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GREEN MOUNTAIN AGENT VERMONT INSURANCE AGENTS ASSOCIATION | December 2020

Experience the Simple Joys This Holiday Season

Vermont Insurance Agents Association is a statewide trade association representing nearly 100 independent insurance agencies in Vermont, with more than 900 employees. VIAA member independent insurance agents represent more than one insurance company, and as a result, can offer clients a wider choice of auto, home, business, life and employee benefits.t

Green Mountain Agent is a publication of

CONTENT ________________ December 2020

05 Letter from the President

600 Blair Park Road, Suite 100 Williston, VT 05495 Phone: 802-229-5884 Fax: 802-876-7912 www.viaa.org

06 Young Agent Committee News 11 Cyber Insurance: A Business Continuity Necessity

VIAA Officers

15 On the Hill

President Daniel J. Rodliff, CIC, CPIA, LUTCF

20 E&O Corner Classic Cars Call for Model Coverage

Vice President Michael Barrett Secretary/Treasurer Jessica M. Fleury, ACSR

23 How Many Different ‘Values’ Can Property Have?

National Director Ronald Bixby

31 NewsFlash

Directors

32 Commentary

Chip Ams Ian Sutherland Alan Kinney

37 Vermont Insurance Bulletin 218 38 Agency & Company News

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LETTER FROM THE PRESIDENT ______________________________ December 2020 Happy Holidays Everyone! I sincerely hope that you, your staff and your families had a wonderful Thanksgiving! Now onto the end of the year push! We are gearing up for 2021 with a great slate of new classes for you. We continue to offer live streaming courses in lieu of in-person programs. This allows us to keep everyone safe and help you meet your Vermont continuing education requirements. As we monitor the spread of COVID-19, we will keep you all posted as to when we can start offering classroom courses again. Speaking of Vermont continuing education, it’s that time again! The deadline for completing your continuing education requirements is March 31, 2021. Check out the VIAA Education Calendar for a listing of online and live streaming classes available.

Dan Rodliff VIAA President

And let’s not forget about the new and improved Big ‘I’ Markets! Big ‘I’ National has revamped this useful market access platform to give you great markets, competitive commissions and NO volume requirements. Current Markets include: Cyber Affluent Homeowners Small Commercial Eagle Agency Auto & Home Standard Markets

Non Standard Markets Umbrella and Home Business Habitational Bonds Flood

If you haven’t tried out Big ‘I’ Markets for your clients, it’s time you did. As 2020 draws to a close, I look forward to the fresh start 2021 will bring. As always, the Board of VIAA is ready and willing to take on the challenges of the coming year. Until then, I wish you all a safe and very happy holiday season! Stay well, Dan

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YAC NEWS Learn more about VIAA's Young Agents Committee YAC Leadership Change Congratulations to those elected to Leadership Chair: Sara Berry Co-Chair: Katie Andrews Legislative Chair: Aislyn Allen InVEST Chair: Stefanie Eichler Past Chair: Kody Lyon

$6,200 Raised for the Make-AWish Foundation The YAC Wags for Wishes Photo contest was a great success, raising $6,200 for the Make-A-Wish Foundation which grants wishes to critically ill children. You can still view the photos submitted for the contest, 60 in all! Just click here.

Happy Holidays from the Young Agents Committee! 6

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Cyber Insurance: A Business Continuity Necessity

AGENCY STRATEGIES

By Kirsten Bay More than one-third of senior technology executives say cybersecurity risks have increased as a majority of their employees work from home during the coronavirus pandemic, according to a CNBC survey. What's more, 53% say their firm hasn't stresstested their system for an event like this. Employers expect the proportion of full-time employees working from home will level off at 19%, according to a July survey by Willis Towers Watsonâ€”but that's still nearly three times what the level was in 2019. With this risk comes increases in phishing and other cyber scams. One respondent to the CNBC survey estimates their organization has seen such incidents rise by 40%. The cyber world's risks don't stop there, as cybercriminals are also capitalizing on coronavirus-related fear to implement attacks. Between January and March 2020, over 4,000 coronavirus-related domains were registered globally according to Check Point's Global Threat Index. Of these, at least 5% were suspicious. Coronavirus-related domains are also 50% more likely to be malicious than other domains registered in the same period, including seasonal domains. Between January 29 and March 18, 80% of cyber threats were using coronavirus as a theme, according to Proofpoint. In addition to monitoring for breaches, maintaining cybersecurity programs, providing secure access, and training employees in cyber safety, your business clients need to take these concerning numbers as a warning and invest in a robust cyber insurance policy. www.viaa.org

