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...
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,...
Sniffspot is an innovative platform designed to provide private and secure spaces for dogs to play and explore. It’s an app-based service that connects dog owners with local hosts who offer their private lands, yards or specialized areas for dog playdates, training...
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...
