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  Sept. 10, 2014

Sign up now: Fall CE Fest

PIACT’s fourth-annual Fall CE Fest Wednesday, Oct. 8, 2014, 9 a.m.-4:30 p.m., at the Crowne Plaza, Cromwell, brings something for everyone. Earn seven continuing-education credits and catch up on what’s hot in the insurance industry. Mishell K. Magnusson, CIC, CISR, CPIA, AAI, FIPC, brings her expertise to the table for two dynamic education sessions: Commercial Lines Property Exposure Pitfalls (NHCEU: 4 PC) and Commercial Casualty Exposure Pitfalls (NHCEU: 3 PC). For more information, or to register, click here.  

Captive insurers may come to Connecticut

The Nutmeg State may have a fresh wave of small- and medium-sized businesses joining big firms to form captive property-casualty insurers. By early October, two new captive insurers will be licensed in the state, with three more currently in early development that could be licensed in 2015. Connecticut began licensing captives in 2012, and has become home to only four companies. More …  

WCC annual report posted

The annual report of the Workers’ Compensation Commission has been posted online, citing is its efforts to move aggressively to provide more effective and efficient service delivery.  


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NCCI publishes anniversary rating date resource

The National Council on Compensation Insurance has published online a resource, which offers a detailed explanation of anniversary rating date and how it impacts a workers compensation insurance policy. It also includes frequently asked questions and examples.   

Companion Property and Casualty Insurance Co. downgraded to 'B++'

A.M. Best has downgraded the financial strength ratings to "B++" (Good) from "A" (Excellent), issuer credit rating to "bbb" from "a," with the ratings placed under review with negative implications for Companion Property and Casualty Insurance Co. and its subsidiaries. The companies are collectively referred to as Companion Property and Casualty Group with the ultimate parent company being Blue Cross and Blue Shield of South Carolina. According to A.M. Best, "The rating actions follow the disclosure that BCBSSC has entered into a definitive agreement to sell Companion Property and Casualty Group to Enstar Group Ltd." Until the transaction is closed, the ratings will remain under review. More …  

Ask PIA: Change in hurricane deductible

Q. We have a carrier that has changed our insured’s hurricane deductible, without his or her request, on renewal. Also, this is not considered a coastal risk. The only way we knew of this was by going through the entire policy and we saw that the deductible was changed. Can it do this? Aren’t carriers supposed to notify the insureds when coverage is changed like this? A. Yes, they are. For a more comprehensive answer to this question, click here. To access our entire Ask PIA library offrequently asked questions and expert answers by PIA’s technical staff, click here.  

Flood claims manual updated

The National Flood Insurance Program Flood Insurance Claims Handbook (F-687) has been updated to transition from the confusing term "supplemental claim" to "request for additional payment." This resource can be downloaded from the Federal Emergency Management Agency Library here or ordered directly from the FEMA Distribution Center by calling (800) 480-2520.  

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

PIACT 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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PIACT to hold Webinar on agency profitability

Agency growth and profitability is critical for the long-term success of any insurance agency. Most agencies focus their attention to sales, production, and overall growth, not paying a great deal of attention to the profit levels of the business they are writing or bonus opportunities. PIA’s Agency Underwriting Profitability & Contingency Bonus Maximization Webinar will address how to analyze, monitor, and manage an agency’s underwriting profitability properly. Most importantly, it will provide tools and strategies to maintain/grow a profitable book of business and activities to reverse adverse loss trends should an agency find itself in this situation. The course will be held Thursday, Sept. 18, 2014, from 10-11:45 a.m. Earn CTCE: 1 PC. For more information or to register, click here.  

Additional upcoming PIACT Webinars

In addition to the Webinar on agency profitability, PIACT will offer the following Webinars in the next few months: Agency Staffing, Performance and Job Evaluations (Thursday, Oct. 2, from 10-11 a.m., CTCE: N/A); E&O Hotspots … 2014 and Beyond^FF^UM (Thursday, Oct. 16, from 10 a.m.-1 p.m., CTCE: 3 PC); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., CTCE: 1 PC); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., CTCE: 3 LRE); and Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., CTCE: 1 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.  

PIACT-YIP’s Golden Gala Awards Night: The event of the season

Mark your calendar now: Thursday, Sept. 25, 2014, from 5:30-8:30 p.m., at Race Brook Country Club, Orange, will be the PIACT-YIP’s Inaugural Golden Gala Awards Night. Come walk the red carpet as PIACT-YIP honors individuals and companies with a passion for insurance excellence. This industry-wide awards gala will recognize extraordinary contributions, including technological advancement, innovation, lifetime achievement and more. Event sponsor: Renaissance Alliance. For more details or to register, click here. For information about more sponsorship opportunities, click here.  

Dependent property coverage: The 'because' coverage

Business income and extra expense policies, along with a variety of other business interruption forms and endorsements, indemnify for the consequential or indirect losses associated with physical damage to the insured’s property. This is what many refer to as "because" coverage—because a retail store is severely damaged by a fire and it is impossible to conduct business as usual, the owner needs indemnification for lost income until repairs are completed and operations resume. Or, if the business must continue operations (for example, an insurance agency), the owner needs extra expenses to relocate their business in order to avoid the suspension of some, or all, of the operations. Whether income must be replaced for suspended operations or operations must continue at all costs, the financial need exists "because" of the damage to property. To learn more on this complex coverage, access QS90098 in PIA’s QuickSource library.   


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