Weekly Dispatch: June 16, 2022

June 16, 2022


N.J./N.Y.: Annual Conference offers an excess of opportunity!

For the first time in three years, insurance professionals from New Jersey and New York gathered, live and in-person at a new location—the Hard Rock Hotel Casino in Atlantic City—for two-and-a-half days for the return of the Annual Conference hosted by PIANJ and PIANY, which was held June 12-14, 2022. Those insurance professionals looking to grow their relationships and industry connections; energize their business acumen; and increase their knowledge found just what they were looking for during this favorite event. There were new ventures—from a panel on cannabis insurance, to a keynote address by renowned global futurist, Jack Uldrich, to InsurTech demonstrations—to time-tested favorites—from the expansive trade show, to the NJYIP Fun Run to benefit Special Olympics New Jersey—everybody who attended the event could find something that benefited their business and clients. See a full review of the event with photos in the July/August issue of PIA Magazine.

PIANJ elects officers, board of directors for 2022-23

PIANJ officers for 2022-23 were elected during the association’s annual business meeting, earlier this week, in Atlantic City, N.J. President: Thomas Wilkens. He is branch manager and director of McGowan Risk Specialists. President-elect: Constance Mahoney. She is agency manager of Mark Anthony Associates. Vice President: Andrew Harris Jr., CIC, AAI. He is president of Liberty Insurance Associates Inc. Vice President: Roger Butler, CIC. He is vice president of The Barclay Group. Secretary: Aaron Levine, CIC. He works at L.G. Insurance Agency. Treasurer: Beth Frederickson, CPIA. She is principal of Voluntary Risk Managers. Immediate past President: Michael DeStasio Jr., TRIP. He is senior vice president of AssuredPartners of New Jersey. Newly elected to serve on the board of directors for a three-year term expiring in 2025: Daniel Tague of N2G Worldwide Insurance Services. The following individuals were re-elected to serve on the board for a three-year term, expiring in 2025: Thomas Wilkens of McGowan Risk Specialists; Lydia Bashwiner, Esq., CWCP, NJWCP, of Otterstedt Insurance Agency Inc.; and Lisa Hamm, CIC, of Clyde Paul Agency Inc.

NJYIP installs 2022-23 officers and elect directors

NJYIP elected officers on Monday during its annual business meeting, in Atlantic City, N.J. The NJYIP officers installed were: President: Peter Leone of Hiscox. First Vice President: Tim Latimer of Barclay Insurance. Second Vice President: Michael S. DeStasio of N2G Worldwide Insurance Services. Treasurer: Josh McManigal of L.G. Insurance Agency. Secretary: Walter Conroy of Liberty Insurance Associates. Immediate past President: Alyssa Delaney of ANE, Agency Network Exchange LLC. The following individuals will serve as directors: Walter Conroy, Stephanie Danzis, Alyssa Delaney, Michael S. DeStasio, Bart DiMattina, Lisa Glesias, CPIA, Lila Khiry, Tim Latimer, Peter Leone, Aaron Levine, CIC, Kaiti Loughlin and Josh McManigal.

Majority of homeowners don’t understand insurance

According to a Forbes Advisor and OnePoll survey of 2,000 homeowners, 72% of homeowners do not understand how homeowners liability insurance works. Thirty-nine percent of respondents mistakenly believed dog-bite incidents were not covered by their homeowners insurance policy. Meanwhile, 71% of homeowners don’t understand that homeowners insurance does not pay for vehicle damage due to a house fire. Forty percent of homeowners believe earthquake damage is covered by standard homeowners insurance, and 36% believe it covers flood-related damage, which can be costly misconceptions. Now is the time to have conversations with your clients about the importance of their homeowners policy and what it does and doesn’t cover. The Fall issue of Insights and Updates—an exclusive consumer newsletter for PIA members that focuses on personal-lines issues—will include the article: “A standard homeowners policy: How you are covered and how you are not” and additional article topics including: the dangers of driving while drowsy and tips for Halloween safely. If you’d like to order this issue of the newsletter to send to your clients, email PIA’s Design & Print Account Manager Calley Rupp.

