Question: “If an insured rents a car and damages it, does a deductible apply to the rental vehicle physical damage coverage?” Answer: No. The New York Rental Vehicle Coverage Endorsement…
Question: “Is it legal for a person who does not hold a New York insurance license to be an owner of an insurance agency?” Answer: Yes. However, because New York…
Question: “I’m hiring someone who used to have a New York insurance license but let it lapse several years ago. Do they have to retake the pre-licensing course in order…
Question: “Is it legal for someone to complete and submit a non-standard certificate of insurance form?” Answer: Yes. New York’s certificates of insurance law does not prohibit anyone from using…
Question: “My employee lives in another state but does not write any insurance there, and she works remotely out of our office in New York. Does she need a resident…
Question: “Why does the New York State Department of Financial Services charge me $10 if I renew my agent’s or broker’s license less than 60 days before renewal?” Answer: The…
An admitted insurance company (also known as a “licensed” or “authorized” company) is one that holds a license issued by the insurance regulators in a particular state. (The Department of…
[The following is a re-publication of a post that originally ran in 2011.] Question from an IIABNY member: “I have a personal lines customer who called saying he has a person…
In February 2019, the New York State Legislature passed and the governor signed the Child Victims Act. The law’s purpose is to permit people who suffered sexual abuse as children…
We are asked pretty frequently, “Why does my Agent’s License show as inactive?” An Agent’s License (PC or LA) is all about the relationship between the insurance company and the…