Winter Weather Hazards Alert

With winter storm warnings in place for large swathes of the Northeast, including major metro hubs of Philadelphia, New York City and Boston, the onset of heavy snow is all but a certainty.

But as insurers and reinsurers will tell you, the term ‘winter storm’ covers a multitude of hazards, such as high winds, snow, severe cold, and freezing rain, all of which can cause significant property damage and ultimately insured losses.

Insurance Information Institute facts and statistics show that from 1996 to 2015 winter storms resulted in about $30.4 billion in insured catastrophe losses (in 2015 dollars), or about $1.5 billion a year on average, according to Property Claim Services (PCS).

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Given the broad definition and impacts of winter storms, how we prepare for them and prevent loss has to expand too.

Check out this FEMA resource on what actions to take when you receive a winter weather storm alert from the National Weather Service for your local area, and what to do before, during and after a snowstorm and severe cold.

And here’s a handy last minute winter weather checklist from the Insurance Institute for Business & Home Safety to help homeowners and businesses prepare for power outages, prevent frozen pipes and roof collapses due to snow.

D.C. Luminaries Headline Boston Workers Comp Conference

Insurance Information Institute vice president of Media Relations, Michael Barry, previews the upcoming Workers Compensation Research Institute (WCRI) annual conference:

Seldom have the political waters roiled as they have during the first weeks of the Trump presidency. A pair of political veterans will look at what that means for workers compensation insurance at a conference next month in Boston.

Former U.S. Senator Tom Coburn and former U.S. Representative Henry Waxman are appearing jointly in Boston on Thursday, March 2, to kick off the WCRI Annual Issues & Research Conference.

U.S. Senator Coburn, a Republican from Oklahoma, and U.S. Representative Waxman, a Democrat from California, will discuss the ‘Impact of the 2016 Election’ for health care, labor, and workers compensation at the Westin Copley Place Hotel in Boston, MA. Their session begins at 9:15 a.m. and will conclude at 10:30 a.m.

The two distinguished former federal legislators bring impressive credentials to these issues. Before his election to the U.S. Senate (2005-2015), Dr. Coburn, a medical doctor, was a U.S. representative (1995-2000) from Oklahoma.  Former Rep. Waxman served for four decades in the U.S. House of Representatives (1975-2015) and was chairman of the House Energy and Commerce Committee.

The theme of this year’s WCRI conference is Persistent Challenges and New Opportunities: Using Research to Accelerate the Dialogue.” The two-day program highlights WCRI’s latest research while also drawing upon the diverse perspectives of nationally respected workers compensation experts and policymakers.

The Insurance Information Institute will also be represented. Chief Actuary James Lynch will be blogging here at Terms + Conditions from the conference.

The WCRI conference is a leading workers compensation forum for policymakers, employers, labor advocates, insurance executives, health care organizations, claims managers, researchers and other interested parties.

For additional information about the conference, or to register, log onto http://www.wcrinet.org/conference.html

Trumpcare: What’s In A Name?

There are a lot of unknowns right now about what Trumpcare, the replacement for Obamacare aka the Affordable Care Act, may bring.

So the news that South Carolina-based Hibbits Insurance has filed an application to trademark the name Trumpcare is drawing a lot of curiosity.

As the South Carolina Post and Courier reports, Hibbits filed the application with the United States Patent and Trademark Office on January 19, 2017 – one day before the inauguration of President Donald Trump.

The Post and Courier says the filing date was coincidence, but the decision to trademark intentional.

It quotes Jack Hibbits, vice president at Hibbits Insurance, saying:

“It would be a strategic opportunity for us to trademark what could become an equally popular term under this new administration. We would like to be using it from a marketing standpoint on our materials as well.”

Hibbits Insurance is a family-owned insurance brokerage specializing in all lines of insurance, including health.

IP Watchdog adds that in the trademark application Hibbits is seeking to protect the standard character mark Trumpcare for commercial use in offering insurance lead collection and matching services, as well as health insurance underwriting.

Interesting.