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PIA Western Alliance knows you want to be the best in the field, and the best way to stay on top is to stay informed. PIA Weekly Industry News Brief is an informative e-news brief that delivers the most relevant industry content.

 

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Introducing Cyber 101 Classes: Learn about the 7 most common cyber risks

Posted By staff reporter, Tuesday, February 12, 2019

Cyber classes from PIA National

Cyber 101 is the newest educational resource created by PIA and The PIA Partnership to help educate PIA members and their clients about the seven most common cyber risks.

 

Learn about

Fraudulent funds transfer

Extortion/ransomware

Social engineering

Business interruption

Data breach/privacy

Network security

Website media liability


 

Q:  Do I have to be a PIA member to participate in the Cyber 101 courses?

A:  Yes.  However, you can also be a Non-PIA members appointed by Partnership companies. 

To learn which companies are Partnership companies, visit our partner page.

 

Q: What's in it for you?

A:  Become a subject matter expert on Cyber coverage. Producers and CSRs using the Cyber 101 resources will become confident in their abilities to thoughtfully talk about cyber risks and coverage.

 

Q:  How often are Cyber 101 webinars?

A:  Each month, Cyber 101 will introduce new resources on one of these topics:

  • fraudulent funds transfer
  • extortion/ransomware
  • social engineering
  • business interruption
  • data breach/privacy
  • network security .
  • website media liability

 

These topic-specific resources will include:

  1.  interactive claims examples
  2. 1-page PDFs explaining the risk
  3. 30-minute webinars

 

PIA agents can also personalize and provide their clients with general cyber educational resources. All webinars will be recorded and made available on the Cyber 101 website

 

Q:  How do I access Cyber 101? 

 

  • PIA Members

Login here to access Cyber 101

 

  • PIA Non-PIA members

Click here to access Cyber 101

 

  • Other agents

Click here to become a PIA member

 

 

 

Helpful Downloads

Download me!

Download me!


For additional information about The PIA Partnership

 www.ThePIAPartnership.com.

Tags:  cyber 101  cyber education  Cyber risks  cyber security 

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Cyber Attacks — Consumers Want More from Insurance

Posted By staff reporter, Tuesday, February 12, 2019

Consumers want more insurance help with their cyber woes, and potential cyber woes. The why is easy. From automobiles to interconnected homes, just about every aspect of people’s lives are impacted by technology, and that technology is a sieve and easy for hackers to access.

Take automobiles for example. Asaf Ashkenazi of the software company Inside Secure said hackers can use connectivity to access private information and can even use it to steal the car. “The worst-case scenario is that they can completely take over and control anything in your car, from the brakes to the steering wheel,” he said. “The scariest scenario is that you're driving and they make your car crash.”

Then there’s the loss of personal records. The Identity Theft Resource Center’s 2018 End of Year Data Breach Report said 447 million consumers had their personal records compromised last year. That is a 126% increase from 2017.

What’s ironic is the total number of data breaches in 2018 fell by 23%.

Paul Robinson of GreyCastle Security said, “It’s very difficult now to avoid these attacks, even if you're taking the precautionary measures, such as managing your bank account and things of that nature. Now please do that, don't neglect watching your accounts and keeping an eye on your medical records, but the horse has left the barn per se.”

Assurant’s new study, The Connected Now says the connected lifestyle isn’t connecting with everybody. This is where insurance might be helpful. More on that in a bit.

The risk management firm said like it or not, nearly 40% of consumers identify themselves as technophobes. They own an average of 1.3 connected products. These range from smartphones and computers to equipment to manage things in the home.

Those same people — or 78% of them — worry about ID theft and the compromising of their personal information. They point that worried finger at interconnectivity — connectivity they are not that happy with.

Yet, 69% do admit this technology makes their lives easier. 

This is where insurance has an opportunity to shine. Parks Associates — an Internet of Things marketing and consulting company — said its research finds that 40% to 50% of households with access to broadband Internet want additional insurance services.

