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Vanguard Warns Clients to Hang Up and Log In, Or Else

What You Need to Know Vanguard is warning clients their accounts could be terminated for excessive use of phone support and adding a fee for phone trades. The firm hasn’t defined the criteria for excessive phone use, a critic says. Vanguard calls its digital channels secure, efficient and effective. Vanguard Group’s aim to steer brokerage customers toward online engagement rather than phone contact became clearer recently when the firm warned that, come Monday, too many calls could lead to account termination. This change, taken with recently announced fee additions at Vanguard Brokerage Services, has raised questions from some critics who wonder if the giant asset manager is straying from its foundational low-cost, customer-centric orientation. Cost savings for Vanguard do factor into the changes, according to two experts. Vanguard’s new brokerage account agreement says the company expects clients to primarily use digital channels for interactions and communications regarding their accounts, including e-delivery, the Vanguard website and mobile app, instant chat and a secure message center. Vanguard specifically says it expects customers to use the website, mobile app or automated answering system for activities like checking balances, placing trades and requesting quotes. The changes are effective Monday. “You understand that excessive reliance on our phone...

Co-operators Reinforces Its Commitment To Community Resilience With New Property Insurance Coverage 0

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Co-operators Reinforces Its Commitment To Community Resilience With New Property Insurance Coverage

New, premium-free policy endorsement reimburses clients to help them build to more resilient standards following a loss Guelph, ON (June 12, 2024) – The trend of climate change in Canada is clear. The direct impact to communities puts them at the forefront of this challenge and alone, they aren’t equipped to endure the effects that are no longer far off, but right at their doorstep. As a result, property insurance is getting costlier and insurance coverage gaps are increasing. In response to this, Co-operators is supporting its clients in reducing their risk and building their resilience in a rapidly changing world, at no additional cost to clients. Entering the market is a new insurance coverage: TomorrowStrong™. The value-added endorsement is unique to Co-operators and available on eligible Home and Farm policies with no added premium charge. The coverage is designed to support the company’s ongoing commitment to community resilience. It provides eligible policy holders with up to $3,000 for more weather resistant roofing upgrades and $1,000 for preventative loss measures like security systems, sump pumps, or surge protectors. “As insurers we have a responsibility to protect our clients and our communities. To do that we need to reimagine our approach...

HR Revolution: The Era of the Global Platform for Managing Employee Benefits and Group Insurance 0

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HR Revolution: The Era of the Global Platform for Managing Employee Benefits and Group Insurance

By Segic — In the current HR landscape, companies face a major challenge: meeting the diverse needs of four different generations in terms of employee benefits and group insurance. It is crucial to adopt an integrated and flexible approach to designing benefits programs that address these varied needs. Consider the differences between a young employee of 20 and another of 55. For the former, mandatory insurances, dental care, or life insurance might seem less relevant, while the older employee might prioritize an enhancement of their insurances, placing less importance on additional benefits. Moreover, health issues evolve with generations: baby boomers often face physical health challenges, whereas younger generations are seeing an increase in mental health issues. These key points highlight the importance of a holistic strategy in employee benefits. In this context, adopting a global platform like Segic becomes a major asset. It allows not only for personalized and scalable responses to the diverse expectations of employees but also for the seamless integration of different aspects of benefits management. Indeed, Segic offers a complete and adaptable solution, capable of aligning with a company’s strategic goals while considering the specific needs of each generation within the workforce. Key Elements Meeting Employee...