As many traditional insurance policies specifically exclude losses resulting from a cyber incident, the right cyber insurance policy is key to helping business owners mitigate many of the potential losses the coronavirus outbreak has given rise to. Costs and payments to resolve a ransomware attack are typically covered under a cyber insurance policy's network extortion insuring agreement. The resulting incident response costsâ€”forensic investigations that determine the extent of the attack, legal advice, customer notification requirements, public relations and data restorationâ€”are also usually covered. In the event of a cyberattack or data breach, companies will also likely face significant loss of income until they restore systems. Customers' inability to access dashboards or complete purchases, the accounting

Cyber Insurance: A Business Continuity Necessity Continued

department's inability to generate and pay invoices, or employees' inability to access critical systems or equipment can all lead to revenue loss. Companies will also have ongoing expenses, such as utility payments and payroll, and may incur new or additional costs to mitigate the effects of a breachâ€”such as paying employees overtime, renting or leasing new equipment, or hiring third-parties to support business continuity. A properly structured cyber insurance policy covers all of these expenses. Some policies may also offer endorsementsâ€”sometimes for additional premiumâ€”that add valuable protections to the insurance. Reputational events coverage indemnifies business owners for a loss of customers due to a breach, while preventative shutdown coverage allows for reimbursement in the event the insured voluntarily shuts down their network to prevent a virus or other threat from spreading. A system failure endorsement can reimburse downtime due to cyber incidents resulting from human or programming error or infrastructure outage, and additional insured coverage automatically insures contractual partners who mandate indemnification. In the present environment, it's also important to pay attention to policy definitions. Make sure protected information includes data like biometrics, internet browsing history and personally identifiable photos and videos. Confirm extortion expenses explicitly include ransom payment in bitcoin or other cryptocurrencies, which are popular among hackers due to difficulty in tracing the transaction. As businesses adapt to new cyber threats brought on by the coronavirus, it is essential to review cybersecurity protocols and employee training. However, it is also important to remember that nothing can guarantee protection from all cyber threats. Cyber insurance is an especially critical component of holistic cyber risk management. 12

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ON THE HILL: Big ‘I’ Continues Push to Exempt Agents from Federal Reporting Requirement

The U.S. House of Representatives appointed conferees to the National Defense Authorization Act (NDAA). The House conferees met with their U.S. Senate counterparts for the first time this week. Earlier this year, the House passed the FY21 NDAA which included an amendment that would create a burdensome new federal reporting requirement for many small businesses. However, the Big “I" was successful in securing a full exemption for independent insurance agents and brokers in this House-passed legislation and will now advocate that this exemption is included in any House-Senate compromise as Congress moves to pass a final NDAA bill. The amendment was introduced by Rep. Carolyn Maloney (D-New York) and is similar to legislation that previously passed the House—in which the Big “I" also secured an exemption for independent insurance agents and brokers. The amendment to the NDAA would require nearly every small business with fewer than 20 employees to file new reports on their beneficial

ownership with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). All businesses would have to comply with the new requirement annually starting within two years of the law's enactment for existing businesses or upon the incorporation of a new business. FinCEN would require the disclosure of any individual who “receives substantial economic benefits from the assets" of a business. The legislation defers to regulators at the Treasury to define “substantial economic benefits." The penalties for failure to comply with these reporting requirements are quite severe with civil penalties of up to $10,000 and criminal penalties of up to three years in prison. Throughout the legislative process, the Big “I" was the only producer group that advocated on behalf of agents and brokers in an attempt to exclude them from this new onerous requirement. The Big “I" is now actively advocating to make sure that this exemption stays in the NDAA legislation as the House and Senate negotiate a final version of the NDAA that could be taken up in December.

