Weekly Dispatch: Oct. 10, 2024

October 10, 2024

News

AP: FEMA funding won’t last until end of hurricane season

Despite a government shutdown being averted and the Federal Emergency Management Agency receiving funding until late December, it still may not be enough to last until the end of the hurricane season on Saturday, Nov. 30, 2024. Homeland Security Secretary Alejandro Mayorkas clarified to reporters on Oct. 2, 2024, that there is enough funding to meet the immediate needs of the agency. The members of Congress are scheduled to return to their home states to campaign for the upcoming November election, but a bipartisan group of senators from the affected states are trying to push to have Congress reconvene before then. In light of this announcement and Hurricane Milton, misinformation and disinformation have spread about the abilities of the agency, which it has sought to debunk.

Hurricane Milton makes landfall in Florida

Late Wednesday evening, Hurricane Milton made landfall in Florida as a major hurricane, causing widespread destruction. This is already on top of the damage Helene caused only a few weeks ago. During this 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 until Saturday, Nov. 30, 2024. If you would like to send customized materials to your clients, email PIA’s Design & Print.

CoreLogic: Helene caused billions in wind, flood damage

Analytics company CoreLogic has done a projection of partial damage estimates for Hurricane Helene, which inflicted massive loss of life and damage to Southeastern communities. According to its final data analysis, total flood and wind losses are between $30.5-$47.5 billion. This estimate includes wind loss, as well as insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 states.

Cybersecurity in the insurance industry

October is Cybersecurity Awareness Month, making it more important than ever to stay on top of the latest issues facing the insurance industry with PIA Northeast’s seven-part series that examines the most recent cyber security regulation. Insurance agencies and companies hold vast amounts of sensitive information, from policyholder data to financial information, making them attractive targets for cybercriminals. Beyond the immediate financial implications of a cyberattack, there’s the enduring damage to an agency’s or an insurer’s reputation. As a reminder: Any agency doing business in New York state must comply with the New York State Department of Financial Services’ cyber security rules. To help members do this, PIA Northeast has partnered with TAG Solutions.

Spooky insurance coverage issues: paranormal activity

Now that it’s October, it’s time for everything pumpkin spice, Halloween décor and nightly thrills with your custom queue of horror media. Two common themes tend to repeat in most media about the paranormal: characters fall victim to bodily harm or possession by evil entities, and residential homes and businesses suffer catastrophic damage by either an invading phantom, or by someone trying to trap, destroy or exorcise a paranormal force. So, what kind of insurance policy would a homeowner or business owner need to protect themselves this Halloween season and beyond? Learn more about the proper coverage on PIA Northeast News & Media.

Conn.: National Guard sends additional resources to NC

Gov. Ned Lamont announced that the Connecticut National Guard has sent additional resources to North Carolina in response to a request from that state for further assistance with Hurricane Helene disaster response. The aircrew and their helicopters arrived on Oct. 4, 2024, and were expected to remain there for a week. This planned deployment comes in addition to the Friday, Sept. 27, 2024, deployment to North Carolina of two other teams from Connecticut.

PIANH names officers for 2024-26

PIANH announced its officers for 2024-26 at its annual meeting on Sept. 26, 2024. Casey Hadlock of Littleton, was elected president. Hadlock is president and co-owner of Hadlock Agency Inc., a fourth-generation agency in Littleton. Active in PIANH, Hadlock served as a secretary/treasurer of the association from 2021-24. Jeffrey Foy, AAI, of Portsmouth, was re-elected vice president. Alex Kapiloff, CPCU, CIC, CLU, AAI, of Keene, was elected secretary/treasurer. Keith Maglia of Atkinson, will serve as immediate past president.

N.Y.: What’s behind ATIC’s looming collapse?

There was a time when New York City’s streets were dominated by yellow taxis—weaving through traffic and honking their way across the avenues—embodying the city’s frenetic energy. Then, came the ride-hail revolution. The rapid expansion of the ride-hail market brought significant challenges—not only for the taxi industry, but also for the commercial-car insurance sector. American Transit Insurance Co., once a leading insurer of yellow cabs, black cars and ride-hail vehicles, is under severe financial distress, throwing New York City’s commercial ride-hail market into disarray. What led to the downfall of such a major player, and how will this crisis reshape New York City’s commercial-car insurance market?

N.Y.: Climate, severe weather support from state

New York state has implemented new measures to protect residents from climate change and severe weather. Gov. Kathy Hochul on Oct. 4, 2024, announced that $3.5 million in state funding will be provided to the Tobay and Overlook beaches to strengthen the south shoreline of Long Island amid storm damage and erosion. On the same day, she announced that the application deadline for homeowners to apply for emergency repair grants for the July and August 2024 extreme weather events has been extended.

Technical

Extension of NFIP grace period payment

The Standard Flood Insurance Policy provides that the term of the policy commences on its inception date and ends on its expiration date. To avoid a lapse or reduction in coverage, a National Flood Insurance Program insurer must receive a policyholder’s renewal premium payment within 30 days of the expiration date of the policy, or by the premium due date for any additional premium requested due to underpayment. However, due to Hurricane Helene’s severe and historic damage in several states, Acting Assistant Administrator for Federal Insurance Jeffrey Jackson has issued a memorandum extending the grace period for the NFIP for an additional 30 days.

The limits of auto coverage for food delivery services

The ride hailing boom has led to new guidelines for insurance policies. Many of these ride-hailing companies (e.g., Doordash or UberEats) require their drivers to use their own vehicles and for them to keep up-to-date insurance policies. If you have insureds who are in this line of work, the best thing you can do is to familiarize yourself with the limits of what auto insurance will cover for food delivery services. For an in-depth guide on this issue, PIA Northeast members can access Food delivery services in the QuickSource library.

