In Harvey’s wake, some worry about state insurer’s pace at paying claims from Ike

By Shelby Webb 

As thousands wait for insurance money to make repairs in the wake of Hurricane Harvey, more than a half-dozen school districts, cities and other government agencies are still awaiting payment from the Texas Windstorm Insurance Association on nearly $60 million in claims from Hurricane Ike.

Texas City Independent School District leads the list with more than $17 million in outstanding Ike claims, followed by Dickinson ISD with $10.5 million and Chambers County with $9.5 million. Three other school districts, two cities and a community college are awaiting payment on additional claims of more than $22 million, according to a Houston Chronicle analysis.

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New Jersey Approves 5.1% WC Rate Decrease

By 

The New Jersey insurance commissioner has approved a 5.1% rate decrease for workers compensation premiums on a new and renewal basis, the Compensation Rating and Inspection Bureau said Wednesday in a letter to bureau members.

This decrease is effective Jan. 1, 2018.

Additionally, the maximum weekly benefit with respect to all types of injuries, except permanent partial disabilities, will be changed to $903 from $896. The minimum weekly benefit will be changed to $241 from $239.

In cases involving permanent partial disabilities, the present maximum weekly benefits ranging from $239 to $896 will increase to $241 and $903, respectively. The minimum weekly benefit for permanent partial injuries will remain at $35, the comp bureau said.

Read the article here:

http://www.businessinsurance.com/article/20171128/NEWS08/912317503/New-Jersey-approves-workers-comp-rate-decrease-ups-benefits

If your dealership needs help managing your property/casualty and or worker’s compensation renewal process, please reach out.  We would love an opportunity to discuss the value of partnering with our insurance advocacy team to help your dealership manage this process!

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Insurance Advocacy

Republicans Move Ahead on Flood Insurance Reform

By James Osborne 

Texas and Louisiana lawmakers team up in a reform effort as the program struggles to deal with its billions of dollars of debt

WASHINGTON – A years-long effort to shore up the finances of the federal government’s flood insurance program is nearing a vote in the House.

House Majority Whip Steve Scalise, R-La. and Rep. Jeb Hensarling, R-Dallas, the powerful chairman of the House Financial Services Committee, are pushing members to vote for flood insurance legislation after striking a deal Friday to move ahead on reform efforts that have long divided Democrats and Republicans alike.

Read the full article here:

https://goo.gl/fYi6R6

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Insurance Rates Rising Sharply in 2018 North American Commercial Property

By Suzanne Barlyn 

North American commercial property insurance rates could rise by as much as 25 percent during 2018 for properties that suffered catastrophe losses this year, according to a report on Monday by insurance brokerage Willis Towers Watson (WTW.N).

Read More: http://www.reuters.com/article/us-insurance-rates/north-american-commercial-property-insurance-rates-seen-rising-sharply-in-2018-idUSKBN1D62G6

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Workers’ Comp Rate Decreased in Florida by 9.8%

By Amy O’ Connor 

Florida Insurance Commissioner David Altmaier has ordered a statewide overall workers’ compensation rate decrease of 9.8 percent, a slightly higher decrease than the 9.6 percent decrease filed by the National Council on Compensation Insurance (NCCI) back in August.

Altmaier’s order disapproving NCCI’s 2018 rate filing was issued by the Florida Office of Insurance Regulation on Tuesday, and stated NCCI’s rate request be amended and refiled by Nov. 7, 2017.

Read the full article here:

https://www.insurancejournal.com/news/southeast/2017/11/02/470199.htm

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Prices Increase for Commercial Insurance

The only way to be truly prepared for increasing Insurance rates & changing terms is to be proactive!

If you are concerned about the potential impact of catastrophic weather events impacting the rates and terms of your upcoming renewal, please contact ACG!

We always appreciate the opportunity to discuss the value of partnering with ACG’s Insurance Advocacy Team to help manage your dealership’s renewal process!

Read the full article here:

http://www.businessinsurance.com/article/20171102/NEWS06/912316992/IVANS-issues-October-insurance-pricing-report

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Insurance Market Outlook

The only way to be truly prepared for increasing Insurance rates & changing terms is to be proactive!

If you are concerned about the potential impact of catastrophic weather events impacting the rates and terms of your upcoming renewal, please contact ACG!

We always appreciate the opportunity to discuss the value of partnering with ACG’s Insurance Advocacy Team to help manage your dealership’s renewal process!

Read the full article here:

https://www.bloomberg.com/news/articles/2017-10-27/think-insurers-can-price-their-way-back-from-storms-think-again

Any Questions? Contact Us!

Comp rates set to continue downward trend in 2018

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By Louise Esola

Workers compensation insurance rates will again dip in most states in 2018 as claims frequency declines and workplace safety continues to improve, two trends experts are crediting for the double-digit rate decreases proposed and enacted over the past several weeks.

Read the full article here:

http://www.businessinsurance.com/article/20171011/NEWS08/912316461/Workers-compensation-rates-set-to-continue-downward-trend-in-2018

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Don’t get duped by insurance scams or you’ll fall victim to Irma again

Hurricane season isn’t over and therefore neither is consumer scam season, which has gone into hyper mode following Irma’s destructive sweep through Florida.

Homeowners are particularly vulnerable to fast-talking, document-waving con artists who promise to help with repairs, insurance claims, and FEMA payments.

Read the full article here:

 

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Autonomous Commercial Vehicles Closer to Hitting the Road After New Developments

By Lawrence J Hamilton II, David C Whitestone, Joel E Roberson

The release of new federal guidance on autonomous vehicles, as well as the recent consideration of federal autonomous vehicle legislation in Congress, increases the likelihood that the introduction of autonomous commercial vehicles (ACVs), including commercial trucks, on our nation’s highways is drawing closer to fruition.

However, the SELF DRIVE Act as passed by the U.S. House of Representatives creates a new regulatory pathway for autonomous passenger vehicles only. The Teamsters, the Owner-Operator Independent Drivers Association (OOIDA) and other labor unions and groups have publicly opposed the inclusion of ACVs in the draft legislation due to the potential impact on the more than 3 million U.S. truck drivers.

Although many powerful groups oppose the inclusion of ACVs in any federal legislation or regulations enabling self-driving vehicles, proponents of ACVs – including safety organizations, truck manufacturers, the Alliance of Automobile Manufacturers and other large companies – also have considerable clout. Proponents tout safety and also argue that including ACVs will benefit the economy and lead to the creation of new jobs.

Read the full article here:

https://www.hklaw.com/Publications/Autonomous-Commercial-Vehicles-Closer-to-Hitting-the-Road-After-New-Developments-09-25-2017/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original