29 Apr, 2024

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1 min read

US Attorney for NJ joins national procurement strike force

Richard J. Holder0Tagged , , , , , , , ,
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The Department of Justice announced April 12 four new national partners for its Procurement Collusion Strike Forceincluding the US Attorney’s Office for the District of New Jersey led by US Attorney Philip Sellinger.

Established in 2019, the PCSF combats antitrust crimes and related fraudulent schemes impacting government procurement, grants and program funding. That work transcends all levels of government – ​​local, state and federal.

The other new national partners announced April 12 are:

  • The District of Alaska, led by S. Lane Tucker
  • Eastern District of Louisiana, led by Duane Evans
  • The Department of Commerce Office of Inspector General, led by acting Inspector General Roderick Anderson

The PCSF now totals 38 agencies and officers committed to cracking down on procurement fraud.

US Attorney for New Jersey Philip Sellinger
Sellinger

“A level playing field and fair competition are vitally important to ensure that taxpayers are getting the best value for their money when government contracts are awarded,” said Sellinger. “My office is proud to join this national effort to combat price-fixing, bid rigging, and any type of collusion or fraud in government procurement. Working with our investigative partners, we will hold accountable anyone who tries to corrupt the procurement process.”

“Since 2019, the Procurement Collusion Strike Force has aggressively investigated and prosecuted crimes that undermine and distort the competitive process in taxpayer-funded procurements,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “With new investments in infrastructure, energy, and hi-tech manufacturing, the PCFS’ strategic expansion to include these four partner positions it to accomplish its important mandate more effectively.”

See also:

A long-awaited study of statewide contracting opportunities for Minority and Women-Owned businesses was released Jan. 23 by the Murphy administration, which found statistically significant disparities. Click here to read its findings.

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2 mins read

Long Island home insurance rates expected to increase 10% or more this year, brokers say

Richard J. Holder0Tagged , , , , , , , ,

Never mind the recent earthquake. Long Islanders may be trembling when they renew their homeowners’ insurance premiums this year.

A national report by comparison shopping site Insurify projected home insurance prices will increase by 6% this year in the US

Local brokers say Long Island homeowners could see even larger increases. Robyn Sutnick, an insurance broker at Denis A. Miller Insurance Agency in Long Beach, said she wishes she could tell her clients they would only see a 6% increase. She estimated local homeowners could face between a 15% to 25% increase.

“We’re seeing crazy increases, especially these past six months,” Sutnick said. “I’ve been in this business 30 years, and this is probably the tightest market I’ve seen.”

Homeowners who want to switch to find a better rate also have fewer options, she said.

“You go to certain areas, especially like Long Beach, a coastal area, and there may be two or three admitted companies writing in the area as opposed to 10 that we had three years ago,” she said. Inflation in building costs has been a major driver of increases.

David Levine, owner of Newbrook Insurance Agency in Port Jefferson Station, said he’s telling clients to expect at least a 10% higher premium, while some are seeing increases up to 30%.

“When possible we will move them to a new company, but it’s not one or two companies that are taking the rate increases, it’s the whole industry,” Levine said.

Big losses have made insurers more careful about the risks they take. The property and casualty insurance industry reported its largest underwriting loss in a decade last year, at $38 billion, due to weather-related losses, inflation and higher reinsurance costs, according to credit rating agency AM Best. Insurers pay for reinsurance to protect themselves from catastrophic events,

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2 mins read

GOP AGs put a major US bank on notice for alleged ‘de-banking’ of conservatives

Richard J. Holder0Tagged , , , , , , , ,

Over a dozen Republican attorneys general are warning a major US bank allegedly against practices of “de-banking” certain customers because of their religious or political views.

In a letter obtained exclusively by Fox News Digital, Kansas Attorney General Kris Kobach, along with 14 of his Republican colleagues told Bank of America CEO Brian T. Moynihan that the company “appears to be conditioning access to its services on customers having the bank’s preferred religious or political views.”

“Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash,” the letter sent Monday stated. “Your banking needs to be transparent with and assure us, its shareholders, and others that it will not continue to de-bank customers for their speech or religious exercise,” the AGs wrote.

