Charter Partner's Quarterly Newsletter!



Thank you for the outpouring of love and support for our fallen partner, Glen.  We so appreciate the cards, phone calls, emails, texts and also, the attendance at Glen's celebration of life.  We know he would have enjoyed the gathering and fellowship.  

Charles Wasilewski, a writer we worked with "back in the day", penned a beautiful article about Glen.  We were so moved, we are sharing it with you here:

I was skipping along my Facebook feed when I saw a familiar photo: Glen Welch. In a square JPG image backed by a collector-car grille was Glen's picture: His hair sleek, dark and parted to one side, his gaze right at me as usual.   His photo graced his memorial celebration announcement. 

Continue to  read more... 
Workers Compensation Rates Trending Lower 

The cost of business insurance is always a thorn in the side of most business owners and corporate managers, especially when insurance is viewed as a necessary evil. Rates for most insurances tend to rise, partly to keep up with inflationary pressures affecting the cost of claim adjustments, or settlements. But not all the components of the typical commercial insurance program experience the same rate change trends.

As we illustrated in our previous quarterly newsletter, business auto insurance rates are showing an aggressive upward cost trend, with most insurers demanding annual increases ranging from 6% to 10%, irrespective of claims experience, or industry segments. The cost of claim settlements is rapidly rising, primarily as a result of costlier auto repairs and the prevailing legal environment.  But not all is bad news on the insurance rate front. Workers Compensation rates, for example, are trending lower in many states. Kansas and North Carolina, to name a few, have promulgated rate reductions averaging 6.4% and 17.2%, respectively, for the 2019 period, as recently reported by the industry journal Business Insurance. The Pennsylvania rating bureau, on the other hand, is expected to approve average rate reductions of 6%. Clearly, some classes of business operations will fare better than others, to account for the differences in exposure severity and differing cost of claims settlements across  the country.

Officials in several states are approving rates cuts as employers across the country report fewer claims and a reduction in loss severity. This favorable trend will likely continue next year, most experts agree. Although some experts remain cautiously optimistic, as doubts about the cost reductions of the healthcare component may not prove long lasting.


Jaime Tatosian, CPCU, ARM, RPLU
Client Account Manager, Charter Partners
Life Safety Alliance (LSA) Meeting Held in AC

LSA held their bi-annual meeting at Bally's in Atlantic City April 10, 2019, a day before the National Association of Fire Equipment Distributors (NAFED) conference.

Lead by LSA president, John Lawlor, the members shared fond memories of their long history with Glen over the years.  The meeting was well-attended with an agenda that included sharing of best practices, new legislation impacting contracts in NJ, a presentation on Talent Optimization with David Nast and update on contract review services and a case study on subrogation clauses with David Harrison and David Kostus of Spiro Harrison.
Our Captive Client and Broker Recognized

W. Lee Flowers & Company rents space in our segregated cell domiciled in Vermont, Cooperative Partnership Insurance Company (CPIC).  Justin Felker, Area Assistant Vice President, Gallagher, is the broker on the account.  He was recently recognized.  Read more below.  Congrats, Justin!

Described by one client as "the best insurance broker I have ever worked with," Justin Felker is at the forefront of the captive market.  Five years ago, he helped wholesale and retail grocery firm W. Lee Flowers & Company implement a captive strategy that has stabilized its overall cost of risk and enabled it to be more flexible with its insurance coverage. 

Despite some big losses and a tough renewal season, Felker negotiated lower operational costs and expanded the primary auto limit within the captive, allowing the company to create savings in its umbrella program. W. Lee Flowers & Company's CFO Michael Weathersbee said: "Justin really goes above and beyond the call of duty. He makes multiple visits to our facility on an eight-hour round trip to keep up to date with the latest issues. "His deep knowledge and experience of the industry have enabled him to quickly come to grips with the complex and multi-faceted business structure that we operate here."

Felker also helped client Warehouse Services extend its captive program by analyzing loss trends in-house for new acquisitions. He is also assisting the company in moving from its existing rental-cell captive to a single-parent structure. His versatility also extends to putting together a captive program for another client, a group of New York horse trainers that was struggling to find coverage in the traditional market.
Vermont Captive Statute Tweaks Signed Into Law

A Vermont bill updating the state's captive statute, including alterations to its financial examinations requirements, has been signed into law by Governor Phil Scott.

The consensus bill was composed by the state's Department of Financial Regulation (DFR) and the Vermont Captive Insurance Association (VCIA).    Read more...
New Jersey Paid Family Leave is Expanded

On Tuesday, February 19, 2019, New Jersey Governor Phil Murphy signed into law an expansion of the New Jersey state paid family leave program. The expansion of the law will permit employees in the State of New Jersey to take twice as much paid leave time off from work than before if they are parents of newborns or caregivers of certain relatives with serious health conditions. The new law also expands the definition of relatives for a caregiver.    Read more...
Medical Marijuana and Your Workplace Drug and Alcohol Policies

Uncertainty about New Jersey's marijuana laws has employers wondering what they should do to maintain workplace safety. According to attorney Laura Link of Archer Law, many employers may have some language in their drug and alcohol policies that they may want to change, even before any legislation is enacted.
  

At NJBIA's seminar "The Cannabis Economy," Link stressed that the expansion of medical marijuana and even legalization of adult-use recreational marijuana is unlikely to dramatically increase the number of people coming to work impaired.   Read more...
Pay Attention | Avoid Inattention

It's logical to think that you see whenever your eyes are open. Yet, research points to the problem of drivers just not "seeing" what was going to happen. Drivers can experience this phenomenon for a number of reasons, however there are things that drivers can do to lessen the likelihood of being involved in a collision. 
Read more...
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Charter Partner's community!  Contact Pattie Cowley .
Charter Partners USA, Inc. | 610-438-3535 | www.charterpartners.com