Effective January 1st 2025, Colorado will implement a new hands-free driving law aimed at reducing distracted driving. Under this new legislation, drivers are prohibited from holding or handling mobile devices while operating a vehicle. However, the use of hands-free accessories remains permitted. Holding your phone to your ear or using it in speaker mode will be considered a violation of the law.

To comply with the letter and spirit of the law you may want to purchase a hands-free accessory for your mobile phone. Examples of hand-free accessories include, a dashboard phone mount, Bluetooth integration or Apple Car Play.

There will be no grace period for enforcement, and fines for violations began on January 1, 2025. The penalty for a first offense includes a $75 fine and two points.

Distracted driving is anything that takes your attention away from practicing safe driving. With the pace of mobile technological innovation distracted driving has become a serious challenge. The statistics highlighted here support the importance of this new legislation:

• Drivers talking on cell phones may miss seeing 50% of what’s around them (NSC)
• Car crashes are the #1 cause of workplace fatalities (NSC)
• Cell phone users are four times more likely to be involved in an accident (NSC)
• Distracted driving claimed 3,308 lives in 2022 (NHTSA)
• Every seven seconds someone is injured in a vehicle accident
• Every 15 minutes someone is killed in a vehicle accident (NSC)
• Sending or reading text messages takes your eyes off the road for at least 5 seconds. During those 5 seconds, if driving at 55 mph, it is equivalent to driving the length of a football field. (NHTSA)

Requiring and monitoring safe driving behaviors is essential for an effective fleet safety program. Therefore, a distracted driving policy prohibiting all employees from using mobile devices while they are driving is critical. It is equally important to educate your employees concerning the serious implications of distracted driving through training session engagement and ongoing communication. To ensure compliance, the use of vehicle telematic systems that monitor driving behaviors may be an effective approach.

For more information about the legislation, you can visit: https://leg.colorado.gov/sites/default/files/2024a_065_signed.pdf
 

References:
https://www.nhtsa.gov/risky-driving/distracted-driving
https://www.codot.gov/safety/distracteddriving/colorado-hands-free-law
https://leg.colorado.gov/bills/sb24-065
https://www.nsc.org/road/safety-topics/distracted-driving/distracted-driving-for-employers#:~:text=Employers%20are%20Being%20Held%20Liable,explains%20why%20employers%20should%20care.

The US Healthcare Industry is complicated to say the least- especially as it continues to grow and accounts for almost 17% of total GDP. Thus, as health related companies are looking to make the burden of repetitive and complex transactions easier, they are starting to test artificial intelligence (AI) for applications across their business units.

In a recent article posted on The Doctors Company website, the author names the uphill battle that AI will have to become a larger part of the industry. However, they also suggest that AI offers many benefits in areas like prediction analysis of staff retention and the adoption of AI for repetitive and predictable tasks like coding and billing.

The article also shares that Dr. Erik Bryonjolfsson, PHD, says “physician’s needn’t worry about their job security, at least for now.” Because while AI is great at small repetitive tasks, it lacks the ability to integrate and work at a higher level of cognitive function.
For more information about the article and how AI is changing healthcare, see the original article here: www.tdcg.com/insights/is-ai-ready-for-healthcares-prime-time/

Insurance brokers and carriers have started to sound the alarm- this could be the 'hardest' market in a generation for property related risks.

The term 'hard market' is an insurance industry term, defined as, "the upswing in the insurance market cycle, when premiums increase, coverage terms are restricted, and capacity for most types of insurance decrease " (International Risk Management Institute- IRMI). It is referred to as a 'hard' market, as it is hard to place risks and usually comes with large increases in rates.

While insurance markets are often affected by natural diasters, this year we are seeing a confluence of issues that are all hitting at the same time- increased inflation, re-insurance rates, valuation adjustments, and claim costs. For example, between 2012 and 2017 there was one catastrophic loss over over $10B, but over the next five years, there were nine such losses on top of the other noted market pressures- forcing rates to rise. (Insurance Journal: Hard Commercial Property Market to Linger)

Beyond the upward demand on rates, carriers have also recieved pressure to update the 'valuation' or 'insurance to value' (ITV) of real estate properties. In some cases, valuations are off by 30% and with the increase of inflation and cost for (re)construction, carriers and regulators are pushing to update real estate valuations (Insurance Journal).

The American Property Casualty Insurance Association (APCIA) reports that insurance losses were partially driven by inflation above 8%, while costs of construction were up by almost 34% and trade services increased by approxmiately 27% (Independent Agent: Perfect Stom Creates 'Hardest Market Cycle in a Generation')

These factors have all pushed insurance premiums by up to 50% in some cases, forcing brokers and insureds to market accounts and accept higher prices for property insurance risks.


For more information, see the linked articles above and/or contact our company for help with your insurance needs.