Ask Tim

Authorization for NFIP Ends Tonight

UPDATE: On Saturday, December 21st, President Biden signed ​a bill passed by both houses of Congress that  funds the government through March 14th. The bill also reauthorized the NFIP through that…

Cars and buses scattered along a street during a flash flood.

What You Should Do About Impending Adirondack Cancellations

On December 31, 2024, all remaining personal lines insurance policies issued by Adirondack Insurance Exchange and Mountain Valley Indemnity Co. will be cancelled: Adirondack’s Demotech Rating Withdrawn (May 29, 2024) Adirondack…

Adirondack Insurance Exchange

NY Workers’ Comp Assessment Rate To Decrease

​The New York State Workers’ Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. It applies to the standard premium or premium equivalent.​ For example, if…

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DFS Letter: Beware of Cyber Risks From A.I.

The New York State Department of Financial Services (DFS) has cautioned the entities it regulates to be alert to cybersecurity risks resulting from using artificial intelligence (AI) technology. The department also…

Cyber icons

DFS Cybersecurity Alert: Hackers Infiltrating Help Desks

The New York State Department of Financial Services (DFS) last week warned all financial services companies of a new cybersecurity threat targeting information technology (IT) help desks and service centers. A letter dated…

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NYSIR’s AM Best Rating Withdrawn

​UPDATE: Since we posted this news item, we have learned that NYSIR is a “municipal reciprocal insurer,” as New York Insurance Law Section 6102 defines that term. That same section of the law permits…

New York Schools Insurance Reciprocal logo

Do You Have To Report A Wholesaler’s Cyber Incident?

A South Carolina based wholesale insurance brokerage reported last week that they had suffered an undescribed cybersecurity incident. It closed the wholesaler for a substantial part of the week. Some…

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