News
PIA infrastructure series: Bridge the gap
The second article in PIA Northeast’s series on the Infrastructure Investment and Jobs Act examines the state of the nation’s bridges, and the insurance implications of the act—it has earmarked $110 billion for major transportation projects like the repair and construction of roads and bridges. For example, beyond the reduced risk of a loss, increased investment in bridge infrastructure means increased investment in construction and engineering projects. An increase in construction and engineering means a corresponding increase in the insurance needed to protect the people and materials used in those projects.
Conn.: More funds granted for recent flooding
Gov. Ned Lamont and Connecticut Transportation Commissioner Garrett Eucalitto announced on Sept. 5, 2024, that the U.S. Department of Transportation’s Federal Highway Administration will “quick release” $3 million in funding from its Emergency Relief program to aide in the immediate recovery efforts following the Aug. 18, 2024, historic rain and flooding event in western Connecticut. These funds will assist CTDOT in the immediate and ongoing road repairs that have been underway since the initial impact of the storm.
N.J.: New solar energy development incentive announced
A website has been launched that will serve as a one-stop shop to guide municipalities and solar developers in New Jersey as they plan, fund and complete solar plus landfill capping projects. This was announced by Gov. Phil Murphy, who also signed legislation (A-4619/S-3479), which enhances the Historic Property Reinvestment Act and the Brownfields Redevelopment Incentive Program Act to support historic preservation and further incentivize the redevelopment of brownfields across the state into new solar energy facilities. The Landfill to Solar website provides both municipal governments and solar developers with a step-by-step guide to initiating and completing solar projects.
N.Y.: DFS orders American Transit to find capital, explore sale
Reporting from Bloomberg reveals that the New York State Department of Financial Services has ordered the American Transit Insurance Co., to find capital and explore selling options after it was reported that it was insolvent. A DFS report indicates that there may be dozens of financial improprieties and accounting problems for ATIC. A letter from the DFS on April 3 found the company’s reserves to be “massively deficient.” The failure of the company could be devastating for thousands of drivers and passengers.
N.Y. requests disaster relief for damage caused by Debby
Gov. Kathy Hochul requested a Major Disaster Declaration from President Biden to support the ongoing recovery efforts of communities impacted by the severe weather caused by the remnants of Tropical Storm Debby that occurred on Aug. 8-10, 2024. If granted by the federal government, this declaration would provide federal funding for Allegany, Broome, Delaware, Essex, Franklin, Jefferson, Ontario, Steuben, St. Lawrence and Yates counties to cover debris removal, emergency protective measures and repairs to public buildings and infrastructure.
PIANY elects new officers; Andrews president
Richard Andrews, LUTCF, of Lowville, was elected president of PIANY at its annual business meeting on Sept. 11, 2024. Andrews is owner/principal of Andrews Agency Inc., in Ithaca. In addition to Andrews, the following new officers will lead PIANY in 2024-25: President-elect: Jason Bartow, AAI, CPIA, executive vice president, Eugene A. Bartow Insurance Agency in Deer Park. First Vice President: Michael Loguercio Jr., producer, BELFOR Property Restoration, Birmingham, Mich. Vice President: Raymond Gillis Sr., FIC, FICF, president, Fire Mark Insurance in Cobleskill. Vice President: Jorge Hernandez, owner, North Franklin Brokerage Inc., in Hempstead. Treasurer: Eric Cohen, CEO/managing director, Benefit Quest Inc./Eric Cohen Insurance in New York City. Secretary: Ed Chadwick, Jencap Specialty Insurance Services in Buffalo.
Technical
Clarifying stated amount coverage
Do your clients know that the stated amount coverage is the amount that is covered on a personal and commercial auto policy? Help them to understand that insuring a vehicle on a stated amount basis is like putting a limit on the valuation provision of the policy. The actual cash value of the vehicle may be higher than the stated amount, but the stated amount endorsement serves to limit the amount payable. To learn more about this type of coverage, PIA members can access Stated amount coverage, which can be found in the QuickSource library.
