More than 350 insurance professionals attended PIANY’s Metropolitan Awareness Program—the first RAP of the year—on Feb. 1, 2024, at the Sheraton New York Times Square Hotel. During the daylong event, attendees were able to network, learn and discuss the issues affecting the insurance industry, and earn continuing-education credits on hard market conversations and errors-and-omissions exposures specific to the Big Apple.
To see photos from the event, visit the 2024 PIA MetroRAP photo album.
Education approved for CE
Those who attended MetroRAP had the opportunity to earn 5 CE credits in either New Jersey or New York.
In the full-to-capacity morning education session—Hard Conversations for a Hard Market—PIANY’s Director of Government & Industry Affairs Bradford J. Lachut, Esq., helped attendees learn about the: different types of reinsurance that insurance companies buy, the process in which they purchase it, and importantly how the cost of reinsurance impacts clients’ premiums.
He also discussed how both the reinsurance and regular insurance markets were being affected by the increased frequency (and cost) of extreme weather events in the Northeast, and how the outdated infrastructure has exacerbated the damage caused by extreme weather.
To help mitigate losses, Lachut also explained the steps that can—and have—been taken by the public and private sector.
Lastly, he examined the impact that litigation has on insurance costs.
As you can see, participants walked away from the class armed with the knowledge to help them have educated conversations with their clients about how the hard market is affecting their insurance policies.
Later in the afternoon, Lachut returned to discuss Errors & Omissions in the Empire City. During this class, he discussed: the standard of care that agents in New York City owe to their clients; how Scaffold Law jurisprudence in New York City has shaped the rights and responsibilities of employers and employees in New York City; and how the concept of agent fiduciary duty is applied by courts around the Northeast.
He also discussed New York’s certificate of insurance law at length—specifically the tools that agents have that will protect them from errors-and-omissions claims, such as: listing additional insureds on polices, and being aware of notification rights. Most importantly, he guided participants on the best way to handle improper requests to add information to a certificate of insurance.
The New York Young Insurance Professionals kicked off the event early when it hosted its NY-YIP MetroRAP Welcome Reception at one of the best Irish pubs in the city—Connolly’s Pub and Restaurant. See pictures from the event in the online photo album.
While they browsed the trade-show floor, and met with the variety of vendors, participants were able to vote for the Best in (Trade) Show contest. The winners were the representatives from Friedlander Group, who spread a little Valentine’s Day cheer throughout the trade show. Congratulations Friedlander Group!
Thank you sponsors!
PIANY thanks everyone who attended this year’s MetroRAP. We especially thank the sponsors who generously support this great event.
Plan for the next event
Looking for more opportunities to network and learn with PIANY? Mark your calendars for the PIANJ | PIANY Annual Conference June 2-4, 2024, at the Hard Rock Hotel Casino, Atlantic City, N.J.
Watch your PIA publications for more details.
Jaye Czupryna is publications manager for PIA Northeast and editor-in-chief of PIA Magazine. She started her career in public relations, and she has been with PIA for more than 20 years. She has overseen PIA Northeast’s various publications, including the award-winning magazine since 2009. Jaye graduated cum laude from Siena College where she earned her Bachelor of Arts Degree in English Communications.