News
Infrastructure series: Aviation initiatives are taking flight
The holidays are fast approaching, and with millions of Americans expected to travel in the upcoming months, we are once again reminded that many of our nation’s airports are quite insufficient and lag behind competitors. There isn’t an American airport that breaks the top 25 airports worldwide, and the average airport terminal is more than 40 years old—most are not built to handle the challenges associated with the current growth of air travel. Through the Bipartisan Infrastructure Law, $25 billion has been designated to make improvements to the United States’ airport infrastructure: what changes are going to be made?
Major carrier updates: Market withdrawals, insolvency impact
Amid growing concerns about the financial health and stability of the insurance marketplace, the personal-lines sector has experienced significant disruption, driven by carrier withdrawals and a rise in insolvencies. These developments are further constricting an already hardened market, reducing capacity, raising premiums and complicating efforts to secure coverage for clients. There are key updates on carrier and market withdrawals that every insurance professional should know, so they can prepare themselves and their clients for their impacts.
NFIP introduces monthly installment option
The Federal Emergency Management Agency’s National Flood Insurance Program has introduced the option for NFIP policyholders to pay their insurance premiums in monthly installments. Traditionally, these premiums were paid solely on an annual basis. If insurance agents have insureds who are considering flood insurance or live in area that experiences frequent flooding, this new option is important to discuss with them, as it may be a deciding factor when it comes to purchasing flood insurance. 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.
PIANJ offers free membership to veterans
As we honor our country’s veterans next week, PIANJ wants to remind you that the association offers a free year of PIANJ membership for U.S. military veterans who recently earned their insurance licenses and who are starting their own insurance agency in the state of New Jersey. Do you know a U.S. military veteran who is starting an agency? Always-expanding PIA-member benefits include: education; information; PIA Design & Print; networking opportunities; advocacy; agents’ errors-and-omissions and other coverages; and more. If you know a veteran who qualifies for a free year of membership, let him or her know about this offer or contact PIANJ at (800) 424-4244 or via email, so we can reach out to him or her. Remember: If your referral brings in a new PIANJ member (regardless of military status), you can receive $50 in cash or coupons for certain PIA benefits/services.
Vt.: November marks launch of Mobile Home Infill Program
In response to the housing crisis and flooding, Vermont has launched its Mobile Home Infill Program registration on Nov. 1, 2024. For the first two weeks of the program, only residents of the state who have been impacted by flooding can register. Starting Friday, Nov. 15, 2024, the program will be open to the general public. While the first 30 MHIP homes are expected to be ready for occupancy by the end of 2024, current funding allows for an additional 70 to hit the market in 2025. Insurance professionals should pay attention to this initiative, as it means new homeowners are entering the insurance market.
Advocacy
PIACT, CID strategize boosting flood insurance uptake
Recently, representatives of PIACT met with Connecticut Insurance Department Commissioner Andrew N. Mais and several high-level CID staff members to address challenges and potential solutions to increase flood insurance adoption across the state. The CID invited PIACT to share insights from the front lines—as many insurance agents report ongoing difficulties in convincing property owners to purchase flood insurance.
Technical
Learn all about ‘sub-ro-gat-tion’
Subrogation is a relatively straightforward concept: it is the right to acquire someone else’s rights, a demand for something under the right of another. When someone pays a debt he or she doesn’t legally owe, the unfairness of this circumstance can be remedied by allowing the payer of the debt (subrogee) to step into the shoes of the party who is owed the debt (subrogor) and demand payment from the party who legally owes the debt. For more information about this topic and its different application in the insurance industry, PIA Northeast members can access Sub-ro-ga-tion in the PIA QuickSource library.
N.Y.: 2025 WC assessment rate published
In Subject Number 046-1723, the Workers’ Compensation Board announced the new assessment rate of 7.1% of standard premium, effective for policies renewing on or after Monday, Jan. 1, 2025. This 22% decrease from the 2024 rate of 9.2% is expected to save New York state businesses approximately $191 million. Pursuant to Workers’ Compensation Law Section 151, the WCB shall annually establish an assessment rate for all employers by Nov. 1 of each year.
N.Y.: October ACORD forms update
In the latest ACORD forms update, countrywide form 125 (2016/03) Commercial Insurance Application Applicant Information Section is revised with an effective date of Nov. 1, 2024.
Educating insurance agents
Conn./N.J./N.Y.: Critical issues for commercial clients
The two-day course, 2024 CIC CML | Commercial Multi Line Institute Webinar, is fast approaching. This webinar will be held through Nov. 13-14, 2024, and will feature instructors Daniel G. Fink, CIC, CRM, AAI, CPCU, CRIS; Mark A. Palinkas, CIC; Catherine L. Trischan, CPCU, CIC, CRM, AU, AAI, CRIS, ARM, MLIS, TRIP. This webinar will help commercial clients navigate critical issues, such as cyberthreats and crime from both property/casualty perspectives, commercial exposures and the coverage available to address these exposures. This class has been approved for continuing-education credits in Connecticut (16 PC), New Jersey (16 GEN) and New York (15 BR, C3, PA, PC).
ICYMI
PIANJ’s E&O panel on navigating the hard market, what you may have missed
On Oct. 29, 2024, PIANJ hosted a dynamic panel discussion, The Perfect E&O Storm: Tips for the Hard Market, which brought together seasoned experts to share insights on managing errors-and-omissions risk in today’s challenging market. Part of PIANJ’s Deep Dive Series, the panel provided valuable guidance for agents facing pressures from carrier limitations, staffing shortages and shifting client needs. You can view the full Deep Dive discussion here.
Register now
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
Save the date
Wednesday, Jan. 29, 2025: MetroRAP—Interested in sponsoring, advertising or exhibiting?
March 20-21, 2025: Connecticut Convention
Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour
June 8-10, 2025: PIANJ | PIANY Annual Conference
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing
