Some Practical E&O Steps To Follow from Allianz

​This is an unprecedented time for us all and first and foremost we hope you and your loved ones remain safe throughout this ordeal. ​ We expect you are currently receiving inquiries from clients seeking guidance concerning what type of loss is covered under various policies you have procured on their behalf. We also understand providing excellent customer service is of key importance to your firm as it is ours. There is a natural tendency to want to respond quickly to questions being raised by anxious clients who are seeking immediate answers and this is a key point in time when agency employees should be empathetic…

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On Our Mind: The Importance of Consistency

By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & Development​ ​Things that are inconsistent…the stock market, the weather, my golf game, diets, auto correct, Will Ferrell movies. Things that are consistent…your best friend, your favorite food, your morning routine and finding inappropriate posts on social media. One thing that I have been leaning on during these past number of weeks has been the tremendous support, collaboration and cooperation amongst the staff here at Big I NY. Every day (remotely) I am amazed at the quality of content, information and research that is being produced. The effort comes from long term employees or ones that…

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DFS: No Need to Send Producer COVID-19 Notices Through U.S. Mail

​Following a request from Big I New York, the New York State Department of Financial Services today said that insurance producers are not required to use U.S. Mail to send policyholder notices about a current moratorium on policy terminations. On March 30, the department published a new insurance regulation 216 and a new section to the state banking regulations, in response to an executive order issued by Gov. Andrew Cuomo the day before. Those regulations: Implemented a 60-day moratorium on policy cancellations, non-renewals, and conditional renewals Required insurers and premium finance companies to offer alternative premium payment arrangements to policyholders suffering from the COVID-19 pandemic…

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