With a touch of real sadness, we present the effects of COVID -19 in this issue in a set of articles that we believe will prove useful and interesting. The art and science of underwriting relies upon levels of predictability that often include an irrational “gut” sense on the part of the professionals assessing risk. […]
Impact on personal and commercial auto insurance With people generally driving a lot less due to the pandemic, personal and commercial auto insurance carriers should expect to see a steady decline in premiums written for the next several quarters, and perhaps even for years. But given the lower traffic density, profitability could get a boost […]
Attempt to Avoid Sentence Because Of Pandemic by Insurance Criminal Fails Mikhail Zemlyansky is serving a 15-year sentence of imprisonment which was imposed in January 2016. He is currently incarcerated at the Federal Correctional Institution at Fairton, New Jersey. Defendant has moved for compassionate release under the First Step Act in light of the COVID-19 […]
Sen. Andrew S. Gounardes, D-22, introduced S.8853—a companion bill to A.10837, introduced at the request of Assemblyman Robert Carroll, D-44, a few weeks ago. The bill would require business interruption insurance to cover disease outbreaks, and would apply to all business interruption claims filed by insureds, and all policies or contracts that were issued, modified, […]
The National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I”) unveiled a new customer-focused proposal for a federal program tailored specifically to help businesses meet the financial challenges from future pandemics. The industry-backed Business Continuity Protection Program (BCPP) would provide revenue replacement assistance for payroll, employee benefits, and operating expenses following a presidential viral emergency declaration.
By Bill Martin Accidents at home don’t disappear in a pandemic, but they do require home insurers to make some critical adjustments. The auto insurance industry has been busy developing relief plans to return unexposed premiums and support their customers financially through COVID-19. Home insurers have a different opportunity to help. Homeowners are taking this […]
By Ray Kegnabb About once a generation, the U.S. insurance market encounters a crisis that demands a federal response. In the 1960s, it was severe uninsured flooding. In more recent memory, it was the catastrophic terrorism of September 11th. Yet another protection gap has been revealed in recent weeks, as the COVID-19 pandemic shutters thousands […]
By Carol Barkes Remember change is hard on our brains. By now many people have somewhat settled into working from home and will have a fight or flight response to “being released back into the wild.” Have a plan that you allow your team to help create, and that you clearly think out and share […]
The Independent Insurance Agents & Brokers of America (the Big “I”) has announced that Foremost® Insurance and Bristol West® Insurance have donated $500,000 to the Trusted Choice® COVID-19 Relief Fund in response to the economic and operational challenges the coronavirus crisis has presented to independent agencies. The grant will be dispersed directly to independent agencies […]
COVID-19: Lawmakers Should Protect Businesses Filing Business Interruption Claims. Pre-emptive legislation could stem the tide of a massive amount of COVID-19 related paperwork that is about to flood the insurance sector, having no discernible purpose and many bad implications for business clients. The 130 year-old Insurance Advocate has called it the “Interruption Eruption.”
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