Media relations representative, Bill Halldin, denied the claim in a statement saying, “Religious beliefs are not a factor in any account-closing decision.”

CHRISTIAN NONPROFIT CLAIMS IT WAS ‘DEBANKED’ BY BANK OF AMERICA OVER ITS RELIGIOUS VIEWS

A Bank of America store front

“We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States,” a Bank of America representative told Fox News Digital. (AP2013)

“We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States,” he said.

The AGs claim that Bank of America has previously denied services to gun manufacturers, distributors, and sellers, fossil-fuel producers, contractors for US Immigration and Customs Enforcement (ICE) and private prisons and related services.

NIGEL FARAGE ON HIS EFFORTS TO EXPOSE ‘DE-BANKING’

The letter cites recent news reports that the bank cooperated with the FBI and US Treasury to profile conservative and religious Americans as potential domestic terrorists.

“Bank of America’s practice of canceling the bank accounts of conservatives

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2 mins read

5 Hidden Insurance Fees to Avoid

Richard J. Holder0Tagged , , , , , , , ,

Installment payment fee

Many car insurance companies charge a fee to pay your premiums in monthly installments, rather than in one annual lump sum. States don’t regulate these fees, so they can be significantly higher than the cost insurers pay to process your payments.

Your carrier might offer a discount for paying your yearly premium up front: Progressive‘s paid-in-full discount is worth up to 15% off, one of the best in the market.

Progressive offers more than a dozen other discounts, including for homeowners and safe drivers. Policyholders who qualify for the multiple-car discount average a saving of 12% off their premiums.

Progressive Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

  • Policy highlights

    Progressive offers a number of lines of insurance to allow for bundling, and convenient tools to help you keep your coverage within your budget.

Auto-Owners will also discount your rate if you pay in full upfront. The Michigan-based insurer is known for its affordable rates, especially for minimum coverage policies and for specialty vehicles, including classic cars and vehicles modified for accessibility.

Auto-Owners Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

  • Policy highlights

    Auto-Owners offers affordable premiums with high customer satisfaction ratings. There are 12 different types of discounts available, as well as various other types of insurance besides auto.

Marcus by Goldman Sachs High Yield Online Savings

Goldman Sachs Bank USA is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Minimum balance

  • Monthly fee

  • Maximum transactions

    At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account

  • Excessive transaction fees

  • Overdraft fees

  • Offer checking account?

  • Offer ATM cards?

Credit card fees

Paying for you Car insurance with a

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1 min read

What’s more challenging for brokers than nat cats?

Richard J. Holder0Tagged , , , , , , , ,


What’s more challenging for brokers than nat cats? | Insurance Business Australia















And what can they do about it?

What's more challenging for brokers than nat cats?

Insurance News

By Daniel Wood

“I feel this demand is a good thing and an opportunity for us,” said Adam Ware (pictured top, right).

Ware is director of Melbourne-headquartered BJS Insurance Brokers. His firm took part in a survey by insurance technology company JAVLN of 500 Australian brokers from small and medium sized firms.

The survey asked brokers for their top industry challenge in 2024. Perhaps not surprisingly, unaffordable insurance came in at first place. However, the second spot was not taken by natural catastrophes or cyber risks.

Customer service – how challenging is it?

Instead, the intensifying demands from customers come in as the second top challenge.

“We know that demand for customer service has increased,” said Ware.

The rising importance of customer service is a common theme. Less well examined: the way this has increased the workload of insurance professionals and what they can do about it.

Are brokers starting to struggle?

The JAVLN survey, Brokering Change, found that about one quarter of brokers thought their customers would rate their service very highly. However, the same percentage admitted to finding the last 12 months tough on their customer relationships.

Ware and his colleague, Sydney-based Vanessa Morton (pictured top, left), took part in the JAVLN survey. Morton is a BJS Insurance director and NSW branch manager.

“We have a diverse range of customers, from large national companies to families,” said Morton. “Our customers are from many different sectors but some of our focus areas include motor trade, performing arts, professional risks and transport and logistics.”

