News
Federal court strikes down FTC’s noncompete rule
A recent ruling from the United States District Court for the Northern District of Texas has significant implications for the future of noncompete agreements in the U.S. In the case of Ryan LLC v. Federal Trade Commission, the court set aside the Federal Trade Commission’s Noncompete Rule, which would prohibit most noncompete clauses across the country. This ruling marks a substantial setback for the FTC’s efforts to regulate these agreements on a federal level.
Introducing PIA Northeast’s infrastructure series
Most Americans know their infrastructure needs a serious overhaul. Between massive potholes, aging pipes and wiring, slow public transport and more, there’s plenty of issues with our infrastructure that aren’t just inconveniences: they’re hazards to our health and safety. The Biden administration has made a serious move at tackling this issue with the signing of the Infrastructure Investment and Jobs Act on Nov. 15, 2021. The act provides approximately $1.2 trillion in funding over eight years to invest in America’s infrastructure—and $550 billion of that money is slated for new investments and programs. The IIJA is a federal piece of legislation, and therefore it impacts all states, including those within PIA Northeast’s footprint: it’s important that the association keep tabs on the impact of this act.
Verisk: Reconstruction costs up from 2023 by 5.2%
The insurance rating bureau Verisk released a new reconstruction report indicating that reconstruction costs have risen by 5.2% from July 2023 to July 2024. This is a substantial increase compared to the cost growth between July 2022 and July 2023. On a state-by-state basis, reconstruction costs have risen substantially in New Hampshire and New York, had a moderate increase in Connecticut, followed by a slight increase in New Jersey and Vermont.
Understanding the diverse needs of clients
As an independent insurance agent, navigating the market and crafting an offer that stands out from the rest—an offer that can’t be dismissed easily—requires a deeper understanding of your client’s specific needs and business circumstances. If you’re not focused on a single type of client, doing some research is necessary; diverse clients naturally have diverse requirements. Embracing this diversity means slowly moving away from the staleness of a one-size-fits-all approach, and allows for more flexibility.
Conn.: State of emergency declared in response to flooding
Gov. Ned Lamont declared a state of emergency for Connecticut on Aug. 19, 2024, in response to sudden and severe flooding. The flooding significantly impacted western Connecticut, leading to evacuations, rescues and multiple road closures. Make sure your clients are prepared: Have you explained to your clients that flooding isn’t covered by a standard homeowners insurance policy? For PIA Northeast members who are looking for help on how to answer their clients’ questions about flood insurance, they can access the PIA Flood Insurance Tool Kit.
N.J.: Chief of Staff Helmy appointed to replace Sen. Menendez
Gov. Phil Murphy announced that he had appointed Chief of Staff George Samir Helmy to the U.S. Senate on Aug. 16, 2024, to fill the vacancy caused by the resignation of Democrat Sen. Robert “Bob” Menendez. Helmy will serve as one of New Jersey’s two U.S. senators until the winner of the November General Election is certified on Wednesday, Nov. 27, 2024, at which point Sen. Helmy will resign and the governor will appoint the winner of November’s election to the U.S. Senate. Sen. Menendez was convicted and found guilty on federal corruption charges, triggering his resignation and vacancy.
N.Y.: Upper Hudson Valley, Adirondacks impacted by smoke
The 2024 Canadian wildfire season is on track to produce the second highest amount of carbon emissions since 2003, just behind the 2023 season. These impacts can be seen even in Upstate Hudson Valley and the Adirondacks, blanketing the region in a mild haze on Aug. 16, 2024. Even in instances where there is mild pollution, sensitive groups can still be affected. Businesses that rely on manual labor or outdoor work also can be impacted: business owners should consider business interruption insurance in case wildfire smoke significantly disrupts labor.
N.Y.: Michael A. Cardozo renominated for ethics commission
Gov. Kathy Hochul today announced the renomination of Commission Member on Ethics in Lobbying and Government, Michael A. Cardozo. The public will have three weeks to comment on the nominee, who will then be presented to the Independent Review Committee. Cardozo is a former New York City Corporation Counsel and he currently serves on the Commission on Ethics in Lobbying and Government.
Advocacy
Agents Advocacy Coalition chair attends reception for Representative Steve Hawley
Fred Holender, CLU, CPCU, ChFC, MSFS, chairperson of the PIANY Agents Advocacy Coalition, recently attended a reception honoring New York state Assemblyman Steve Hawley, R-139. The event, held to recognize Hawley’s continued service and commitment to the community, was a significant opportunity for Holender to advocate directly on behalf of insurance agents and brokers. Read more about Holender’s participation and Hawley’s track record here.
Technical
How to maintain liability coverage as time goes on
If you have business clients that are changing trades or are entering retirement, make sure that they double check and see if they have an active commercial general liability policy for whatever they had worked on. They may be changing fields, but people still can use what they had produced: if a tenant is injured in a home that your client had produced, your client would still need coverage even if it has been years since the home was made. For more information about this scenario, PIA Northeast members can read Discontinued products and completed operations coverage in the PIA QuickSource library.
Vt.: New DMV programs launched to help drivers on the autism spectrum
The Vermont Department of Motor vehicles has launched the Blue Envelope Program for Vermont drivers on the autism spectrum to make routine traffic stop interactions easier, safer and less stressful. The DMV modeled the new program on similar programs in other states and worked with the University of Vermont Autism Collaborative to develop the program. The blue envelope alerts law enforcement officers that the driver has autism, and printed instructions on the envelope help the officers to adapt their approach.
Educating insurance agents
Conn./N.J./N.Y.: Properly insuring commercial tenants
When tenants rent commercial space, they are vulnerable to a whole host of insurance-related issues. To learn more about how to protect these kinds of clients, attend the webinar Things to Consider When Insuring the Commercial Tenant. This class will be taught by Catherine Trischan, CPCU, CIC, CRM, AU, AAI, CRIS, ARM, MLIS, TRIP, and will be held on Thursday, Sept. 5, 2024, from 9:30 a.m.-12:30 p.m. This class has been approved for continuing-education credits in Connecticut (3 PC), New Jersey (3 GEN) and New York (3 BR, C3, PA, PC).
ICYMI
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.
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
Wednesday, Nov. 6, 2024: Hudson Valley RAP
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Save the date
Tuesday, Oct. 29, 2024: New Jersey Deep Drive: The Perfect E&O Storm
