News
Heat dome descends across the Northeast
A heat dome has descended across the Northeast, blanketing the region in dangerous heat and humidity. At its peak, these temperatures felt like they were over 100 degrees. Connecticut and New York have issued warnings about the weather, urging residents to keep themselves cool, sheltered and hydrated. If you have insureds who work in the heat or operate a business with inadequate cooling, speak with them about their insurance options and exposures. Extreme heat risk isn’t something to be taken lightly.
Report: Ransomware remains a persistent challenge in cyber insurance claims
Marsh issued a report about the threat ransomware poses through its analysis of cyber-related claims submitted to the company from the United States and Canada. The report found that 21% of clients that purchased a cyber security policy reported a cyber security event in 2023—which is consistent with the last five years’ worth of data. Protect your agency from cyberthreats. PIA members and every one of their small-business clients must understand and then tackle their cybersecurity weaknesses before they are crippled by them. To protect their sensitive data—and their insureds’ sensitive data—insurance agents should have cyber liability coverage. To determine their unique cyber risks, PIA-member agents can use PIA’s Cyber Risk Assessment. PIA members also can access Ransomware is a real menace in the PIA QuickSource library.
N.H.: New boating safety bill signed into law
Gov. Chris Sununu signed HB 1046, which targets boater safety, into law on June 11, 2024. Effective Wednesday, Jan. 1, 2025, this new law requires that boat operators involved in accidents resulting in death, injury, or property damage must immediately stop and assist those affected. They also must exchange contact information and vessel registration information and other relevant information to the involved parties or to the nearest marine patrol or police officer if the parties are unable to receive the information.
Vt.: Governor vetoes ‘business hostile’ data-privacy bill
The Associated Press reported that Gov. Phil Scott vetoed a data-privacy bill that would have targeted companies using online personal data by “letting consumers file civil lawsuits against companies that break certain privacy rules,” as well as prohibiting the sale of sensitive data like social security and driver’s license numbers. Scott justified the veto by stating that, if passed, the bill would make the state “a national outlier and more hostile than any other state to many businesses and nonprofits.”
Advocacy
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.
PIA urges DOL to delay final overtime rule
On June 12, 2024, PIA, along with a diverse group of business stakeholders, sent a letter to the Department of Labor to urge it to delay implementation of its final overtime rule to allow for judicial review. Delaying the effective date of the DOL’s overtime rule while litigation is pending that would ensure that businesses and the agency does not waste valuable resources by attempting to come into compliance or implement a rule that could be invalidated by a court. PIA urges the DOL to allow time for judicial review of its overtime rule by delaying implementation until the courts decide on its validity.
N.Y. Legislature passes amended ‘wrongful death’ bill; awaits action from governor
The state Assembly and Senate passed the bipartisan A.9232-B and S.8485-B on June 4 and June 5, 2024, respectively—marking the third consecutive year the state Legislature has acted on bills to address the wrongful death issue. Sponsored by Sen. Brad Hoylman-Sigal, D-47, and Assemblymember Helene Weinstein, D-41, the Grieving Families Act, also known as New York’s Wrongful Death bill, would amend the Estates, Powers, and Trusts Law to allow families of wrongful death victims to recover damages for emotional anguish, grief, loss of love or companionship, loss of services and support, and the loss of nurture and guidance.
Technical
It’s not you, it’s me: breaking up with a client in 300 words
In the case in which a producer needs to part ways with a client, there is no legal obligation for the producer to notify the client. However, PIA recommends that producers do so to protect themselves from legal liability. To learn more about drafting a succinct letter that will protect agents from exposures, PIA members can consult How to break up with a client in around 300 words in the QuickSource library.
N.Y.: Mobile IDs introduced by DMV
Gov. Kathy Hochul announced that the New York State Department of Motor Vehicles has launched the New York Mobile ID, a highly secure digital version of a state-issued driver license, learner permit or ID on a smartphone. Through a partnership with the Transportation Security Administration, the New York Mobile ID will be accepted at TSA security checkpoints at nearly 30 participating airports across the country, including all terminals at LaGuardia and John F. Kennedy airports.
