 22 of Top 25 Spots in S&P Global Market Intelligence U.S. Property and Casualty Industry Performance Rankings
Only 2 personal line carriers ranked among the top 50 New York – The U.S. Property and Casualty (P&C) Insurance Performance Rankings published by S&P Global Market Intelligence, an annual ranking of the 100-largest P&C carriers in the country, found that commercial insurers outperformed their peers in key metrics measuring earnings, underwriting profitability, balance sheet […]
Verisk Launches First-of-its-Kind Insurance Index to Inform Pricing Decisions
Verisk’s ISO Experience Index can help the insurance industry quickly assess changes in risk patterns and the cost of insuring risk JERSEY CITY, N.J. – The insurance industry exceeded loss ratio levels that have not been seen in nearly 20 years, with an estimated $21.2 billion reported in underwriting losses in 2023. To help insurers, […]
Grilling Safety Tips
Byline to read: By Sue Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Few smells are more inviting than food cooking on the grill. However, grilling can be a dangerous activity. According to nfpa.org from 2017-2021, U.S. fire departments responded on average to 9,079 home and outside fires related to gas and solid […]
Risk Strategies Acquires Baker Benefit Group, LLC
Expands specialty capabilities, expertise in Executive Employee Benefits BOSTON – Risk Strategies, a leading North American specialty insurance brokerage and risk management and consulting firm, has announced it has acquired The Baker Benefit Group, LLC (BBG), a retail firm providing ancillary employee benefits products at large employer groups. Terms of the deal were not announced. […]
Two New Vice Presidents Appointed by AIPSO
JOHNSTON, RHODE ISLAND – AIPSO’s President and CEO Chuck Kwolek has announced the hiring of two individuals to Vice President positions in the organization: Adam LaFlamme has been appointed Vice President – Chief Technology Officer, effective June 10, 2024, and Barry Zalcman has been appointed Vice President of Insurance Operations, effective June 3, 2024. Mr. […]
The Big ‘I’ Launches AI Marketing Toolkit
New resource helps independent insurance agencies harness the power of AI to enhance client relationships, optimize marketing efforts and drive growth. ALEXANDRIA, VA – As artificial intelligence (AI) continues to evolve, it stands as a growing tool that is reshaping how independent agents should approach insurance marketing. To help independent insurance agents get started with […]
Ellen Melchionni Announces Retirement; Cassandra Anderson Succeeds Her As President of the New York Insurance Association
ALBANY, N.Y., The 140 year old New York Insurance Association, Inc. (NYIA) Board of Directors has announced top leadership changes. Ellen Melchionni, currently president of NYIA, will retire effective December 31, 2024. Cassandra Anderson will assume the role of president on January 1, 2025. Anderson is currently NYIA’s executive vice president. Melchionni has served as […]
New York among the States with the Most DUI Arrests
New York saw nearly 22,000 DUI arrests within the timespan of one year. Alaska has been crowned the state with the most drunk drivers, with a DUI arrest rate of 726.13 per 100,000 people. Delaware ranks as the state with the lowest DUI arrest rate; 30.34 per 100,000 people. Rise Legal Funding HAS […]
Rising Concern: Most Vulnerable to Floods
Which parts of the U.S. are most vulnerable to flood damage? To mark the start of flood season (June to Nov.), LawnStarter ranked 2024’s Counties Most at Risk for Flooding. Comparing 940 counties with a relatively moderate to very high flood risk according to FEMA, the company considered each county’s risk and expected annual loss […]
Litigation Sloth Defeats Suit
Taking Six Years to Sue Insurers is Time Barred The appellate courts of the state of New York are noted for their ability to resolve an appeal quickly and with brevity.The Supreme Court, the trial court, dismissed plaintiffs’ complaint against Allied World National Insurance Company as time-barred because plaintiffs commenced this action eight years after […]
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DFS Adopts Insurance Guidance to Combat Discrimination in Artificial Intelligence
Establishes Principles to Protect Consumers When Insurers Use Artificial Intelligence in Underwriting and Pricing Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris adopted guidance to protect consumers from unfair or unlawful discrimination by insurers using artificial intelligence. “New York has a strong track record of supporting responsible innovation while protecting consumers from financial harm,” […]
At Bat for Agents
Somewhere among the fotos and historic files of the Independent Insurance Agents Association of New York, there is a baseball card with the photo of a president elect in a business suit with a big Louisville slugger in his hand in his batter’s stance ready to assume the role of that association’s leadership midway during […]
