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Louisiana Contractor Charged for Allegedly Damaging Homeowners’ Roof

Article 0 Comments On an early August morning, a roofing contractor arrived at a Lafayette, Louisiana couple’s house and requested permission to inspect the home’s roof. The roofer’s arrival wasn’t unexpected. The couple, who go by Jordan and Sarah, had been approached days earlier by a neighbor whose own roof had recently been repaired. The neighbor asked Jordan and Sarah if they would like a discounted roof inspection by the same contractor who did the neighbor’s roof. The couple agreed, and within days, a contractor called to set up a time for an inspection. When Zechariah Moore, a field representative for Roofing Guys, returned from a 90-minute roof inspection on August 6, he delivered Jordan and Sarah with bad news: the roof was in need of severe repairs to the cost of $30,000-$40,000. After showing the couple pictures of the roof damage, Moore left them with his business card. Later that day, Moore texted Jordan more photos of the roof and said wind damage was the likely culprit. “Due to some of the recent storms, I would say let’s file a claim now and get your house ready in the event a named storm comes and you have to pay...

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How Clients Can Spend Health Savings Dollars Wisely

What You Need to Know The CARES Act of 2020 allowed several types of over-the-counter items to be considered qualified medical expenses. These include non-prescription medicines and many personal care items. However, it’s important for the client to understand the terms of their specific plan. As we move deeper into the fourth quarter, many individuals may be starting to focus on spending down dollars in their tax-preferred health savings accounts (HSAs), health flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). Some of these valuable accounts are subject to a “use-it-or-lose-it” rule where funds not spent before the end of the year (and any applicable grace period) are simply forfeited. Individuals who have funded these types of accounts should be reminded about the changed rules governing the purchase of over-the-counter items with these accounts. Clients should ensure their purchases satisfy IRS requirements before making purchases such as personal care items and items other than actual medicines. Reimbursing Over-the-Counter Medical Costs: The Basics As most clients realize, amounts withdrawn from accounts like HSAs, HRAs and FSAs are tax-free if they’re used to pay for qualified medical expenses. Generally speaking, the law defines qualified medical expenses as those paid for the diagnosis,...

Severity of Ransomware Attacks Increased 68% in First Half of 2024: Coalition Cyber Claims Report 0

Severity of Ransomware Attacks Increased 68% in First Half of 2024: Coalition Cyber Claims Report

2024 mid-year update also examines impacts of risk aggregation events Ransomware claims severity spiked by 68% to an average loss of $353,000 throughout the first half of 2024 San Francisco, CA (Oct. 9, 2024) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, has published its 2024 Cyber Claims Report: Mid-year Update, which details emerging cyber trends and their impact on Coalition policyholders throughout the first half of 2024. The report found that ransomware claims severity spiked by 68% to an average loss of $353,000. “Although the frequency of using ransomware as an attack strategy actually decreased this half, we saw a marked spike in the severity and demand amounts, especially those associated with the Play and BlackSuit ransom variants,” said Rob Jones, Coalition’s Head of Claims. “Despite the increase, we were able to cut ransom demands in half through successful negotiations by our affiliate Coalition Incident Response, but the facts remain clear: the use and impact of ransomware remains as volatile as ever.” While high ransomware demands came back in vogue, funds transfer fraud (FTF) saw a notable decrease in both frequency (2%) and severity (15%). Even with this decline, Coalition successfully...

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Marriott Settles With States for $52M Over 2018 Data Breach at Starwood

Article 0 Comments Marriott International has agreed to settle with the Federal Trade Commission and 50 state attorneys general over a series of data breaches at a guest-reservation system subsidiary. According to multiple statements from the states, Marriott will pay $52 million to settle charges brought by 50 attorneys general over a data breach that exposed information of hundreds of millions of customers. According to the states, their allegations involve a breach that began in 2014 at Starwood Hotels but was not detected until September 2018. Marriott acquired Starwood in 2016. “Marriott let cybercriminals live in its database for years and millions of people had their information stolen as a result. Protecting customers’ private information should be a top priority, not a last resort, for all companies.” said New York Attorney General Letitia James, in a statement. The attorneys general began an investigation of the hotel chain after the data breach, alleging Marriott violated state consumer protection, personal-information protection, and breach notification laws. New York will receive nearly $2.3 million of the settlement. Payments to states vary. In Ohio, set to get $1.5 million, Attorney General Dave Yost added that the attorneys general are “holding the company accountable and ensuring...

11 Worst States for Medicare Drug Plan Menu Cuts 0

11 Worst States for Medicare Drug Plan Menu Cuts

Start Slideshow The Medicare Advantage plan and Medicare Part D prescription drug plan annual enrollment period is set to start Oct. 15. Agents and brokers are about to find out whether the upcoming enrollment will just be a little rocky, due to government subsidy cuts, marketing rule changes and Medicare drug plan benefits design changes, or so chaotic it will affect the general elections and any conversations about insurance and financial services administration and marketing that go on in Washington. Many members of the Senate and House are already old enough to be using Medicare, and they all hear regularly about problems with the program. That means anyone who is trying to shape financial services policy or trying to shape federal financial services policy has a stake in Medicare program performance. One simple indicator is the number of Medicare drug plans willing to work with agents and brokers. The United States has about 3,102 counties, parishes and similar types of jurisdictions. CMS presents plan counts at the county level. The producer compensation spreadsheets show that the average number of county-level drug plan entries offering compensation for agents and brokers will fall 25% in 2025, to 49,992, or 16 plans per county,...

