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 »
As businesses, including independent insurance agencies, bring staff back into their offices, the concept of asking employees to sign a COVID-19 liability waiver is becoming more common. What is a Liability Waiver? When we conjure up the concept of a liability waiver, we typically think of a pre-event liability waiver. This is an agreement between
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Stay informed of the changing human resources landscape – and the case law, legislation, and regulations that alter it – by reviewing our HR Bulletins, a running tab of state and federal updates. Read more about these recent updates by visiting our HR Bulletin webpage and scrolling to the appropriate number. FED #24 – Joint
Human Resources News, Guidance Read More »
House Bill 108/Senate Bill 175, signed into law earlier this year, amends the Maryland Condominium Act, increasing from $5,000 to $10,000 the maximum amount of a condo association’s property insurance deductible that a unit owner is responsible for when the cause of damage to the condo originates in his/her specific unit. The condo association is
New Condo Law Increases Unit Owner Deductible Read More »
If you write through the National Flood Insurance Program (NFIP), take note of the forthcoming program changes, including: EFFECTIVE APRIL 1, 2021 Updated premium rates Updated Community Rating System EFFECTIVE JAN 1, 2022 Updated base premiums for Preferred Risk Policies and policies rated under the Newly Mapped Procedure Updated premium multiplier tables for policies rated
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The Delaware Department of Insurance (DOI) updated Universally Applicable Bulletin No. 5, which outlines the Delaware Insurance Data Security Act requirements. The updates include: A change to the DOI’s email address (now doidatasecurity@delaware.gov), where notices of a data breach are sent The addition of a requirement to for insurers to submit an annual certification of
DE Insurance Data Security Act Reminder Read More »
Representatives of the Baltimore Department of Planning provided the following reminder for IA&B members:Baltimore City wants to remind all insurance agents and brokers that properties purchased in Baltimore City’s Special Flood Hazard Area (SFHA) with federally backed loans are required to have flood insurance. Baltimore City participates in the Federal Emergency Management Administration’s Community Rating
Baltimore Highlights NFIP Premium Discounts Read More »
With the National Flood Insurance Program (NFIP) facing expiration last week, President Trump signed into law legislation to extend the program for another year, through Sept. 30, 2021. This extension was part of a broader measure to keep the federal government funded through Dec. 11. Since the NFIP originally came up for renewal three years
NFIP Extended for One Year Read More »