She said customer expectations around service and expertise “are so much higher” today than

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2 mins read

Insights from the SVB Bankruptcy: Insurance Lessons for Directors and Officers | Woodruff Sawyer

Richard J. Holder0Tagged , , , , , , , ,

Strategic bankruptcy” can be a corporate strategy—but that’s not the norm. More typically, when faced with the sudden reality of bankruptcy, directors and officers have little time to plan for it. This article will review the exposures directors and officers encounter when companies go bankrupt. Using the failure of Silicon Valley Bank (SVB), we’ll also examine D&O liability insurance’s often conflicted role in paying claims against the company and defending the directors and officers. Finally, we’ll provide insight into preparing your D&O program today so that directors and officers are prepared if the unthinkable suddenly becomes inevitable.

— Priya Huskins

“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said. “Gradually and then suddenly.”

ERNEST HEMINGWAY, THE SUN ALSO RISES

There were 18,926 business bankruptcy filings in 2023. The number of companies that filed for bankruptcy with $1 billion or more in liabilities was 22. Some notable companies filed for bankruptcy include RiteAid, Vice Group, WeWork, FTX and SVB. Some of these resulted in litigation and even criminal prosecution.

While a corporation will find relief from litigation when it enters bankruptcy (as a matter of bankruptcy law, litigation against the corporation is “stayed” or paused in bankruptcy, directors and officers may remain on edge because they can be sued individually or collectively—and the company is no longer able to indemnify them.

The types of litigation that directors and officers may face include:

  • Shareholder and creditor suits
  • Breach of fiduciary duty suits
  • Wrongful or fraudulent trading suits
  • Compensation clawback actions
  • Undue preference actions
  • Actions for unpaid wages or taxes

This is a small sample of the exposures directors and officers of bankrupt companies encounter. For a more detailed analysis, please see Corporate Bankruptcy: A Guide for Directors and Officers.

The directors and officers of each of 2023’s bankruptcy filings faced

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2 mins read

Bar Council of Bhutan encourages Pro Bono legal aid for the vulnerable

Richard J. Holder0Tagged , , , , , , , ,

The Bar Council of Bhutan is urging its members to provide free legal services, more often, to the marginalized and vulnerable population. This was discussed during the Bar Council’s first annual general meeting in Paro, today. Her Royal Highness Princess Sonam Dechan Wangchuck graced the opening of the three-day event. The United Nations Development Fund is supporting the meeting.

One of the primary objectives of the general meeting is to advocate for Bar Council members of the significance of pro bono services, especially for the disadvantaged and vulnerable groups.

According to the Bar Council’s vice president, pro bono legal advice and representation enhances access to justice for all.

“In these three days, we are bringing together the bar and bench, which is the core justice service provider to work on how to improve the accessibility to the justice system in the country. This is why the first annual general meeting of the Bar Council is being held,” said Rinzin Penjor, vice president of the Bar Council of Bhutan.

Legal representatives and firms that provided pro bono services to clients were recognized during the meeting. The Latin phrase “pro bono” refers to legal services provided to a client without fee.

Records show that the Bar Council received 85 cases requesting pro bono legal aid. After review by the National Legal Aid Centre, 16 of the total requests were provided pro bono legal aid.

The records date back to October 2022, when the Bhutan National Legal Aid Center was established. There are 300 attorneys registered with the Bar Council of Bhutan.

“Before the cases arrive at the Bar Council of Bhutan, it has to undergo scrutiny from the Bhutan National Legal Aid Center to see if they merit pro bono services. Only people who meet certain criteria are sent to the Bar

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You ‘don’t need trailer coverage’ for a broker’s trailer: True?

Richard J. Holder0Tagged , , , , , , , ,

My alarm bells went off when my insured recently told me, “My customer/broker said I don’t need trailer coverage to pull their trailer.”

It’s never wise to accept statements or advice about insurance from anyone other than a licensed insurance agent. And when we’re talking about insurance for trucking, preferably you want an agent who has firsthand experience and knowledge of the trucking industry. Otherwise you could find yourself without the necessary insurance coverage for your trucking operation.

This insured has been doing power-only operations for two different customers/brokers. Neither of them required him to provide “physical damage” coverage for their trailers. While on the surface this sounds great to us truck owners, it comes with a very high risk! That risk is that while a trailer is in the “care, custody and control” of the power-only trucking operator, that operator can still be held liable for physical damage to the trailer.

