16-00 Pollitt Dr (map/directions)
Fair Lawn, New Jersey 07410
Call: (201) 254-1888
Fax: (201) 797-4455
|
|
|
 |
|
|
|
|
Insurance News - From United Assurance, Inc:
|
|
|
|
NJ Business Insurance Newsletter - PIA Fall 2009 Edition (pdf file)
|
|
|
|
NJ Personal Insurance Newsletter - PIA Winter 2009-10 Edition (pdf file)
|
|
|
|
Tips on Frozen Pipes & Other Ice & Snow Damage - PIA 2009 (pdf file)
|
|
|
|
Media Release, Mike Best Certified As Construction Risk & Insurance Specialist
Fair Lawn, NJ - United Assurance is pleased to announce that Mike Best, from Oakland, NJ, has
been certified as a Construction Risk and Insurance Specialist (CRIS). This insurance designation
recognizes specialized expertise in construction insurance, & establishes one’s commitment to the
construction industry through an on-going continuing education component focusing on construction
risk and insurance.
"The CRIS program has helped us show our construction clients and prospects that we understand
contractors’ most important insurance needs,” said Thomas V Perna, President. “Now Mike Best has
further strengthened our full-service NJ insurance agency with the specialized knowledge necessary
to provide superior risk management and insurance advice and service to our contractor clients."
The CRIS continuing education program is a specialized curriculum consisting of five core courses.
Only those who complete these courses and maintain their knowledge with an ongoing continuing
education program are entitled to display the CRIS designation to certify their knowledge of
construction insurance. For more information about CRIS, please visit www.CRIS-CE.com. United
Assurance, Inc is a Fair Lawn based Independent NJ Insurance Agency. For more information, visit
Mike Best’s website at www.NJinsuranceRates.com, or call (201) 254-1888.
The Select Topics Below Were Provided By The Professional Insurance Agents
NJ Weekly Reporters (Email us to request more information):
PIANJ Weekly Reporter - Feb. 16, 2010:
PCI: Insurance Industry Will Not Suffer Toyota Recall. The Property Casualty Insurers Association of
America assured Toyota owners that “a vehicle recall by itself will generally not cause insurance rates
to increase.” Additionally, PCI stated that insurance will cover damage caused by the recalled item.
Robert Passmore, PCI’s senior director of claims, said "... if in the rare occurrence where the recalled
part causes an accident, the driver’s automobile liability or physical damage insurance will provide
coverage. This type of unforeseen event is what insurance is for. If the pedal is a factor, the insurer will
pay the claim for the driver & then likely seek to be reimbursed by Toyota. This is one less thing for the
consumer to worry about.”
State Farm Says It Foresaw Toyota Quality Issue. A company spokesman for State Farm says the
company contacted the National Highway Traffic Safety Administration in late 2007 about a trend of
acceleration problems that ultimately caused the recent Toyota recall. Sources also report that State
Farm may consider subrogation of claims against the auto company.
Zurich Introduces A Combination Management, Professional Liability Insurance Policy For Financial
Institutions. Zurich North America Commercial introduced its Financial Institutions Select™, a new
management liability/professional liability policy that reflects the needs of today’s financial institutions
& includes more than 75 new coverage enhancements to respond to the current landscape of risk
faced by the management of financial institutions. The Zurich Financial Institutions Select insurance
policy offers 10 coverage options to choose from: management liability, excess Side-A liability, private
company securities, public company securities, employment practices liability, fiduciary liability,
professional liability, lender liability, trust department liability & security & privacy protection.
AM Best Ratings. AM Best Co revised the outlook to stable from negative & affirmed the financial
strength rating of “A” (Excellent) of CNA Insurance Cos. & its members. AM Best also revised the
outlook to stable from negative & affirmed the FSR of “A-“ (Excellent) of CNA Financial Corporation's
life/health subsidiary, Continental Assurance Co. (Chicago). AM Best has downgraded the financial
strength rating to “B++” (Good) from “A-“ (Excellent) of Michigan Millers Mutual Insurance Co. (Lansing,
Mich.). The FSR outlook has been revised to stable from negative.