Parks Associates said this applies to those who own their homes and those renting.

Of those interested, 35% want insurance services that are proactive and that communicate the potential risk of the smart devices in their homes. They want to be updated and warned ahead of time.

Parks Associates spokesman Brad Russell said the insurance they want will take care of the restoration of those services and repair their home after the damage occurs.

“A restoration service that repairs damage is the most appealing service among insured households, but there is strong interest in proactive services, which would be enabled by smart home devices and AI capabilities to detect and prevent risk situations,” he said.

And he noted that advances in technology now let the insured and the insurer connect and interact more easily than ever. “Connected devices are reshaping the way consumers think about many traditional services and how they interact with their service providers,” he added. “These trends in consumer expectations, combined with the wealth of data derived from IoT solutions, are opening significant market opportunities for the insurance industry.”

 

Source links: PropertyCasualty360.com, USA Today, WHEC-TV, Insurance Business America

Tags:  cyber breach  Cyber Security  insurance content  insurance news 

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Lately, PIA has been saving agents 15-20% on their E&O premium! See what you can save, now!

Posted By staff reporter, Tuesday, February 12, 2019

Save 15-20% on your E&O premium

 

 

 

Call Kim Cottrell today!

You do not have to be a PIA Western Alliance Member to take advantage of our E&O premium savings!

Contact Kim Cottrell today!

 

 

CARRIER COVERAGE

Utica, Liberty Mutual, CITA

 

PIA Western Alliance sells Utica National

 

Easy Estimate Form

Click here

Available in all states

 

Q: How can I earn 10% off my agents' E&O premium?

A:  There are 3 ways you can save...

1.  Conduct an annual exposure analysis program reviewed by Utica (5% credit)

2.  Professional training & development of your staff

3.  Attendance at an approved E&O seminar (5% credit)

 

Utica E&O Insurance PIA Western Alliance

 

Q:  Is this program available in my state?

A: This program is available in Arizona, Idaho, Montana, Nevada, New Mexico, Oregon and Washington.

 

 

 

Q:  Why Utica?

A:  Utica is the only company that separates property and casualty E&O from life and health E&O. Both Utica Mutual and Utica Life & Health are specifically geared toward that type of agency.

Utica has been providing agent E&O coverage for more than 40 years and has nearly $2-billion dollars in assets. They continue to be one of the standard bearers in the industry, offering a superior product at a competitive price.


 

Q:  What do the Utica policies include?

  • DIRECT access to the underwriter
  • Dedicated claims specialist
  • Full prior acts
  • Defense costs in addition to limits of liability
  • First-dollar defense coverage
  • Optional loss and litigation deductible and an aggregate deductible that caps your annual deductible exposure
  • Advertising and personal injury coverage
  • 5% loss control credit. Attend a Utica approved 3 hour E&O course for credit
  • 5% credit for Professional Training & Development. 60% or more agency staff achieve recognized designations including CPSR, CISR, ACSR, CPCU, CIC, and CPIA
  • Flexible payment plans and an A+ claims department
  • Optional Coverage's include-Financial products coverage, real-estate coverage, mutual funds and variable annuities, and employment practices liability
  • Optional extended reporting periods that reinstate the aggregate and offer options of as long as 10 years

 

GET STARTED!

 

 Easy Estimate Form

Click here

 


  

Liberty Mutual E&O Insurance

 

Liberty Mutual logo

 

Easy Estimate Form

Click here

  

 Available in Idaho, Montana, Oregon and Washington

 

 

 Q:  What does Liberty Mutual policies include?

A:  You’ll find broad definitions of the professional services covered by your policy as well as a supplemental payments section. Policy limits up to $10 million and deductibles as low as $2,500 provide affordable, comprehensive coverage, including:

  • Consent-to-settle
  • Contractual and vicarious liability
  • Data compromise (at no additional cost)
  • First dollar defense
  • Full prior acts
  • Innocent insured (for fraudulent or dishonest acts)
  • Insurance carrier insolvency
  • Insured vs. insured (for personal lines placements)
  • Personal and advertising injury for professional services
  • Punitive damages (where allowed by law)
  • Vicarious fiduciary liability

Also available:

  • Employment practices liability coverage, available by endorsement with separate limits and deductible
  • Professional services extra expense coverage

 

Download Liberty Mutual EO information

 

 Q:  What do I need to be eligible for this coverage?

Property and casualty should represent (75%) percent of your business, and your annual premium volume should be $1 million at minimum. Businesses also should have a good loss history.

 

GET STARTED!

Easy Estimate Form

Click here

 

 


 

PIA Western Alliance sells CITA E&O policies

 

 cita lOGO

 

Easy Estimate Form

Click here

 

 Available in all states

 

Q:  What does CITA Insurance Services policies include?

CITA Insurance Services professionals have been in business for over 30 years and specialize in smaller Independent P&C agencies with $5 million or less in annual revenue and 30 or fewer staff members.

  • Low Capped Deductible (2x Aggregate):
    Reduces exposures to aggregate claims in an E&O policy period
  • Specified Provider Deductible Option:
    Lower deductible option for E&O Claims arising from business through an agency’s top carrier
  • 80/20 Consent to Settle Option:
    Minimizes the risk of out of pocket expenses
  • Diminishing Deductible:
    Deductible reduction applies when you are claim free and renew your policy
  • Individual policy:
    Ensures that you don’t share your policy with anyone else!
  • Defense Costs Outside the Limits of Liability:
    Defense Costs will not reduce your policy limits of liability
  • First Dollar Defense:
    Your deductible does not apply to defense costs
  • Excellent Claims Adjudication
  • Association membership is considered for discounted or preferred rates.

 

CITA E&O Insurance PIA Western Alliance

 

CITA’s Errors and Omissions Insurance for Insurance Agents is

written on an admitted basis with an A+ XV rating by A.M. Best Company in all state. 

 

 

GET STARTED!

 

 Easy Estimate Form

  Click here

 

 

Tags:  E&O  PIA Western Alliance E&O policy 

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It's true! Easily earn HIGH commission for writing Hartford Flood Policies

Posted By staff reporter, Tuesday, February 12, 2019

PIA Western Alliance Hartford Flood Program

- FACT -

The National Association of Insurance Commissioners (NAIC) has found that half of U.S. flood losses occur outside the designated high-risk areas, and a Lloyd's of London report found only 1 percent of properties outside of the defined flood zones have flood insurance.

 

EVERYWHERE IS A FLOOD ZONE!

                                 - The Hartford


Q:  Do I have to be a member of the PIA to take advantage of this service?

A:  Yes.  It's quick and easy to join the PIA and take advantage of all the benefits of membership.  Did you know that if you are a member of the PIA Western Alliance that you are also a member of PIA National, too?  That means even more benefits - find out now.

 

Q:  How do I become a PIA Western Alliance member?

A:  We can get started right now!  Contact Lori Elston at PIA Western Alliance at (888) 246-4466 x124 or email. 

 

Q:  Why should I move my flood book over to The Hartford?

A:  Because Hartford does the work!  Look what's in it for you:

  • Dedicated book roll consultant who will work with your agency to determine the most efficient way to move your flood book to The Hartford.
  • Hartford will collect required documentation needed.
  • Hartford will bill existing clients 90-days prior to the expiration date.
  • Hartford will customize a renewal letter on your agency letterhead.
  • Hartford bill is sent along with agency-specific renewal letter instructing your clients that you, as the agent, are moving their federally-backed flood policy to Hartford and to pay enclosed bill.
  • Once your client pays their Hartford bill, policy is issued on Hartford paper?

 

Q:  Is the enrollment process easy?

