PIANJ Women’s Business Forum: Investing across a lifetime

Professional, independent insurance women joined Wendy Murphy, CFP, as she discussed Women and Wealth: Financial Planning Strategies (across a lifetime) for Women during the PIANJ Women’s Business Forum, Nov. 12, at the Forsgate Country Club, Monroe Township. Murphy is a financial advisor for Financial Planning Specialists, The Murphy Group; Morgan Stanley Wealth Management. She shared advice and experience on building wealth across a lifetime with the participants. Murphy also discussed how much to save and how to save it; how to invest; Social Security benefits; and how to connect your values with your budget. PHOTO: Wendy Murphy, CFP, discusses financial planning strategies for women at the PIANJ’s Women’s Business Forum.   

Nothing will stop the biggest insurance show in the Northeast!

No doubt, you’ve heard much about Atlantic City and the Trump Taj Mahal, which has announced it will close its doors this December. We want you to know that PIA is on top of the developments in Atlantic City and we have taken steps to ensure the show will go on. Stay tuned for updates about the 2015 PIANJ/PIANY Joint Annual Conference and save the date for June 7-9, 2015—We guarantee it’s going to be fresh and exciting!   

Senator calls for investigation of Sandy insurance claims

U.S. Sen. Robert Menendez, D-N.J., called on the Federal Emergency Management Agency to take immediate action to address potential widespread manipulation of flood insurance claims of Sandy victims last week. A federal judge in New York recently found that flood insurance providers have engaged in a pervasive practice of tasking firms to issue "baseless report[s]" in order to reduce the amount of money provided to policyholders. In his ruling, U.S. Magistrate Judge Gary Brown found a Write-Your-Own insurance company engaged in "reprehensible gamesmanship" against disaster victims and "that these unprincipled practices may be widespread." More …   

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WC rates increase 2.9 percent

In Circular No. 1881, the New Jersey Compensation Rating & Inspection Bureau announced that the commissioner of banking and insurance approved a 2.9 percent increase in rates and rating values applicable to New Jersey workers’ compensation and employers liability insurance effective Jan. 1, 2015. For experience rating and other manual rule changes, see Manual Amendment Bulletin No. 464. For premium discount and retrospective rating plan changes, see Manual Amendment Bulletin No. 465.   

Congress talks TRIA extension

With the Terrorism Risk Insurance Act set to expire at the end of this year, Congress is making reauthorization a priority during this lame-duck session. It appears that both a short-term and long-term extension of the program are being considered by Congress. Recently U.S. House Majority Leader Kevin McCarthy, R-Calif., joined House Speaker John Boehner, R-Ohio, in supporting a short-term extension of TRIA for six to 12 months. While Senate Banking Committee Chair Tim Johnson, D-S.D., has asked U.S. Sen. Chuck Schumer, D-N.Y., to speak with U.S. House Financial Services Committee Chair Jeb Hensarling, R-Texas, to find a compromise between the Senate and House on a long-term TRIA extension. Congress is set to adjourn Dec. 12, 2014.   

AAIS files data-breach liability exclusions

The American Association of Insurance Services Inc. is initiating a multistate filing of "Data Breach Liability" exclusions under its commercial liability programs. Upon approval, insurers using the AAIS Artisans, Commercial Liability, and Commercial Umbrella programs will have the option to exclude liability coverage for losses arising from an insured’s legal liability for unauthorized disclosure of or access to private or confidential information of any person or organization. There are essentially two types of exclusions being filed: 1.) A mandatory endorsement excludes coverage for bodily injury, property damage and personal and advertising injury arising from an insured’s legal liability for unauthorized disclosure of or access to private or confidential information of any person or organization. 2.) An optional alternative endorsement excludes coverage only for personal and advertising injury, considered to be the largest loss exposures following a data breach. For more, go here.   

NAIC advises consumers (re)enrolling in state health exchanges

The National Association of Insurance Commissioners released a consumer alert to help consumers who bought insurance through the Health Exchange last year, or are considering buying from the exchange this year. The alert outlines the basics; information about last year’s enrollment; what’s new to the exchange; multistate plans; coverage options; and more.   

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Suits against insurance producers

Q. What is the applicable statute of limitations in New Jersey for lawsuits brought against insurance producers? A. The short answer is six years. Producer "malpractice," unlike legal or medical malpractice, is not a statutorily defined cause of action and does not have a statute of limitations specific to it. Traditionally, when an action is brought against a producer it is either brought under a theory of negligence or under a theory of breach of contract. For a comprehensive answer to this question, click here. To access our entire Ask PIA library of frequently asked questions and expert answers by PIA’s technical staff, click here.   

PIA’s Custom Class: CE when and where you want it

With the PIA member-exclusive Custom Class program, your employees get tailored, targeted knowledge and continuing-education credit without leaving the office. Get more value out of the time and money your agency or company is investing in CE when you plan a program to suit your needs. With PIA Custom Class all licensed insurance professionals in your agency or company earn CE credits at the same time, at substantial cost savings. And, they’ll gain important knowledge specific to your business’s operations that they can start implementing immediately. PIA can help you create a winning spirit throughout your business while staying current with state licensing requirements. More …   

PIA Webinars on ethics, NFIP, cyber liability, etc.

PIANJ will offer the following Webinars in the next few months: Exploring the Personal Umbrella/Excess Policy (Friday, Nov. 21, from 10 a.m.-1 p.m., NJCE: 3 GEN); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., NJCE: 3 ETHICS); The National Flood Insurance Program Revised and Updated (Tuesday, Dec. 9, from 10 a.m.-noon, NJCE: 2 NFIP Flood); Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., NJCE: 1 GEN); Coverage Abbreviations: OCP, K&R, COP/MOP, OCIP/CCIP, KMI (Tuesday, Jan. 6, 2015, from 10 a.m.-1 p.m., NJCE: 3 GEN); Key E&O Issues that Every Agent Should be Thinking About^{^FF^UM} (Tuesday, Jan. 20, from 10 a.m.-1 p.m., NJCE: 3 GEN); and Cyber Liability—Why the Need? (Friday, Jan. 30, from 10-11 a.m., NJCE: 1 GEN). ^{^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 at (800) 424-4244 for details. For more information or to register, click here.   

PIA-member webinar on social-media strategies and bottom-line business results

PIA National will host a free webinar called Developing Social Media Strategies for Your Agency for Bottom-Line Business Results. This webinar, which is available only to PIA members, will be held Monday, Dec. 8, 2014, starting at 2 p.m. Taught by Ted Janusz and PIA, this webinar will explain how participants can learn to use social media in their agency to form relationships with their clients and prospects and increase sales. For more information, or to register, click here.   

PLIGA surcharge

PIANJ members often inquire about the New Jersey Property-Liability Insurance Guaranty Association and the permissible surcharge insurance carriers are permitted to use to recoup the New Jersey Property-Liability Insurance Guaranty Association assessment they are required to pay. For an outline of the rules contained within Department of Banking and Insurance Order No. A14-109, access QS29137 in the PIA QuickSource library.   

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