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People Moves: Higginbotham Promotes Russell to President, Private Client Services

Article 0 Comments Higginbotham announced the promotion of long-time executive team member and former Chief Operating Officer, Personal Insurance Mary Russell to the position of President, Private Client Services. This move marks the final division of the president title that Higginbotham Chairman and CEO Rusty Reid has held since 1989 into three separate division titles, with Chris Rooker as President, Business Insurance; Michael Parks as President, Financial Services and Employee Benefits; and Mary Russell as President, Private Client Services. In her new role as president, Russell will provide top executive coordination while overseeing operations throughout the division, leading a dedicated team that serves more than 44,000 individual clients across the 17-state Higginbothamfootprint. In 2013, Russell received Safeco’s Personal Achievement Award and was named Travelers’ Personal Insurance Agent of the Year. In 2016, the Private Risk Management Association (PRMA) honored her with the JoAnn Heltibridle Award, which annually recognizes one insurance professional who stands for passionate industry support and client service excellence. In 2019, Russell was named a Great Woman of Texas by the Fort Worth Business Press. Russell holds Certified Insurance Service Representative (CISR), Certified Insurance Counselor (CIC), and Certified Private Risk and Insurance Advisor (CPRIA) designations. In 2022, Russell...

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Texas Health System Loses COVID-19 Business Interruption Suit – 5th Circuit

Article 0 Comments A Texas nonprofit health system who purchased a specialized commercial property insurance policy is not covered for business interruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing precedent that COVID-19 does not physically harm property. Baylor Scott & White Holdings (BSW), the largest nonprofit health system in Texas, sued insurer Factory Mutual Insurance Co. in February 2021 for denying a claim seeking business interruption losses as a result of COVID-19 totaling over $192 million. BSW said its claim was predicated on physical loss and/or physical damage to property caused by, among other things, the presence of COVID-19″ at its facilities. The policy BSW purchased from Factory Mutual covered two general types of claims – property damage and time element claims. The policy excludes coverage for contamination, and any cost due to contamination including the inability to use or occupy property or any cost of making property safe or suitable for use or occupancy. The policy contains additional coverages, including the Communicable Disease Response Extension and the Interruption by Communicable Disease Extension. Under the extensions, the policy covers up to $5 million for cleanup, removal and disposal of the presence of...

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A Potential Atlantic Hurricane Is About to Clash With a Cloud of Saharan Dust

Article 0 Comments A cluster of thunderstorms is threatening to become the Atlantic’s next tropical storm or hurricane — if it can survive a cloud of dust from the Sahara. The storms southwest of the Cape Verde islands have a 70% chance of strengthening into a tropical system within seven days, the US National Hurricane Center said. But to the north is a large, lobster-claw-shaped outbreak of dust and dry air from Africa’s largest desert that could sap them of their power. The budding storm looks “to be in a fairly moisture-rich environment at the moment,” said Phil Klotzbach, a hurricane researcher at Colorado State University. “However, there is some dust/dry air to the north” that’s presenting a potential obstacle to their development, he said. If the thunderstorms manage to evade the dry air and grow into a tropical storm, the system would have a good chance of nearing the Windward Islands by the weekend. That’s the gateway into the larger Caribbean Sea. In June and July, large clouds of dust and dry air billow off the Sahara into the Atlantic. That haze, along with ocean temperatures that tend to be cooler at this time of year, would usually stifle...

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FINRA Goes Quiet as Its Caseload Plunges

“I felt that examiners came in with the idea that they were going to find violations, and it was just a question of how many,” Mark Cresap, a money manager in the Philadelphia area, said in an interview. His firm, Cresap Inc., manages about $1 billion in assets. Examiners would spend months at a time at his firm, Cresap said. FINRA, he said, was devoting too much time scrutinizing small, well-intentioned companies and not enough time looking at firms trying to skirt the rules. Broker Joe Romano, president of Romano Brothers & Co., said FINRA’s oversight often fixated on minor violations rather than major fraud. Perceived overregulation has even driven one firm to challenge the constitutionality of parts of FINRA. That case is making its way through the appeals process. New Chief In 2016, Robert Cook, a former white-collar law partner and SEC official, took the helm of FINRA. The year before, FINRA had a record high of 1,147 enforcement actions, based on the number of settlements and complaints filed by the regulator. FINRA’s internal statistics on disciplinary actions show a higher count, though a similar decline over the years. In one of his first major actions, Cook launched FINRA360, described...