A:  Yes, very easy.  Not only that, you'll be sure to get the best-in-class service that The Hartford is known for.

  • Dedicated, local sales director for your territory to connect with and help grow your flood business.
  • Training and continuing education credits - to help you understand your coverage.
  • User-friendly, online access to processing systems - quoting, submissions and endorsement request plus, free zone determinations.
  • Online chat for service questions and interactive, real-time input assistance.
  • Hassle-free claims service - 24/7 claims reporting

 

Q:  Where is this program available?

A:  This program is available in all 50 states, the District of Columbia and Puerto Rico.

 

Q:  What is offered through the Hartford's Flood Insurance Service Center?

A:  The Hartford offers the most advanced Internet services available including:

  • Flood zone determinations
  • Claims reporting
  • Policy database download and maintenance
  • Electronic application submission
  • Electronic movement of premium commission funds
  • Rating software download
  • Production reports
  • Assistance in obtaining elevation certificates
  • Repetitive loss review

 

Q:  Is there Hartford Marketing support?

A:  Yes!  PIA members have access to the Flood Insurance Marketing Support Center.  The Hartford marketing support center will help you improve your agency's flood sales operation. 

 

The Hartford is a participant in the federal Write Your Own (WYO) Program, part of the National Flood Insurance Programmanaged by the Federal Emergency Management Agency (FEMA). WYO flood policies are underwritten by the federal government and issued, sold, and administered by authorized private insurance companies, including Hartford Fire Insurance Company, Hartford Fire Insurance Company of the Midwest, and Hartford Underwriters Insurance Company. Accordingly, Hartford WYO flood policies are written subject to the rules, regulations, terms, conditions, and availability of the National Flood Insurance Program.

 

Interested in learning more?  Contact Lori, today, at 888-246-4466.

 

 

 

 

Tags:  Hartford flood program 

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From PIA National — Private Insurers & the Flood Insurance Market

Posted By staff reporter, Tuesday, February 12, 2019

Good news for insurers and independent insurance agents in the area of flood insurance. PIA National sent out a news release last week that said a final rule regarding private flood insurance will soon be coming.

The association anticipates it will be good news.

In legal terms, the rule — says PIA National — “requires lenders to accept certain private flood insurance policies that meet the regulatory definition; allows lenders to rely on a ‘self-certification’ by the insurer that the policy meets the regulatory definition; and generally maintains lenders’ discretion to accept private flood insurance that doesn’t meet the statutory definition, as long as the policy provides sufficient protection to the loan in accordance with the lenders’ general safety and soundness requirements.”

Putting it in layman’s terms, the rule — if agreed upon by all five agencies involved — says mortgage lenders will be required to accept private flood insurance as an alternative to insurance sold by the National Flood Insurance Program (NFIP) and backed by the federal government.

The promulgation of the rule — along with notification to borrowers of the availability of flood insurance policies issued by private insurers — is required by a provision in the Biggert-Waters Act of 2012. It reauthorized and reformed the National Flood Insurance Program (NFIP).

It’s just not official yet.

PIA National said private flood insurance now accounts for less than 5% of the residential market, and most private flood insurance policies cover commercial properties or residential properties that need coverage above the $250,000 limit.

Five agencies have oversight in relation to mortgage lenders. Two of them, The U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) have approved the rule. The other three, the Federal Reserve, the Farm Credit Administration and the National Credit Union Administration (NCUA) still have it under consideration.

PIA National said, “Lenders are required to accept private flood policies that look exactly like NFIP policies (same deductibles for similar insurance amounts), etc. Lenders can accept other policies at their discretion; discretionary acceptance requires that a private flood policy must provide enough protection of the designated loan, and the FDIC-supervised institution documents in writing its conclusion regarding the sufficiency of the protection of the loan.”

This rule — PIA National says — “answers several questions about the functionality of flood insurance policies issued by private insurers, but, of course, it does not answer all of them — most significantly, the issue of continuous coverage. As the NFIP approaches a reauthorization deadline again in a few months, we will continue our aggressive advocacy with Congressional leadership on NFIP-related issues.”

