Hardbit ransomware emerged in October of 2022 and by November, version 2.0 already had evolved. What’s important to know about Hardbit ransomware is that it attempts to broker ransom payments through its victim’s cyber insurance policies. What is the threat? According...
The value of using local climate-risk data
Given the various daily disturbances to American communities by climate change, it would be highly beneficial for those individuals who are looking to build houses and other structures to use compiled, local climate-risk data to determine the best place to build. It’s...
New report: Insurers risk insolvency
According to a new report published by Insurance Information Institute, American auto and homeowners insurance policies were unable to match the current inflation rates. As a result, Triple-I’s report warns that if losses and expenses keep up at this rate, insurers...
How to best prepare for the next pandemic
COVID-19 is not the first communicable disease to reveal just how susceptible the world still is to severe impact from germs. Modern medicine had seemingly veiled society from diseases like polio, tuberculosis, and influenza. However, even today we see outbreaks of...
Q&A: What you need to know about N.J.’s new handgun liability insurance law
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...
So, you bought a condo!
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...
What agents need to know as the insurance markets harden, PIA has tools to offer guidance
Hard market refers to a high demand for insurance and a decreased desire to insure. A soft market marks the opposite, when the demand for insurance coverage and competition in the market is minimal. The COVID-19 pandemic caused global economic hardship. The U.S. is...
N.J.: Compulsory handgun liability insurance bill signed into law
Legislation that will require owners of handguns who carry in public to purchase liability insurance has been signed into the law. As previously reported, the Legislature worked quickly to pass this new law, P.L. 2022, C.131. Originally, the legislation was introduced...
N.J.: Court ruling may affect duty-to-notify regarding workers’ compensation for LLCs
The Supreme Court of New Jersey issued an opinion last month that directly impacts the way insurance producers must handle workers’ compensation for limited liability companies. The court held in the case of Holm v. Purdy that insurance producers have an ongoing duty...
Claim scenario: Websites and ADA compliance
Our agency writes a fair number of insurance policies for marinas and boat dealers. Generally, there are some specialty coverages associated with the class of business (e.g., protection and indemnity, “bumbershoot,” marine operators legal liability, and dock...