Industry News

WASHINGTON – The National Association of Professional Insurance Agents (PIA National) is praising the House for including a year-long extension of the National Flood Insurance Program in its FY 21 continuing resolution.

The 2020 NAIC Fall National Meeting, initially scheduled to be held in Indianapolis, Indiana, will now be held virtually. Due to the ongoing health challenges that are being associated with holding large in-person meetings in the midst of the COVID-19 pandemic, NAIC officers, in consultation with NAIC members, have decided to proceed with planning for the meeting in a virtual format.

Recently, PIA National has become aware of pending lawsuits against independent insurance agencies in several states. The suits allege that the agencies’ websites deny equal access to people with disabilities in violation of the Americans with Disabilities Act (ADA) because the sites do not offer accommodations for use by disabled people. This issue is a source of still-developing law around the country.

According to a recent study from Valassis, 37% of consumers are more excited to receive their mail each day than before the pandemic. Is your agency marketing taking advantage of this unexpected trend?

Using the PIA DMV: PIA’s Direct Marketing Vault, you can capitalize on the resurgence of direct mail while also reaching those same prospects online through our direct mail and digital advertising services, available exclusively to PIA members. And now, through the PIA Member Reimbursement Program, PIA members can get $250 back when launching a PIA DMV marketing campaign.

Easy as 1-2-3!

To assist Californians displaced by the current and recent wildfires throughout the state, Insurance Commissioner Ricardo Lara issued a notice to all California property and casualty insurance companies urging them to cover additional living expenses (ALE) for those policyholders who remain under mandatory evacuation.

Mississippi Insurance Commissioner Mike Chaney advises consumers to purchase masks, hand sanitizer, and disinfectants and add them to their “Go Bag” in case they must evacuate because of a storm. A Go Bag’s contents should include cash (if the power goes out, credit cards won't work). Consumers should keep cash on hand for replenishing supplies. Medications also need to be packed because pharmacies might be closed, and hospitals could be overwhelmed.

A battery-powered radio will be useful for getting news and information if the electricity is out and cell towers are down. Every family member and pet requires a gallon of water per day if tap water becomes unsafe to drink. Chaney adds that consumers should include a copy of their insurance policies so they can quickly file a claim once the danger has passed. Consumers should review and be familiar with their insurance coverage. Other important documents include Social Security cards, passports, birth certificates, and driver’s licenses.

As delays continue to plague the process, policymakers are still negotiating over what to include in the next coronavirus relief package, which is likely to be the last major coronavirus law passed before the presidential election. PIA National continues to support the creation of a Recovery Fund that will enable small businesses to receive the relief they need to stay afloat and keep their workers employed. PIA National is also working on other vital issues that we believe need to be addressed in pending legislation. -more-

Google is allowing employees to work from home through next summer as it braces for longer-term effects of COVID-19 on the workplace and beyond. “To give employees the ability to plan ahead, we’ll be extending our global voluntary work from home option through June 30, 2021 for roles that don’t need to be in the office,” wrote Google CEO Sundar Pichai in a memo obtained by CNN Business. “I hope this will offer the flexibility you need to balance work with taking care of yourselves and your loved ones over the next 12 months.”

Observers say treating remote working situations as a temporary disruption to an organization now may need rethinking.

Many small business owners may not think they need cyber liability coverage, but small businesses are extremely vulnerable to security threats. And that’s why PIA members can sell PIA cyber insurance to their clients!

PIA and ABA Insurance Services have worked with Great American E&S Insurance Company (rated A+ by A.M. Best) to create a cyber insurance program that responds to the most common threats facing small and mid-sized businesses.

The PIA enhanced cyber insurance policy covers both first- and third-party loss for the most common cyber risks such as social engineering, funds transfer fraud, ransomware, network interruption, data breach, network security, and media liability. In addition to the seven coverage parts, PIA members’ clients are provided with special PIA enhancements and reduced rates compared to Great American’s standard program for social engineering coverage.

PIA members who sell the PIA cyber insurance receive 12.5% in sales commission.

Agents are able to purchase the same PIA cyber insurance for their agency for a significantly reduced rate through their local PIA affiliate producers.

Getting started is easy. Protect your clients today.

On June 3, the U.S. Senate passed H.R. 7010, the Paycheck Protection Program Flexibility Act, by unanimous consent. The bill extends the window for businesses to be able to spend the funds loaned under the program. The House passed this bill on May 28^th. It was signed into law by the president.

The legislation allows businesses that have received Paycheck Protection Program (PPP) loans to spend a smaller percentage of the money, 60 percent instead of the current 75 percent, on payroll and other qualifying expenses and still maintain forgiveness eligibility.

PIA National had urged Congress to repeal the PPP’s payroll requirement altogether, a move that would have provided small businesses with maximum flexibility as they struggle to stay solvent during this difficult time. The bill does give businesses some new flexibility by allocating more time for them to use their PPP funds—24 weeks instead of eight—and extending the deadline for rehiring workers from June 30 to the end of this year.

READ: S&P Analysis: The Paycheck Protection Program Impact On Jobs: (More) Help Wanted

PIA National will continue to work to improve the PPP in future legislation considered by Congress.