Recently, the Supreme Court of New Jersey reversed a lower court decision in the case of Alejandra Padilla v. Young Il An, holding that all commercial property owners, including owners of vacant commercial lots or lots where there is no active business being...
Sponsored by Sens. Declan J. O’Scanlon, Jr., R-13, and Paul A. Sarlo, D-63, S-1709 would clarify the duties and liabilities of private beach owners and lessees regarding injuries suffered by beachgoers. The legislation would provide that private beach owners or...
Running a business as a limited liability company adds a layer of protection for personal assets. However, long-term risks and transitions, such as dissolution, can make a business vulnerable. As an agent, you can guide business owners toward the best choices. By...
In recent years, Adirondack Insurance Exchange has grappled with challenging market conditions and increasing claims payment costs—leading to a decline in its financial strength. This situation now has culminated in Demotech's—a financial analysis and rating company...
In the 2023 E&S edition of PIA Magazine, I wrote about the perils and pitfalls that insurance producers face when placing business in the nonadmitted—or excess & surplus lines—marketplace through the lens of Lord of the Rings. [EDITOR’S NOTE: You can access...
The minimum limits for commercial automobile insurance customers in New Jersey will increase effective Monday, July 1, 2024. Under P.L. 2023, c. 276, intrastate commercial vehicles with a gross vehicle weight of more than 26,000 pounds are required to carry...
Business interruption was the insurance buzzword for much of the COVID-19 pandemic. Many business owners closed their businesses without experiencing physical damage to their property. Insureds who sought coverage for interruption of their businesses...
Last year, in a previous blog article, I explored the concept of parametric insurance and how its novelty presents an attractive insurance option for both insurers and consumers—especially when traditional insurance products may fall short in managing and mitigating...
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...
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...