The Insurance Advocates Agency, Inc.

This legislation, if passed, will be the single greatest assistance small businesses can receive. However, it will turn the insurance market upside-down. We'll keep you posted.

State looks at legislation to void coronavirus exclusion clauses | Insurance Business Shock move would retrospectively force carriers to pay for coronavirus claims

Here is new guidance for insurance in New York. Please let me know if you anticipate facing any of these conditions:

1. Difficulty paying premiums
2. Receive a cancelation notice from the carrier
3. Receive a non-renewal notice from the carrier

It appears that we will be able to get a delay of any action.

Andrew M. Cuomo
Governor Linda A. Lacewell
Superintendent


March 19, 2020
Guidance to Department of Financial Services (“DFS”) Regulated Insurance Entities Regarding
Support for Consumers and Businesses Impacted by Novel Coronavirus (COVID-19)

To: Chief Executive Officers or the Equivalents of DFS Regulated Insurance Entities
Last week, the World Health Organization declared the spread of the novel coronavirus COVID-19 a pandemic, and both New York State and the Federal Government have declared states of emergency. An increasing number of individuals and businesses are experiencing sizeable disruption to their everyday lives and operations. The economic impact to consumers and businesses around the globe is considerable. Facts are changing rapidly, and this disruption will continue to cause significant financial hardship for individuals and families, especially workers who cannot work remotely and do not have access to paid leave.
As the outbreak continues to spread, a growing number of companies have started to warn markets about the adverse impact of COVID-19 on their financial condition. Companies in certain sectors are already laying off employees and taking other drastic actions in response to the crisis, which is likely to cause more financial stress on local communities and consumers. The disruption in the operations of small businesses caused by the outbreak could make it difficult for these businesses to comply with financial and other covenants in their debt financing documents, possibly triggering other adverse consequences.
In response to this crisis, DFS is issuing guidance to urge all regulated entities during this outbreak to do their part to alleviate the adverse impact caused by COVID-19 on those consumers and small businesses that can demonstrate financial hardship caused by COVID-19, including taking reasonable and prudent actions to support affected New Yorkers by:
• Offering payment accommodations, such as allowing consumers to defer payments at no cost, extending payment due dates, or waiving late or reinstatement fees, where consumers are unable to make timely payments of premium or fees due to COVID-19-related disruptions;
• Working with consumers to avoid cancellation of insurance policies for (a) failure to pay premiums on time, (b) discovery of acts or omissions that may have increased the hazard insured against, or (c) physical changes in the property insured subsequent to issuance or last renewal that result in the property no longer meeting the insurer’s underwriting standards;
• Working with consumers to avoid non-renewal of insurance policies where a consumer fails to timely respond to a non-renewal notice;
• Increasing resources as necessary to accommodate increased claim submissions and increased inquiries from consumers about policy coverage benefits, including reviewing staffing plans to ensure that sufficient personnel are available to field claim submissions or inquiries and are informed on the most up-to-date developments relating to COVID-19;
• Preparing clear and concise descriptions of coverage benefits that may be triggered as the COVID-19 situation continues to evolve, which should be posted prominently on insurance company and producer websites and sent in response to policyholder inquiries;
• Alerting consumers to the heightened risk of scams and price gouging during financial disruptions, and reminding consumers to contact their insurance providers before purchasing unsolicited insurance policies or changing the terms of current insurance policies;
• Ensuring that consumers do not experience a disruption of service if regulated entities close their offices, including making available other avenues for consumers to continue to manage their products and to submit inquiries and claims;
• Providing flexibility regarding proof of death, disability, or other condition that triggers benefits under life insurance policies or annuity contracts;
• Providing consumers with information and timely access to all medically necessary covered health care services, including testing and treatment for COVID-19, in accordance with all applicable DFS guidance, including DFS Guidance on Preparedness for Coronavirus (COVID-19) and DFS Guidance on Coronavirus and Telehealth Services; and
• Proactively reaching out to customers via app announcements, text, email, or otherwise to explain the above-listed assistance being offered to consumers.
DFS also urges all regulated entities, in their capacity as creditors to businesses of all sizes, to work with and provide accommodations to their borrowers during this unprecedented global emergency to the extent reasonable and prudent, including refraining from exercising rights and remedies based on potential technical defaults under material adverse change and other contractual provisions that might be triggered by the COVID-19 pandemic.
DFS believes that reasonable and prudent efforts by regulated entities during this outbreak to assist consumers and businesses under these unusual and extreme circumstances are consistent with safe and sound insurance practices as well as in the public interest, and will not be subject to examiner criticism.
If you have any questions, please contact your regular point of contact at DFS or email [email protected].
Sincerely,