Applied Surety Underwriters Moves into Top Ranks in Worldwide Surety Marketplace as Acquisition of Argo’s Surety Business Reaches Completion
Following its April purchase of Argo’s in-force energy business, Applied Surety Underwriters now adds the majority of the balance of wide-ranging Argo surety portfolio, growing toward global top 10 player in the sector NEW YORK, NEW YORK – Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk Division, completed its acquisition of the […]
Social Inflation and Victims’ Act Hit NYSIR
If ever social trends affected an entity…ratings agency AM Best downgraded NYSIR to a B “Fair”, from its longstanding A- rating. primarily due to additional reserve strengthening as NYSIR experienced higher-than-expected losses as a result of the impact of the Child Victims Act and “social inflation” on liability claim costs, increased property loss costs, and […]
Tornadoes and Manufactured Homes – A Deadly Combination
By Sue Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Severe wind events are an all too common, and dangerous, occurrence in many areas. Tornadoes can be especially devastating to mobile or manufactured homes and their occupants. From 1996-2023, 815 people were killed in mobile homes during tornadoes. Mobile/manufactured homes represent only […]
Homeownership Dreams Soured by NY and NJ 10 Year Decline
New research has revealed the states with the most significant increase in homeownership since 2014, with Maryland taking the top spot. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to determine the states that had experienced the most significant increase in homeownership rates from 2014 to 2023. The state that […]
Convicted of Insurance Fraud
More Prosecution is Needed to Deter Insurance Fraud Thomas Orville McLaughlin II was convicted of committing a fraudulent insurance act, making a false information, and interfering with law enforcement. He appealed claiming several of the State’s exhibits were improperly admitted and that a defense witness was improperly excluded. In State of Kansas v. Thomas Orville […]
It is Unwise to be a Chameleonic Litigant
It is Inappropriate to Argue a Win Was Wrong and a New Result is Required Defendant, Bankers Insurance Company (“Bankers Insurance”), moved to vacate the Panel Appraisal Award Amendment & Clarification (“Amended Award”) based on three alleged “significant errors” or “clear mistakes of fact” only to see an unfavorable response in St. Joseph Medical Clinic […]
Scotus & Insurance
How Insurance is Treated in Mass Tort Cases in Bankruptcy Court Between 1999 and 2019, approximately 247,000 people in the United States died from prescription-opioid overdoses. Respondent Purdue Pharma sits at the center of that crisis. Owned and controlled by the Sackler family, Purdue began marketing OxyContin, an opioid prescription pain reliever, in the mid-1990s. […]
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Donegal Insurance Group to Benefit from ZestyAI’s Roof Age Solution
New AI-Powered Solution Enhances Property Risk Assessment by Accurately Determining Roof Age Across the Contiguous US MARIETTA, PA – ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), has announced tits partnership with Donegal Insurance Group® on a project that utilizes its new Roof Age solution for Donegal’s existing Personal […]
CIBGNY Battles for brokers at DFS, targeting HO, other markets
Insurance Advocate goes way back with the CIBGNY to when it was 5 organozations – one per borough – and to when it had a giant annual black tie dinner – always covered with fotos- and had its annual Catskill convention, egg tossing and all. Many great men and women were the backbone of this […]
Todd Jackson is Big I’s New Chairman
Indiana’s Jackson leads national association for 2024-25 term. The Independent Insurance Agents & Brokers of America (the Big “I”) installed Indiana’s Todd Jackson, owner and partner at McGowan Insurance Group in Indianapolis, as the 2024-2025 Big “I” chairman at the recent Big “I” Fall Leadership Conference in Indianapolis. With over 30 years of experience in […]
Applied Systems Acquires Planck
Applied Systems (“Applied”) has announced that it has acquired Planck, the leading Artificial Intelligence (AI) company for the insurance industry. This strategic acquisition will significantly expand Applied’s AI capabilities, accelerating its vision for the next generation of the digital roundtrip of insurance and creating more value at every stage of the insurance lifecycle for the benefit of agencies, carriers […]
Safety and Insurance Tips for College Students
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Going away to school is an exciting time for children and their parents. But, in addition to choosing classes, finding a place to live and making new friends, there are important issues that every college student needs to think about, such […]
