Now is the winter of our discontent …
The opening line of William Shakespeare’s Richard III is an oft-quoted line—often used to express sadness. You know, how you feel when another agency agreement comes across your desk. I know that agency agreements are no one’s favorite thing. You would much rather...
How credit reports affect insurance scoring and how often they need to be updated
Insurance scoring is when insurers use a score, which is based on a policyholder’s credit history, to screen potential customers for underwriting acceptability. Originally, the scoring methodology was developed in the context of evaluating loan applicants. Credit...
Weekly Dispatch: Sept. 15, 2022
The Coalition Against Insurance Fraud has updated its estimate for how much insurance fraud costs consumers and businesses for the first time in 27 years—the new data estimates that fraud costs $308.6 billion a year. A new study reveals the differences in how insurance buyers in each generation search for and purchase insurance. And, FEMA is requesting information that makes it look like it’s interested in selling flood insurance directly to insureds. Plus, you can read about state-specific industry news, and education opportunities in this issue of the Weekly Dispatch.
The organizational structure of your agency
The importance of good organizational structure cannot be overstated when it comes to businesses that run smoothly and profitably. There are several approaches to organizational structure for your business. When evaluating your options—from team-based to hierarchical...
Weekly Dispatch: Sept. 8, 2022
New report finds that there was a record-high in direct premiums written for the U.S. surplus-lines segment in 2021. PIANY Director of Government & Industry Affairs Bradford J. Lachut, Esq., refutes a recent op-ed about the bill that would make photo inspections for autos optional—and he reiterates PIANY’s long support for this legislation. And, if you have clients who store property in self-storage units, do they know a change in the 5/11 edition of homeowners (HO3) form may affect whether they have coverage? Plus, you can read about state-specific industry news, advocacy updates, technical resources, education opportunities, and upcoming events in this issue of the Weekly Dispatch.
Items in storage units may not be covered by a HO policy
So, it used to be that if clients asked you if their homeowners insurance policy covered their property anywhere in the world, you could reply: “Yes. However, if they are in another one of your residences, then coverage is limited to 10% of the limit shown in your...
N.Y.: Auto theft investigator refuted
A letter ran recently in the Albany-based Times Union titled “Commentary: A repeal that would help fraudsters and hurt consumers.” The letter is an opinion piece written by Tod Neifert, an auto theft investigator, which calls for New York Gov. Kathy Hochul to veto...
Weekly Dispatch: Sept. 1, 2022
Next named storm expected this weekend, PIA Northeast has resources to help you and your clients prepare for storms. In New York state, United Property & Casualty Insurance to enter run-off. And, NJYIP is calling for nominations for its YIP of the Year award. Plus, you can read about state-specific industry news, technical resources, accolades, education opportunities and upcoming events in this issue of the Weekly Dispatch.
NFIP or private flood insurance?
Questions can help your clients choose The National Flood Insurance Program has been the main flood insurance provider in the United States since its inception in 1968. But is it always the best option for your clients? Private flood insurance provides...
Weekly Dispatch: Aug. 25, 2022
News Inform clients about insurance issues, gain E&O protection The Fall/Winter issue of Your Business—a consumer newsletter that focuses on commercial-lines issues for your clients—will be available soon. You can send this newsletter, which will focus on flood...
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