Home elevation contractor legislation signed into law

Gov. Chris Christie signed S-942 into law Aug. 15. The legislation requires all home elevation contractors to carry a minimum level of insurance coverage and to register with the state and certify that they have the requisite amount of experience in the elevation of homes. For more information, see Friday’s Reporter.   

N.J. limits employers’ ability to ask if job applicant has criminal record

Gov. Chris Christie signed A-1999/S-2124 into law earlier this month. The Opportunity to Compete Act establishes certain employment rights for people with criminal records. Specifically, the law prohibits potential employers from inquiring about a person’s criminal record until the interview has been conducted; the person has been deemed qualified for the position; and the applicant is the first choice to fill the position. The law becomes effective March 1, 2015. More …   

NAIC adopts corporate governance models

The National Association of Insurance Commissioners adopted a Corporate Governance Annual Disclosure Model Act and supporting Model Regulation, which provides a means for insurance regulators to receive additional information on the corporate governance practices of U.S. insurers on an annual basis. Under the requirements of the Model Act, U.S. insurers will be required to provide a detailed narrative describing governance practices to their lead state or domestic regulator by June 1 of each year. More …   

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Trends in insurance agency hiring

According to a report by McKinsey & Co., insurance agents in the U.S. are about 59 years old, which means, that by 2018, one-fourth of the industry’s workforce is expected to retire. Additionally, a study conducted by MarshBerry tracked 440 producers hired in 2002. From this group of producers only 138 of them remained as of 2012. What this means for agents: An agency will need to hire three producers for every producer currently employed to have the same number of producers at the end of the decade. More …   

PIA members get discount on GradStaff hiring

PIA-member agencies now receive a special discount if they work with GradStaff, an outsourced college recruiting firm that makes hiring more efficient for both employers and job seekers. GradStaff offers an efficient and cost-effective way for agencies to find bright young industry newcomers, using an Evaluation-To-Hire staffing model, which includes a Cost-Neutral Bill Rate program. Compared to internal recruiting and hiring strategies, GradStaff offers an efficient and reliable hiring process that significantly reduces the risk and cost of hiring new employees. Make sure you mention your PIA membership to obtain your member discount, at www.gradstaff.com. For more information, please contact Eric Stephenson at (612) 339-5332, ext. 31 or email estephenson@gradstaff.com.   

October NFIP manual changes

The revisions to the National Flood Insurance Program Flood Insurance Manual that will become effective on Oct. 1, 2014, are posted to the Federal Emergency Management Agency website. These changes include the revised rate tables (RATE, CONDO and PRP Sections).   

Is your business protected from catastrophe?

During a catastrophe, insurance producers need to assist their customers and keep their agencies running efficiently. Often, agency owners think, "This will never happened to me." However, it does not take a widespread catastrophe (e.g., Superstorm Sandy), for an agency to experience a loss. It could be a localized flood, local civil authorities denying access to your business due to another off-premises loss; a tornado; or lightning. Would you be prepared if a disaster happened to you? PIA’s Agency Preparedness and Recovery Plan can assist you. This informative manual outlines the benefits of preparing a written pre-catastrophe plan; offers suggestions for you if you are faced with these types of losses; and gives guidance on how to handle the media, if necessary. Sample forms also are included to assist you.   

PIA, Floodbroker.com offer tools to help agents sell more flood insurance

PIANJ and Floodbroker.com offer PIA-member agencies a unique sales tool to facilitate the sale of flood coverage and provide critical documentation of the agency’s efforts to do so. This agreement provides PIA-member agencies with a customized link installed on their own agency’s website to encourage current and prospective clients to consider and purchase flood coverage. The web portal leads consumers to flood insurance information, and with a simple application it will generate a quote for the customer, as well as a qualified lead for the agency to engage. More …   

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PIANJ’s 15^th Annual OktoberEdfest, Oct. 29-30

PIANJ’s 15^th Annual OktoberEdfest will take place Oct. 29-30, 2014, at the Crowne Plaza, Edison. During this event, participants can choose from seven classes, earn up to 17 credits and catch up on what’s hot in the insurance industry. Don’t forget to save money with PIA’s package pricing. Event sponsorship opportunities are available. There are several sponsorships options, all of which include high visibility and networking opportunities. To view the schedule or to register, click here.   

Need CE and don’t want to leave your office? Think PIA first

PIANJ will offer the following PIA Webinars through September: E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Sept. 4, from 10 a.m.-1 p.m., NJCE: 3 GEN); Agency Underwriting Profitability and Contingency Bonus Maximization (Thursday, Sept. 18, from 10-11:45 a.m., NJCE: 2 GEN); and Two-Part NJPAIP/CAIP Producer Procedures Course (Sept. 30 & Oct. 1, from 10 a.m.-noon, NJCE: 2 GEN for each part). ^{^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.   

Parents’ responsibility with child’s car

Is a parent liable for a vehicle owned and insured (or uninsured) independently by a child? It’s possible, but generally a parent is not liable under common law for a child’s actions just because a parent/child relationship exists. PIA has outlined the exposures that exist with this issue and how to insure them. For a complete review, access QS29235 in the PIA QuickSource library.   

IN MEMORIAM: Theodore Smyk, Magna Carta Cos.

Theodore "Ted" Smyk, vice president of claims at Magna Carta Cos. passed away Aug. 10. To read a statement from Magna Carta Cos., click here.   

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