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CARES Act Addresses COVID-19 Economic Crisis

… process under that law. Businesses with fewer than 500 employees can get a loan for a period between February 15, 2020, and June 15, 2020. Also, a hospitality business with a NAICS Code 72 can get a loan as long as it employs no more than 500 employees per physical location. Moreover, franchisees and certain other businesses who receive financial aid from an SBA-licensed small business venture company are eligible for these new loans. These loans will be capped at the lesser of average monthly payroll costs during the previous year times 2.5 or $10 million and will …

https://www.epicbrokers.com/insights/cares-act-addresses-covid-19-economic-crisis/

Coronavirus Is a Major Challenge to Employers and Human Resource Professionals

… that’s a lot of potential death claim exposure should an outbreak occur with a large employer. I would expect that life insurers will take a proactive approach should an outbreak occur in a location with a great deal of life insurance claim exposure. Federal and state governments are going to have a lot to say about coronavirus as well. Earlier this week, Governor Cuomo of New York issued an order requiring New York State insurers to waive any cost-sharing associated with coronavirus testing and any cost-sharing for a vaccine when it is developed. This makes sense …

https://www.epicbrokers.com/insights/coronavirus-is-a-major-challenge-to-employers-and-human-resource-professionals/

Covering Coronavirus: Risk Considerations Volume 1, Issue 1

… a covered peril. As most Property policies do not consider disease or virus to be covered perils, the associated time element clauses in the policy will not apply. Even with a specific Infectious or Communicable Disease coverage clause in the policy, coverage is limited to actual exposure at an owned location. An occurrence at a supplier or customer location will not trigger coverage. Policy wording will be tested as the effects of coronavirus work their way around the world and through the insurance industry. Even if policies do not contain specific coverage for disease, we recommend the following: Track any …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-1/

Can ICHRAs Be Used to Make Healthcare a Defined Contribution Benefit?

… the plan they select, making the entire premium tax-advantaged. The ICHRA can be structured to meet ACA coverage and affordability guidelines. In 2020, the individual’s share of the cost of self-only coverage cannot exceed 9.78% of household income. The Internal Revenue Service (IRS) has provided employer location-based safe harbor to make this a bit easier to administer, allowing employers to use their location rather than the employee’s residence address to determine the lowest-cost silver medal plan upon which to base contributions. Also, the Centers for Medicare & Medicaid Services (CMS) has developed a calculator …

https://www.epicbrokers.com/insights/can-ichras-be-used-to-make-healthcare-a-defined-contribution-benefit/

Compliance Alert: ACA Affordability Safe Harbors: A Primer

… recognized this challenge and created three safe harbors for employers to determine whether they have offered affordable coverage. An employer has the option to choose any of the three affordability safe harbors as long as it applies the safe harbor consistently and uniformly to all employees in an acceptable category. The IRS has stated that acceptable classes include specified job classifications, hourly vs. salaried, geographic location or any other legitimate business criteria. Listing employees by name is not an acceptable classification. An employer is not forever locked into a safe harbor; it may choose a different safe harbor in the

https://www.epicbrokers.com/insights/compliance-alert-aca-affordability-safe-harbors-a-primer/

Compliance Alert: San Francisco Health Care Security Ordinance Top-Off Payments Due February 29

… quarter if it meets the following conditions: Employs one or more workers within the geographic boundaries of the City and County of San Francisco (City), Is required to obtain a San Francisco business registration certificate, and Is a for-profit business with 20 or more persons performing work at any location, or a non-profit organization with 50 or more persons performing work at any location. Covered employees Generally, covered employers must make Expenditures for employees who regularly work at least eight hours per week in San Francisco and have been employed for at least 90 calendar days. Exempt employees …

https://www.epicbrokers.com/insights/compliance-alert-san-francisco-health-care-security-ordinance-top-off-payments-due-february-29/

Frenkel Benefits is Now EPIC

Thanks for visiting the blog at its new location! You can now find the FrenkelySpeaking blog here on EPIC Insights. First time reading the blog? Frenkel Benefits – an EPIC Company, one of the top 20 largest insurance firms in the New York City area, was acquired by EPIC Insurance Brokers & Consultants in 2017. The FrenkelySpeaking blog began in 2011 and has been bringing our subscribers relevant insurance industry news and opinion every week. As the Frenkel brand makes its full transition to EPIC in 2020, that means EPIC is also launching more Insights content. Look out for new insightful and …

https://www.epicbrokers.com/insights/frenkel-benefits-is-now-epic/

EPIC Launches Cannabis Site Pollution Liability (CSPL) Insurance Program

… is legal for recreational and medical use, the new EPIC program is designed to provide coverage for a material gap in Commercial General Liability and Umbrella/Excess Liability policies for the cannabis industry, as these policies exclude losses resulting from pollution/pollutants on, at, under, or emanating from an insured location. The EPIC/Greyling Cannabis Site Pollution Liability (CSPL) insurance program protects growers, processors and retail dispensaries from claims alleging third party bodily injury and property damage liability claims as well as corrective action costs (investigation/cleanup costs) at or from an insured site. The program is competitively priced, with …

https://www.epicbrokers.com/insights/epic-launches-cannabis-site-pollution-liability-cspl-insurance-program/