Your Clients Might Not Have Enough Rental Reimbursement Coverage
Persistent supply chain problems are creating shortages of some auto parts, and that could mean some of your clients will be underinsured when they have to rent cars to subsitute…
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If an Insured Rents a Car and Damages It, Does a Deductible Apply to the Rental Vehicle’s Physical Damage Coverage?
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…
Insurance Agency Ownership as an Unlicensed Individual
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…
NY Agent’s and Broker’s License Reinstatement Requirements
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…
Submitting Non-Standard Certificates of Insurance Forms
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…
NYS Resident & Non-Resident License Requirements
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…
NYS Agent’s & Broker’s License Renewal Late Fee
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…
A Consumer’s Guide to Non-Admitted Insurance Companies
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…
What Does the Workers’ Comp Endorsement to the Homeowners Policy Cover?
[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…
New York’s Child Victims Act: Why Some Organizations Have No Insurance for These Claims
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…
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