FINAL WEEK: Nominations for the Distinction of Professionalism Awards due FRIDAY

Make the PIANY 75^th anniversary gala extraordinary. Submit your nomination today for Professional Agent of the Year; Distinguished Insurance Service; or the Community Service Award. Click here or to request a fax-back version of the nomination form, call (800) 424-4244. Submissions must be received by Friday, April 11, 2014. PIANY will present its 2014 Distinction of Professionalism Awards at the PIANY/PIANJ Joint Annual Conference June 8-10, 2014, at the Trump Taj Mahal, Atlantic City. For more information about the conference, click here.  

PIANY testifies at assembly insurance committee hearing on automobile insurance rates/fraud

PIANY provided testimony today at a public hearing called by the Assembly Standing Committee on Insurance to review the state’s auto insurance market. The association was invited by Assembly Insurance Committee Chair Kevin Cahill, D-103, to provide input at the meeting, which was held at the Legislative Office Building in Albany, N.Y. Among the committee’s concerns were the state’s ranking with regard to auto insurance pricing, as well as issues including minimum coverage requirements; adequate levels of comprehensive and collision coverage to meet consumer needs; no-fault coverage; the residual market and high-risk populations; and the role of the New York State Department of Financial Services in regulating the automobile insurance industry. More …  

PIANY cheers report of bill to standardize hurricane deductible triggers

PIANY is praising the New York State Assembly for advancing legislation that would establish standards for the hurricane windstorm deductible triggers. The bill, A.2729, is sponsored by Assemblyman Harvey Weisenberg, D-20, and was reported out of the Committee on Insurance to the Assembly Tuesday. More …  

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Breslin named NCOIL president

Senator Neil D. Breslin, D-44, has been named president of the National Conference of Insurance Legislators after President Greg Wren of the Alabama House resigned last week. Wren was originally slated to retire at the end of November, but resigned from the House early as part of a plea deal with state prosecutors, and was automatically deposed as president of NCOIL. As a democrat, Breslin represents a change from Wren’s GOP ties. More …  

FEMA explains the Homeowner Flood Insurance Affordability Act of 2014

The Federal Emergency Management Agency has provided an overview on the Homeowner Flood Insurance Affordability Act of 2014. This law repeals and modifies certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and makes additional program changes to other aspects of the program not covered by that act. Many provisions of the Biggert-Waters Flood Insurance Reform Act remain and still are being implemented. While FEMA actively works to implement the new law, policyholders are encouraged to maintain and keep current flood insurance policies. Canceling policies now will leave policyholders unprotected during spring flooding and may cause policyholders to lose important discounts on their rate if they reinstate in the future. PIA’s Flood Insurance Tool Kit helps members navigate through this complicated realm of flood insurance.  

PIA offers free Webinar on Floodbroker.com

Do your clients know that everyone lives in a flood zone? It’s up to you to show them why they need critical flood coverage … PIA has the tool you need. Register now for a free Webinar to learn all about Floodbroker.com and what it can do for your agency. The Webinar will be held Tuesday, April 22, 2014, at 11 a.m. Evan Spindelman, Floodbroker.com president, will discuss the Floodbroker.com program interface and illustrate how easy it is to quote flood—and sell more policies—right on an agency’s own website. The Webinar will conclude with an open Q&A session. For more information, or to register, click here.  

NCCI releases its 2014 Issues Report

The 2014 Workers Compensation Issues Report from the National Council on Compensation Insurance is now available. The articles included in this report have the following titles: Early Prognostication: Positive or Negative Workers Comp Market in 2014?; Legislative and Regulatory Outlook; Future of Terrorism Insurance Backstop; The Affordable Care Act and Workers Compensation: Our Experts Weigh In; Workers Compensation and Group Health Hospital Outpatient Payments: A Comparison; Why the Underwriting Cycle is Unavoidable; High Times in Workers Comp: The Impact of Medical Marijuana; and Five Legal Briefs.  

