Inflation challenges: Help your clients prepare
Inflation impacts all aspects of our lives—but it is having an outsized impact on the cost to repair or replace cars and homes. Data reveals that 20% of homeowners don’t know how much they pay for home insurance[1]—so chances are, many will not anticipate the impact...
Overcoming imposter syndrome
Do you ever feel like you aren’t as capable as others think you are? Are you constantly doubting yourself and ignoring your accomplishments? Do you feel like a fraud even when there’s proof of your success? If you answered “yes” to these questions, you’re probably...
Weekly Dispatch: Sept. 29, 2022
Vermont Supreme Court allows novel ‘physical damage’ COVID-19 theory to proceed. The Connecticut Insurance Department allows defense within limits for fiduciary and cyber liability policies. A photo-inspection bill has been introduced in the New Jersey state Assembly. And, the New Hampshire Insurance Department has approved the National Council on Compensation Insurance 2023 WC loss cost decrease of 7%. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, education opportunities, upcoming events and information you may have missed in this issue of the Weekly Dispatch.
NHID approves NCCI 2023 WC loss cost decrease of 7%
The New Hampshire Insurance Department approved the original workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 7% decrease. In addition, a decrease of 7% of the overall assigned risk rates...
Do carrier ratings really matter?
In a word: Yes. They do. There are organizations that rate the financial condition of insurance companies, such as Demotech, Moody’s and S&P Global Ratings. However, AM Best is probably the most prominent. AM Best uses letter ratings, ranging from “A” (which is...
N.J.: Photo inspection bill introduced
A bill (A-4643) that would amend the law related to physical damage inspections—often referred to as photo inspections—was introduced in the state Assembly last week. Currently, insurers are prohibited from providing physical damage coverage for an automobile prior to...
Vermont Supreme Court allows novel ‘physical damage’ COVID-19 theory to proceed
Recently, the Vermont Supreme Court ruled in the case of Huntington Ingalls Industries v. Ace American Insurance Co., that a policyholder could proceed with a business interruption claim that alleges that the COVID-19 virus caused physical damage to property when it...
Automate social-media marketing
Automation plays a significant role in our lives. Of course, much of it is technology based. Moreover, it is a central driver within our professional, independent insurance agencies. It helps agency owners and employees work smarter. Done right, it saves us time and...
N.Y.: Revised WC loss costs take effect 10/1/22
In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...
The FLSA: Attack of the overtime
“What do you do?” We have heard that question a thousand times. It is one of those standard conversation pieces along with: “What do you think of this weather?” and “How about that local sports team!” Every time you meet someone new, it is a virtual guarantee that you...
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