Gov. Phil Murphy signed P.L. 2022, C.131 into law, which requires any person in the state carrying a handgun in public, to maintain liability insurance coverage. What you need to know about this new law: What does it say? The new law is a comprehensive gun safety law...
The condo is the most misunderstood policy in personal lines insurance, and you may ask why. Let’s examine the evolution and nuances of condo insurance. The original definition of a condo was just the air inside the unit. Now, it can mean anything and everything. Many...
Multi-factor authentication is a method of authenticating users on an information system and requires them to go through multiple steps to access that information system. Commonly, this is accomplished through a combination of a username and password, followed by a...
Insuring on a stated amount basis usually offers little benefit to the insured. From the insured's perspective, a few things can go wrong when the stated amount fails to exactly equal the cash value of a property at the time of loss. One predicament your insureds...
Inflation impacts all aspects of our lives—but it is having an outsized impact on the cost to repair or replace cars and homes. Data reveals that 20% of homeowners don’t know how much they pay for home insurance[1]—so chances are, many will not anticipate the impact...
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...
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...
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...
During the first few months of the pandemic, the phrase the new normal was everywhere and it was meant to describe what things would be like going forward. It was meant to describe what we have always done, but would be done differently than it had in the past. For...
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...