A MESSAGE FROM THE PRESIDENT

April 10  2020

 

click to read PDF Version

 

Agency Update Amidst Pandemic

 

 

Dear Client,

 

Today, Friday April 10, 20020 will end our fourth week of remote working conditions due to the COVID 19 Pandemic. Times of widespread uncertainty test our firm’s core values of stability, integrity, and strength. We proudly stand four weeks into this period with the fortified confidence that we continue to deliver uninterrupted insurance management to our clientele while upholding our core values. From our technological infrastructure to our valued team members, the abilities of our firm ensure that client services continue.

 

In fact, this environment permitted for the advanced roll out of several updates to our management methods. We recently announced the reduction in mailings; keeping in trend with both green and time efficiency standards. For further information, please refer to our April 6, 2020 publication. Clients will also continue to recognize the increased use of electronic signatures, proposals, and policy delivery.

 

We have also re launched all social media outlets amidst our branding project. Our intentions are to continue to provide our clientele with an influx in content and knowledge; recognizing the emerging desire for self-reference and review. Such sites will continue to develop in coming days, weeks, and months in order to create a library of resources for our clients and partners.

 

Keeping with our desire to produce relevant content, Spring 2020 will mark the launch of 1950, our branded e-magazine. The publication will expand the purview of our services beyond the traditional insurance management model. Articles will speak to current affairs, market statistics, and risk forecasting trends. 1950 will also provide a unique platform to strategic partners from wealth management, consulting, accounting, and legal venues. The final component will provide a spotlight for clients who are forging their own groundbreaking paths.

 

Our goal remains to deliver best in class client service. With the 70th anniversary approaching, Paolino Insurance Agency Inc. continues to evolve for the benefit of the clients. Our relentless pursuit of insurance management excellence provides our clients with the confidence that their assets are protected. If individuals in your life are not afforded the same assurances, please share our information. Our team members welcome the opportunity to hold a thoughtful conversation and provide professional consultation.

 

With great optimism, we anticipate a return to normalcy during the coming months. Today we also reflect and are thankful for your continuous commitment and support of our firm. We are proud to manage your insurance risks and hope that health and happiness are bestowed upon you and your loved ones throughout these enduring times.

 

 

 

Sincerely,

 

 

 

Gregory A Paolino, Jr.

 

President

SIX COVID-19 PANDEMIC INSURANCE QUESTIONS

April 9, 2020

 

click to read PDF Version

 

Our firm continues to remain devoted to delivering pertinent content. Accordingly, we have solicited the most common questions from during the past weeks.

 

1. WHAT ACCOMMODATIONS EXIST FOR PAYMENT RELIEF?

Billing accommodations of any kind are made by at the carrier level. This means that either your insurance carrier or premium finance company will make all decisions related to billing accommodations during this turbulent time.  Understanding the economic fallout from the COVID 19 Pandemic, most carriers are providing some level of premium relief. While premiums are not forgiven, many are granting extensions. The companies continue to make determinations on a case-by-case basis. If you are seeking premium payment accommodations due to economic hardship, you are encouraged to contact a team member at our firm regarding the procedure specific to your insurance program.

 

2. ARE INSURANCE COMPANIES SUSPENDING OR REDUCING PREMIUMS?

As recently as today, some insurance carriers are beginning to introduce immediate rate reduction initiatives in the personal automobile segment. Recognizing the drastic reduction in travel, select carriers are filing for relief addendums to their previous rate filings. The premises for the reduction accounts for the decrease in travel and expected exposure during this period. How, when, and if such reductions to policies are made will be unique to each insuring company. The first carriers to unveil such plans are issuing the credit without action from the policyholder. We will continue to monitor the progress of such activity and will work to alert the clients as needed. Please contact our office if you have any questions or to see if your carrier has announced plans.

 

3. DOES BUSINESS INCOME PAY FOR LOST REVENUE DUE TO COVID 19 PANDEMIC?

It is generally a condition of Business Income coverage to first have a direct physical loss to a covered premise due to a covered peril. This direct physical loss to a location then triggers the Business Income coverage. The current conditions and stay at home protocols are, albeit strict, a preventive measure. Similar to a curfew or travel ban from snowstorms, these government orders are not a direct physical loss to insured property. Property policies were not designed to recognize a virus pandemic or similar event as a covered cause of loss (ex. Windstorm, Hail, Fire, Theft, Vandalism). In fact, many policies have specific virus and/or bacteria exclusions. However, any inquiry/ claim should be reported to the insuring company for official review, considering, policy interpretation, and adjusting decision. Paolino Insurance Agency Inc. does not make reporting or adjusting decisions nor should any statements above be construed as such.

