If you write workers’ compensation, take note of the Delaware Compensation Rating Bureau’s three latest circulars. Circular No. 990 Revisions to Designated Auditable Payrolls Basic Manual – Section 1 Effective Dec. 1, 2020 Circular No. 991 F-Classification and USL&HW Rating Values Effective Dec. 1, 2020 Circular No. 992 Terrorism Risk Insurance Program Reauthorization Act Disclosure […]
Workers’ Comp Updates Read More »
The events of 2020 “have put considerable added pressure on professional liability insurers,” according to AM Best. The agency just released Best’s Special Report, “Professional Liability Insurers Navigate Uncertain Terrain Amid a Pandemic,” which included a survey of underwriters.Per AM Best’s announcement, results from the survey include: Two-thirds of respondents placed the severity of COVID-19
COVID-19 Disrupts Professional Liability Market Read More »
The Delaware state General Assembly convenes on Jan. 12, 2021 to begin a new two-year legislative session, though what the session will look like amid the ongoing COVID-19 pandemic remains unknown. In preparation, the Delaware Department of Insurance (DOI) this week met virtually with IA&B and other insurance industry stakeholders to outline its legislative priorities
DOI Unveils 2021 Legislative Priorities Read More »
Our national affiliate, the Big “I”, late last week projected the following outcomes as a result of the Tuesday, Nov. 3 election:Republicans have made significant gains in the House and successfully defended many of their vulnerable seats in the Senate. This is different than the “blue wave” that many in the media predicted and will
Forecasting Impacts of the Election Read More »
Meet Pennsylvania’s new annuities suitability training requirement with ease during our live, four-hour Annuities – Consumer Protection and Suitability webinar. Filed for 4 hours of Annuity CEs in Pennsylvania, Maryland, and Delaware, this webinar will be offered:Monday, Dec. 7 | 9:00 AM – 1:00 PM Register About The New Requirement As previously reported in Agent
How to Comply with New PA Training Requirement Read More »
A mix of new and familiar faces will have seats in Delaware’s state government following Tuesday’s General Election: Gov. John Carney, Jr. and Lt. Gov. Bethany Hall-Long both defeated their Republican challengers to win re-election. Of particular note for the insurance industry, incumbent Insurance Commissioner Trinidad Navarro also won a second four-year term by defeating
State Election Recap Read More »
Pennsylvania Compensation Rating Bureau (PCRB) Circular 1753 spells out changes to underwriting guidelines. Effective April 1, 2021, the payrolls between shop fabrication and installation crews can be assigned different classifications, to recognize the differences in process and hazards between the two activities, with differences in loss costs ($1.73 vs. $2.41).The PCRB has not identified the
PCRB Addresses Scope of HVAC Code Read More »
When placing business through brokers, they may refer to themselves as the “agent” and you as the “broker.” And they’re probably right. The adoption of the Producer Licensing statute around 2002-2003 generated a lot of confusion around basic terminology in our industry. That confusion lingers because of the way we use these terms and can
Who Do You Represent in Each Transaction? Read More »
If a lender requests a copy of the Replacement Cost estimate for a property on which they will provide a loan, should you provide it? The best practice would be not to comply. If you choose to do so, however, we would encourage you to take some precautions, as indicated below.First, let’s look at the
When Lenders Request Replacement Cost Estimates Read More »
The 2020 Travelers Risk Index found that 22% of business leaders surveyed reported that their company had been the “victim of a cyber event.” This marks the highest percentage since Travelers’ 2014 inaugural survey. And while those surveyed reported increased cyber concerns, fewer of them took risk mitigation steps than last year. Read more about
Travelers Cyber Survey Finds Businesses Vulnerable Read More »