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C E O & R O N ER

Classic Cars Call for Model Coverage Barbara Rocco, Assistant Vice President and Claims Specialist, Swiss Re

Imagine driving along a wide-open highway with a beautiful blue sky overhead and a warm summer breeze behind the wheel of a 1966 Pontiac GTO or perhaps a 1957 Bel Air, or even a 1937 Packard. Most of us may never get to experience this, but there are few lucky people who will. And it is very possible some of those people are your clients. These vintage beauties deserve special treatment. Owners love their cars, showering them with tender loving care. They want coverage that will take care of them, too. Classic car insurance is the best way to keep your client’s classic or antique car safe and sound. But what exactly is a “classic car”? In general, it is an automobile that is considered a collectible or an antique. But that by itself does not qualify an auto for classic car insurance; it is a non-standard policy and must meet these very specific requirements: Types of vehicles. The three different types of classic cars are veterans, cars built before 20

December 1904; Edwardian, cars created between January 1905 and December 1918; and limited, rare, special interest or limited editions. Age of car. In most states, a car should be at least 20 years old before it can be considered a classic. However, some states have an increased requirement for the age of the vehicle, such as Massachusetts, which requires a classic to be a minimum of 25 years old. Driver restrictions. Not only is there an age restriction on the car, there is also one on the driver. Only people who have reached the age of majority can get this non-standard coverage. In addition, carriers are very strict when it comes to driving history and experience. Storage requirements. There are strict storage requirements for a classic car. It must be parked in a designated and highly secure garage when not in use. Non-primary vehicle. The car should not be

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Classic Cars Call for Model Coverage Continued used as the primary vehicle. Only a classic car used on a limited basis is eligible for this coverage. Keep in mind that it is the responsibility of your client to prove that their car is a classic. The greatest asset of a classic car policy is that the vehicle is covered on an agreed value basis. Ensure that your client and the carrier concur on the agreed value on the policy. The agreed value should be based on the market value and the condition of the car. Don’t forget that these cars typically increase in value over time. A reminder to your client at renewal time to review and acknowledge the agreed value is an excellent way to avoid a future errors & omissions claim for inadequate coverage.

relied upon or used for any particular purpose. Swiss Re shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, accounting, or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article do not necessarily represent the views of the Swiss Re Group (“Swiss Re”) and/or its subsidiaries and/or management and/or shareholders.

Another benefit to these policies is that they take into account that the value of a car under restoration will increase as the restoration progresses. Some companies will automatically increase the agreed value at specified intervals—typically quarterly—up to a maximum stated amount. There is a carrier in the classic car niche that will increase the agreed value by 10% on a quarterly basis up to a maximum of $25,000. Certain carriers have expertise with this product. Many of the major carriers also provide classic car coverage, but if going this route, be careful that the underwriter is familiar with such policies and be sure to get agreed value coverage. Barbara Rocco is an assistant vice president and claims specialist with Swiss Re Corporate Solutions and works out of the Chicago office. Insurance products underwritten by Westport Insurance Corporation, Kansas City, Missouri, a member of Swiss Re Corporate Solutions. This article is intended to be used for general informational purposes only and is not to be www.viaa.org

VIAA Education January

2021

Virtual Courses

Deadline Weapon, Active Shooter and Workplace Violence Insurance January 12, 2021 Common Commercial Property Issues January 14, 2021 Personal Umbrella Insurance January 26, 2021 Ethics in the P&C Insurance Workplace January 28, 2021

Open

How Many Different ‘Values’ Can Property Have?

MANAGING PEOPLE

By Chris Boggs

Property can be assigned many “values" depending on the purpose of the valuation and who is valuing it. Some examples include: The amount for which the property could be sold; known as “market value." Market value is what a willing buyer will pay a willing seller. What an expert thinks it's worth. In simple terms, this is “appraised value." A property or business appraiser evaluates the subject property based on local market conditions, estimated income, cost to build from the ground up and other comparison calculations. The value to the individual who owns the property. This is intrinsic value, what a certain piece of property means to you or me in terms of memories and significance. The cost to replace the property with new property just like or similar to the property. In insurance terms, this is often called replacement cost. www.viaa.org

Depreciated value. Depreciation has a dual function as it relates to property values. Accountants use depreciation as a business “expense" that lowers taxable income. But depreciation plays a part in insurance as well; it is generally applied within the concept of Actual Cash Value. The cost to replace the property with something functionally equivalent. Can the owner replace a hardwood floor with subfloor and linoleum and be just as happy or accomplish the same goal? The value assigned for tax purposes. This is a jurisdictional value municipalities use or assign to calculate or create tax-related income. Although not necessarily a complete list of possible property values, these seven cover the majority of “values" assignable to any particular property. But we, as insurance professionals, are primarily concerned about only four of these: Actual cash value 23