Tags:  flood insurance market  Hartford flood program  Private insured 

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Distracted Driving — Still a Growing & Very Dangerous Problem

Posted By staff reporter, Tuesday, February 12, 2019

Distracted driving is everywhere. It ranges from smart vehicles that do everything but drive themselves to the mobile device distractions that have plagued the country since cell phones became a must.

The Insurance Institute for Highway Safety (IIHS) has released statistics showing that — in spite of laws against hand held use and restrictions on other ways to talk on them — that cell phone use has increased.

IIHS spokesman David Kidd said this behavior could be responsible for up to 800 deaths a year on U.S. streets, roads and highways. “The latest data suggest that drivers are using their phones in riskier ways,” he said. “The observed shift in phone use is concerning because studies consistently link manipulating a cellphone while driving to increased crash risk.”

The National Highway Traffic Safety Administration (NHTSA) thinks the number of fatalities could be higher than the 800. It estimates that 3,166 fatalities in 2017 were because of distracted driving. While not all of that distracted driving was mobile device use, the evidence says more are than less.

By the way, the 3,166 deaths are 8.5% of all U.S. traffic fatalities.

So why are so many people talking on their phones while driving? Kelly Funkhouser of Consumer Reports Auto Test Center said it’s because people find driving boring and a necessity. They want something to relieve the monotony.

“Society increasingly expects people to multitask at all times of day, so there is going to be pressure to accomplish something if they’re getting pinged on their phone,” she said and then added that automakers are making it increasingly easy for people to use a phone in a vehicle. The use of touch screens and more are adding to the distractions.

Even worse, Funkhouser said many of those systems are poorly designed and that makes this even more dangerous. “The fact is that some people are going to use their cell phone while driving, and increasing eyes-off-road time makes it much more dangerous to do so,” she said.

Her publication is lobbying the auto industry and asking it to stop adding features that encourage people to take their eyes off the road. If they can’t do that, then make sure those features are disabled when the vehicle is moving.

When it comes to phones, Consumer Reports wants automakers to make pairing the phone with the automobile as easy as possible.

In some states there are laws on the books to make cell phone use in vehicles illegal haven’t worked. Two of them are the PIA Western Alliance states of California and Washington.

In California the Office of Traffic Safety does an annual survey of drivers. They park at various corners in different cities and do a count. This year they parked at 204 locations in 17 counties.

Rhonda Craft is the head of the office. She said this year 4.6% of the drivers observed were on their phones as they drove past. That’s up 3.6% from a year ago.

“Our goal is to end distracted driving, and there’s still work to be done,” she said. “This observational survey gives us an idea on where we stand getting drivers’ attention away from their phones and where we still have work to do.”

The good news is that the percentage of drivers on their phones is down from 2016 when the figure was 7.6% Craft said that means more drivers are aware of the dangers of distracted driving.

“Social norms are changing when it comes to distracted driving,” Craft added. “When a driver’s perception of risk changes for certain behaviors like using their phone and driving, they are less likely to do something that can get them in trouble or worse, in a crash.”

Here’s what else the California Office of Traffic Safety found:

  People alone in their cars are 8x more likely to use their phones than those driving with a passenger

  Drivers are more apt to use their phones on local roads than on highways

  Rather than being on the phone, drivers are more likely to be texting or doing other functions

  Less than 2% of drivers used their phones with children in the car

The Washington State Traffic Safety Commission did the same kind of test of Washington drivers. Statistics from that study showed that just 3.4% of drivers witnessed were holding their phone to their ear rather than using a hands free system.

That’s down from just under 6% in 2016 and 2017.

That’s good news says commission spokeswoman Staci Hoff. “Lots of drivers believe distracted driving is happening at a higher rate than it is. It’s about one in every 10 people,” she said.

