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Communicable Disease Coverage? How Your Company Can Increase Business Through Differentiation by Michael Boyton

It’s no secret that all insurers try to sell policies with more ammunition in their arsenal than their lowest price policies. Differentiation is one of the most valuable ways all brands — not just insurance companies – can make themselves more attractive to customers. In 2016, one leading property insurer added several enhancements to their all-risk policy form to establish additional differentials to the market in addition to bringing risk mitigation for their clients. One of those enhancements was the inclusion of coverage for Communicable Disease.

Wondering what a Communicable Disease is? “A disease that is transmitted through direct contact with an infected individual or indirectly through a vector.” How does that have any relevance whatsoever to property insurance? It really does not. It does have, however, a link to business interruption. There are established extensions to business interruption coverage in certain markets (e.g. UK) though designed for operations such as hotels, restaurants and hospitals that insure against loss due to murder, suicide, food poisoning and infectious disease. Whereas consequences of such incidents for these types of operations are rather obvious, they may not be for other operations.

While several markets might include this product via endorsement with a very small sublimit (say $100,000), this insurer’s coverage is the first broad-brush enhancement policy-wide. This begs two very important questions: is significant Communicable Disease coverage as part of a property policy here to stay, or is it just a trend?

    For the full article navigate to page 22 of the Spring 2017 Pulse by clicking here.

    Hot, Fast & Now! by Eric Root

    Being the father of three teenage boys, I marvel at their knowledge of technology and the efficiencies it provides. They use their smart phones almost incessantly; whether it be on social media, texting with friends, looking up information (“Just ask SIRI”), and of course playing games. After all, they have practically grown up with this advancing technology at their fingertips.

    I cannot forget the moment when, not too long ago walking in New York City, my youngest son stopped in wonder at the strange box along the sidewalk: 

    “Dad, what is that?”

    “Why, that’s a pay phone, son.” 

    “What’s a pay phone?”

    This story can be repeated with other, at one point seemingly advanced, devices such as typewriters, fax machines, tube TVs, calculators, cameras, and even with media such as newspapers or the World Book encyclopedia set proudly displayed on our family room bookshelves. “You actually had to look up the answers in a book?” 

    For the full article navigate to page 24 of the Spring 2017 Pulse by clicking here.  

    Medical Office Facelift Increased Risks as Facilities Evolve by Bruce Tagg

    Medical offices have evolved significantly over the past several decades, becoming more high-tech and electronically driven to keep up with the pace of change. Medical records have converted from paper to electronic files. Computers have replaced notepads for handwritten notes. Stationary exam tables have transformed into adjustable beds. In addition, some facilities now perform outpatient procedures that were formerly restricted to hospitals, making high-value equipment such as MRI machines and CT scanners more commonplace. While these seemingly small upgrades and enhanced procedures may appear insignificant, they drastically increase a medical office’s potential for loss.

    More advanced equipment leads to a significantly higher value of contents/equipment. A small ambulatory center is estimated to have contents worth more than $850,000, exclusive of specialized equipment, such as imaging, respiratory, endoscopic, surgical, etc. The cost of a typical 3 tesla MRI machine can exceed $3 million with an additional $250,000 for the cost of installation, while a simple X-Ray machine can cost as much as $60,000 for a used unit. This could lead to higher business interruption due to the length of time to repair or replace specialized medical equipment. In addition, it is not uncommon for insureds to lease more complex medical equipment. In the event of a loss, an insured will still be required to make the lease payments even if the facility is closed after a loss--potentially jeopardizing the business viability if proper coverage levels are not maintained.

    For the full article navigate to page 29 of the Spring 2017 Pulse by clicking here.  

    PAMIC is the premier provider of education, advocacy and networking for Mutual Insurance Companies in the Mid-Atlantic region. Some of the exclusive benefits include:
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    Our diverse membership covers companies from every aspect of the Mutual Insurance Industry. Find out how PAMIC membership can benefit your company!

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    Financial Management Seminar
    September 7, 2017
    Hershey Country Club

    Corporate Governance Workshop
    September 8, 2017
    Hershey Country Club

    Insurance Technology Trends
    October 12, 2017
    Sheraton Harrisburg Hershey

    Congressional Contact Program
    October 23 & 24, 2017
    Washington D.C.

    Underwriting & Loss Prevention Seminar
    November 9, 2017
    Sheraton Harrisburg Hershey

    Financial Management Seminar
    September 7, 2017
    Hershey Country Club

    Insurance Technology Trends
    October 12, 2017
    Sheraton Harrisburg Hershey

    Fall Golf Outing
    Dauphin Highlands Golf Course
     October 11, 2017

    Our website hosts our online Training program the PAMIC Institutes. Members who access the PAMIC Institutes and can take discounted courses to further their education.

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    MSO SERFF Filing
    PAMIC has partnered with MSO to offer discounted SERFF Filings. MSO has provided a short video to discuss the full benefits of their filing system. SERFF, the NAIC’s filing system, is the most efficient way to submit filings with an insurance department. 

    As a licensed third-party SERFF filer, MSO®, Inc. has a state filing service program for submitting filings on behalf of any insurer. MSO is partnering with PAMIC to provide PAMIC member companies this service at a preferential PAMIC fee.

    For more information - Click Here

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