Accolades

CTYIP Awards Gala: A night for insurance stars

The stars of the insurance industry were out for the 2024 CTYIP Awards Gala. It was held on Oct. 3, 2024, at Anthony’s Ocean View in New Haven, Conn. Over 80 people were in attendance. At the event, CTYIP honored the top industry professionals, including presenting the CTYIP Lifetime Achievement for Tim Russell of The Russell Agency; the CTYIP of the Year for Matt Higgins of the HAI Group; the CTYIP Director of the Year Kieran Buttrick of Hagerty; the CTYIP Supporter of the Year is Atlantic Casualty; and the CTYIP Industry Advocate of the Year is Crystal Restoration Services of CT. In addition to the awards ceremony, this event provided the opportunity for insurance professionals to network and enjoy themselves.

Educating insurance agents

Disaster planning webinar: free for YIP members

The frequency of natural disasters has been increasing on a global scale. Are you prepared to act when disaster appears on your insureds’ doorstep? To reinforce your response skills, be sure to attend the YIP Fall Webinar, Disaster at your Doorstep: Disaster Planning and Continuity Strategies for the Personal and Commercial Lines Client. This webinar will be led by YIP and PIA Northeast Government & Industry Affairs Director Bradford Lachut, Esq., on Monday, Oct. 21, 2024, from 10-11 a.m. This class is free for YIP members, $25 for PIA members, and $50 for nonmembers. This class has been approved for continuing-education credits in Connecticut (1 PC), New Jersey (1 GEN) and New York (1 BR, C1, C3, LA, LB, LSB, PA, PC).

Conn./N.J./N.Y.: CIC Life and Health webinar

When it comes to life and health insurance, you may find yourself asking “what are the basic characteristics, provisions and riders found in most life, health and retirement contracts?” To learn more about these products and to best meet your client’s personal and business needs, attend the 2024 CIC LH | Life and Health Institute Webinar, which will feature instructors Mark A. Palinkas, CIC; Victor Anthony Puleo Jr., Ph.D., CIC, CFP; and Thomas Sanders, CIC, CPIA. This webinar will be held from Oct. 23-24, 2024. It has been approved for CE credits in Connecticut (16 PC), New Jersey (16 GEN) and New York (15 C1, LA, LB, LSB). For New Hampshire and Vermont CE credit information, contact the National Alliance at (800) 633-2165.

Events

PIWA panel discussion: Building a successful career in E&S

If you are new to the excess-line business—or know people who wish start careers in the E&S business—be sure to attend the PIWA Panel Discussion: How to Build a Successful Career in the E&S Wholesale Business. This discussion will be held on Thursday, Oct. 24, 2024, from 1-2:30 p.m. It will be moderated by PIWA President Robert Farella, and will feature the panelists Dave Grafstein, the executive vice president of Amwins Brokerage and the branch manager of its office in Stamford, Conn.; Pamela Howell, the vice president of Excess Casualty within the Excess and Surplus division at IAT Insurance Group; Robert Lynch, the senior vice president of Property and Package Underwriting at SES, an Alliant Underwriting Solutions company; and Thomas Lynch, senior vice president of Jencap’s NYC Casualty Team. Don’t miss out; register for the panel now.

New Jersey Deep Dive: Perfect E&O Storm

Are you ready to take a deep dive into the complex world of errors-and-omissions challenges? The Deep Dive: Perfect E&O Storm online panel will lead you through this subject with Lisa Hamm, CIC, PIANJ treasurer, and president of Clyde Paul Agency; William J. McMahon III, CIC, CWCA, PIANJ director and president of McMahon Agency Inc.; Lloyd “Rip” Bush Jr., CPIA, PIANJ past president and account executive with Keer & Heyer Inc.; and Christopher Weldon, Esq., attorney with Winget, Spadafora & Schwartzberg LLP. Topics will include how market conditions, the use of technology, customer service practices and human resources concerns all interplay to create unique risks for agents. This panel will be held on Tuesday, Oct. 29, 2024, at 11 a.m. Register now. *Informational only; no continuing education credit.

HV RAP: Explore new industry possibilities at trade show

PIANY’s Hudson Valley Regional Awareness Program will be held Wednesday, Nov. 6, 2024, at the Crown Plaza Hotel, Suffern, N.Y. From the morning into the afternoon, HV RAP will offer participants access to a bustling trade show. There, insurance professionals will have the opportunity to explore new products and network with vendors, increasing their standing in the industry. All attendees are qualified automatically to win amazing door prizes and cash giveaways. This event is a must for everyone who attends. Don’t miss out: register for HV RAP now and save 15%. Sponsor, exhibit, or advertise here.

Register now

Thursday, Oct. 17, 2024: PIANJ Women’s Leadership Alliance Presents: An Afternoon with Meg McKeen

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

Thursday, Oct. 24, 2024: PIWA Panel Discussion: How to Build a Successful Career in the E&S Wholesale Business

Tuesday, Oct. 29, 2024: New Jersey Deep Dive: The Perfect E&O Storm—Informational only; no CE credit.

Wednesday, Nov. 6, 2024: Hudson Valley RAPSponsor, exhibit or advertise

Tuesday, Dec. 3, 2024: NJYIP Holiday Social

Save the date

Wednesday, Jan. 29, 2025: MetroRAP

March 20-21, 2025: Connecticut Convention

June 8-10, 2025: PIANJ | PIANY Annual Conference

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