Bill requiring paid time off held in committee

Controversial legislation to require employers to provide paid sick leave to their employees was the subject of a two-hour hearing last week before the state Assembly Labor Committee. With testimony in favor and against the bill (A-2354) from dozens of business, labor and trade associations, the committee took no action. It was announced in advance that the hearing was for discussion only and no vote would be taken. The bill requires all employers regardless of size to provide their full- and part-time employees with paid sick time off. Under the bill, employees would be able to earn paid time off at a rate of one hour for every 30 hours. Employers are permitted to cap the amount of time earned at 40 hours for small employers (defined as any employer with less than 10 employees) and 72 hours for large employers (10 or more employees). The paid time off may be used not only when an employee is sick, but also if the employee needs to aid or care for a sick family member or when the employee is not able to work due to closure of the workplace or the school or place of care of a child when the closure is due to an order of a public official due to an epidemic or other public health emergency. PIA will continue to monitor this legislation to ensure that our members are represented and protected.   

Are carriers making it more expensive to run an agency?

PIANJ’s two-minute survey for October asks agents questions about their cost of doing business. This month’s six-question survey includes the following: Do you believe that carriers’ actions are making it more expensive to run an independent insurance agency? Yes | No | I don’t know   

WC maximum/minimum benefits rates are revised for 2015

If an injured worker is disabled for a period of more than seven days, he or she will be eligible to receive benefits at a rate of 70 percent of his or her average weekly wage, not to exceed 75 percent of the New Jersey Statewide Average Weekly Wage. The maximum Temporary Disability, Permanent Partial Disability and Permanent Total Disability benefit rate increases Jan. 1, 2015, from $843 to $855. The minimum rate (20 percent of the SAWW) increases from $225 to $228 for Temporary Disability and Permanent Total Disability, while the minimum Permanent Partial Disability rate remains at $35. For historical benefit rates, click here.   

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FEMA releases Specific Rating Guidelines update

The Specific Rating Guidelines October 2014 manual provides the rules and rates for Submit-for-Rate risks. These are properties at high flood risk that, because of peculiarities in their exposure to flooding, do not lend themselves to pre-programmed rates noted in the National Flood Insurance Program Insurance Manual. These risks require an in-depth underwriting analysis before a risk premium rate can be applied. Use of these guidelines is restricted to: 1.) the NFIP servicing contractor; and 2.) those Write-Your-Own companies approved by the Federal Emergency Management Agency as having established a designated specific rating unit within their underwriting departments.   

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. Courses include: Certificates and Additional Insureds: Navigating the Maze; Personal and Commercial Lines Claims—Covered or Not?; Exploring Cyber Liability Exposures and Traditional Insurance; Ethical Issues in E&O^{^FF^UM}; Current Trends and Evolving Risks: Cyber Liability, Product Recall, Construction Defect and Environmental Contamination; Executive Liability Insurance; and Advanced Umbrella/Excess Liability. This event is made possible by our sponsors. Platinum sponsors: Harleysville and Liberty Mutual Insurance. Gold sponsor: Franklin Mutual Insurance. Silver sponsor: Selective. Don’t forget to save money with PIA’s package pricing. To view the schedule or to register, click here. ^{^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: (800) 424-4244.   

Who you gonna call? Think PIA first

PIANJ has been serving its members for 75 years, with nearly 80 employees housed in a 28,000 square-foot headquarters building—working every day on your behalf. The PIANJ Technical Hotline staff, with more than 250 years of industry experience, can assist you with legislative, legal, technical or coverage-related questions that have you baffled. PIA’s highly qualified technical specialists answer an average of 82 member inquiries each week. Have a question? Click here.   

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Upcoming PIANJ-YIP holiday events

This year the New Jersey Young Insurance Professionals has moved its Fall Networking Reception to a new location—Miller’s Ale House in Mt. Laurel. Join us, Thursday, Oct. 23, 2014, from 6:30-8:30 p.m. The event includes two drinks and appetizers. To register, click here. Plans are underway for the 11^th Annual NJYIP Industry Wide Holiday Social on Thursday, Dec. 4, 2014, at the Grain House restaurant in Basking Ridge. Each year, this event is attended by more than 100 industry professionals. This is the premier holiday event of the season you won’t want to miss. For more details, click here.   

Everything’s wet. It must be a flood, right?

Just because something’s wet, doesn’t mean it’s a flood. There seems to be genuine confusion as to what is covered under a standard flood insurance policy and the standard homeowners policy. PIA offers a QuickSource document that explains the coverage difference between the two policies. To obtain your copy, access QS90733 in the PIA QuickSource library.   

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