When it comes to overall distracted driving, the commission said about 8.2% are distracted at some point while the vehicle is moving. That’s a one-point drop from 2016 and 2017. So while phones are not as much of a distraction, eating, tuning music on a radio or other devices, or attending to pets or children is up.

The PIA Western Alliance state of Arizona is looking at adding a ban on cellphone use while driving to its laws. It is one of just three states where texting and hand-held phone use is still legal.

A bill has been introduced by Republican state Sen. Kate Brophy McGee to ban cellphone use while driving. She hopes the state will finally act. For the last decade, each year the Legislature has said no to a ban.

McGee believes there is now support in both chambers to get the job done. “This is the DUI issue of our time. And we need to educate and reculture our driving public to follow the rules,” she said.

The only other states without a ban are the PIA Western Alliance state of Montana and Missouri.

Speaking of distracted driving. Several states have made the recreational use of marijuana legal. A number of others say the use of pot for medical reasons is okay. That has increased the number of people driving under the influence of marijuana.

Researchers at the University of Michigan Addiction Center talked to peole that take medical cannabis for chronic pain. Their research found in the last six months:

  56% said they drove within two hours of using marijuana

  51% said they drove while “a little high”

  21% said they drove while “very high”

 

Cannabis is just one more addition to the growing list of driver distractions.

 

Source links: Consumer Reports, The Sacramento Bee, The Daily Chronicle, AZ Central, PropertyCasuaty360.com

 

Tags:  Distracted Driving  Still a Growing & Very Dangerous Problem 

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Around the PIA Western Alliance States

Posted By staff reporter, Tuesday, February 12, 2019

Around the PIA Western Alliance 

Arizona


Uber Crash Lawsuit: Last year Elaine Herzberg was hit and killed by an autonomous vehicle owned by Uber. The suit isn’t against Uber, but against the city of Tempe.

Herzberg’s husband and daughter each want $5 million in damages and say the city of Tempe created a dangerous situation when it installed a brick pathway across the median where people aren’t supposed to be crossing.

 

Source link: Insurance Journal

 

Idaho

From the Idaho Department of Insurance

A tip from a social media post helped lead to an insurance fraud conviction for a Bingham County resident.  Danielle Collins was sentenced in Bingham County District Court last week after pleading guilty to one count of insurance fraud following an investigation conducted by the Idaho Department of Insurance.

In court proceedings, Collins admitted to purchasing car insurance after damaging her vehicle.  She was placed on three years of supervised probation by Judge Darren B. Simpson and ordered to pay $800 in fines, $245 in court costs, $500 to the Public Defender’s office, and $536 in restitution to the DOI.  She also must complete 100 hours of community service.

Court records show Collins purchased an auto policy through Progressive Insurance on August 25, 2017.  Three days later she submitted a claim for an accident in which her vehicle sustained damage to its front end and both driver’s side tires.  However, Progressive officials discovered a Facebook post dated days prior to the reported date of the accident and claim submission in which Collins asked her friends and followers, “Who gets not one but two flat tires?? Meeee!!  The social media gaffe helped DOI investigators close the case against Collins.

“This is an example of how insurance fraud comes in all shapes and sizes,” said Director Dean Cameron.  “I’m proud of the work of our investigators because every case of fraud, no matter how big or small, adds up and becomes costly for all Idaho consumers.”

 

Medicare Workshop to be Offered in Idaho Falls

A free Medicare Workshop for individuals turning 65 and those approaching Medicare eligibility will be held Thursday, February 14, from 2 to 4 p.m. at the Idaho Falls Senior Center, 535 W. 21st St., Idaho Falls.  Caregivers and all those interested in learning how Medicare works are encouraged to attend.

The workshop will be led by Senior Health Insurance Benefits Advisors (SHIBA), a unit of the Idaho Department of Insurance.  SHIBA presenters will introduce the various parts of Medicare and explain some of the vocabulary associated with the program. 

