Insurance News Beat: Electronic filing, rental car gaps, data breach & more
MA DIA requires electronic filing - as of Jan. 1, 2014, The Massachusetts Department of Industrial Accidents will cease accepting paper copies of Form 101 Employers First Report of Injury. Beginning in 2014, all First Reports of Injury will be required to be filed electronically.
Rental car gaps - Agency Checklists features a law alert about uncovered auto risks from rented vehicles & the standard MA auto policy. Insureds may run a big uninsured risk in letting a spouse, son, daughter, friend, or neighbor use a rental car. A similar situation could also occur with a household car. Find out why they could all very easily end up uninsured if an accident were to occur.
Data Breach Insurance - A recent survey by The Hartford Steam Boiler Inspection and Insurance Co., Ponemon Institute found that 70% of small business owners are interested in Data Breach Insurance. The survey was directed at small businesses with annual revenues of less than $10 million. It found that 55% percent of those responding have had a data breach, almost all involving electronic records, and 53% had multiple breaches.
Collections - When is the last time you checked with your clients about the need for additional coverage if they have a valuable collection? "One of the most important coverage differences between a homeowners policy and collectibles policy is the valuation of covered items. Homeowners policies tend to insure for actual cash value while collectibles policies insure the full collectible value of items in the collection. This distinction alone can reflect a startling difference in potential claims payments in the event of a loss." See: The Art of Coverage: Collectibles Insurance vs. Traditional Homeowners Policy
Transparency - Is commission disclosure in the insurance industry inevitable? On the global stage, things are moving in that direction with the Insurance Mediation Directive, which is anticipated in 2019 or 2020. Zurich Insider talks about how global brokers are gearing up for greater transparency.
Social Â Media- Are you using Twitter? It's a good way to amplify your message and build your local network. But with any marketing initiative, you need to approach things strategically. Jeff Bullas offers the top 4 most effective calls to action on Twitter. And at Open Forum, Chris Lister offers the top 10 reasons people don't "like" your Facebook posts.
Auto insurance satisfaction - Customer satisfaction with auto insurance companies is down in 2013 from an all-time high in 2012,Â according to the J.D. Power 2013 U.S. Auto Insurance Study. This coincides with a sharp increase in price for many customers. Apparently, pricing surprises aren't well received: "Rather than making changes to their existing policy, many customers are opting to shop and switch to a new insurer when their rates go up, according to the survey. This, the authors claim, is because many companies are not adequately notifying customers prior to sending a renewal letter or making efforts to review possible options customers may take to mitigate the impact of a rate change. When customers receive pre-notification, and discuss their options prior to renewal, satisfaction averages 698, 67 points higher than among customers whose did not get to discuss a rate increase prior to renewal."
State News of Note
Massachusetts Employers May Be Liable to Out-of-State Employees Misclassified as Independent Contractors
Connecticut - insurance watchdog recoups $2.3M for policyholders
Maine - health insurance exchange likely limited to two companies
Connecticut Court: $1M Coverage for Nursing Home Fire Victims' Families
Rhode Island: FEMA Federal Support for Sandy Recovery Exceeds $39M
Massachusetts - Health Insurer Ends Coverage of Compounded Drugs
Massachusetts - deceptive practices insurance settlement raised to $5.25M
Connecticut Supreme Court rules on issues involving commercial general liability policies
New Hampshire Deal reached on aligning N.H. insurance rulesÂ
Vermont native returns as deputy commissioner of insuranceÂ
Maine - South Portland doctor stops accepting insurance, posts prices online