Furthermore, in an unprecedented time, we are recommending that clients keep vigilant records of lost business income and extra expenses associated with COVID 19. The US Small Business Administration has already introduced economic relief funds to small businesses via the Payroll Protection Program. In addition, federal and state authorities have referred to the potential for additional stimulus packages directed towards small businesses. The insurance industry has yet to understand how, if at all, it could play a role in this process. Legislation continues to be discussed across the country at the federal and state levels. The fluid nature of these discussions could bring a shift in claims adjusting at any moment; and we will work to advise our clients accordingly.

 

4. DOES SPOILAGE COVERAGE PAY FOR FOOD NOT USED DUE TO COVID 19 PANDEMIC?

Spoilage coverage, similar to most other property based insurance coverages, requires a covered cause of loss. Perishable stock expiring due to reduction in demand is not the intended or generally interpreted definition of spoilage loss. Once again, any inquiry/ claim should be reported to the insuring company for official review, considering, policy interpretation, and adjusting decision. Paolino Insurance Agency Inc. does not make reporting or adjusting decisions nor should any statements above be construed as such.

 

5. REDUCED SALES AND PAYROLL ARE NOW A REALITY; WHAT IMPACT DOES THIS HAVE ON OUR INSURANCE PREMIUMS?

Paolino Insurance Agency Inc. understands the current environment means reductions to the payroll and sales projections for some clients. In drastic scenarios, one or both of these factors may have come to a complete halt. Workers Compensation and select General Liability policies are rated on the payroll and/or sales of a company. We are encouraging clients in effected industries to strategize with a team member from our firm regarding this potential lever for premium reduction.

 

6. I HAVE PENDING RECOMMENDATIONS AND/OR INSPECTIONS FOR OUR PROPERTY SCHEDULED; NOW WHAT?

Understanding the current environment and out of an abundance of caution, most responses to non-critical recommendations and/or inspections are being suspended until more conducive conditions emerge. Clients should not however make assumptions and need to contact our firm regarding the status of pending actions.

 

Paolino Insurance Agency Inc. notes that any inquiry/ claim should be reported to the insuring company for official review, considering, policy interpretation, and adjusting decision. Paolino Insurance Agency Inc. does not make reporting or  adjusting decisions nor should any statements above be construed as such. It remains solely the policyholder’s decision whether or not to submit a potential claim. This is a fluid situation, and one which the industry does not have precedence. In the end, the insurance company will be the determinant of coverage, and the statements above are not to be taken as final coverage interpretation.

 

 

Paolino Insurance Agency Inc. is a privately held boutique insurance management firm. Demonstrating the core values of stability, integrity, and strength, Paolino Insurance facilitates clients with all aspects of their insurance needs. We are a team of insurance executives who make it our business to ensure your assets are protected.

COVID 19 VIRUS Update

March 23, 2020

 

click to to read PDF Version

 

In keeping with current standards to best protect our team members, Paolino Insurance Agency Inc. shifted to a virtual office environment effective 8:00 am March 16, 2020 until further notice.  The firm has taken the necessary preparation as to deliver uninterrupted service to our clientele. Our hours of operation remain Monday through Friday 8:30 am to 4:30 pm. Our complete team remains available to manage the insurance risks for our clients throughout this difficult time.

 

Clientele may continue to contact our office through usual modes. The firm’s website includes a full team member directory complete with email addresses. Our phone system now provides a more direct route to your desired contact. Paolino Insurance Agency Inc. will continue to update our website as well as social media outlets with the latest information, alerts, and notices. We encourage all clients to follow the firm across the various platforms:

 

LinkedIn: Paolino Insurance Agency Inc.

Twitter: @PaolinoInsure

Facebook: @PaolinoInsure

Instagram: @PaolinoInsure

 

In the interim, we acknowledge that policyholders are seeking insurance management counselling. Accordingly, we have prepared the following:

 

Best Practices for COVID 19 Response

 

Currently, our firm believes that it is vitally important to allow for the government and public health organizations to dictate protocol, procedures, and the distribution of pertinent news. Please refer to the CDC, Federal, State, and Local government agencies for the best-recommended practices.

 

Coverage for COVID 19 Related Events

 

All coverage is unique to the insuring company and client. For specific insurance program, related matters please contact our office to speak with an insurance management professional.