My Chi To
Executive Deputy Superintendent – Insurance

Hi Folks: As most of you know, reinsurance rates are a key driver for the premiums you pay. As they go up, so too will your homeowners, auto, flood, and business insurance. Buckle up.

Brace yourselves for double-digit reinsurance rate hikes, says Moody’s Hurricanes and wildfires to drive rate changes

Believe it or not: 10 of the craziest claims of 2018 | PropertyCasualty360 Insurance fraud can appear in many forms, from comical to deadly. Here, find 10 of the craziest claims from 2018.

This is an all to familiar scenario for cat events. Adjusters, attorneys, and contractors from all over the country swarm the area in the name of "helping". All too often, they are exploiting.

Fire victims sue state Department of Insurance Huge lawsuit over allowing hundreds of unlicensed adjusters to operate

We find that clients do want a simplified buying process but also an educated one. To provide this, we don't burden our client with administrative tasks. Instead, we listen, educate, inform and we do the legwork. We find that one conversation can clear up any mystery or confusion.

Ditching the insurance disintermediation hype Now is the time to engage with the notion of ‘agent-enabled direct’

What's startling is only one of these companies, NATGEN (through their subordinate company Mountain Valley), will write coastal properties.

Top 25 groups, companies for homeowners' multiple peril in 2018: NAIC | PropertyCasualty360 Of the top 25 groups and companies tallied by the NAIC, their cumulative market share tops 75%.

Accenture: Cybercrime to cost U.S. companies $5.2 trillion by 2024 | PropertyCasualty360 Researchers underscored the ways in which cybercrime threatens business operations innovation and growth.

This is the second consecutive year of significant catastrophic losses. The frequency and severity continue to increase however reinsurance rates, which drive the rates we pay, remain stable due to increasing investment capital.

“Major, but not mega events” placed 2018 in the top five years of insured losses As urban development and economic activity move into higher risk areas, exposure to natural catastrophes grows

Hi Tribe: Happy New Year to all! In the midst of our busy lives it is all to easy to forget or put off some basic proactive steps we can take to eliminate or minimize claims down the road. Please take a moment to review these suggestions and act on them if you haven't already. Love to all!

10 homeowners' insurance-related resolutions for the new year | PropertyCasualty360 Change begins with small incremental steps. With this mindset homeowners will notice tangible differences before long.

Meet the newest members of the 2018 Insurance Fraud Hall of Shame | PropertyCasualty360 This year’s Hall of Shamers were responsible for several deaths and stealing millions of dollars from insurers.

Revealed: the cause of almost a quarter of personal insurance property claims It’s a tussle between the elements - but it’s not flooding that’s driving the bulk of claims

Lemonade's new open source policy signals 'adapt or die' to insurers While Policy 2.0 might hit some regulatory roadblocks, firm believes it reflects the insurance-buying behavior of the modern consumer

P&C industry combined ratio for Q1 2018 lowest in past 5 years | PropertyCasualty360 The latest report from A.M. Best shows improvement despite 2017's catastrophe losses.

This translates into higher premiums for all - not just with these two companies. The industry rises and falls together as the modeling for cat loss changes. As frequency and severity increase, carriers pull away from the riskiest areas (like the coast) and, if they stay, increase premiums. This is why we have been pushing for a national disaster insurance program.

Allstate, Travelers pounded by natural disasters The two insurance giants posted hundreds of millions of dollars in catastrophe losses in the first quarter – with one seeing half a billion dollars in losses for just one month

Auto rates on the rise - here's why.

Insurer’s profits slump 36% as losses bite Auto insurance malaise has huge impact on insurance giant’s operating profits

6 wise insurance resolutions for 2017 Here are six things your clients can do in 2017 to avoid common P&C insurance claims.

