News
Hurricane Helene floods North Carolina, batters Southeast
The Category 4 hurricane Helene made landfall in Florida last week, entering through its Gulf Coast, traveling Northwest, then finally dissipating over North Carolina. AP News is reporting that the storm has killed at least 180 people, with the death toll expected to continue to rise. Western North Carolina was hit particularly hard: the weather system of the Appalachian Mountains exacerbated the remnants of Helene, and the region already had experienced rainfall before the storm’s arrival. This resulted in widespread flooding, which destroyed roads, water systems and power lines. Other states that have seen damages and fatalities include Florida, Georgia, South Carolina, Tennessee and Virginia. New York Gov. Kathy Hochul announced that 17 soldiers from the Army National Guard, three heavy-lift helicopters and four 100 KW generators have been sent to support recovery efforts following the storm. 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 Nov. 30. If you would like to send customized materials to your clients, email PIA’s Design & Print.
Help your clients navigate the hard market
A hard insurance market means fewer available policies, higher premiums and stricter underwriting standards. Insurance consumers are navigating the hard market to the best of their abilities, but they shouldn’t have to do it alone. It’s a good time to tell your clients that you can help them navigate the lows of the current market cycle. PIA Northeast has several articles on PIA Northeast News & Media that you can use to educate yourself and your clients about the current hard market cycle. Additionally, the New Hampshire Insurance Department has released Navigating the Hard Insurance Market with the Help of an Independent Agent, which offers tips on how to maximize your relationships with your clients during this market cycle.
Welcome to October: ‘Tremors’ and insurance
October is here, which means our favorite spooky season has started. There’s a lot to look forward to: fun Halloween parties, fantastic decorations and costumes, the cooler weather … and of course, horror movies. But have you ever thought of the insurance implications of your favorite horror film? For example, the 1990 film Tremors has a small group of people isolated in a single location when they are overrun by a half-dozen sandworms (aka Graboids). A recent article on PIA Northeast News & Media examines the types of insurance policies the survivors would need to have to recover from a sandworm attack … and to prepare for the sequel.
N.J.: $15 million awarded from FEMA for climate resilience
Gov. Phil Murphy announced that New Jersey had been awarded $15 million from the Federal Emergency Management Agency on Sept. 27, 2024. New Jersey will provide a 10% match—about $1.5 million—as part of the award. The selection, through FEMA’s Safeguarding Tomorrow Revolving Loan Fund program, will allow New Jersey to make low-interest loans to local governments most in need of financial assistance, including low-income areas and underserved communities, for their hazard mitigation and resilience infrastructure needs.
NHID sends letters to insurers for homeowners cancellations
The New Hampshire Insurance Department has issued a formal letter to insurance carriers, urging them to address growing concerns about the cancellation of homeowners insurance policies during the free look period. This follows reports of U.S. Postal Service delivery delays, which have led to some policyholders receiving their cancellation notices after their policies already have been canceled. The NHID is requesting insurers to voluntarily extend the notice period by at least five additional days beyond the required 10-day minimum to protect consumers from losing coverage due to mail delays. Insurers are responsible under state law RSA 417-B:4, I(b): this permits them to cancel new homeowners policies within a 90-day free look period for valid underwriting reasons, if a 10-day notice is provided. However, due to postal delays, some consumers have not received timely notices, resulting in unintended lapses in coverage.
Vt.: Major disaster declaration for flooding approved
President Joe Biden has approved a Major Disaster Declaration to help communities and individuals in Caledonia, Essex and Orleans counties recover from damages caused by rainfall and severe flooding July 29-31, 2024. The overnight storm devastated areas of the Northeast Kingdom, some for the second time in three weeks. This declaration includes Public Assistance funding to pay for public infrastructure repairs, Individual Assistance grants to help people recover some of their losses and Hazard Mitigation Grant Program funding to help Vermont towns rebuild.
Advocacy
Government shutdown averted, NFIP extended to December
Congress once again avoided a government shutdown on Sept. 25, 2024, after reaching a short-term deal, called a continuing resolution, to fund the federal government. Included in the agreement was an extension of the National Flood Insurance Program. The NFIP, along with the rest of the federal government, will be funded through Friday, Dec. 20, 2024. This extension marks the 31st short-term extension of the NFIP since its last five-year reauthorization expired in 2017. PIA will continue to work with lawmakers to bolster support for a long-term reauthorization of the NFIP with necessary reforms.
N.J.: The right to disconnect from work?