Navacord reinforces commitment to Ottawa with the expansion of two local specialty brokers 0

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Navacord reinforces commitment to Ottawa with the expansion of two local specialty brokers

Toronto, ON (June 12, 2024) – Navacord is pleased to reaffirm its commitment to the Ottawa region, with the expansion of two specialty brokers including Petrela, Winter & Associates, a construction specialist, and Jones DesLauriers, renowned for their expertise in commercial, auto dealerships, and technology segments. Effective May 29, Petrela, Winter & Associates, a Navacord Broker Partner since 2015 and leading specialty brokerage servicing the construction and real estate development industries, opened their newest office in Ottawa. Established in 1979, Petrela Winter has built a strong brand and reputation, offering specialized insurance, and bonding solutions and advice to contractors and developers across Canada. Located at 1545 Carling Avenue, Petrela Winter’s Ottawa office is now officially open for business, led by Alexander Petrela, alongside a strong team of seasoned risk advisors. Petrela Winter’s other office locations include Toronto, London, and Sudbury. “Ottawa is near and dear to us as some of our oldest client relationships that date back to the earliest days of our firm are based there. We’re immensely proud to be a part of the local community, and excited to build on our success there, working with the region’s construction and development community,” says Roy Ferreira, President and CEO...

Acera Insurance partners with Dorey & Tolgyesi 0

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Acera Insurance partners with Dorey & Tolgyesi

Partnership marks Acera’s fourth deal in Ontario in 2024 Calgary, AB (Jun. 15, 2024) – Acera Insurance Services Ltd. continues to expand in Ontario and is pleased to announce its partnership with Dorey & Tolgyesi Insurance Brokers Ltd. of Kingston. This marks Acera Insurance’s fourth deal in Ontario so far in 2024, following partnerships with KRS Insurance Brokers Inc., Green Benefits Group and Dominion Group Benefits. “As a wholly independent and Canadian-owned brokerage, Acera Insurance is proud to stand out as a viable alternative to foreign investors and insurance-company owned aggregators,” says Bruce Rabik, Chief Operating Officer, Acera Insurance. “We are pleased to welcome partners like Dorey & Tolgyesi who are not willing to sacrifice independence in their pursuit of growth.” Dorey & Tolgyesi is the largest, independent brokerage in Kingston and has a second location in Bath. Co-founder Ernie Tolgyesi has been steadfast in maintaining a local independent broker channel since opening Dorey & Tolgyesi more than 15 years ago. “Acera Insurance is defending the true Canadian brokerage option,” says Tolgyesi. “While looking to grow, I also wanted to preserve real choice and impartial solutions for the people and businesses of Kingston and our surrounding communities. This made Acera...

Way.com Aims to Curb Millions in Catastrophic Hurricane Damage with Insurance Partner CURE and New Parking Solution 0

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Way.com Aims to Curb Millions in Catastrophic Hurricane Damage with Insurance Partner CURE and New Parking Solution

Fremont, CA (June 25, 2024) – In an innovative new partnership, Car Super App Way.com and CURE Auto Insurance are teaming up to protect customers’ cars from damage due to hurricanes and tropical storms. In 2022, damage from Hurricane Sandy resulted in $36.8 billion in New Jersey alone. The initiative, called the Catastrophe Loss Mitigation program, is a white glove service from start to finish where customers in projected impact zones of severe hurricane and flooding events will be notified via phone alert, in advance of the storm, of a prepaid local parking garage reservation and credits for Uber transportation to and from dropping off their vehicle. CURE’s signing makes it the first to market, amongst auto insurers, for this type of hurricane and flood loss prevention. Three additional carriers have recently signed on to partner with Way for the program, and the team is hoping to add any other carriers wanting to help customers protect their vehicles against this avoidable loss. CURE’s Chief Operating Officer, Sean Albert, emphasized that there’s never been a more critical time than now to recognize that we can do better as an industry than solely focusing on a well-oiled disaster recovery plan. The headlines...