Over the last several legislative sessions, PIANY has been pushing for reforms to the way business is placed in the excess & surplus marketplace to ensure that agents and consumers have access to the insurance producers they need. During the 2021-22...
Selling business interruption insurance: Strategies for agents in a changing market
In the ever-evolving landscape of the business world, the significance of safeguarding operations against unforeseen disruptions cannot be overstated. Business interruption insurance emerges as a pivotal safeguard designed to protect businesses from the financial...
Best practices to assist clients during a claim
Rarely is the role of the insurance agent or broker ever more important to a client than when that client has experienced a claim. Guiding clients through the claims process is a critical component of the agent’s or broker’s job. It involves not just a deep...
4.8 magnitude earthquake hits Northeast
On Friday, many Northeasterners felt the effects of a 4.8 magnitude earthquake, which rocked our world with shaking buildings from Philadelphia to New Jersey to New York City to Connecticut to Westchester, N.Y. The earthquake was centered near Whitehouse Station,...
The insurance implications and economic impact of the Francis Scott Key Bridge collapse
On the early morning of March 26, 2024, the container ship MV Dali hit the Francis Scott Key Bridge in Baltimore, Md. The bridge collapsed within the span of a minute, sending the bridge, cars, machinery, cargo, and even people in the chilly depths of the Patapsco...
Client misrepresentations could leave you on the hook for insurance fraud
Insurance agents are the middlemen—they act as intermediaries between insureds and insurers. With this positioning, there are times when agents are put into situations in which they are unsure of what side to take—especially when evidence of a misrepresentation has...
E&O assistance: PIANJ hosts session on personal-lines and small commercial-lines
Earlier this week, PIANJ hosted another Deep Dive session: Selling/Servicing Personal Lines and Small Commercial Policies. Those who missed the session can view a recording of the program, which can be shared with colleagues. The discussion Moderated by PIANJ’s...
N.Y.: Gov. Hochul’s plan to deter retail theft
The ongoing trend of organized retail theft is rippling across through the retail industry, contributing to store closures that have impacted communities far and wide. This upsurge in coordinated thefts, including smash-and-grab robberies and chronic shoplifting, is...
N.J.: Court rules against casino in COVID-19 business interruption claim
In the wake of the COVID-19 pandemic, the legal battles over business interruption claims took center stage in the property/casualty insurance industry. The latest example of these disputes is New Jersey Supreme Court’s ruling in the case of AC Ocean Walk LLC v....
Carrier do’s and don’ts: Commission cuts
To anyone who works in the insurance industry, it is clear that the marketplace is going through a period of transition. The increasing occurrence of severe weather, growing interest rates, and increasing replacement cost are a few of the drivers that are creating...