Topics to be covered include:

 

  Timeframes for enrolling in Medicare

  Enrollment periods for Medigap, Medicare Advantage and Prescription Drug Plans

  How the different parts of Medicare work together – and when they don’t

 

To register for the workshop, please contact the SHIBA Helpline at 1-800-247-4422.

 

Montana

Minimum Wage

Montana Democrat Rep. Mary Ann Dunwell of Helena wants the state’s minimum wage to go up from $8.50 an hour to $15. If her bill — HB 345 — gets passed, the wage will go to $12 an hour on July 1st of this year, and rise to $15 on July 1st in 2020.

The AFL-CIO and the Montana Federation of Public Employees and the Montana Department of Labor and Industry are supporting the bill.

Opposing the bill is the Montana Retail Association and the Montana Restaurant Association.

Source link: Independent Record

 

Oregon

Marijuana Audit

An audit done by the secretary of state’s office has found the inspections conducted in Oregon’s marijuana industry and not up to speed. The state says the testing system is weak and threatens consumers with contaminants.

Just 3% of the retailers have been inspected and just one-third of the state’s marijuana growers. Also — the report said — marijuana regulators are not doing much to address the black market sales.

However, so far, the legal pot market has generated $207 million in taxes for the state coffers.

 

Oregon’s Innovation Hub

The Department of Consumer and Business Services’ Division of Financial Regulation has opened its Innovation Hub to help insurance, financial, and technology companies bring innovative products, services, and tools to Oregonians.

Experts, thought leaders, and businesses are encouraged to visit dfr.oregon.gov/innovation to connect with the division’s Innovation Liaison and learn more about Oregon’s Innovation Hub.

“We want to engage and collaborate with businesses that are poised to leverage technology in a way that will benefit Oregonians.” said Andrew Stolfi, division administrator. “The Innovation Hub is here to help the businesses we regulate deliver emerging products, and services to Oregon consumers.”

The Innovation Liaison helps companies navigate regulatory guidelines in a way that enables new technology flourish within the state. The liaison helps the division develop and maintain a structure that that can adapt to innovation both now and in the future.

For more information or to connect with the Innovation Liaison visit dfr.oregon.gov/innovation

 

 

Tags:  Around the PIA Western Alliance States  insurance content  insurance industry  pia western alliance 

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An Attitude of Gratitude - Thank you, Red Shield Insurance

Posted By Staff reporter, Tuesday, February 5, 2019

INVESTING IN OUR YOUNG INSURANCE PROFESSIONALS

PIA Western Alliance would like to thank

Red Shield Insurance

for their gracious BRONZE sponsorship of PIAs

2019 Oregon Young Insurance Professionals Events.

 

About Red Shield| Our products | Careers | Contact us

 

Tags:  Oregon Young Insurance Professionals  OYIP  Red Shield Insurance 

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PIA Oregon Young Professionals — Don’t Miss Our First Event in Salem

Posted By Staff reporter, Tuesday, February 5, 2019


 VISIT OYIPS ONLINE

SPONSOR US

Shawn Carter is with Capital Premium Financing. He’s one of a group of PIA Oregon/Idaho members working on the formation of a young insurance professionals organization.

He said this group will solve a number of unique challenges to those just entering the industry and — even — for those who’ve been in insurance for quite awhile. The Young Insurance Professionals Association (YIP) offers professional development, the opportunity to network with peers and ideas on how to make positive contributions to their community.

“We want to help those coming into the industry for the first time to understand the different processes and the different ways they can grow and progress as an agent,” Carter told Weekly Industry News. “It’s an opportunity to network with other young agents.”

 

Here’s the first meeting details:

Thursday, February 21, 2019

5:00pm to 8:00pm

RAM Breweries and Restaurant

515 SE 12th Street

Salem, Oregon 97301

 

Carter said the association is specifically set up for people 35 and under. However, involvement can also apply to those 35 and over that are new to the insurance industry.