How Many Different ‘Values’ Can Property Have? continued

Replacement cost; Functional replacement cost; and Market value. Actual Cash Value Actual cash value has historically been defined as the cost new, on the date of the loss, minus physical depreciation. "Physical" is highlighted because there are many different types of depreciation that don't relate to insurance: depreciation due to obsolescence, accounting depreciation and economic depreciation. Physical depreciation results from use and ultimate wear and tear - meaning that the insured does not get paid for the "used up" value of the property. Pay attention to the beginning point in the calculation of ACV, the cost new on the date of the loss. ACV is not based on the value when it was purchased or at any point between that date and the date of the loss. Only the cost new on the date of the loss matters. However, ACV is not always calculated in this method. In fact, ACV can be developed in one of four ways: 1. Applying the Broad Evidence Rule; 2. Equating ACV to a property's Fair Market Value; 3. Applying the historical definition of replacement cost minus physical depreciation; or 4. Equating ACV with replacement cost. Each of these is discussed in the VU article, Why Defining Actual Cash Value is Amazingly Difficult. This article also links to a state-by-state breakdown of which method applies in each state. The most common is the Broad Evidence Rule. ACV is the common basis of valuation for: The unaltered commercial property policy Coverage C in all unendorsed Homeowners' (HO) coverage forms 24

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Non-building other structures under Coverage B of the HO forms (but can be endorsed to replacement cost) Auto physical damage Replacement Cost Replacement cost is often described as “new stuff for old junk." This is really an oversimplification of the replacement cost concept. Yes, the insured does get paid to replace something old with something new due to the purpose of insurance – indemnification. Indemnification is the contractual obligation of one party (the indemnitor) to return another party (the indemnitee) to essentially the same condition (financial or otherwise) enjoyed before the loss, with no improvement or betterment. Within property policies (which are called first-party policies) the insurer is the "indemnitor" and the "indemnitee" is the insured.

How Many Different â€˜Valuesâ€™ Can Property Have? continued

Replacement cost generally applies to: Coverage A in the HO policy forms (except HO-8) Building structures in Coverage B of the HO policy By endorsement for Coverage C in the HO forms (except HO-8) As an optional valuation method for commercial property Functional Replacement Cost

Replacement cost may be the truest form of property indemnification when considered this way: the insured's machinery is destroyed by fire, now they have no means to conduct business and generate revenue; the insurance proceeds don't necessarily do any good, they need the equipment. Same with the building, the insured needs a building in which to operate, not the money. Replacement cost is the best mechanism for returning the building and contents to the insured so they can resume operations, regardless of the type of operation (manufacturer or office). This is the best demonstration of the goal, purpose and representation of indemnification. Still, how can replacement cost embody the principle of indemnification? Isn't the insured better off than before the loss? Valid questions. Indemnification principles are not violated by replacement cost and, in fact, are upheld because the amount of insurance purchased equals the cost new of all eligible insured property on the day of the loss. Basically, the insured is valuing as if it were new and paying a premium based on that value.

Functional replacement cost values property at the cost necessary to replace damaged or destroyed property with new property of unlike kind and generally lower quality which perform the same general function yet allow the insured to accomplish its objectives. Property replaced using functionally equivalent materials and products are less expensive and often require a shorter replacement schedule. This valuation option may be appropriate: When the insured cannot rebuild the same square footage, usually due to the application of building codes, and a smaller building will be built in its place; When the insured does not want to rebuild the same square footage; When lower cost building materials can or should be used (i.e. masonry/noncombustible vs. fire resistive); or If the insured does not need all the functions available on a particular piece of machinery or equipment (they found a great bargain on a top-of-the-line model, but don't need or use all the functions available and the insured does not want to pay the premium to insure it for the cost new). Functional replacement cost is found: As the valuation method applicable to Coverage A in the HO-8 By endorsement to the commercial property policy www.viaa.org