The New Jersey state Legislature returned from summer break earlier this month, and legislators have wasted no time introducing legislation that could impact workers across the state. Introduced in the New Jersey Assembly on Sept. 23, 2024, A-4852, would establish an employee’s “right to disconnect” from work-related communications outside of regular working hours. Sponsored by Assemblywoman Heather Simmons, D-3, this bill would support work-life balance for employees in both the public and private sectors by addressing workplace policies regarding after-hours communication.
PIANY-supported bills signed into law: SSL and BI
In New York state, two new laws have been signed by the governor that will affect the insurance landscape. First, the confusion surrounding supplemental spousal liability coverage in the state, which began last year, has now been addressed. Gov. Hochul signed legislation into law to introduce important changes to SSL coverage in auto policies. Effective Wednesday, March 26, 2025, policyholders will once again need to opt-in to SSL coverage for it to be included in their auto policies. In addition, Gov. Hochul has signed a law to expand business interruption insurance coverage. Business owners now will have the option to seek coverage for loss of net profits in cases in which closures are mandated by civil authorities for reasons beyond physical damage—such as health crises or other safety concerns.
Technical
How cargo insurance protects your clients’ businesses
Cargo insurance may be one of the oldest forms of insurance. Its roots can be traced to early Chinese history—records show that merchants used to spread their goods across several ships to avoid a total loss. Though your insureds are unlikely to be under the threat of piracy, there are still plenty of risks when it comes to moving cargo, whether it’s on land, by air or by sea. For an extensive guide on the coverage and use-cases of cargo insurance, PIA members can access Cargo insurance in the PIA QuickSource library.
Vt.: Department of Financial Regulation seeks consumer input
The Department of Financial Regulation seeks input from consumers regarding their experiences and concerns related to autobody repair issues and insurance companies. Act 32 of 2023 requires the department to solicit feedback as part of a study and report to the General Assembly regarding business practices in Vermont related to automobile insurance and autobody repairs. In addition to accepting written comments, the DFR is hosting a hybrid public event on Tuesday, Oct. 15, 2024, to hear from consumers regarding auto repair insurance issues. Citizens are invited to participate in-person or remotely and offer their perspectives and input.
Educating insurance agents
Conn./N.J./N.Y.: What to know about personal auto insurance
Register now for the webinar 2024 CISR PA: Insuring Personal Auto, which will be held on Wednesday, Oct. 16, 2024, from 8 a.m.-3:45 p.m. Led by Robin Federici, CPCU, AAI, ARM, AINS, AIS, CPIW, this course will help agents better assist their clients to identify their exposures and advising them in the process of analyzing, obtaining and modifying their policies. This class been approved for continuing-education credits in Connecticut (7 PC), New Jersey (7 GEN, DOBI will award 12 CE credits for each full year of licenses in good standing), and New York (7 BR, C3, PA, PC, 1 additional NYCE credit with a passing grade on exam).
HV RAP: The intersection of AI and commercial insurance
PIANY’s Hudson Valley Regional Awareness Program will be held Wednesday, Nov. 6, 2024, at the Crown Plaza Hotel, Suffern, N.Y. A major focus of the event is the role of artificial intelligence in the insurance industry: The Intersection of Artificial Intelligence and Commercial Insurance with educator Jim Venezia, CPCU, CCIS, CCIC. The education seminar also been approved for CE credits in Connecticut (2 GEN), New Jersey (2 GEN) and New York (all licenses). These events will help insurance producers get an edge in the industry as this new technology improves and becomes more prevalent. Don’t miss out: register for HV RAP now and save 15%. Sponsor, exhibit, or advertise here.
Events
PIANJ Golf Classic raises over $66,000 for SONJ
PIANJ’s 41st annual Golf Classic to benefit Special Olympics New Jersey was held Sept. 23, 2024, at Maplewood Golf Course in Maplewood, N.J. Supporting thousands of Special Olympic athletes in New Jersey, PIANJ Golf—in partnership with the PIANJ Women’s Leadership Alliance for this event—proudly presented SONJ with a donation check of over $66,470—bringing the total raised to more than $5 million since starting the collaboration four decades ago. Over 90 golfers got to participate in contests to help SONJ. They were able to meet and greet with Special Olympics USA Games Athletes, which included Tom Azilides and Amber Concepcion.
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: How to Build a Successful Career in the E&S Wholesale Business
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 Dive: The Perfect E&O Storm
Wednesday, Jan. 29, 2025: MetroRAP
March 20-21, 2025: Connecticut Convention
June 8-10, 2025: PIANJ | PIANY Annual Conference
