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Industry Roundup: May 20, 2021

COVID-19 Insurance ​​​​Coverage Cases are Hitting Appellate CourtsBusinesses have filed nearly 1,700 lawsuits for business interruption coverage claims following lockdowns in 2020 and there are now 120 cases on appeal, in both state and federal courts, that allege insurance companies wrongfully denied coverage for pandemic-related business interruption claims. Colonial ​​Pipeline Hack: How a Cyber Policy May Have RespondedNew reports indicate that Colonial did have cyber insurance, but how does a cyber policy work in the event of a cyberattack? Learn how important cyber coverage really is by reviewing this current cyber attack.NCCI report: Workers' C​omp System 'Stronger Than Ever'When excluding COVID-19, total workers' comp claim…

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On Our Mind: So What Do You Do?

By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & DevelopmentA little bit about me:​ sometimes I do not want to talk to anyone. And at other times, I will chat your ear off! Yesterday when I was at the barber, he was asking me questions about my job and if it has been affected by COVID. I told him that I just work from home a bit more now, and other than that, I have been busy. I knew what was coming next: “So what do you do?” I decided to answer with, “I’m in the insurance business: I help support agents with education, training, research, and more.” I continued, rather proudly, that “our…

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Albany Update: “Bad Faith”, Lead Paint Exclusion Ban, Privacy Act Introduced

​Given New York's political climate, playing defense is one of the most important ways Big I NY stands up for you in Albany. New York's legislative session concludes in four weeks, and as is typically the case, numerous harmful bills have popped up.Last week, Assemblywoman Helene Weinstein (D, Brooklyn) introduced a bill to create a statutory “bad faith" cause of action, allowing policyholders to sue insurance companies for a wide range of alleged unfair conduct. The bill includes a raft of incentives for trial attorneys, including extra-contractual damages, double and treble damages, attorney fees, interest, and penalties for failing to settle claims in as little…

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