Inland Marine Underwriters Association President & CEO Kevin O’Brien Announces Plans to Step Down
Kevin O’Brien, President and CEO of the Inland Marine Underwriters Association (IMUA), announced that he will step down from his role on January 31, 2025. During a recent Executive Committee meeting, O’Brien informed IMUA’s officers of his intentions. After 14 years at the helm, he will be pursuing new opportunities outside the organization. IMUA is […]
New York Affordable Housing Market About to be “Captivated” by New Enterprise
A Vermont-based captive insurer has targeted New York’s affordable rental housing market at a time of that sector’s stress in availability and pricing.. The Milford Street Association Captive Insurance Co. will serve New York affordable rental buildings that have a regulatory agreement limiting rents and receive public financing, exclusively. Affordable housing professionals see rising insurance […]
London-Based Insuramore Measures Insurers by Cyber Insurance Direct Premiums Written
As an extension of its rankings of insurance providers worldwide, and based in part on guidance from some of the largest underwriters in the sector, Insuramore has updated its global ranking of insurer (carrier) groups as measured by cyber insurance gross direct premiums written (GDPW) in 2023 (see www.insuramore.com/rankings/insurers/premiums-cyber). This analysis indicates that GDPW for cyber insurance can be […]
Florida’s Insurance Commissioner Highlights Strengthening Property Insurance Market
Progressive commits to investing in Florida, joining State Farm and several national carriers, and nine new domestic property insurers following 2023 reforms υJust four days after Hurricane Debby made landfall along the Big Bend, Florida’s Insurance Commissioner Michael Yaworsky announced several positive developments related to the state’s strengthening property insurance market. The news follows announcements […]
Safety First: 2024’s Safest States for Outdoor Workers
By Sav Maive | Updated: August 21, 2024 Which states take “safety first” seriously for outdoor jobs? With the Occupational Safety and Health Administration’s (OSHA) recently proposed rule for federal heat protections, Lawn Love ranked 2024’s Safest States for Outdoor Workers. We compared all 50 states and the District of Columbia based on 5 categories. We looked at legislation protecting […]
NYSWC Introduces Case Indexing
To promote efficient resolution of workers’ compensation claims, the New York State Workers’ Compensation Board will begin indexing every complete case on Sept. 26, 2024, for cases assembled on or after this date. For information on the announcement, see Subject Number 046-1704. As a result, the majority of claims assembled that contain a medical report of […]
Openly to Begin Offering Comprehensive Homeowners Insurance Options to Independent Agents in Delaware
Openly, the premium homeowners insurance provider, has announced it has begun offering its comprehensive coverage options to independent insurance agents and policyholders in Delaware. This launch marks the company’s expansion into its 24th state, following two successful rollouts in Connecticut and Virginia earlier this year. “Using cutting-edge data and technology, Openly empowers independent agents to deliver exceptional […]
Insurance Litigants Should Never Play Games With Discovery
Plaintiff Acted Inappropriately in Discovery Dispute Litigants Must Meet & Confer to an Impasse Before Bringing Discovery Disputes to Court In an insurance coverage action where Plaintiff alleged that Defendant breached its flood insurance policy by paying less than what Plaintiff asserts was the appropriate coverage amount under the policy, there was a dispute as […]
Man Bites Dog Story
Injunction Against Arbitration of No Fault Claims Plaintiffs are various State Farm insurers (collectively, “State Farm”) sued seeking a declaratory judgment that defendant NYC Medical Treatments, P.C. (“NYC Medical”) is not entitled to receive payment for claims brought under New York’s “No Fault” insurance laws. State Farm filed a combined motion to stay all pending […]
Replacement Cost Coverage Limited
Courts May not Rewrite Clear & Unambiguous Policy In Universal Property & Casualty Insurance Company v. Irma Qureshi and George Guerrero, No. 4D2023-1338, Florida Court of Appeals, Fourth District (July 24, 2024) the Court of Appeals was required to address the measure of damages recoverable for the breach of a replacement cost property insurance policy. BACKGROUND […]
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PMG Paves a Path for Risk Managers
For Howard Mills the Road Ahead Leads Back to Public Service in Risk Management with Safety and Economic Benefits to Taxpayers For Howard Mills, his life and his career have found him returning to the place from which he started, albeit in a new role. Howard started in public service and through his newest venture […]