How Many Different ‘Values’ Can Property Have? continued

Market Value There is one more “value" you will have to deal with, especially when dealing with NFIP's flood insurance coverage and ordinance or law coverage – “Market Value." Market value is what a willing buyer will pay a willing seller, which is generally not related to insurance. But, NFIP's manual rules applies market value as the basis for many of its rules. Likewise, many jurisdictions apply market value as the basis to decide at what point a damaged building must be brought into compliance with local building codes. Lastly, in some states, market value is considered equivalent to actual cash value. And in the states that apply the broad evidence rule, the structure's market value is one piece of “evidence" used to develop the actual cash value. So, although we don't think of market value as an insurance value, this valuation method can play a role. Market value is part of and plays a role in: NFIP conditions The ACV calculation in some states Let's End This Even though a specific piece of property can have multiple values assigned to it, from an insurance perspective, only four matter. Property can be valued at its: Replacement cost; Actual cash value; Functional replacement cost; or Market value. The value that applies following a loss is a function of the needs of the insured, the form and endorsements applied and the state. Our job is to meld all this information to develop the correct amount of coverage. And what we discover, this can be difficult. 26

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NEWSFLASH

DFR PROVIDES UPDATES REGARDING THE SECOND ROUND OF THE HAZARD PAY GRANT PROGRAM Commissioner of Financial Regulation Michael S. Pieciak announced today several important updates regarding the Frontline Employees Hazard Pay Grant Program. This second round of the program substantially expands the sectors eligible for the grants and includes Vermonters formerly employed in eligible sectors. 1) An additional $8 million of Coronavirus Relief Funds was recently appropriated, bringing the total second round appropriation to $30.5 million. 2) To date, the Department has received potentially eligible applications totaling approximately $27 million in grants. Accordingly, funds are still available, and the Department encourages eligible employers to apply by the deadline, which is Friday November 13 at 11:59 pm. 3) The Department has already approved 281 applications totaling $12.3 million in grants to approximately 7,000 current and former employees, and those checks will soon be disbursed. Further, the Department anticipates completing its review of the remaining applications by the end of this week. 4) For eligible former employees, the Department has begun sending you applications by both email and US mail, which will continue over the next week as the final applications are reviewed. Please be on the lookout for the application as you need to complete it and return it to receive your grant.

5) The Department today issued a bulletin preventing Hazard Pay grants from being included in a company’s payroll for determining its workers’ compensation premiums. Accordingly, an employer’s workers’ compensation premiums will not increase as a result of participating in the Hazard Pay program. It is estimated that this will avoid approximately $2 million in premium increases that would have otherwise occurred. 6) The Department also published the names of those businesses who have applied to date on the program’s website. Note the list includes all applications received, but only those who meet the program’s eligibility requirements will be approved. Potentially eligible employees are encouraged to review the list to ensure your company has applied and/or is aware of the program if they are not listed. Employers may apply online through November 13 at 11:59 pm. and funds will be distributed on a first-come, first-served basis until the Program’s funding is allocated. To learn more about the program, apply online, and to sign up to receive periodic updates, please visit https://dvha.vermont.gov/front-lineemployees-hazard-pay-grant-program.

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Should Agents Advocate for Insureds in Claim Denials?

William C. Wilson, Jr. CPCU, ARM, AIM, AMM is the founder of InsuranceCommentary.com. He retired from the Independent Insurance Agents & Brokers of America in December 2016 where he served as Assoc. VP of Education and Research and was the founder and Director of the Big "I" Virtual University for over 17 years. 32

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For over 30 years, I’ve assisted independent insurance agents in advocating for insureds at claim time when they are convinced that a claim has been wrongfully denied. When I speak and write about the virtue and value of independent insurance agents, I usually cite three bases for the independent agent advantage: (1) trust, (2) choice, and (3) advocacy. Perhaps I’ll write about the first two in another article, but today I focus on the value-added sales proposition of having an advocate at claim time. Consumers and business owners that buy insurance directly from the carrier have no one to advocate on their behalf if there is a problem with a claim unless they want, and are able, to involve a public adjuster or attorney. What prompted this article is a webinar I attended recently where agents were cautioned, perhaps in some ways discouraged, from intervening in claims. Certainly, there is a right way and a wrong way to advocate, but IF there is a reasonable and just basis for overturning a claim denial, competent and smart agents will make that attempt. If they know what they’re doing, they’re usually successful. Over the years, I’ve assisted agents literally tens of thousands of times in accomplishing just that.

