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NYPAA Annual Conference Overview
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- On: 09/17/2024 12:43:35
- In: Latest News
The TWA Hotel at JFK International Airport hosted the NYPAA Annual Conference on September 12-13, 2024, featuring a rich array of sessions and networking opportunities designed to advance the knowledge and skills of insurance and appraisal professionals.
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Jonathan Wilkofsky, Esq. Leads Ethics Session
Day 1: Enhancing Appraisal Skills
The conference kicked off on Thursday with an intensive "Appraiser & Umpire Certification Course" led by Robert Norton, CPCU, AIC from General Adjusting Services, and Jonathan Wilkofsky, Esq., from Wilkofsky, Friedman, Karel & Cummins. This detailed training aimed to elevate professional standards for appraisers and umpires, emphasizing the importance of well-defined processes and ethical practices in claims dispute resolution. The session covered a broad range of topics essential for effective appraisal. Key highlights included:
- Introduction to Appraisal: Differentiating appraisal from other dispute resolution processes and understanding its initiation.
- Forms and Procedures: Detailed guidance on the various forms involved in the appraisal process, including appraisal clauses and the selection of appraisers and umpires.
- Acting as Appraisers and Umpires: Qualifications, duties, fees, and the professional demeanor expected from both roles.
- Negotiations and Professionalism: Strategies for effective negotiations and maintaining professionalism in the appraisal process.
- Ethics: A deep dive into ethical considerations, including ex parte communications and adherence to established codes of ethics.
- Current Issues: Discussions on contemporary challenges such as scope and extent of loss, itemization, and legal precedents impacting appraisal.
Day 2: Advanced Insurance Topics and Emerging Trends
Friday's education sessions began with a breakfast sponsored by Merlin Law Group followed by a warm welcome from NYPAA Administrator Jennifer Barrack and Executive Director Jonathan Wilkofsky, Esq. The day, which included a morning break sponsored by Lerner, Arnold & Winston, was packed with informative presentations covering various aspects of insurance and claims management.
1. "Insurable Interest and Property Insurance" by Johnathan Lerner, Esq. of Lerner, Arnold & Winston provided an in-depth look at insurable interest, especially in condo/co-op and landlord/tenant contexts. The session explored:
- The definition and importance of insurable interest.
- Differences in insurance needs between condos and co-ops, including master policies and individual coverage.
- Landlord and tenant insurance, focusing on property damage, liability coverage, and rental income.
- Broad Evidence Rule: Its role in determining Actual Cash Value (ACV) and practical applications.
- NYS Standard Fire Policy: An overview of the historical 165 Lines policy and its key provisions.
- Moderation Covered Issues: Addressing partial losses and mitigation efforts, with real-world examples.
- Coverage Types: First-party and third-party coverage including data breach response, business interruption, and liability.
- Policy Terms: Common exclusions, notification requirements, and coverage triggers.
5. "Case Study: Climate Change and Insurance" by Dennis Artese, Esq., Grant Brown, Esq. of Anderson Kill and Ronald Papa, SPPA, of National Fire Adjustment Company examined the impact of underground climate change and flood sub-limits. The discussion included:
- Underground Climate Change: Effects on soil stability and groundwater.
- Flood Sub-Limits: Challenges in quantifying non-physical losses and applying flood sub-limits.
- Case Study: Analysis of consecutive hurricanes' impact on the resort industry.
The NYPAA Annual Conference proved to be an invaluable event, fostering professional development and collaboration among first-party claims experts. The two-day program was approved for ten continuing education credits by the New York and New Jersey State Insurance Departments.