Buckle Up…or Get Ear Muffs, or Risk Dangerous Outcomes
Automakers are installing louder, more irksome, more insistent seat belt reminders since the Insurance Institute for Highway Safety began rating the features in 2022. It is a definite pestering blare that greets the errant, but the idea is good. Hat’s the point if it’s tolerable? In 2022, only 17% of the new models tested earned a […]
Applied Underwriters’ Leaders Cite Engagement of Top Performers, Advancement of Key Leaders as Major Drivers of Dramatic Results and Emerging Presence in the Marketplace
High profile additions at United Risk in key E&S / specialty lines complement executive advancement Omaha, Nebraska, Tuesday, September 17, 2024 – Applied Underwriters’ recent upswing in growth, favorable underwriting results and recognized market reach have been credited by the Company’s leaders to the force of high performance hirings and top executive advancement for the […]
Jewelers Mutual® Earns Great Place To Work Certification™ For Second Year
Jewelers Mutual® Group, dedicated to protecting jewelry and jewelry businesses for over a century, proudly announced it has been Certified™ by Great Place To Work® for the second consecutive year. The insurer shares the news on Great Place To Work’s Certification Nation Day, an annual celebration of Great Place To Work Certified companies. The Certification […]
Flood Damage – A Rising Problem
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President According to climate.gov, 2023 brought record climate and weather-related disasters to the United States. In all, 28 such events each caused at least $1 billion in damage, with the total exceeding $92.9 billion. Results for 2024 will be even more severe, […]
INSHUR Secures $19m, led by Viola Growth, to Scale Operations across the US and Build Global Momentum
INSHUR closes fundraising round, led by Viola Growth, to continue to strengthen market position across the US and Europe, securing USD $19m – bringing total funding to USD $78.5m since 2019. Funding will enable INSHUR to continue to build on momentum driven in 2023, including 4x growth through its acquisition of ABI and partnerships with […]
Cytora and Kroll partnership to provide underwriters with new insights into values and risks
Integration will enable insurers to get instant access to crucial data on assets to make quick and precise decisions Cytora, the leading digital risk processing platform, has partnered with the leading independent global risk and financial advisory solutions firm, Kroll. The integration will enable commercial insurance underwriters to gain real time replacement cost values for assets […]
Crawford & Company® Introduces Turvism: A New SaaS Technology Provider for P&C Claims
Claims Technology Veteran Ken Tolson to Serve as CEO of the New Company Crawford & Company®, a leading global provider of claims management and outsourcing solutions to the insurance industry, has announced the launch of TurviSM, a new insurtech company offering market-ready SaaS solutions built to create a more efficient and accurate, P&C claims ecosystem. […]
Perjury by Witness is a Superseding Cause of Injury
Summary Judgment for Lawyers Sued for Malpractice Reversed In GMG Insurance Agency v. Margolis Edelstein, No. 213,2023, Supreme Court of Delaware (October 8, 2024) reversed summary judgment in favor of lawyers faced with a claim of professional negligence relating to legal services provided to GMG Insurance Agency. The Margolis Edelstein (“Margolis”) law firm defended GMG and Howard […]
Fifth Amendment Applies in Civil Case
Fifth Amendment Protects Drunk Driver & Bars Where He Drank Plaintiffs sued Taylor Brock Peters for injuries they sustained when his vehicle rear-ended theirs. Peters was also charged with the crime of intoxication assault. During discovery, the trial court ordered Peters to identify the bars that had served him alcohol, rejecting his assertion of the […]
Gangs Involved in Fraud & Murder
Gang Defendants Present Multiple Motions to Avoid or Delay Trial for Covid-19 Fraud & Murder for Hire In United States Of America v. Ronnell Bowman and Ronnie Jackson, Nos. 23-CR-77-1-JPS, 23-CR-77-15-JPS, United States District Court, E.D. Wisconsin (October 7, 2024) Defendants Ronnell Bowman (“Bowman”) and Ronnie Jackson (“Jackson”) (together, “Defendants”) who were charged with conspiracy to commit […]
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Porsche IS Driven
Like many of our readers, I am a Porsche owner (2013 Cayenne, with a stick- unique) but I am not a Porsche insured. The news is tempting, however, but not yet in tri-State area . Porsche Auto Insurance (PAI), has launched a new Unlimited insurance product designed for Porsche owners who drive over 10,000 miles […]
DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI
On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance professionals, and banks. These entities must abide by cyberattack regulations, but those regulations have not included any specific requirements related to AI. Although […]
