Prycwright Insurance Brokerage, Inc.

03/31/2022

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Workers Comp

N.Y. bill seeks to eliminate penalties on payment notices

Danielle Ling
March 31, 2022

Workers Comp Coverage
New York

A bill was introduced in the New York state Senate on Wednesday that seeks to eliminate penalties assessed against employers or insurers for failure to comply with certain notice requirements relating to payment and cessation of compensation in certain circumstances.

S.B. 8693 eliminates the penalty imposed for failure to notice the New York Workers Compensation Board Chair of ceased payments within 16 days. The bill would also eliminate penalties for failure to file notice of compensation within 10 days of payment.

The bill was referred to the Senate Labor Committee, where it is pending.

02/02/2022

RISK MANAGEMENT

Workers Comp

N.Y. bill would assume permanently disabled workers eligible for comp

February 02, 2022

Disability Workers CompCoverage

A person receiving Social Security disability benefits would be considered permanently and totally disabled under legislation set before the New York Senate on Tuesday.

S.B. 1024 would amend the definition of permanent total disability to include “inability to perform the full range of sedentary work” and “approval for federal Social Security disability benefits as a result of a compensable accident or occupational disease.”

A statement of justification posted with the bill on the Senate’s website said workers receiving SSDI benefits often struggle to receive workers compensation benefits.

“Those on SSDI are already considered totally disabled at the federal level, and therefore, are unable to perform even sedentary work,” the statement reads. “Those that cannot work should be receiving the highest benefits available at 66.6% of their average weekly wages.”

Please make a note to follow this in New York State.

05/21/2020

Don't go without insurance.

06/13/2019

Risk Management
Risk of US recession 35% by 2020: Swiss Re
Matthew Lerner
June 13, 2019 REPRINTS

There is a 30% risk of a U.S. recession in the next 12 months, rising to 35% in 2020 as fiscal stimulus fades, Swiss Re Ltd. said in a report Thursday.
The threat is mainly due to external factors, “most notably potential escalation of the US-China trade war,” which “pose downside risks,” Swiss Re said.
The re insurer said, however, that it does not see any substantial imbalances in the U.S. economy typical of “traditional” recession triggers.
Such a recession would “likely” be negative for insurers and re insurers and could hurt both net income and capital, the report said.
Insurers and re insurers are already considering de-risking, such as reducing weights on riskier assets like high-yield bonds and equities, according to Swiss Re.
Swiss Re also forecast a deceleration in gross domestic product from 2.9% in 2018 to 2.5% in 2019 and 1.6% in 2020.
The re insurer pointed to the broad spectrum of opinion on the matter, citing a May survey of nearly 60 economists by Bloomberg that put the 12-month probability of U.S. recession at 25%, but showed a range of views from 4% to 60%.

Remember to pay yourself first and at least put 10% of your Gross Income into a Roth IRA, 529 Plan for the kids or Grand-kids, and lastly put 8 - 12 months of emergency money in a separate account to cover basic expenses.

We can cover your mortgage (in some states) or expenses with insurance as a cushion, as well. Give us a call 516-477-2428

08/19/2018

When it comes to homeowners insurance, 62% of Americans do not know that theft of items from a vehicle is covered by a standard homeowners or renters policy.

Give us a call, if you're looking for these coverages. Especially renters ($200-$300 annually on avg.) & flood insurance (varies on area), they are inexpensive but if a incident happens, worth every penny. Area's of the Tri-State NY, NJ, CT last week flooded in areas, they never did before because of odd quick rainstorms for the season.

Check out Knowyourstuff.org to get a general idea of the value and items to include in your policy before calling to know how much coverage you may need.

Thank you, we await your call. Prycwright Insurance Brokerage, Inc.

Know Your Stuff