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TRIA likely to expire at end of year

The U.S. Senate adjourned last night without reauthorizing the Terrorism Risk Insurance Act. This leaves the fate of the program in serious jeopardy as TRIA is set to expire on Dec. 31. Despite passage in the House, the Senate has struggled to find a way to move forward due to unrelated items in the bill. Most notable was the objection of retiring Sen. Tom Coburn, R-Okla. over the inclusion of NARAB II. Sen. Coburn is a long-time opponent of NARAB II and put a hold on the bill, which prevented a quick vote on the measure. PIA is shocked and dismayed that Congress would adjourn without doing its job by passing a long-term renewal of TRIA, especially at a time of increasing terrorist threats. More … PIACT has compiled a list of recent actions related to TRIA’s pending renewal. More …  

PIACT recognizes outgoing Insurance Commissioner Leonardi

PIACT presented Connecticut Insurance Commissioner Thomas B. Leonardi with a resolution in recognition of his service to the state of Connecticut and its insurance sector Dec. 11, his final day in office. PIACT immediate past President Augusto Russell, CIC, and Advisory Council Chair Patrick R. Walsh, both of May, Bonee & Walsh Inc.; along with PIACT Government Affairs Counsel Campbell H. Wallace, Esq., and Government Relations Representative Jim O'Brien, Esq., met with the commissioner on behalf of the association in Hartford. More … PHOTO: PIACT Advisory Council Chair Patrick R. Walsh; PIA Government Affairs Counsel Campbell Wallace, Esq.; Connecticut Insurance Commissioner Thomas B. Leonardi; and PIACT immediate past President Augusto Russell, CIC. The association's team met with Leonardi on Thursday—Leonardi's last day in office—to present the commissioner with a resolution honoring and thanking him for his service to the industry. (Image courtesy of Augusto Russell.)  

PIACT seeks nominations for insurance industry stars

Your association is calling for nominations for its 2015 Agent of the Year and Distinction of Professionalism awards. Nominations are due Feb. 2, 2015. Each year, PIACT honors insurance professionals who exemplify the qualities and actions that serve as a model of excellence in the insurance industry and for the independent agency system. For a list of awards and to nominate a deserving candidate, click here.  

Connecticut ranked second among countrywide WC rates in Oregon study

The Oregon Department of Consumer and Business Services has released its 2014 Oregon Workers’ Compensation Premium Rate Ranking Summary. Connecticut continues to rank 2nd highest in the country for workers’ compensation rates at 155 percent of the median value. The 2012 summary also had Connecticut at 2nd highest.  

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FEMA releases NFIP bulletins

Bulletin W-14059 clarifies landlord and tenant coverage for improvements and betterments under the Standard Flood Insurance Policy. The SFIP defines improvements as fixtures, alterations, installations or additions comprising a part of the insured dwelling or the apartment in which the policyholder resides. Bulletin W-14060 provides additional guidance and clarifications to underwriting procedures for a transfer of business, when producers move any or all of their existing book(s) of business from one insurer to another. The new insurer must collect all underwriting information required at the time of the transfer in order to verify the correct rating and issuance of the policy. Bulletin W-14061 announces that the Standard Flood Hazard Determination Form renewal was published in the Federal Register on Dec. 11, 2014. Comments on the form will be accepted through Feb. 9, 2015.  

ISO files drone coverage options

The Insurance Services Office Inc. is preparing insurers for the rise of commercial drones around the world by offering new and versatile coverage options. The new endorsements address the growing liability exposures of commercial drones, which already have developed a wide range of potential and reported uses, including package delivery, crop protection and aerial photography. The options modify coverage under ISO’s Commercial General Liability and Commercial Liability Umbrella/Excess programs and recently were developed and filed on a multistate basis for a June 2015 implementation. More …  

Ask PIA: Host liquor liability—homeowners

Q. We have a homeowners client. His son is getting married and our client is holding a bachelor party. Liquor will be served. The hall where the party will be held is requiring a certificate of insurance from our client. We are not sure how to handle this situation. Please advise. A. Your client's homeowners policy provides personal liability coverage for claims or suits against the insured for damages because of bodily injury or property damage caused by a covered occurrence. Coverage for incidents at the party would be afforded, since the bachelor party you describe would not fall under the homeowners policy exclusion that applies to business pursuits and the hall is included in the definition of an "insured location." But note that only the insured homeowner is covered, and not others who might be liable for incidents occurring there. For a more 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.  

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Workers’ compensation for contractors

Do you need workers’ compensation for your contractor insureds? Think PIA first. PIA’s NumberONE Comp Program—an exclusive PIACT member benefit—offers workers’ compensation coverage for many contractor classes of business based on underwriting guidelines. Our simplified submission process makes it easy for you to earn commission while placing your insureds with trusted carriers. For more information, call (800) 424-4244, ext. 850.  

Upcoming PIACT Webinars

PIACT will offer the following Webinars in the next few months: Coverage Abbreviations: OCP, K&R, COP/MOP, OCIP/CCIP, KMI (Tuesday, Jan. 6, from 10 a.m.-1 p.m., CTCE: 1 LH, 2 PC); Key E&O Issues that Every Agent Should be Thinking About^{^FF^UM} (Tuesday, Jan. 20, from 10 a.m.-1 p.m., CTCE: 3 PC); Cyber Liability—Why the Need? (Friday, Jan. 30, from 10-11 a.m., CTCE: 1 PC); When a Carrier Goes into Liquidation (Thursday, Feb. 19, from 10-11:15 a.m., CTCE: 1 PC); Real Life Commercial Lines Claims (Tuesday, Feb. 24, from 10 a.m.-1 p.m., CTCE: 3 PC); Legal and Ethical Responsibilities (2015) (Tuesday, March 3, from 10 a.m.-1 p.m., CTCE: 3 LRE); and Key E&O Issues that Every Agent Should be Thinking About^{^FF^UM}(Tuesday, April 28, from 10 a.m.-1 p.m., CTCE: 3 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 celebrate season at Holiday Social

Members and friends of PIACT-YIP came together last week for the Holiday Social at Southport Brewing Co., Milford. Attendees were able to mingle and network before the new year, going over 2014’s successes and looking toward the future. PIACT-YIP also collected food donations for the CT Food Bank. Look out for this month’s Reporter for more on this event. PHOTO: Event attendees gather at Southport Brewing Co. (Image courtesy of PIACT-YIP President Nick Ruickoldt, CPIA.)  

Six steps to true carrier partnerships

The agency/carrier relationship is one of, if not the most, important aspects of an agency’s business development and livelihood. Many times the day-to-day operations are what take up an agency owner’s time and efforts; however, building on this appointment and turning it into a true partnership is a vital part of any agency’s future. For six steps that will assist you in converting these appointments to true partnerships, access QS90446 in PIA’s QuickSource library.  

In memoriam: Don Malecki, insurance expert

PIA joins the insurance industry in mourning the passing of Donald S. Malecki, who passed away on Dec. 12, 2014, at age 81. Malecki was a notable insurance expert with 50 years of experience in the risk management and insurance industry. In April, he had written graciously and eloquently about the illness that would claim his life.  

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