 

Billing Accommodations

 

Insurance carriers are making billing accommodations. Each company continues to monitor the fluid nature of the COVID 19 Pandemic and continues to modify billing procedures accordingly. Please either contact Paolino Insurance Agency Inc. for the most up to date information regarding your insurance program.

 

We have diligently prepared to remain fully active during times of natural disaster and other challenging events; as it is imperative that we manage your insurance programs without interruption.  We wish our clients health and safety during this trying period.

 

Sincerely,

Gregory A Paolino, Jr.

President

 

Paolino Insurance Agency Inc. is a privately held boutique insurance management firm. Demonstrating the core values of stability, integrity, and strength, Paolino Insurance facilitates clients with all aspects of their insurance needs. We are a team of insurance executives who make it our business to ensure your assets are protected.

COVID 19 VIRUS statement

March 16, 2020

 

click to to read PDF Version

 

In keeping with current standards to best protect our team members, Paolino Insurance Agency Inc. shifted to a virtual office environment effective 8:00 am March 16, 2020 until further notice. The firm has taken the necessary preparation as to deliver uninterrupted service to our clientele. Our hours of operation will remain Monday through Friday 8:30 am to 4:30 pm. Our complete team remains available to manage the insurance risks for our clients throughout this difficult time.

 

Clientele may continue to contact our office through usual modes. The firm’s website includes a full team member directory complete with email addresses. Our phone system now provides a more direct route to your desired contact. Paolino Insurance Agency Inc. will continue to update our website as well as social media outlets with the latest updates, alerts, and notices.

In the interim, we acknowledge that policyholders are seeking risk management counseling.

 

Accordingly, we have prepared the following:

 

 Currently, our firm believes that it is vitally important to allow for the government and public health organizations to dictate protocol, procedures, and the distribution of pertinent news. Please refer to the CDC, Federal, State, and Local government agencies for the best-recommended practices.

 

 All coverage is unique to the insuring company and client. For specific insurance program related matters please contact our office to speak with an insurance management professional.

We have diligently prepared to remain fully active during such time, as it is imperative that we manage your insurance programs without interruption. We wish our clients health and safety during this trying period.

 

Sincerely,

 

Gregory A Paolino, Jr.

President

 

Paolino Insurance Agency Inc is a privately held boutique insurance management firm. The company was founded by Anthony J Paolino in 1950 and remains headquartered in the financial district of Providence, Rhode Island as it began. The present office is located on the 14th Floor of the iconic 100 Westminster tower.

 

Please direct any questions or requests for further information to Gregory A Paolino, Jr via email at gapjr@paolinoinsurance.com.

Paolino Insurance launches new digital platforms

March 1, 2019

 

The insurance firm relaunches its digital imprint across all platforms in order to deliver seamless integration.

 

"The goal of the transition is to create a stable foundation on which to bring on demand resources to our present and prospective clients" cited President Gregory A. Paolino, Jr.

 

With the digital reboot Paolino Insurance Agency Inc is looking to provide a continuous flow of information to policyholders in order to create a more concierge level experience.

 

In addition to a revamped website, including mobile friendly layouts, Paolino Insurance Agency Inc will seek to launch a plethora of multimedia resources. Such mediums will include a digital magazine as well as a vlog in the coming months. All of the company's communication will be reinforced throughout the various social media platforms including Instagram, Youtube, Linkedin, and Facebook.

Paolino Insurance officially names new President

March 1, 2019

 

The insurance management firm announces that Gregory Alan Paolino Jr was named the company's third President effective February 1, 2019.

 

Gregory will succeed his father, Gregory A. Paolino, as the president of Paolino Insurance Agency Inc.

 

"Leading a practice which was initiated by my great grandfather and later incorporated by my grandfather is a tremendous honor, opportunity, and responsibility" noted the 29 year old executive.

 

"I am looking forward to strong growth while making slight modifications and fortifying the principles which our company was founded upon."

 

Important to note is that Gregory A. and Anthony Jr. will continue on a full time basis with PIA as they each maintain their status' of Principal & Owner.  Gregory will specifically be an integral component to the production aspect of the firm while Anthony will continue to serve his commercial clientele.

 

Paolino Insurance Agency Inc is a privately held boutique insurance management firm. The company was founded by Anthony J Paolino in 1950 and remains headquartered in the financial district of Providence, Rhode Island as it began. The present office is located on the 17th Floor of the iconic 100 Westminster tower.

 

Please direct any questions or requests for further information to Gregory A Paolino, Jr via email at gapjr@paolinoinsurance.com.