Yearly Archives: 2021

Industry Roundup: Competition Is ‘Fierce’ To Insure Established Cannabis Businesses; Offices Reopen with Safety Plans, but Big-City Commutes Rattle Workers; Biden’s Vaccine Plan Puts OSHA in Spotlight

​Large Insurers Embrace Digital Exchanges, Selling Their Own and Other PoliciesMajor U.S. insurers are joining new digital exchanges to sell not only their own policies but also those of rivals, a fresh twist in an industry known for fierce competition.Competition Is 'Fierce' To Insure Established Cannabis BusinessesThe battle is heating up to write property lines for well-run cannabis businesses with clean loss histories, which are seeing capacity increase, according to a report by Amwins, Inc.Small Business Cyber Insurance Premiums Up 7% In 2021Since the start of the year, cyber insurance rates have increased 7% for small businesses, according to AdvisorSmith Solutions, Inc., which estimated organizations…

Continue ReadingIndustry Roundup: Competition Is ‘Fierce’ To Insure Established Cannabis Businesses; Offices Reopen with Safety Plans, but Big-City Commutes Rattle Workers; Biden’s Vaccine Plan Puts OSHA in Spotlight

Are You and Your Clients Ready for the New Flood Insurance Pricing?

​Photo by jim gade on Unsplash​As reported in today's issue of The New York Times​, the way the National Flood Insurance Program sets premiums for coverage is going to change for the first time in 50 years next Friday. For some current and prospective property owners, the change may be painful. The methodology change takes effect for new policies on Oct. 1, 2021, with renewals following on April 1, 2022.The traditional way of pricing flood insurance has been to use a flood insurance rate map (FIRM) to determine the flood risk zone in which a property sits. For those properties in special flood hazard areas (SFHA),…

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Albany Update: Big I NYRaises Concerns with Privacy Act, New Government Transparency Directive, Governor Announces Measures to Address Bus Driver Shortage

​Big I NY Raises Concerns With NY Privacy Act:This week, Big I NY participated in a roundtable meeting on the New York Privacy Act, hosted by the bill's sponsors, Senator Kevin Thomas (D, Nassau County) and Assemblywoman Linda Rosenthal (D, Manhattan). This bill would create sweeping and burdensome data privacy rules, including most significantly a fiduciary duty on entities that handle customer data and private right of action allowing private parties to sue for damages. The bill includes generous incentives to file lawsuits, including allowing for the awarding of attorneys fees, minimum damages, and authorizing class actions.Big I NY has opposed this bill since its…

Continue ReadingAlbany Update: Big I NYRaises Concerns with Privacy Act, New Government Transparency Directive, Governor Announces Measures to Address Bus Driver Shortage