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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 …  

2015 MetroRAP focuses on protecting your agency

If you live or work near New York City, you won’t want to miss this year’s Metropolitan Regional Awareness Program, Thursday, Jan. 29, 2015, at the New York Marriott at the Brooklyn Bridge. Earn valuable continuing-education credits, network with peers, celebrate award and scholarship winners and enjoy a luncheon featuring keynote speaker Thomas R. Kozera, CPCU, chair and CEO of Assured SKCG Inc. For more information or to register, click here.  

Two-Minute Survey: Members stress problems with tracking CE credits

In our most recent Two-Minute Survey, PIANY members expressed the frustration they experience trying to stay compliant with continuing-education credits when they possess more than one insurance license. One of the factors identified was the 2012 switch to birthdate licensing, which seems to have confused renewals, unnecessarily complicating it. In response, PIANY has formed a legislative subcommittee to further explore this issue. More …  

'Tis the season for District Office Visits—Have you signed up?

Each year at this time, your association holds its District Office Visit Program. Meetings are happening now across the state with PIANY members and their legislative representatives. PIANY facilitates these meetings, which take place through January, and give us a head start on priority issues for the coming session. PIANY will help prepare volunteers with background information and talking points, so you can speak confidently on the most pressing issues. Participation is easy. PIA staff even will attend meetings to support your visit. Interested in participating? Email govaffairs@pia.org or call the Government & Industry Affairs Department at (800) 424-4244.  

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Wage Theft Prevention Act employee notices must be distributed by Feb. 1, 2015

Employers with employees in New York are required to issue annual notices under the Wage Theft Prevention Act to all New York employees between Jan. 1 and Feb. 1, 2015. There is a bill (A.8106-C Heastie/S.5885-B Savino) that passed both houses of the state Legislature, which would strike the annual notice requirement from the Wage Theft Prevention Act when the same information is provided in another manner. It has not yet been signed into law by Gov. Andrew M. Cuomo. More …  

New York ranking increases 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. New York rose in ranking to fourth highest in the country for workers’ compensation rates at 148 percent of the median value. The 2012 summary placed New York at fifth highest.  

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 …   

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Ask PIA: Broker's license authorities include accident and health

Q. I’ve held a broker’s license in New York for a number of years, dating back to before there was a so-called "life insurance broker" license. Recently, a couple of companies questioned my authority to transact health insurance. I know my broker’s license includes the health insurance authority, but how do I prove it? A. Your proof is found in the wording of the broker licensing law, Insurance Law Section 2104. Yes, your license as a so-called "property/casualty insurance broker" does include the authority to transact accident and health insurance. In fact, you are licensed to transact "any and every line of authority, except life insurance and variable life and variable annuity products." 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.  

Workers’ compensation for contractors

Do you need workers’ compensation for your contractor insureds? Think PIA first. PIA’s NumberONE Comp Program—an exclusive PIANY 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 PIANY Webinars

PIANY 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., NYCE: 3 BR, C3, PC, PA); Comparing URB Forms to ISO Forms in Commercial Lines (Thursday, Jan. 8, from 10 a.m.-noon, NYCE: 2 BR, C3, PC, PA); Comparing URB Forms to ISO Forms in Personal Lines(Friday, Jan. 9, from 10 a.m.-noon, NYCE: 2 BR, C3, PC, PA); Key E&O Issues that Every Agent Should be Thinking About^{^FF^UM} (Tuesday, Jan. 20, from 10 a.m.-1 p.m., NYCE: 3 BR, C3, LB, C1, LSB, LA, PC, PA); Cyber Liability—Why the Need? (Friday, Jan. 30, from 10-11 a.m., NYCE: 1 BR, C3, PC, PA); NY AIP Producer Procedures Course (Two-Part Webinar) (Thursday and Friday, Feb. 12-13, from 10 a.m.-noon, NYCE: 2 BR, C3, PC, PA for each part, 4 credits total); When a Carrier Goes into Liquidation (An Informational Webinar) (Thursday, Feb. 19, from 10-11:15 a.m., NYCE: TBA); Real Life Commercial Lines Claims (Tuesday, Feb. 24, from 10 a.m.-1 p.m., NYCE: TBA); Legal and Ethical Responsibilities (2015) (Tuesday, March 3, from 10 a.m.-1 p.m., NYCE: 3 BR, C1, C3, LA, LB, LSB, PA, PC); and Key E&O Issues that Every Agent Should be Thinking About^{^FF^UM}(Tuesday, April 28, from 10 a.m.-1 p.m., NYCE: 3 BR, C3, LB, C1, LSB, LA, PC, PA). ^{^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.  

Production fluctuation has an impact on business income coverage

Business income coverage is important to commercial clients and allows them to recoup some of the money that could be lost after a claim occurs that either shuts down their business or causes them to relocate. Production fluctuation is an important consideration in determining the appropriate coverage for your commercial insureds. For an overview, access QS90105 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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