denial reversals don’t always result in this kind of publicity, they often can generate testimonials and referrals. (Warning: Shameless Plug Coming….) To assist in this process, I wrote a book entitled “When Words Collide: Resolving Insurance Coverage and Claims Disputes.” It’s based on my 30+ years in getting denied claims reversed. In the book, I share the principles and practices I’ve successfully employed to accomplish this. These are proven techniques I’ve used thousands of times. According to Wilson v. 21st Century Ins. Co. (2007) 42 Cal.4th 713, 720, 723: “While an insurance company has no obligation under the implied covenant of good faith and fair dealing to pay every claim its insured makes, the insurer cannot deny the claim ‘without fully investigating the grounds for its denial.’ . . . By the same token, denial of a claim on a basis unfounded in the facts known to the insurer, or contradicted by those facts, may be deemed unreasonable. ‘A trier of fact may find that an insurer acted unreasonably if the insurer ignores evidence available to it which supports the claim. The insurer may not just focus on those facts which justify denial of the claim.’”

The cautionary issue is the E&O exposure, but my contention is that the vast majority of E&O claims arise from denied claims, especially those that are improperly denied. Paid claims rarely result in E&O claims. In addition, an agent that works diligently to get an initial claim denial reversed greatly increases account retention and referrals. For example, the following is an advertisement an insured took out in a local newspaper lauding the work of their insurance agent: Imagine the free PR this brought to that agency throughout the community. While claim www.viaa.org

Should Agents Advocate for Insureds in Claim Denials? Continued So, how is the insurer exposed to evidence which supports coverage? That’s the role of an advocating agent. In Smith v. Travelers Indem. Co., 32 Cal. App. 3d 1010, 1017, 108 Cal. Rptr. 643 (Ct. App. 5th Dist. 1973), the court said, “An insurer bears a duty to defend its insured whenever it ascertains facts which give rise to the potential of liability under the policy irrespective of the source of the information.” What are those sources of information? One is the book itself. A policyholder attorney blogged that he used the book as a tool to obtain a $5M judgment. The book also references other resources, especially the ready availability and use of case law. An insurer cannot ignore or conceal its knowledge of case law that supports coverage. For example:

uninformed insured might be inclined to be quiescent about the disregard or non-payment of his claim and not to press it in timely fashion, the company cannot ignore its obligation. It cannot hide behind the insured’s ignorance of the law; it cannot conceal its liability. In these circumstances it has the duty to speak and disclose, and to act in accordance with its contractual undertaking.” — Bowler v. Fidelity & Cas. Co., 53 N.J. 313, 327-328, 250 A.2d 580, 588 (1969) Do you advocate for your customers at claim time if you believe a claim has been improperly denied? If not, you are likely losing a valuable opportunity to retain a customer and generate testimonials and referrals.

“In situations where a layman might give the controlling language of the policy a more restrictive interpretation than the insurer knows the courts have given it and, as a result, the

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COMPANY & AGENCY NEWS 38

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Acuity’s Success, Economic Impact Recognized by Deloitte Acuity is named to the Deloitte Wisconsin 75, the annual program honoring the state's largest closely held firms for their impact on Wisconsin's economy. In Acuity’s 14th year on the list, the insurer is ranked at number 20. Private companies play a critical role in Wisconsin's economy, providing a stable and strong foundation. Each year, Deloitte recognizes the largest and most successful companies in the state. “The Wisconsin 75 list recognizes the important role private companies play in the local economy. Comprised of some of the state's most recognizable brands and exciting emerging companies, these organizations demonstrate incredible leadership and when called upon, adapt to help guide our state through various obstacles," said Scott Wrobbel, US central region leader and Wisconsin managing partner of Deloitte LLP.

2020 Vermont IAIP Member of the Year Announced

At their virtual joint association meeting held on November 18, 2020, also known as their Annual Commissioner’s Night, Champlain Valley Association of Insurance Professionals and Vermont Association of Insurance Professionals welcomed more than 40 insurance industry and related professionals from the local area and several out of state guests. They were also pleased to announce the 2020 Vermont IAIP Member of the Year – Pat Murray, CPCU, CIC, CRM, CISR, AAI, AIC, AIS, API, PIR, ARM, AU, ARC, DAE, CPIW. Pat was nominated for this prestigious award by her peers and co-workers. She has proven herself to be very deserving of this award through her years of dedication to the insurance industry, IAIP and to her employer Department of Financial Regulation for the State of Vermont where she works as a Senior Rate and Forms Analyst/Outreach Coordinator. The award was sponsored and presented by New England Excess Exchange. This is the 8th year that New England Excess Exchange has sponsored this award.