NJ Regulation Of Residential Heating Oil. After examining the laws, regulations & proposed
legislation as they apply to NJ underground storage tanks containing residential heating oil, NJ does
require homeowners to clean up spills or leaks from residential underground storage tanks. To learn
more on this issue, ask for document QS29178.
PIANJ Weekly Reporter - Feb. 9, 2010:
Major Disaster Declared For NJ. The head of the US Dept of Homeland Security’s Federal Emergency
Management Agency Craig Fugate announced that federal disaster aid has been made available for
NJ to supplement state & local recovery efforts in the area struck by a snowstorm during Dec 19-20,
2009.
COBRA Would Be Extended Again Under Obama’s Proposal. President Obama announced that his
budget proposal contains another extension for the federal COBRA health-insurance premium
subsidies. The latest extension would allow employees who are laid off from 3/1/10, through 12/31/10,
to be eligible for the 65% premium subsidy for up to 12 months. Under current law, employees laid off
from 9/1/08, through 2/28/10, can receive the premium subsidy for up to 15 months.
NCCI Releases Frequency & Severity Report. The National Council on Compensation Insurance
released its annual update of countrywide frequency & severity based on data received under the
Calendar-Accident Year Call for Compensation Experience & valued as of 12/31/08. In addition to
results for all NCCI states combined, detailed results by state are provided. Frequency declined 3.4%
for Accident Year 2008. In the previous five years frequency declined an average of 4.7% a year.
Indemnity severity, for Accident Year 2008 increased by 5.8%. The average annual change in indemnity
severity from 2003 to 2007 was up 3.8%.
Philadelphia Insurance Cos. Expands Environmental Product. Philadelphia Insurance Cos.
announced the expansion of its environmental product offering with the addition of Contractor
Environmental & Professional Coverage. This product is offered to construction managers, general
contractors, trade & specialty contractors, environmental professionals, environmental labs & other
firms with both environmental & professional exposures.
Tower Acquires OneBeacon’s Personal Lines Division. Tower Group Inc. announced it acquired the
personal-lines division of OneBeacon Insurance Group.
PIANJ Weekly Reporter - Feb. 2, 2010:
Department Of Transportation Bans Texting For Commercial Truck, Bus Drivers Nationwide. The U.
S. Department of Transportation announced a nationwide ban on texting while driving for commercial
truck & bus drivers. The law goes into effect immediately. Those caught doing so may be subject to
civil or criminal penalties of up to $2,750.
Laws Banning Cell Phone Use While Driving Fail To Reduce Crashes, New Insurance Data Indicate.
As legislators across the US enact laws to ban phoning & texting while driving, a new Highway Loss
Data Institute study finds no reductions in crashes after hand-held phone bans take effect. Comparing
insurance claims for crash damage in four US jurisdictions before & after such bans, the researchers
find steady claim rates compared with nearby jurisdictions without such bans. The Highway Loss Data
Institute is an affiliate of the Insurance Institute for Highway Safety.
AAIS Reports On Chinese Drywall. The American Assoc of Insurance Services released an initial
report on the sources & implications of Chinese drywall claims. The report is the latest in AAIS's
series of reports on Emerging Issues & Exposures, researched & written by Kirk Hansen, AAIS
director of education.
The Hanover Introduces Major Enhancements To Its Professional Liability Capabilities. The
Hanover Insurance Group announced that it expanded its professional liability capabilities & product
line significantly, adding professional liability for architects & engineers as well as a stand-alone
miscellaneous professional liability coverage to the company’s Hanover Professional Portfolio of
products.
PIANJ Weekly Reporter - Jan. 19, 2010:
Central Mutual To Cease Writing Business In NJ. Central Mutual Insurance Co. & All America
Insurance Co. have received approval to withdraw from writing business in NJ, effective June 1, 2010.