BLS: Insurance jobs fall slightly, agency employment up

The U.S. Bureau of Labor Statistics reports that insurance industry employment declined by 6,100 jobs nationwide in May. The May report contrasts the previous month, when insurance carriers and related businesses were on a hiring spree, adding 19,700 jobs. The industry still is ahead 31,800 jobs year over year and total employment is about 2.82 million, according to the BLS. Separate data by industry segment is only available on an unadjusted basis for the prior month. Four of seven sectors showed increases in April over March, led by insurance agencies and brokerages, with 8,600 new jobs to 909,000 total jobs.

CMS offers agent/broker compensation FAQ

The Centers for Medicare & Medicaid Services posted Frequently Asked Questions regarding compensation paid by issuers to agents and brokers who assist consumers with enrollment during a special enrollment period or during open enrollment periods. CMS has become aware that some issuers in the individual market, who commonly use agents and brokers as part of their marketing and sales distribution channels, have reduced or eliminated commissions and other forms of compensation to agents and brokers for enrollments during a special enrollment period.

Conn.: Down-payment assistance for new homebuyers

Gov. Ned Lamont announced this week the launch of Time to Own, a new state program offering down-payment assistance to low- and moderate-income homebuyers in Connecticut. Now accepting applications, the program provides a new source of funds for down payment and closing costs for applicants applying to the Connecticut Housing Finance Authority’s First-Time Homebuyer Program. It is being administered by CHFA on behalf of the Connecticut Department of Housing and is funded with $20 million that was allocated for homebuyer assistance by the State Bond Commission in December.

N.H.: Workers’ compensation awarded for midday trip home

The New Hampshire Supreme Court held that an employee traveling home from work in the middle of the day with the direction to return to the workplace should receive workers’ compensation benefits for injuries obtained during the trip. Known as the “special errand” exception, the court looked at whether the worker’s injuries occurred within the boundaries of employment and related to employment. The special-errand exception extends workers’ compensation coverage to journeys off the employees’ worksite within the course of their workday outside their normal travel periods. The employee in the case had been sent home for several hours due to weather and directed to return later in the evening. That resulted in the employee making the journey home during his workday at the direction of the employer. Ordinarily, travel to and from work is not covered by workers’ compensation unless it qualifies for an exception.


N.Y.: Do you know the candidates for the 2022 election?

Agents Advocacy Coalition wants to make sure you know who the candidates are for the 2022 elections for the state Assembly, Senate, and congressional districts. You can use this candidate look-up tool to find out who is running in your districts for various offices. Please note: Your district number might have changed from previous years—given the adjustment of the district lines to reflect the population changes and shifts accounted for in the 2020 census. For more election information, such as finding your polling location or registering, visit the Agents Advocacy Coalition website. Learn more about the candidates from the Times Union’s 2022 New York Voter Guide.

Educating insurance agents

N.Y.: New classes that meet the New York State Department of Financial Services’ new CE requirements are available online and in private on-site sessions.

FEMA: Free webinar on flood for agents

The Federal Emergency Management Agency is hosting a free webinar Wednesday, June 22, 2022, at 10 a.m., which is designed to help agents in New York state to advise their clients on the value of flood insurance. In New York, there are various flood hazards (e.g., coastal flooding, flash floods and hurricanes). The state is at high risk and has a low number of policies in force, which creates a business opportunity for independent agents. During the webinar—which can be useful to agents outside of New York state, too—industry leaders will discuss navigating changes to flood insurance under Risk Rating 2.0: Equity in Action, a major update to the National Flood Insurance Program. Attendees will learn effective strategies for communicating the importance of flood insurance and risk to clients and overcoming challenges to expand your book of business. Register today.

Register now

Tuesday, June 21, 2022: CTYIP Golf Open

Thursday, July 14, 2022: PIWA Summer Reception

Thursday, July 28, 2022: Save the date: NJYIP Summer Reception

Monday, Aug. 1, 2022: NY-YIP Golf Open

Monday, Sept. 12, 2022: Save the date: PIANJ Golf Classic

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