BMS Vendors Successfully Program CSIO’s Updated eDocs Codes and Descriptions 0

BMS Vendors Successfully Program CSIO’s Updated eDocs Codes and Descriptions

Toronto, ON (Oct. 7, 2024) – CSIO is pleased to announce that all member Broker Management System (BMS) vendors – Acturis Limited, Applied Systems Canada, Logiciels Deltek Inc., Rival Insurance Technology and Vertafore Canada – have deployed the updated eDocs codes and descriptions into production for personal and commercial lines. This accomplishment supports insurers in their efforts to program and send clearly labelled eDocs. As a result, all brokers working with these vendors will receive the updated eDocs codes and descriptions in their BMS once released into production by insurers. Furthermore, this milestone demonstrates significant progress in an industry-wide initiative aimed at developing clear and concise eDocs for brokers. CSIO’s eDocs Implementation Steering Committee, comprised of brokers, insurers and these BMS vendors, oversees consistent implementation of the updated eDocs Standards. Widespread adoption is crucial for brokers to support operational efficiencies, as they no longer need to open every eDoc to determine its contents. “By programming the updated eDocs, our vendor partners are dedicated to improving workflows and removing pain points for brokers,” said Michael Loeters, Senior Vice President – Commercial Insurance, PROLINK and CSIO Board Vice Chairman. “Their success is a testament to the industry working together to enhance broker...

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FINRA Bars Ex-Rep Ousted for Outside Business Activity

On Sept. 6, in connection with an investigation into Perryman’s potential undisclosed outside business activities, FINRA sent a request to Perryman for the production of information and documents pursuant to FINRA Rule 8210, according to FINRA’s order.  As stated during Perryman’s counsel’s phone call with FINRA on Sept. 23, “and by this agreement, Perryman acknowledges that he received FINRA’s request and will not produce the information or documents as requested,” FINRA’s order states.  By refusing to produce the information or documents requested pursuant to FINRA Rule 8210, Perryman violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in all capacities.

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How Texas Weakened Its Own Air Pollution Monitoring Team

Article 1 Comment When disaster affects the sprawling industrial complexes of Texas, the state’s environmental authority often posts pictures online of its white vans patrolling public streets, verifying the local air is safe to breathe. The Texas Commission on Environmental Quality calls this effort its mobile monitoring team, a unit of air pollution specialists based at agency headquarters in Austin. The TCEQ claims the effort is stronger than it’s ever been, but an Inside Climate News analysis of 20 years of agency records and interviews with former employees show it’s only a shadow of what it used to be. “It’s all smoke and mirrors,” said Tim Doty, a former mobile monitoring team leader who spent 28 years at the TCEQ. “They’ve convinced the [Legislature] and the general public that they’re actually doing something of value when it couldn’t be further from the truth.” Fifteen years ago, the mobile monitoring team was regularly surveilling the largest industrial complexes of Texas, documenting emissions violations and knocking on refinery doors unannounced. It used to issue reports detailing key findings, identifying polluting facilities by name and presenting evidence that sometimes led to enforcement actions or fines. Today, the team spends more time monitoring ambient...

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Stifel Must Pay Clients Over $14M in Structured Notes Case: FINRA Panel

What You Need to Know A Florida couple filed a complaint claiming damages related to complex securities. The award includes $9 million in punitive damages. Stifel called the award a windfall and said it would move to vacate it. Stifel Nicolaus must pay roughly $14.2 million in damages, interest and fees to a Florida couple and a related family business over their investments in structured notes, a Financial Industry Regulatory Authority arbitration panel ruled last week. Louis and Elizabeth DeLuca of Jupiter, Florida, and the business allege they sustained significant losses related to investments in complex securities known as structured notes, according to a complaint filed Friday in U.S. District Court in Florida seeking to confirm the FINRA decision issued a day earlier. Stifel plans to request that the award be vacated. The couple first made claims against Stifel with FINRA in May 2023, alleging breach of fiduciary duty, negligence, negligent supervision, fraud, breach of contract and violation of the Florida Securities and Investor Protection Act. They had sought $1 million to $5 million in punitive damages, plus costs, fees and other relief that the panel deemed appropriate. Stifel denied the claims, asked that FINRA award the DeLucas nothing, and sought...

Unlocking the untapped potential of insurance and the Internet of Things 0

Unlocking the untapped potential of insurance and the Internet of Things

By Heather Turner, ReSource Pro — The insurance industry is known for being traditional and cautious, which often means adopting new technology later than other industries. But with the rise of the Internet of Things (IoT) and other connected world technologies, insurers have the opportunity to tap into new data sources and unlock untapped potential. Today, more than 25 years since the IoT first emerged, billions of devices seamlessly connect to the internet. These span a diverse range of categories, from vehicles to property to machinery. Some within the insurance sector were quick to recognize the potential these devices held for enhancing risk management strategies. Even today, however, both personal and commercial carriers lag behind. Many are not taking advantage of the the full potential of the IoT for insurance. At ReSource Pro, we define “connected world technologies” as devices, sensors, and computing hardware that connect t othe internet, deliver real-time capabilities, and facilitate data-sharing across networks. The use of telematics in insurance Many people first think of telematics when they hear the term IoT. This is especially true for personal lines, where many auto insurers offer programs. Telematics devices can collect data on driving behaviors, such as speed, acceleration,...