U.S Commercial Insurance Rates Expected To Rise in 2012
Marsh publishes U.S. Insurance Market Report for 2012 Marsh, the insurance broking and risk management firm, published a new report yesterday warning that it is more than likely that U.S. commercial insurance rates will increase for many lines of business in 2012. In Navigating the …Read More
The Top 10 Homeowner’s Multi-Peril Insurance Companies in Massachusetts
The following is a list of the Top 10 Home Insurance Companies in Massachusetts according to The Massachusetts Division of Insurance. In the homeowner’s market, the DOI is responsible for monitoring the market for coverage, reviewing the activities of the residual market administered by the …Read More
Massachusetts Auto Insurance Premiums Show Largest Drop in The Nation
The Division of Insurance announces the results from the NAIC’s annual report on auto insurance premiums. Massachusetts has come out on top in a recent report published by the National Association of Insurance Commissioners. In a state-by-state study of auto insurance premiums, the NAIC report …Read More
Reminder – FAIR Plan Hearing Tomorrow January 19th
We’re sure you are on top of it, but Agency Checklists just wanted to remind you that tomorrow is the rescheduled FAIR Plan Rate Hearing, which was to have taken place on December 19, 2011. Tomorrow’s hearing will be at 10:00 a.m. at the offices …Read More
Life Agent Loses $1,500,000 Appeal on Misrepresentation Suit over Policy Sold to Uncle; SJC Makes First Ruling on Life and Annuity Rescission Statute
January 13, 2012 – The Supreme Judicial Court has affirmed the award of damages, prejudgment interest, punitive damages, attorney’s fees and costs totaling over $1.5m against a Massachusetts life insurance agent, Frederick V. McMenimen, III. The court also reversed the judgment dismissing the G.L. c. …Read More
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New Homeowner Oil Heating Safety Law Opens Window for New Insurance Coverages
Agents may want to make sure that their insureds who heat with oil are of this new requirement that has gone into effect. Homeowners that heat with oil should be aware that a new requirement under the Massachusetts Homeowner Heating Safety Law “…mandates that all …Read More
MPIUA Activates Two New Numbers and Institutes Coverage Limitation for Hurricane Irene
In accordance with its catastrophe plan, The Massachusetts Property Insurance Underwriting Association (MPIUA) has activated a special telephone number, 1-866-384-3803, for new claim submissions as a result of Hurricane Irene. The MPIUA says that use of this number will substantially increase the organization’s efficiency in responding …Read More
Agency Employees & Past Criminal Convictions
Helping out someone with a criminal record might be a good deed that could cause a serious problem for an agency. Under the federal “Violent Crime Control and Law Enforcement Act of 1994,” it is a federal crime for a person to engage or participate …Read More
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DOI Bulletins Do Not Have the Force of Law
The Case: Golchin v. Liberty Mutual Insurance Company – Supreme Judicial Court What the Court said: Division of Insurance bulletins are not regulations having the force of law. They may be persuasive interpretation of statutes and policy language but are not an “official agency action.” …Read More
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