Friedlander Group Announces 50% Dividend for Financial Services Safety Group Members
50% Dividend Paid to Financial Services Group of New York Workers’ Compensation Group #558 $740 Million in Total Workers’ Compensation Savings Since 1992 $414 Million in Dividends Paid to Friedlander Group Clients Purchase, NY – Friedlander Group, Inc., manager of the Financial Services Group Workers’ Compensation Safety Group #558, has announced a 50% dividend for […]
Cornerstone Financing announces $285 million financing from Aquiline and Nomura
Investment backs CHEIFS, a new funding solution converting home equity into advisor-driven financial solutions Bloomfield, NJ, October 29, 2024 – Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura. The financing supports the expansion of CHEIFS (Cornerstone Home […]
AmTrust 2024 Restaurant Risk Report Finds Spinal Injuries Inch Toward Six Figure Payouts, And Are on the Rise
As restaurant workers become part of the delivery economy, spinal injuries become more prominent NEW YORK – AmTrust Financial Services, Inc., a global specialty property casualty insurer,has released the 2024 AmTrust Restaurant Risk Report, which identifies the most common and costly injuries in the restaurant industry in the United States. In a review of nearly […]
Candle Safety
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Nothing says romance like a candlelit dinner, and there is not a much more festive setting than a home filled with aromatic candles. However, candles pose a significant fire hazard to your insureds. Helping clients understand and manage the risks of […]
The Big ‘I’ Announces Progressive Insurance® Donation to the Trusted Choice® Relief Fund
Disaster-affected agencies are encouraged to apply for assistance. ALEXANDRIA, VA – The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Progressive Insurance has donated $800,000 to the Trusted Choice Relief Fund, furthering efforts to support independent insurance agents, brokers and other insurance professionals impacted by disasters including floods, hurricanes and wildfires. Since its inception […]
Medical Liability Monitor Applauds Pennsylvania Lawmakers for Taking Bold Action to Address Medical Liability Crisis
Chicago, IL — Medical Liability Monitor (MLM), the monthly publication reporting on the medical professional liability insurance industry, commended Pennsylvania lawmakers for introducing a consequential package of tort reform bills aimed at tackling the commonwealth’s ongoing medical liability crisis in its current issue. These reforms come at a crucial time, MLM reports, as Pennsylvania’s legal […]
Policy Wording Must Limit Appraisal to Quantum Only
USDC Concludes Appraisal Can Consider Causation in Ohio Defendant State Farm Fire and Casualty Company (“State Farm”) issued a homeowners insurance policy to Plaintiff Sharon Marie Rogers (“Rogers”). State Farm determined the amount of loss to be $3,490.68, which was less than Rogers’ deductible. Insurance Adjusting Services West Penn; West Penn determined the amount of […]
Who’s on First & in What Percentage
Application of Diverse “Other Insurance” Clauses Insurers Protected Insured and Litigated Their Differences Two insurance companies- Gemini and Zurich- asked the Eleventh Circuit Court of Appeal to determine what share of a $2 million settlement each is required to pay. The district court entered judgment for Gemini, ordering that Zurich pay $500,000 plus prejudgment interest. […]
Pill Mill Doctor’s Conviction Affirmed
Health Care Fraud Conviction Affirmed CITING AS A DR. FEEL GOOD IS A FEDERAL CRIME According to the Sixth Circuit Dr. David Jankowski’s medical clinics relied on several unusual billing and prescription practices, many of which were illegal and Jankowski fraudulently billed Medicare for services he did not provide and prescribed controlled substances to patients […]
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IFNY Annual Free Enterprise Luncheon Honors Dave North, Andrew Mais
Intern program highlighted as 220 applaud current and future leaders The Insurance Federation of New York held its 109th Annual Award Luncheon on November 14, 2024. IFNY honored two individuals. The Free Enterprise Award, which is at the heart of the Luncheon and numbers among recipients Henry Ford, Hank Greenberg, and Donald Trump, was presented […]
Recovery Room- and lots of it
It is hard to forget that masterpiece of television advertising that branded a financial services company so effectively: “When EF Hutton talks…” was the slogan that launched thousands of investors on a path – pre-internet – to E F Hutton for financial and investing advice. For me, as for many of our readers, there are […]
Sander Elected to Board of Directors of the New York Insurance Association
