News
Northeast makes recovery efforts after Hurricane Debby
Hurricane Debby, as a post-tropical cyclone, passed over the states in PIA’s footprint on Aug. 10, 2024. The storm brought power outages, heavy rainfall and even a tornado in New Paltz, N.Y. In the lead-up to Debby’s arrival, New Jersey and New York state issued State of Emergency orders, while Vermont extended a prior emergency order to cover new damages. After the cyclone had passed the region, New York announced emergency assistance for impacted homeowners. During this highly active hurricane season, check out PIA’s Hurricane Info Central, which has resources to help your clients and your agency during the hurricane season, which runs June 1-Nov. 30. If you would like to send customized materials to your clients, email PIA’s Design & Print.
Report: Insurance losses from Debby ‘very manageable’
In reporting from Reuters, reinsurance broker Gallagher Re expects the losses from Hurricane Debby to be “very manageable,” with the costs being in the low single-digit billions of dollars. The report claims that this low estimate is because there are fewer active insurance policies. These findings could ease an industry that has been seeing billions in losses over the past several years due to more frequent weather-related claims.
Need an easy way to keep in contact with clients?
Educating—and keeping in touch with—clients is vital to maintaining agent-client relationships. If you are looking for ways to inform your clients about various insurable risks, and the importance of specific insurance policies, have you checked out the content on PIA Northeast News & Media? Easily searchable by keyword or topic, there are numerous articles that are written to be informative to the insurance-buying public. Consider sharing these articles with your clients. Recently added topics include: inflation, rising construction costs and home insurance rates; abiding to short-term rental property regulations and laws in different localities; and what to look for when hiring a roofer.
Conn.: State to launch efforts to combat card skimming
Connecticut is making strides to combat credit, debt and EBT card skimmers targeting consumers. This includes the launch of an education campaign to help people learn the signs of skimmers and fraud, police investigations and increased efforts by the Connecticut Food Association to train front-line staff in stores and place security tape over point-of-sale devices to make skimmers easier to recognize. Skimmers capture this information, which is used to create fake payment cards, and then make unauthorized purchases or steal from the accounts. For more information about the subject of identity theft, PIA Northeast members can access Identity theft—who’s been in your wallet? in the PIA QuickSource library.
N.Y.: Disaster declaration requested for severe weather
Gov. Kathy Hochul requested a Major Disaster Declaration from President Joe Biden to support the ongoing recovery efforts of communities impacted by the severe weather that occurred on July 10-11, 2024. This request was made on Aug. 9, 2024. If granted by the federal government, this declaration would provide federal funding for Cortland, Essex, Hamilton, Lewis and St. Lawrence counties to cover debris removal, emergency protective measures and repairs to public buildings and infrastructure. New York state is continuing to work with impacted localities to gather eligible damages to potentially support a request to the Small Business Administration for low interest loans.
N.Y.: Long Island resiliency efforts announced
Gov. Hochul announced $2.5 million in funding for the Ditch Plains Beach project to restore the beach and provide safe recreational space for residents and visitors at an event in Montauk on Aug. 9, 2024. The funding is announced ahead of an anticipated above-average hurricane season and builds on the governor’s comprehensive resilience plan to protect New Yorkers from extreme weather events. Dunes recovery will ensure the recovery of the coastline and will be completed by the engineering firm Coastal Science & Engineering Inc.
Technical
Joined at the wallet—Joint Ownership Coverage endorsement
There are many reasons why an automobile may be purchased or leased by more than one person. It may be a matter of convenience or financial necessity. Whatever the reason, independent agents should know how to cater to each of their clients’ unique circumstances. Having knowledge of the relationship between the owners/lessees is important when obtaining proper insurance protection. For more information, PIA Northeast members can access Joint Ownership Coverage endorsement in the PIA QuickSource library.
Educating insurance agents
Conn./N.J./N.Y.: Two CE courses in one day
Keeping up with continuing education is the responsibility of every independent insurance agent. To help agents fulfill their responsibility, Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, will teach the webinars NFIP—What is a Flood? and Resolving Ethical Dilemmas on Wednesday, Aug. 28, 2024. The former course will be held from 9:30-10:30 a.m., and it has been approved for CE credits in Connecticut (1 PC), New Jersey (1 NFIP Flood) and New York (1 BR, C3, PA, PC). The latter course will be held from 11 a.m.-noon, and it has been approved for credits in Connecticut (1 LRE), New Jersey (1 ETH) and New York (1 BR, C1, C3, LA, LB, LSB, PA, PC). With these classes, you will have the convenience of being able to take two seminars in a single day.
Events
Meet the finest insurance professionals at the NH Symposium
The stars of the insurance industry will be out for the New Hampshire Symposium on the evening of Thursday, Aug. 29, 2024. This event will be held at The One Hundred Club in Portsmouth, from 5:30-7:30 p.m. It will feature some of the world’s finest wine, delicious appetizers and the opportunity to network with your industry peers. Be sure to take in the scenery too: The One Hundred Club is right along the wonderful Piscataqua River. Register for this event today. This event also offers sponsorship opportunities. The wine sponsors for this event are as follows: Concord Insurance Group, Main Street America, Merchants Insurance Group, Plymouth Rock Assurance, and Safety Insurance.
ICYMI
Take the two-minute PIA advocacy survey
PIA National is collecting information about its members to help expand its grassroots-advocacy efforts. The association will use the information collected to conduct issue-specific outreach to members whose agencies will be affected by each issue. The experiences and expertise shared by each survey respondent will inform the association’s advocacy activities. Complete a brief survey today.
Register now
Thursday, Aug. 29, 2024: New Hampshire Symposium—sponsorship opportunities
Tuesday, Sept. 10, 2024: NY-YIP Albany Fall Soiree
Monday, Sept. 23, 2024: PIANJ Golf Classic
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
Monday, Oct. 21, 2024: Disaster at your Doorstep: Disaster Planning and Continuity Strategies for the Personal and Commercial Lines Client—Free webinar to YIP members in Connecticut, New Jersey and New York; $25 PIA Northeast members; $50 nonmembers
Save the date
Tuesday, Oct. 29, 2024: New Jersey Deep Drive: The Perfect E&O Storm
Wednesday, Nov. 6, 2024: Hudson Valley RAP—sponsorship opportunities
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