These are obvious but too often forgotten thing to check.

15 preventable homeowners' insurance claims and how to avoid them When people think of homeowners' insurance claims they often associate them with major disasters, but many losses are entirely preventable.

9 fraudsters join the Hall of Shame Meet the newest insurance fraud criminals to achieve infamy.

4 ways to avoid giving your data to cyber thieves this holiday season Holiday shopping and travel provide opportunities for fraudsters. But you can prevent them from having a merry Christmas at your expense.

10 things to do to keep hackers out of your home Your smart televisions, baby monitors, refrigerators and thermostats are a way for cyber criminals to break into your personal network.

7 ways to prevent Halloween-related claims Fire, distracted driving, vandalism and theft are some of the top risks on Halloween. Here are some safety tips for insureds from Travelers.

An FYI that some will find interesting

My homeowners' policy covers that? From falling objects to stolen credit cards, homeowners' insurance covers some uncommon issues.

For those elevating and renovating

7 ways to mitigate home fire risk Modern homes burn faster than ever before. If you have clients building or renovating a home, here is what they need to know.

Hurricane season is here. Are P&C insurers still prepared for the worst? After several seasons free of major catastrophes, here a gut-check on whether property and casualty insurers expect a pendulum swing — and how they would respond.

Here is the latest update for the FEMA APP:

The FEMA app is your one-stop-shop with tools and tips to keep you and your employees safe before, during, and after disasters. Stay updated with weather-related alerts from the U.S. National Weather Service. Upload and share your disaster photos to help out emergency managers. Save a custom list of the items in your family’s emergency kit, as well as the places you will meet in case of an emergency. Get tips on what to do before, during, and after over 20 types of disasters. And locate open shelters and where to talk to FEMA in person at Disaster Recovery Centers. Download the FEMA app at: www.fema.gov/app.

Mobile App | FEMA.gov Download the FEMA App, available for Apple, Android, and Blackberry mobile devices.

Here is a link to the newly published flood insurance regulatory changes coming our way in April. There is also a summary of last years changes.
http://www2.floodresource.com/reg_DSA

FEMA NFIP Regulatory Changes

Blizzard’s Storm Surge Could Cause As Much Flooding As a Hurricane Landfall It’s blizzard time on the East Coast. Besides snow, there's a coastal flood threat that could rival some of the strongest storms ever to hit the Northeast.

We are honored to announce a substantial expansion of our services to better meet the needs of our growing family of clients. Over the next few weeks we will be joining forces with Double Eagle Insurance Agency (www.doubleeagleagency.com) located in Mineola, NY.

From the beginning, we have worked extensively with the team at Double Eagle because of their value, integrity, and professionalism. In addition, Double Eagle is a family owned agency and they are, literally, members of our own family. It is safe to say that we wouldn’t be where we are today without their support over these past years.

As a friend and client, this merger means that you will see an immediate improvement in service and responsiveness, something I worry about constantly and an area that has grown more challenging to manage as we have grown. Although you will be introduced to members of the team, I assure you that we will not disappear and I believe that this will give me more time to spend with you and not less. Here is the contact information for each member of the team along with email and specialty. As you can see, we are much stronger than ever before.

Pat Depietro - Billing - 516-277-0804 [email protected]
Diane Carman - Personal Lines Policy Service - 516-277-0807 [email protected]
Susan Abbott - Personal Lines Policy Service - 516-277-0809 [email protected]
Dan Benanti - Personal Lines New Business - 516-881-4368 [email protected]
Chelsea Capobianco - Claims - 516-277-0808 [email protected]
Peter Miller - Commercial Lines Service and New Business - 516-629-9992 [email protected]

There will be much more to come. Please let me know if you have any questions at this point.

This is a common occurrence with mortgage companies during the rebuild/renovation process. There are forms you can fill out with your bank, showing the change in exposure (i.e., home is vacant, is being reconstructed, or has been demolished), that will get them to reduce your mandatory coverage limits: http://ow.ly/Vvnoe

House gone; bank wants flood insurance anyway Bank of America demanded that Lakewood resident James McKinley buy flood insurance for his house on the Barnegat Bay in Brick.