January 2014
New England Claim Executives Association, Est. 1930
Issue # 72 JAN 2014
NECEA was founded in 1930to promote professionalism among claims people in the New England Region.
Officers Roster 2013-2014
Patrick Kelleher -President
617 966 0231
Vincent Farricielli -Treasurer
203 985 8000
Robert Asci –Steward
617 921 1139
Frank Puopolo - Webmaster
9786469600
Bob Partridge - Golf Chairman
860 951 6387
Paula Pelletier – Scholarships & Charity 860-418-7740
Dan Rich – Communication Chairman
860 841 7833
January Meeting Recap
Forty-one members and guests attended the NECEA’s first meeting of the new year on
January 14, 2014.
President Patrick Kelleher welcomed the group and spoke about several issues including the PayPal system(see related article), filling the Officer roles for 2014-15, and updating the NECEA’s membership records. We have provided the membership with this document so they can add in the requested information and e-mail it to Steward Robert Asci.
Patrick concluded his remarks by previewing next month’s All Industry Night and our March meeting with a speaker from Howd & Ludorf, LLC on the topic of sexual harassment.
The evening’s guest speaker was Attorney Daniel Sullivan of Robinson and Cole speaking on bank claims, mortgagee rights, and foreclosures.
Between the 4th Quarter of 2007 and the 4th Quarter of 2012, bank loans on 4 million homes were foreclosed on.
With that staggering number setting the stage for the presentation, Dan spoke about the myriad of issues faced by claims professionals when a property claim is filed on one of those homes.
The nature of mortgage banking has changed so much over the years; from the old “George Bailey” culture of neighborhood banks and face-to-face conversations with someone we had a personal relationship with, to the new reality of national banking institutions, mergers, consolidations, and mortgage sales.
Dan focused on three areas –the mortgagee clause found in common insurance policies, the foreclosure process, and MERS.
He compared the“Open or Loss Payee” clause with the Standard Mortgage clause and explored some of the related issues on these claims, such as non-protection of all creditors, no right to certain insurance proceeds, insurable interest, vacancy/occupancy, blanket policies and forced placement policies, and other insurance.
As for the foreclosure process, that process varies from state to state and is a rapidly changing area of law. They can be classified as a Judicial or Non-Judicial foreclosure, and as a Foreclosure Judgement or Foreclosure Sale. He spoke about how the changing behavior by both lenders and borrowers are changing the dynamics of claim investigations.
Dan next looked at MERS (Mortgage Electronic Registration System) a 1993 consortium of lenders designed to bring some order to the transfer of residential mortgage loan ownership.
Legal challenges to the MERS system have been used to challenge foreclosures, and quite a bit of litigation in these areas have ensued.
He wrapped up his presentation with some thoughts on what should be included in the investigation of bank claims. Key components included the specific language of the policy’s mortgage clause, the origin of insurable interest, the issue of “named mortgagee” vs. “successor and assigns provision”, securing the lenders loan/inspection/foreclosure file, and duty to cooperate.
The Q& A session saw Dan field questions on Fannie Mae and Freddie Mac mortgages and “Walk Away” claims.
Dan’s presentation was very timely and was of great interest to our members.
Next Month’s Meeting
Our next event will be on February 13, 2014 as the NECEA participates in the All Industry Charity Night.
This year’s event will benefit two recipients. We’re proud to announce that alongside Autism Services and Resources of
Connecticut (ASRC), theco-recipient of this year’s All Industry will be the Arthur C. Luf Children’s Burn Camp in Milford.
Their Mission Statement reads:”The Children’s Burn Camp is a safe natural outdoor environmentfor kids ages 8 to 18 from around the world who have survived life altering burn injuries”.
We urge all of you to spread the word, and get behind this effort. Let’s make this year’s
All Industry the most successful one we have ever seen. There are opportunities available sponsorships and silent auction prize donations.
Registration forms for attendance and sponsorships accompany this newsletter as separate attachments.
NECEA 2013-14 Schedule
February 13, 2014– Aquaturf Club All Industry Night Charity Benefit for
Arthur C. Luf Children’s Burn Camp Autism Services & Resources Connecticut.
March 11, 2014- Costa Del Sol
Guest Speaker from Howd & Ludorf, LLC
Topic: Sexual Harassment
April 8, 2014 - Costa Del Sol
Guest Speaker: Atty Greg Varga
Robinson & Cole, LLP
Topic: Legal Claim Update
May 20, 2014 – Golf Outing Glastonbury Hills Country Club
NECEA’s Suggestions for Using Paypal
Pre-registering and payment for the monthly NECEA meeting is fast and efficient when using Paypal. Here are some quick tips to help you.
- From the NECEA homepage you begin filling out our registration form after you have selected the RSVP option.
- The last field on the NECEA registration form allows you to select your method of payment.
- If you select the “Dinner Fee” instead of the “Pay at Door” option, you are informing our website that it is your intention to pre-pay for that month’s meeting.
- If you have selected the “Dinner Fee” option, kindly wait for our website to redirect your request to Paypal.
- To use Paypal you must be registered and have both an active password and a valid credit card on file.
- Input your password when prompted.
- Click “Pay” and wait for Paypal to locate your account information.
- Once located, Paypal with show your account information and the amount to be billed.
- You must then click the “Pay Now” optionto finalize the transaction.
- Once finalized, Paypal will show you an onscreen receipt with a transaction number in the upper right hand corner.
- Paypal will then send you and e-mail with a copy of the receipt for your records. This receipt should be clearly marked as a PayPal receipt.
- You should save the e-email for your records and bring a copy of the clearly marked Paypal receipt to the meeting.
We appreciate your efforts so as to assure a smooth and efficient check-in process. We also respectfully request that you register immediately upon arrival for each meeting so as to aid us in assisting the venue with the dinner selection process.
Wolfpack HockeySaturday Night March 1, 2014
The NECEA has tickets available to see a Hartford Wolfpack game on March 1.
Why not bring along your family, friends, neighbors, co-workers (the more the merrier!) to join our friends at Blue Goose on Saturday March 1, 2014 as the Hartford Wolfpack battle the Portland Pirates in an American Hockey League game. The puck drops at 7:00 PM, and we have excellent seats in Section 117.
So please join us for what always is a fun time for the whole gang.
The flyer with ordering information can be found in this newsletter.
. NECEA Membership Application
When completed forward to President of NECEA
[ ] Regular Membership
[ ] Associate Membership
------
Name: ______
Company: ______
Title: ______
Years in Claims: ______
Address: ______
______
Telephone ______
E-mail: ______
All new members must be sponsored by two regular members.
Sponsor Name: ______
Sponsor Name: ______
All new membership applications are subject to review and approval by the
NECEA Membership Committee, Executive Officers GeneralMembership
Signature of Applicant ______
Date of Application______
Questions? Contact Patrick Kelleher 617 966 0231
Hockey Night In Hartford !
The Hartford Pond Invites You and Your Family to Join Us
DATE: SATURDAY MARCH 1, 2014
EVENT: HARTFORD WOLFPACK
VS.
PORTLAND PIRATES
GAMETIME 7:00 PM
PLACE: XL CENTER
HARTFORD, CT.
COST: TICKETS ARE $21
DEADLINE: Feb 14th TO RSVP!!
Please make checks payable to “THE HARTFORD POND”
Check enclosed in the amount of $______for ______tickets.
PLEASE ENCLOSE S.A.S.E. FOR YOUR TICKETS
NAME: ______Phone ______
E-MAIL______
MAIL TO: DAN RICH, 25 MINISTER BROOK DRIVE, SIMSBURY, CT 06070
Questions? Contact r Call 860 841 7833