N.H.: NCCI WC loss cost decrease of 5.6% approved by NHID
The New Hampshire Insurance Department approved the original workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance—consisting of an overall 5.6% decrease. These loss costs will take effect Wednesday, Jan. 1, 2025. For more on the NHID approval, see the online bulletin. For a look at the key components and changes, see the related article on PIA Northeast News & Media.
Medicare carrier intents to eliminate agent commissions
Recently, Pinnacle—a Medicare Part D carrier—announced its intent to eliminate independent agent commissions associated with Medicare Part D sales and renewals in 2025. These plans also will remove agents as the “agent of record” when they assist clients with the enrollment process. PIA takes the position that this decision jeopardizes seniors’ access to the expert guidance provided by independent Medicare insurance agents, who play a crucial role both in helping consumers to find appropriate coverage and in servicing that coverage once the enrollment period ends. PIA will continue to advocate for comprehensive consumer access to Medicare Part D information and compensation for the independent agents who provide it.
Accolades
PIANY names Rogoff Committee Chair of the Year
PIANY named Leslie Rogoff Committee Chair of the Year for the second time at this year’s annual business meeting held earlier this week. The first time she was honored with the award was in 2012. Rogoff is the marketing manager for Madison Avenue Brokerage Corp., in New York City. This award recognizes the time and effort agent volunteers give to help guide the association and implement programs to benefit its members. Rogoff was honored for her work as education chair of PIANY’s Education and Conference Committee.
Educating insurance agents
N.Y.: Automobile Insurance Plan producer procedures
If you are an insurance producer who writes business in the New York Automobile Insurance Plan, the NYAIP Producer Procedures Course is a continuing-education webinar that you must attend. This webinar will be taught by Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, and will be held on Tuesday, Sept. 24, 2024, from 9 a.m.-1 p.m. This class has been approved for CE credits in New York (4 BR, C3, PA, PC). The AIP renewal date is on Tuesday, Dec. 31, 2024.
Events
PIANH Symposium: An enjoyable evening for all
The stars of the insurance industry were out for the PIA New Hampshire Symposium on the evening of Aug. 29, 2024. Scores of insurance professionals had the opportunity to network with their industry peers at The One Hundred Club in Portsmouth, N.H. The One Hundred Club is New England’s premier private club, offering a scenic view of the Old Harbour and Piscataqua River. Thank you to the attendees and sponsors for making this event a success.
N.J.: Register now for the 41st Golf Classic
PIANJ’s annual Golf Classic is back: it will be held Monday, Sept. 23, 2024, at the Maplewood Country Club in Maplewood, N.J. Hit the greens in an 18-hole scramble tournament with your industry peers to benefit a great cause! During the event, you will support Special Olympic New Jersey, meet with a Special Olympic Athlete, participate in a cannon launcher contest, donate for a chance to win raffle prizes! Play golf for a cause: don’t miss out and register now!
IICF’s Month of Giving begins in October
Every PIA member knows community service is a cornerstone of the professional independent agency. However, that is rarely recognized when media or others discuss insurance. Help PIA and the Insurance Industry Charitable Foundation quantify and publicize our industry’s enormous community contribution. This year, the IICF’s annual Week of Giving has become a monthlong event. If you have a team that would like to participate in an IICF project this October, fill out the IICF team form.
Register now
Sept. 16-19, 2024: 2024 Annual Leadership Conference & Advocacy Day
Monday, Sept. 23, 2024: PIANJ Golf Classic
Thursday, Oct. 3, 2024: CTYIP Golden Gala Awards
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
Wednesday, Nov. 6, 2024: Hudson Valley RAP—Sponsor, exhibit or advertise
Tuesday, Dec. 3, 2024: NJYIP Holiday Social
Save the date
Tuesday, Oct. 29, 2024: New Jersey Deep Drive: The Perfect E&O Storm
Wednesday, Jan. 29, 2024: MetroRAP
