Rabih Hamawi, JD, CPCU, CIC, CRM, LIC, MSF

Real Protection for Real Estate Assets: Court Ruling Reinforces Importance of D&O Insurance   Earlier this month, an Illinois federal district court held that a liability insurer had no duty to defend or indemnify a property management company or its owner in lawsuits that included allegations of intentional conduct. The suits accused the owner of concealing financial information from and engaging in a scheme to increase tax liability and decrease profit distributions to a minority owner. This case reinforces the importance of maintaining D&O insurance as part of a comprehensive liability insurance program to protect against potential gaps in coverage that could result from allegations of intentional or knowing acts.   https://lnkd.in/eNrMdUJu   #DOLiability #Insurance #LegalInsights #DirectorsAndOfficers Assurtrak Insurance Brokers, LLC 

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The insurance industry in Illinois has been exceptionally strong for decades. Insurers have been attracted to Illinois for a wide range of reasons. A healthy and stable marketplace are the driving factors that draw insurers to the state. Legislation that will destabilize the marketplace and drive-up costs for consumers is not the answer. HB 4611 will have an adverse effect on senior citizens as the average senior will see an increase in their automobile rates by $303. Illinois consumers have benefited significantly from auto insurance rates in Illinois, as Illinois is ranked 31st in affordability while being the 7th largest state. Auto insurance rates in Illinois are 23% lower than the national average.  The best and most fair way to price policies is to use a wide variety of actuarially sound and predictive driving and non-driving rating variables. This leads to the most accurate pricing and assures that no single rating variable has a disproportionate impact on an individual’s premium. When insurers can accurately and responsibly underwrite and price policies, consumers benefit with lower rates overall, more choices, and greater market and price stability, which we have seen in Illinois for years. We urge you to proactively contact your local legislators to Vote NO on HB 4611 and any legislation restricting the use of actuarially sound underwriting practices.

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Ripped from the Headlines...Intellectual Property (IP) Lawsuit - Case Example I like to use news stories to help "non-insurance" professionals see how (and which) insurance policies can respond to real world claim scenario examples. In this article, a company that filed a Trademark infringement case was awarded a $2M judgement by a US District Court jury. Many companies don't realize they can buy Intellectual Property insurance, which provides coverage for patent infringement, trademark disputes, copyright litigation, and other intellectual property risks. (Claims that are EXCLUDED in other General Liability or Directors & Officers policies.) Given the rising costs to defend an IP claim with experienced patent attorneys, an IP policy can help cover these litigation expenses. And for SMEs, these policies can "level the playing field" should a larger company be using litigation as a business strategy against you. Intellectual Property (IP) insurance can be an essential safeguard for any business that values innovation and creativity in today's information economy. It can mitigate the financial risks of defending your IP rights in court, and can also support you in enforcing those rights against infringers. I am always happy to discuss this topic further with anyone interested. *As always, I make no commentary on this particular case itself. https://lnkd.in/ghzvVqnN

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💼 Advocates United Chicago 2024: Inspiration. Action. Results. What a day! Advocates United Chicago brought together the best in the claims business to share, learn, and connect. From real strategies to expert advice, it was non-stop value. Here’s what went down: Jeromy Leavelle: How to build claims files that win Elizabeth Dominguez: Mastering personal property fire claims Daniel Eftimoff: Appraisals and inspections made simple Cole Kline: Secrets to scaling your public adjusting firm I got to talk about sales, marketing, and the mindset for success. It was about building a community. A place where professionals help each other grow and succeed. Don’t sit out next year. This is where careers are leveled up. #PublicAdjusters #AdvocatesUnited #Networking #InsuranceClaims #LevelUp

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🚨 Attention CFOs and HR Directors of Self-Funded Employers 🚨 A new antitrust lawsuit has been filed against Blue Cross Blue Shield of Michigan, alleging it charges a “phantom tax” to self-funded employers who choose alternative stop-loss carriers. This penalty fee, which has increased over the years, raises significant concerns about competition and cost control in the self-funded health plan market. Key takeaways: --The lawsuit claims this practice stifles competition by inflating stop-loss insurance costs for self-funded employers. --Blue Cross holds dominant market shares in Michigan for both third-party administration and stop-loss coverage. --The legal challenge seeks to eliminate these fees, return payments made under this system, and increase market competition. For self-funded employers, this case highlights the critical importance of reviewing administrative fees, fostering competitive vendor relationships, and challenging practices that undermine cost efficiency. Are you confident your plan avoids unnecessary fees? Let’s discuss strategies to maximize your plan’s value if you’re doubting any of these areas whatsoever! Higginbotham

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Do you know about the Illinois Biometric Information Privacy Act (BIPA)? Learn about the national impact on manufacturers and what you need to do to ensure compliance Marsh McLennan Agency's latest blog. #ManufacturingIndustry #Privacy #Data #MarshMMA

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Auto Insurance Fraud is bad for business and causes higher insurance rates for everyone. The recent No-Fault Auto Reforms is tackling this issue head on. #whyismyinsurancesohigh #fraudisbad https://lnkd.in/eVaDHY4s

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Quick and interesting read... These types of small loopholes can make all the difference- Auto, Property, Business Income, third party harassment, and more. It is vital that your agent is fluent in these details, helps the insured understand the coverages and risks they are leaving exposed, and takes the necessary steps to put the business at peace.