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Long Island RAP, May 1

Long Island’s only Regional Awareness Program for the insurance community is coming up on May 1, 2014, at Crest Hollow Country Club, Woodbury. Education sessions, a huge trade show and networking opportunities will be available throughout the day. Former New York Islander Bob Nystrom will deliver the keynote address, and will discuss his strategies for leadership and becoming a champion. Earn valuable continuing-education credits at the following education sessions: Certificates of Insurance—NY Construction Changes, approved for 2 NYCE credits applicable to PC, BR, C3 and PA licenses (NYCR-245384); and Ethical Issues in E&O, approved for 3 NYCE credits applicable to ALL licenses (NYCR-245385). For more information, or to register, click here.  

Ask PIA: Equipment for apartment building breakdown

Q. Should a standard six-story apartment building in New York have a need to purchase comprehensive equipment breakdown boiler insurance? We understand the basic coverage covers boiler and machinery and that the comprehensive covers the electrical system. However, we are not sure this is a necessary coverage. Should a fire result from any electrical arcing, the subsequent fire will be covered under the fire policy. Is there an example of something that would be covered under the comprehensive form and not the basic? A. It’s difficult to answer without knowing your client'sspecific exposures. For a more comprehensive answer to this question, along with an example, click here. To access our entire Ask PIA library of frequently asked questions and expert answers by PIA’s technical staff, click here.  

PIANY offers E&O assistance to members

Your PIANY membership gives you access to an industry expert on errors-and-omissions questions. These issues are of utmost importance to your day-to-day agency operation—don’t let these important questions keep you up at night. Let PIA’s E&O Consultant Robert Sullivan, Esq., who has expertise in the defense of insurance agents and brokers in professional liability and complex insurance litigation, help you. To pose a question, email resourcecenter@pia.org or fax your inquiry to the PIA Industry Resource Center at (888) 225-6935. Your association also offers quality E&O insurance coverage for insurance agents and brokers. For an immediate, no-obligation quote, click here. To see a listing of PIANY’s E&O-related courses, many of which offer a discount on your E&O coverage, click here.  

Looking to value your agency?

PIA’s Circle of Consultants Program offers access to several consultants dealing in agency valuations and many offer association members a free phone consultation or discount on their hourly rate. The Circle Program also offers access to numerous other consultants specializing in areas including, but not limited to, agency planning; technology; ethics; environmental assessment; financial planning; legal; marketing; personnel management; jewelry/fine arts appraisals; risk management; risk retention and sales management. To learn more about this program or to receive a listing of referrals for a particular topic/issue, complete our online form or fax a request to PIA’s Industry Resource Center at (888) 225-6935. Also, for additional resources, review our QuickSource library materials on agency valuation.  

Upcoming Webinars offered by PIANY

Additional upcoming Webinars include the following: E&O Hotspots … 2014 and Beyond^{^FF^UM} (Tuesday, April 15, from 10 a.m.-1 p.m., NYCE: 3 BR, C3, LB, C1, LSB, LA, PC, PA); Understanding the National Flood Insurance Program 2013 (Wednesday, April 16, from 10 a.m.-1 p.m., NYCE: 3 BR, C3, PC, PA); Top Ten Personal Lines Endorsements (Tuesday, May 6, from 10-11 a.m., NYCE: 1 BR, C3, PA, PC); and Long-Term Care Insurance (Tuesday, May 13, from 10-11 a.m., NYCE: 1 BR, LB, C1, LA, PC). ^{^FF^UM}—This course has been approved for E&O loss-prevention credit by Fireman’s Fund and Utica Mutual. Call the PIA E&O Department for details at (800) 424-4244. For more information or to register, click here.  

Call for nominations: Annual Outstanding CSR of the Year

The Outstanding CSR of the Year award from the National Alliance for Insurance Education & Research is one of the greatest professional honors a customer service representative can receive. The award is open to insurance CSRs or those who have primary duties in the customer service arena. As a CSR, you can even nominate yourself. Cash prizes will be awarded. Nominations are due Thursday, May 1, 2014. For more information about this award, click here. To download the entry form, click here.  

Agents and electronic signatures

The New York State Electronic Signatures and Records Act protects parties agreeing to engage in electronic transactions. It allows agents and policyholders to deploy electronic signatures and records in a manner that meets their practices and needs. New technologies are frequently being introduced; the ESRA ensures flexibility to embrace future technologies that comply with the act and promotes the use of technological advancements while addressing privacy and confidentiality issues. For more information on ESRA, access QS31174.  

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