Issue #230 - 12.16.2022

Arizona Supreme Court Addressed Depreciation of Labor Expenses on Actual Cash Value Building Losses

The Arizona Supreme Court recently issued an opinion on an issue that has split courts nationwide: may an insurer depreciate labor expenses when issuing an actual cash value payment (“ACV”) payment on a building loss? In Walker v. Auto Owners, the Court unanimously held that under the policy terms at issue, the insurer could not depreciate the cost of labor in determining the ACV for a covered loss.

Read the entire article from Attorney Patrick Gorman's article, with permission, from the Jones Skelton & Hochuli Law Alert.

Arizona Supreme Court Upholds Statutes Limiting Work Compensation Claims for Mental Illnesses

On November 23, 2022, the Supreme Court of Arizona, in Matthews v. The Industrial Commission of Arizona, upheld the constitutionality of Arizona statute 23-1043.01(B), which limits workers compensation claims for mental illnesses to those that arise from an "unexpected, unusual, or extraordinary stress" situation.​

Read the full NCCI article

Economic Inflation, Social Inflation and your Agency

The Big “I" Professional Liability Risk Management team invites all IIABAZ Members to attend a complimentary new webinar, “Economic and Social Inflation: What You Need to Know for Your Agency and Your Clients.”

This session will answer the questions: What is economic inflation and what is social inflation? The 30-minute panel discussion will outline the importance of these concepts to your agency and your clients, as well as provide practical advice for your agency staff to avoid errors & omissions allegations and claims.

Join Big “I” Professional Liability and the session panelists, including Beth Whitney, head of the U.S. agents team at Swiss Re Corporate Solutions; Matt Davis, vice president and claims manager, Swiss Re Corporate Solutions; and Jerry Theodorou, director of the finance, insurance and trade policy program, R Street. 

Register now: January 17, 2023 or February 7, 2023

Learn more about agency risk management and review additional resources at E&O Guardian.

Using Tech Tools in the Fight Against Bank Fraud

Insurance agents provide security and protection to their clients on a daily basis, but do you know how to protect your agency from bank fraud? Patricia Smith, InsurBanc's Director of Cash Management, discusses ways criminals attack banking information and the tech tools you can employ to prevent fraud. Click here to read the article.

Cybersecurity Tips Infographic Series

The Agents Council for Technology (ACT) has released its latest tool for independent agents. This three-part, easily digestible infographic series increases cybersecurity awareness for agencies. The interactive PDFs contain helpful reminders, real-world statistics and links to additional free IIABAZ Member resources.   

Visit ACT's Cyber Guide 3.0 website to see the downloadable PDFs today. Also, check out the multitude of other information and resources the Cyber Guide 3.0 site offers.

Big I Leaders Named Top D.C. Lobbyists by The Hill

The Hill, a prominent political newspaper, has once again recognized the Big “I,” naming Bob Rusbuldt, Big I President & CEO, and Charles Symington, Big I Executive Vice President, among the top trade association lobbyists in Washington, D.C. this year. As in previous years, the Big “I” was the only property-casualty insurance agent or broker group to make the list.

Helpful Links

• Insurance License Search
• Continuing Education Transcript Search
• Insurance License Application
• DIFI Enforcement Actions, Hearings and Reports
• NCCI Arizona State Advisory Resources Page

Avoiding the Pitfalls of Holiday Parties

Claudia St. John, President of Affinity HR Group, which is a Big I Partner, shares a quick video about avoiding the pitfalls of holiday parties.