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For those in the stop loss industry / working with self-funded clients utilizing a carrier administrator (ASO / "BUCA") - we've had plenty of discussions (and laments) around "interface fees". I have seen carrier fees for "stop loss integration" anywhere from $1 to $8 PEPM - which can equate to 10-25% of stop loss spend easily depending on their deductible. In reality, there really is no "interface" needed to submit claims and work with expert claims & clinical teams, to quickly reimburse just like an ASO carrier would in a "bundled" world. IMO, interface fees are an anti-competitive practice - to keep stop loss bundled with the carrier - and not allow for open market competition & teams with a stronger expertise on this (very important) part of the self-funded plan! I found this article interesting - it looks like it's finally starting to get some attention at the state level for legislation! https://lnkd.in/gFENVbkH #stoploss #healthcare #ASO #BUCA #healthinsurance #interfacefees

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The introduction of the Litigation Transparency Act of 2024 aims to increase transparency for litigation funding by establishing standards for transparency that could greatly impact how lawsuits are conducted and financed in the United States in the future. From an insurance perspective, a greater understanding of funding sources could lead to improved risk assessment techniques, allowing for more tailored insurance products that account for complexities introduced by third-party funding. It will be important for legal firms and insurers to work together to adapt to these changes and the implications they will bring. If you're interested in learning more about the new proposed regulations and their implications you can read more here: https://lnkd.in/gfH7ECEE #ThirdPartyLitigationFunding #LitigationFunding #Transparency #RiskAssesment

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I will be speaking at First Court, Inc.'s November webinar "Insurance Basics for Litigators." 𝐃𝐚𝐭𝐞: Tuesday, November 19, 2024 𝐓𝐢𝐦𝐞: 12:00 pm ET/9:00 am PT 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐡𝐞𝐫𝐞: https://lnkd.in/gGK_kaeB Knowledge of insurance law is critical to successful personal injury litigation. This webinar discussion between First Court trial consultant, 𝐊𝐫𝐢𝐬𝐭𝐢 𝐇𝐚𝐫𝐫𝐢𝐧𝐠𝐭𝐨𝐧, and me will summarize the fundamental insurance issues that affect personal injury litigation and provide specific advice and strategies for dealing with these issues, including managing client expectations. #MockTrial hashtag #TrialConsultant hashtag #Webinar hashtag #PersonalInjury hashtag #Litigation hashtag #ClaimsHandling

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I will be speaking at First Court, Inc.'s November webinar "Insurance Basics for Litigators." 𝐃𝐚𝐭𝐞: Tuesday, November 19, 2024 𝐓𝐢𝐦𝐞: 12:00 pm ET/9:00 am PT 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐡𝐞𝐫𝐞: https://lnkd.in/gGK_kaeB Knowledge of insurance law is critical to successful personal injury litigation. This webinar discussion between First Court trial consultant, 𝐊𝐫𝐢𝐬𝐭𝐢 𝐇𝐚𝐫𝐫𝐢𝐧𝐠𝐭𝐨𝐧, and me will summarize the fundamental insurance issues that affect personal injury litigation and provide specific advice and strategies for dealing with these issues, including managing client expectations. #MockTrial hashtag #TrialConsultant hashtag #Webinar hashtag #PersonalInjury hashtag #Litigation hashtag #ClaimsHandling

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GENERAL VS. PROFESSIONAL LIABILITY INSURANCE: Professional Liability: This type of liability insurance protects you against malpractice lawsuits due to injury caused by treatment. General Liability: This type of liability insurance protects you from accidents on the premises of your business. What's the Difference? General liability covers accidents and injuries that occur on your business premises, while professional liability covers lawsuits related to malpractice and professional errors. Contact me today to get more info! 📞📧 Mike Mitchell CA License #0G76374 ☎️ 805-413-8493 ✉️ [email protected] #cyberinsurance #professionalliability #selling #costructioninsurance #workercomp #commericalinsurance #alkemeins #westlakerisk #constructioninsurance #commericalauto #ProfessionalLiability #GeneralLiability #BusinessProtection #InsuranceDifferences #ContactUs #InsuranceAdvice #ProtectYourBusiness #ProfessionalProtection

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This is a substantial penalty for "bait-and-switch tactics by luring consumers into their dealerships with lower prices only to either require consumers to purchase allegedly pre-installed add-on products or charge consumers for those products without their knowledge or permission..." Along with the financial penalty, the reputational damage is severe. Some of the dealerships are franchise dealers. I can't imagine that the franchisors are too pleased with their brand being associated with this type of violation. I am curious if the dealer group had regulatory compliance counsel review their advertising strategies and marketing materials. I can't imagine a knowledgeable attorney not advising them not to undertake the violative activities. I would love to hear from my colleagues within the automotive finance/dealership industries. #FTC #AutoFinance #Compliance

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In a civil proceeding, bonds are often required by the court, as they protect those involved in the proceedings and guarantee the bonded parties – either the plaintiff or defendant or both – will take action. Certain legislation, along with the court’s ruling, typically set the required dollar amount of these bonds. #Construction #SuretyBonds #AlterSurety

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The payment cap, known as "fair market value," will keep brokers honest and prevent insurers from funneling money to them through these field marketing organizations, officials say. But that argument misunderstands how the Medicare Advantage market works. For starters, it is already against the law to steer beneficiaries to particular plans. CMS officials have the tools they need to police bad behavior right now. They don't need new ones. Further, agents and brokers are independent from the insurers that provide Medicare Advantage plans. Their entire business model depends on meeting their clients' needs.

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