I explained to my insured that while his customers/brokers said trailer coverage was “not needed,” it is almost certainly “necessary.”

This call I received demonstrated an all-too-common issue among us truck owners. Yes, that includes me as well. As I shared with Overdrive Editor Todd Dills several years ago, I too trusted brokers when they made statements about what insurance requirements had to be met to haul loads for them. At that time, I made the horrible decision to allow customers and brokers to be added to my insurance policy as “additional insured.” Then, once I discovered my error in adding “additional insureds” to my policy, I ended the practice immediately.

[Related: Just say no: One owner-operator’s approach to broker/customer demands to be ‘additional insured’]

The reason I point this out: this insured who called me felt horrible that he had allowed himself to be somewhat misled

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1 min read

Alabama law firm leader advocating in DC for state residents’ civil legal needs

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The leader of Legal Services Alabama (LSA) is advocating for constituent access to the legal system across the Yellowhammer State on issues such as fair housing, veterans’ benefits, domestic violence and medical debt.

The law firm, located in Montgomery, provides free, client-centered, civil legal advocacy to low-income Alabamians. LSA also collaborates with others across the state and nation to find solutions to systemic issues caused by poverty and social justice inequities, according to its website.

Guy Lescault, LSA Executive Director, met with congressional staff, including US Rep. Mike Rogers (R-AL), in Washington, DC on Monday, April 8.

He was joined by attorneys from every corner of the nation to mark the 50thth anniversary of Legal Services Corporation (LSC) supporting civil legal aid across the United States.

LSC is the largest funder of civil legal aid for low-income Americans and was established by Congress in 1974. To mark its historic 50th anniversary, LSC has embarked on an outreach campaign — “Protecting the Promise” of equal justice.

“Justice should not be reserved only for those who can afford it,” said Lescault in a statement. “The promise of equal access to justice has been a core American value since our country’s founding. However, this promise is shattered when people are forced to navigate the legal system alone while facing issues that threaten their ability to keep custody of their children, avoid eviction and foreclosure, obtain benefits rightfully earned and stay safe from domestic violence.”

LSC’s 2022 Justice Gap report found that low-income Americans received no or insufficient legal help for 92% of their civil legal problems. The Corporation currently provides funding to 131 independent nonprofit legal aid programs in each state, the District of Columbia and US territories.

Meantime, LSA offices are located in Anniston/Gadsden, Birmingham, Dothan, Huntsville, Mobile, Montgomery,

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2 mins read

Utah attorney general GOP candidates vow to crack down on immigration, federal overreach

Richard J. Holder0Tagged , , , , , , , ,

OREM — Utah’s candidates for attorney general share similar opinions on abortion, illegal immigration and “federal overreach” in land use and education, but they express differences in how they hope to serve.

That was the focal point Wednesday during a debate hosted by the Utah Eagle Forum at the SCERA Center for the Arts in Orem, as the candidates spoke to a crowd of about 300 Republican state delegates.

The field of candidates for Utah’s attorney general includes former lawmaker, legislative chief of staff and chairman of the Utah GOP Derek Brown, former assistant attorney general Frank Mylar, Utah Division of Risk Management director Rachel Terry and former Zions Bank vice president and current chief of staff and general counsel for OmniTeq Trent Christensen.

Approaches to office

All candidates conveyed strong anti-abortion sentiments, the desire to crack down on illegal immigration and disdain for “federal overreach” in land use and education. They also said they see election integrity as a serious battle to be fought if they win the office, all expressing support for in-person voting with identification required. Christensen and Terry were vocal about supporting the reelection of former President Donald Trump, while Brown praised his Supreme Court nominations.

“If there’s three things that Biden can’t undo that Trump did, it’s (Justice Neil) Gorsuch, (Justice Brett) Kavanaugh, and (Justice Amy Coney) Barrett,” said Brown, who previously served as Utah Sen. Mike Lee’s former deputy chief of staff.

Brown was chairman of the Utah Republican Party from 2019 to 2021 and served four years in the Utah House of Representatives. He was the first to declare his candidacy for attorney general and was the only one to seek a nomination using both the signature gathering process and the convention process.

As far as the office goes, each of the candidates

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