N.Y.: Cannabis Control Board issues over 100 additional adult-use licenses
On June 11, 2024, Gov. Kathy Hochul announced that the New York State Cannabis Control Board advanced the state’s cannabis regulatory framework during this month’s board meeting, addressing several key topics: license approvals, market updates, home grow regulations and enforcement updates. The CCB authorized the issuance of 105 varied adult-use cannabis licenses spanning the supply chain, encompassing microbusinesses, cultivators, processors, distributors and retail dispensaries. PIA Northeast offers various resources to help members stay updated on this budding issue.
Educating insurance agents
Conn./N.Y.: Learn about cyber in CPIA special topic course
If you need to dive deep into the world of cyber security exposures, you should attend CPIA Special Topic: Agents Guide to Understanding and Mitigating Cyber Exposures. This webinar will be held on Wednesday, June 26, 2024, from 8 a.m.-5 p.m., and it will be taught by John Fear, CPIA, CISR. This class has been approved for continuing-education credits in Connecticut (8 PC) and New York (8 BR, C3, PA, PC). This class has been submitted for CE approval in New Jersey. This is an advanced CPIA webinar. It is not good toward completing a CPIA designation. Instead, it focuses on more in-depth topics for those individuals who already have their CPIA designation.
Events
PIANJ | PIANY Conference an out-of-this-world experience
The 2024 PIANJ | PIANY conference was an unforgettable experience for more than 1,600 independent insurance agents from across the cosmos. These professional agents had a constellation of activities to enjoy at the multiday event. There were credited education seminars to attend, including a mock trial. The trade show was as busy as ever this year, featuring over 150 exhibitors in attendance, presenting new products and services to help an agent’s business grow. There also were many opportunities to network, whether it was at the Networking Cocktail Reception, YIP Nitecap or at the Networking Lunch, featuring corporate entertainer Chris Blackmore. There were times for these agents just to have fun, like at the Nighttime Beach Party at the LandShark Bar & Grill, featuring the outstanding cover band, GoodMan Fiske. Thank you to all the agents who made this conference one to remember. Save the date for next year’s Annual Conference: June 8-10, 2025!
ICYMI
NJYIP install 2024-25 new officers, elect directors
During the 2024 PIANJ | PIANY Annual Conference, NJYIP elected officers for 2024-25. The NJYIP officers elected were: President: Timothy Latimer, CPCU, CIC, AAI, of The Barclay Group in Riverton; First Vice President: Michael S. DeStasio of N2G Worldwide Insurance, in Jersey City; Second Vice President: Walter Conroy of Liberty Insurance Associates in Millstone Township; Treasurer: Shanna Muscavage of the Iroquois Group in Lancaster, Penn; Secretary: Josh McManigal of LG Insurance Group in Long Branch; Immediate past President: Peter Leone of Hiscox, in New York, N.Y. The following individuals will serve as directors with terms expiring in 2026: Matt Culkin of PL Risk in Franklin Lakes; Stephanie Danzis of The Service Insurance Co., in W. Orange; Michael S. DeStasio of N2G Worldwide Insurance, in Jersey City; Joe Ferri of Axis Insurance in Franklin Lakes; Josh Fertel of Brooks Insurance in Manalapan; Peter Leone of Hiscox in New York, N.Y.; and Kelly Raser of Franklin Mutual Insurance in Branchville.
Register now
Thursday, July 25, 2024: NJYIP Summer Breeze Bash
Monday, Aug. 5, 2024: NY-YIP Golf Open
Save the date
Thursday, July 25, 2024: NJYIP Networking Reception
Thursday, Aug. 29, 2024: New Hampshire Symposium
Tuesday, Sept. 10, 2024: NY-YIP Albany Fall Soiree
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
Wednesday, Nov. 6, 2024: Hudson Valley RAP
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