“The focus is to help the perpetuation of the industry. A lot of baby boomers are retiring now and we see a lot of agencies being handed down to a son or a daughter, or other family members,” Carter said. “This helps these young agents and the next generation of the industry with networking opportunities.”

PIA Oregon and the YIP leadership are looking for other leaders to fill important positions within the association. Needs range from committee members to YIP leadership.

Carter said the point of YIP is to present something new to attending agents during each event. This is practical, up-to-date information that can be immediately applied to the next work day and at client meetings.

Click here for more information on YIP and to join.

 

We couldn't do it without you!

INVESTING IN OUR YOUNG INSURANCE PROFESSIONALS

PIA Western Alliance would like to show appreciation to

Capital Premium Finance

for their gracious GOLD sponsorship of PIAs

2019 Oregon Young Insurance Professionals Events.

 

ABOUT Capital Premium | WORK WITH Capital PremiumCONTACT Capital Premium

 

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California Wildfires, PG&E Bankruptcy & Insurance

Posted By Staff reporter, Tuesday, February 5, 2019

As you know, Pacific Gas & Electric is being blamed for many of the wildfires in California that have killed dozens of people and destroyed massive amounts of property. Since 2017 close to 1,000 lawsuits have been filed against the company.

More suits are likely.

To date the company has been blamed for 17 major fires and the cost to PG&E — if found guilty — is around $30 billion. No cause has yet been determined for the Camp Fire that burned down most of Paradise, California and killed 86 people. However, most experts say it’s likely PG&E caused.

That said, PG&E was recently found to not be the cause of the fire in Napa’s wine country that killed 22 people and destroyed over 5,000 homes and businesses. Good news for PG&E. Not such good news for those who lost so much.

That conclusion by CalFire will — no doubt — be attacked in court.

Adding to the complexity of the lawsuits and lawsuits to come is PG&E’s filing for bankruptcy. However, PG&E’s interim CEO John Simon said the company isn’t trying to ditch its responsibility. Bankruptcy will let the company make an orderly, fair and expeditious resolution of wildfire claims.

“Throughout this process, we are fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts across the communities impacted by the devastating Northern California wildfires,” he said.

Among those seeking restitution from PG&E are insurers who’ve shelled out dollars to make victims of those fires whole. One of the companies suing the company is State Farm. Its suit said PG&E failed to “keep the power lines, wires, and any and all associated equipment in a safe condition at all times to prevent fires.”

 California Insurance Commissioner Ricardo Lara said to date insurers have received $14.8 billion in claims for the Camp Fire and other fires in California in November of last year. That — he says — is a massive financial exposure. However, he is confident insurers can handle the claims but isn’t sure if those losses can be passed on to PG&E.

“The outcome is still undecided on who is responsible for that fire, but we know insurers have the money they need to make the claims whole,” Lara said. “Regardless of who’s at fault, we are confident insurers have the money.”

 

 

Another concern Lara has is the ability of people in fire-prone areas to purchase insurance, or keep the insurance they purchase. He said insurers must — if they choose not to insure — tell the insured that there are other options like the state’s insurer of last resort, the FAIR plan.

“We want to make sure that we’re monitoring the situation, and right now we don’t feel this is an area we should be alarmed about,” Lara added.

While some worry, the American Property Casualty Insurance Association (APCI) is not. Its members write 60% of the P&C insurance written in the U.S. Spokeswoman Nicole Mahrt-Ganley said, “California still has a competitive market, there are other carriers moving into place to write new business.”

A.M. Best said insurers are definitely going to take a hit and will have substantial losses because of the PG&E bankruptcy. Some specialty insurers will take the biggest hit but Best said, “the losses will be within their risk appetites, and we do not expect any ratings impact.”

 

Source links: Press Democrat, Insurance Business America, Carrier Management

Tags:  CEO John Simon  Pacific Gas & Electric  PG&E  wildfires in California 

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