Industry News

​Does Government Seizure of Prop​​erty Constitute a 'Theft' Claim?Question: We have an insured with a homeowners insurance (HO3) policy, and she recently filed a theft claim for 350 pounds of hemp that she had stored in her home. She claims that the state's Department of Agriculture, state police, and the local sheriff conspired to steal her hemp worth a large amount of money that she had been growing to sell. How do you think the policy would respond?  Workers' Compensation N​​umbers Indicate Strong Performance During 2020 PandemicBecause of job losses and shrinking payrolls during the pandemic recession, the workers' compensation industry's net written premium dropped…

New York Warns of Supply Chain​ Attack Dangers in Recent SolarWinds ReportThe next great financial crisis could come from a cyber attack. At least, that's according to New York State Department of Financial Services (DFS) Superintendent Linda Lacewell in a statement regarding DFS' recent report outlining its investigation into the SolarWinds attack. The report summarizes the attack, the response by DFS-regulated companies and key measures to prevent future events of a similar nature.​Insurance 'The Final Safety Net' in Cyber​ Risk ManagementCyber insurance can serve as “the final safety net" for your agency in the worst-case scenario that something happens to you. It cannot act as…

​The New York State Workers Compensation Board has announced that the maximum weekly Workers Comp benefit will increase in July. The new maximum weekly benefit will be $1,063.05. Under New York Workers' Compensation Law, the maximum weekly disability benefit must be adjusted every year on July 1 to equal two-thirds of the statewide average weekly wage. According to the announcement, the New York State Department of Labor recently reported to the state Department of Financial Services that the average weekly wage in 2020 was $1,594.57.The new maximum applies to workers' compensation claims with dates of injury during the period from July 1, 2021, through June 30, 2022. The current…