Weekly news & updates
July 1, 2021
In observance of July 4, 2021, our office will be closed Monday, July 5, 2021.
News Affecting You
Advisory Opinion: Proof of Motor Vehicle Insurance
The Department of Insurance works collaboratively with the Transportation Cabinet to address the issue of uninsured motorists. Owners of personal vehicles that are shown to be without insurance will receive notices that registrations for their personal vehicles will be canceled if they do not obtain required insurance or show proof of existing insurance.

It has been brought to the Department’s attention that there are instances where Kentuckians with motor vehicle insurance are receiving notices advising them to produce proof of insurance to their county clerk to avoid cancellation of their motor vehicle registration. In these instances, the motor vehicles are insured through a commercial policy and reported as such to the Transportation Cabinet’s automated vehicle identification system (AVIS), but the motor vehicle is registered as a personal vehicle. This is resulting in confusion as the VIN number of the vehicle is not showing as an insured vehicle when the personal lines AVIS system is reviewed.

Source: Kentucky Department of Insurance
Unraveling the Mystery of the Miami Building Collapse
I grew up in Miami, and I know there are thousands of buildings just like the Champlain complex in Surfside erected over the past 40 years. Pretty much everything in South Florida is made of concrete; block structures held together with fortress-like strength by mortar, poured concrete lintels, pillars and fasteners of every type. They’ve withstood every hurricane-force passing their way.

When I saw the first images of this building collapse, my first thought was, “this was a bomb.” The photos showed a building sheared as if by a giant knife. They reminded me of the Murrah federal building in Oklahoma City. Had I not seen the security video footage showing the actual pancake collapse (from standstill to pancake effect; not initiated by any explosive), I could not have been persuaded. This is to be expected of buildings in the third world, where inspections are backlogged or non-existent and bribery abounds — not in Miami, Florida.

Source: National Underwriter
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INTRODUCING: The iAgent Newsfeed
The iAgent Newsfeed is a blog located on the Big I KY website. It is a source for the latest Kentucky and National News, as well as tips and tricks to help you become the best insurance agent you can possibly be!
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Agents Arrested: Six Cases of Fraud by Insurance Agents in 2021
Insurance agents and brokers serve as trusted advisors to their clients, ensuring that policyholders are adequately protected in the event of a loss.

However, on some rare occasions, agents abuse their profession for personal gain.

To date in 2021, there have already been dozens of cases of insurance fraud committed by agents. Whether it is embezzling money from clients, lying on insurance applications or stealing sensitive personal information for nefarious purposes, no crime was off-limits to these bad actors.

Source: National Underwriter
Inadequate Replacement Cost - An Indirect Result of COVID
Building material costs have increased dramatically during COVID because supply has not been able to keep up with demand - for many reasons. As a result, IIABA's Risk Management department in conjunction with Swiss Re recently recommended agents consider notifying their clients (personal and commercial) that current replacement cost limits may be too low as a result of these dramatic increases.

Although it may be useful for agencies to warn their insureds of these potential COVID-caused underinsurance issues, however short term it might be, the agency must be cautious when addressing this situation.

Source: IIABA
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