ALBANY, N.Y. – The New York Insurance Association (NYIA) has elected Benedikt Sander, president and chief executive officer of Preferred Mutual Insurance Company, to the association’s board of directors for a term ending December 31, 2026. Preferred Mutual has been a member of the New York Insurance Association (NYIA) since 1970, and Sander has been […]
Godfread to lead insurance commissioner association in 2025
BISMARCK, N.D. – Insurance Commissioner Jon Godfread will serve as the president of the National Association of Insurance Commissioners (NAIC) for 2025 after serving as president-elect in 2024. As NAIC president, Godfread will lead the chief insurance regulators in all 50 states, the District of Columbia, and five U.S. territories in enhancing regulatory collaboration and promoting […]
AMERIND’s Tribal Risk & Insurance Convening Highlights Top Topics in Insurance Industry
Santa Ana Pueblo, NM – AMERIND, the country’s only 100 percent Tribally owned insurance provider, hosted its annual Tribal Risk & Insurance Convening in November in Nashville, TN. Over 350 attendees gathered to learn the latest in risk management, leadership, human resources, finance, technology, and tribal development. This year’s theme “Embracing Resilience-Navigating Change” was about empowering Tribal communities […]
2024/ December 2024/ Uncategorized
Prepare for a Claim-Free Winter
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President A home is a major investment, and every precaution should be taken to protect it. As cold weather approaches it is a good time for agents to partner with their insureds to reduce the risk of loss. Helping clients understand and […]
PIANY applauds the governor for signing PIA-priority windstorm definition bill, thanks members for their grassroots efforts
ALBANY, N.Y. – The Professional Insurance Agents of New York State Inc., applaud Gov. Kathy Hochul for signing legislation (A.2866/S.4199), which establishes a standardized definition of windstorm for homeowners insurance policies. This bill was the top legislative priority for PIANY for the 2024 session. “The passage of this bill is a testament to the relentless […]
AmTrust Title Announces Integration of Qualia Atlas with ASAP
New York, ny – AmTrust Title Announces Integration of Qualia Atlas with ASAP New York, AmTrust Title, a subsidiary of AmTrust Financial Services, Inc., has announced the successful integration of Qualia Atlas with ASAP (AmTrust’s Advanced Search and Production Software). These new integrations empower Qualia agents to underwrite policies seamlessly with AmTrust Title. Qualia agents […]
ACORD Solutions Group Launches ADEPT Placing as Single Gateway for Brokers and Insurers to Exchange Standardized Placing Data
New York, ny – ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, has announced a first-of-its-kind placing data exchange capability in its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing […]
Risk Strategies Acquires Assets of Cornerstone and ARC Benefit
BOSTON, Nov. 21, 2024 (GLOBE NEWSWIRE) – Risk Strategies, a leading North American specialty insurance brokerage and risk management and consulting firm, has announced that it has acquired the assets of Ohio-based employee benefits specialty organization Cornerstone Broker Insurance Services Agency, Inc., an Ohio-based national provider of employee benefits solutions. The sale also included the assets of ARC Benefit […]
Bad Faith Set Up Fails
Inadequate Information Made Refusal to Pay Policy Limits Not Bad Faith FACTUAL HISTORY After sustaining injuries in an automobile accident caused by Francisco Reyes, Jr., Flick had her attorney send Reyes’s insurer, the United Services Automobile Association (USAA), a letter explaining the severity of her injuries and an authorization for the release of her medical […]
Insurer Properly Sanctioned for Failure to Obey Court Order
It is Never Proper to Fail to Comply With Court Order Insurer Privilege Underwriters took its name too far trying to obtain privileges from the Arkansas Court of Appeals to which it was not entitled and acted contumaciously by disobeying the Circuit Court’s discovery order. In Privilege Underwriters Reciprocal Exchange v. Brandon Adams, No. CV-23-474, 2024 […]
Chiropractor Disciplined for Improper Billing
Chiropractor Lies to Board and Loses Right to Practice This appeal arises from an attempt by the state of Illinois to impose discipline upon plaintiff Christopher D. Leone, D.C., due to certain improper activities performed as a licensed chiropractor in the state of Illinois. In Christopher D. Leone, D.C. v. The Department Of Financial And Professional […]
No Breach of Contract no Bad Faith
Some Claims Proper Some Not Vepo Design Corporation and its officers (collectively, “Vepo”) appealed the district court’s grant of summary judgment on their breach of contract and bad faith claims against American Economy Insurance Company (“AEIC”). Vepo’s claims relate to AEIC’s denial of coverage following a fire in a laundromat, known as the “Central Laundromat,” […]
