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N.J.: Get in front of renewal increases with your clients; PIANJ offers sample letter

N.J.: Get in front of renewal increases with your clients; PIANJ offers sample letter

by Bradford J. Lachut, Esq. | Nov 30, 2022 | Consumer-focused, Featured, Technical

Across the country, the insurance-buying public has seen sharp premium increases when their homeowners and automobile insurance policies are being renewed. In many cases, premiums are outpacing claims and expenses, as well as rising higher than inflation. The rules...

N.J.:  2023 WC overall rate level decreases 6.1%

N.J.: 2023 WC overall rate level decreases 6.1%

by Dan Corbin, CPCU, CIC, LUTC | Nov 16, 2022 | Technical

The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -6.1% to become effective Jan. 1, 2023, applicable to new and renewal policies. The NJCRIB distributed Circular Letter No....

NCCI 2023 WC loss cost decrease of 3% approved in Connecticut

NCCI 2023 WC loss cost decrease of 3% approved in Connecticut

by Dan Corbin, CPCU, CIC, LUTC | Oct 27, 2022 | Technical

The Connecticut Insurance Department approved the proposed workers’ compensation loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 3% decrease. Also approved is an overall assigned risk rate change of 0%. These loss...

NHID approves NCCI 2023 WC loss cost decrease of 7%

NHID approves NCCI 2023 WC loss cost decrease of 7%

by Dan Corbin, CPCU, CIC, LUTC | Sep 28, 2022 | Featured, Technical

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 7% decrease. In addition, a decrease of 7% of the overall assigned risk rates...

Do carrier ratings really matter?

Do carrier ratings really matter?

by Shirley Albright, CPIA, CISR | Sep 28, 2022 | Featured, Technical

In a word: Yes. They do. There are organizations that rate the financial condition of insurance companies, such as Demotech, Moody’s and S&P Global Ratings. However, AM Best is probably the most prominent. AM Best uses letter ratings, ranging from “A” (which is...

N.Y.: Revised WC loss costs take effect 10/1/22

N.Y.: Revised WC loss costs take effect 10/1/22

by Dan Corbin, CPCU, CIC, LUTC | Sep 26, 2022 | Featured, Technical

In May, an application for an overall loss cost decrease of 8.7% was submitted to the New York Department of Financial Services by the New York Compensation Insurance Rating Board. The DFS approved the application as filed with an effective date of Saturday, Oct. 1,...

Increase Law & Ordinance coverage for homes in SFHA flood zones

Increase Law & Ordinance coverage for homes in SFHA flood zones

by Walter Conroy | Apr 6, 2022 | Consumer-focused, Featured, Technical

Did you know that the Federal Emergency Management Agency’s substantial damage rule applies to any building damage … not just flood damage? That’s right, even common homeowners policy perils such as wind, fire and/or water damage could trigger the requirement for a...

Vt.: DFR approves NCCI 2022 4.9% WC loss cost decrease

Vt.: DFR approves NCCI 2022 4.9% WC loss cost decrease

by Dan Corbin, CPCU, CIC, LUTC | Jan 31, 2022 | Technical

The Vermont Department of Financial Regulation approved the original workers’ compensation voluntary loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 4.9% decrease. In addition, a decrease of 5.6% of the overall...

NCCI 2023 WC loss cost decrease of 3% approved in Connecticut

Conn.: NCCI 2022 WC loss cost decrease of 14.1% approved

by Dan Corbin, CPCU, CIC, LUTC | Dec 20, 2021 | Technical

The Connecticut Insurance Department approved the proposed workers’ compensation loss cost filing made by the National Council on Compensation Insurance, consisting of an overall 14.1% decrease. The CID also approved an overall assigned risk rate decrease of 8.2%....

N.J.: 2022 WC overall rate level decreases 5.3%

N.J.: 2022 WC overall rate level decreases 5.3%

by Dan Corbin, CPCU, CIC, LUTC | Nov 23, 2021 | Technical

The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -5.3% to go into effect Jan. 1, 2022. The revision is applicable to new and renewal policies. The NJCRIB distributed Circular...

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