Ignition Lock Approved For Drunken Drivers. Acting Gov. Stephen Sweeney recently signed a law
requiring convicted drunk drivers to have their vehicles outfitted with breathalyzer devices. The law
requires the device to be mandatory for first-time offenders with a blood-alcohol concentration of at
least 0.15, & to remain in place for six months to a year. Repeat offenders are required to use the
devices for one to three years.
Deterioration In Auto Profits May Drive Rates Higher: Auto Insurance Report. According to the
subscription-only Auto Insurance Report, auto insurance companies may need to ask for higher prices
in the face of falling profits. Countrywide, companies’ average rate-of-return on net worth for personal
auto dropped to 4.5% in 2008, compared to a 7.5% average during the previous decade. Countrywide,
the average profit margin (total profit as a% of direct premiums earned) in 2008 stood at 4% for the
personal auto line.
NJ Personal Auto Profits Fall To Zero. According to the subscription-only Auto Insurance Report,
“2008 saw profits collapse in the haze of open warfare among insurers” selling personal auto in NJ.
The state’s average profit margin for the line fell to 0 in 2008, compared to its 10-year average of 9.2%.
Employee Ruled Eligible For WC Benefits Despite Coffee Jaunt. This month, the Appellate Division
affirmed in Cooper v. Barnickel Enterprises Inc. the decision of a judge of workers’ compensation,
which involved an employee who was severely injured in an auto accident. He was taking a five-mile
trip to a deli for coffee in order to kill time until he could meet with someone regarding business
issues. The court ruled that “accidents occurring during coffee breaks for off-site employees, which
are equivalent to those of on-site workers, are minor deviations from employment which permit
recovery of workers' compensation benefits.”
PIANJ Weekly Reporter - Jan. 26, 2010:
New Law Requires All N.J. Automobile Passengers To Wear Seat Belts. Last week, legislation was
signed into law requiring all passengers in a vehicle to wear a seat belt. The law makes not wearing a
seat belt a secondary offense & each person not wearing a seat belt is responsible for the fine. The
law took effect immediately upon signature.
The Hanover Introduces Major Enhancements To Its Professional Liability Capabilities. The
Hanover Insurance Group Inc. announced that it expanded its professional liability capabilities &
product line significantly, adding professional liability for architects & engineers as well as a stand-
alone miscellaneous professional liability coverage to the company’s Hanover Professional Portfolio
of products.
COBRA Continuation Coverage Assistance Under ARRA. The American Recovery & Reinvestment
Act of 2009, as amended 12/19/09, by the Dept of Defense Appropriations Act, 2010 provides for
premium reductions for health benefits under the Consolidated Omnibus Budget Reconciliation Act of
1985, commonly called COBRA. Eligible individuals pay only 35% of their COBRA premiums & the
remaining 65% is reimbursed to the coverage provider through a tax credit. To qualify, individuals must
experience a COBRA-qualifying event that is the involuntary termination of a covered employee's
employment. The involuntary termination must occur during the period that began 9/1/08, & ends
2/28/10. The premium reduction applies to periods of health coverage that began on or after 2/17/09, &
lasts for up to 15 months. Employers have access to new model notices provide by the U.S.
Department of Labor, as well as answers to some employers’ frequently asked questions. To learn
more, ask for document QS90581.
GEICO Settles Class Action Suit With N.J. Policyholders. According to an article in the Coast Star, an
attorney settled a class-action lawsuit against GEICO. According to Elizabeth Weber vs. GEICO
Insurance Co., the plaintiffs alleged that GEICO’s Web site illegally gave policyholders only $15,000 in
medical coverage without notifying the policyholders in writing. Under New Jersey’s automobile
insurance law, an auto insurance policyholder automatically is given $250,000 in medical expense
benefits. Read more here. Read the order here.
|
|
|
