It’s Not the Wind, It’s the Water
“Hurricane Sandy revealed just how real storm surge risk is,” commented Dr. Claire Souch, vice president, model solutions at RMS. “Our model shows there is a 20 percent chance that…
News
Insurance Carriers Do The Darndest Things!
[This post appeared in the June 26, 2013, issue of IIABNY Insider] Every week, IIABNY’s Research Department gives members information about what New York State law allows insurance carriers to…
Scaffold Law Fact Check
New York State Trail Lawyers Association (NYSTLA) says… New York’s Scaffold Law makes construction safer. It doesn’t. OSHA’s rigorous scaffold safety regulations far exceed those put forth under the Scaffold…
Can an Insurer Renew a Policy Short-Term Then Non-Renew?
Question from an IIABNY member: “One of my insureds has a Business Owner’s Policy, issued by an admitted carrier, that is about to expire on June 26, 2012. As of…
Ask Tim | Episode #31: Conditional Renewal Notices
In today’s episode of the Ask Tim podcast, I take a look at the requirements in New York Insurance Law Section 3426 regarding when insurance carriers have to send conditional renewal notices…
Can an Insurer Cancel a Policy Flat if the Insured Never Pays?
Question from an IIABNY member: “I have a question regarding “Cancellation for Non-Payment of Premium”. In short, after proper notice has been given and no premium is received, can an insurer…
Think a NY Insurer Can’t Void a Policy for Misrepresentation? Think Again
New York has a reputation as a state that’s pretty friendly to consumers, so I think it’s notable that an appellate court last month voided a Homeowners’ insurance policy because the insured…
Can a Carrier Issue a Renewal and Still Non-Renew the Policy?
Question from an IIABNY member: “The carrier set up a policy for non-renewal, issued the renewal, then told us that the non-renewal will stand. They said it was a system error that…
My Insured Started a New Business Mid-Term. Can the Insurer Exclude It?
[This question came out of the Webinar presentation of my continuing education course, Can They Do That?, on August 17th] Question from an IIABNY member: “We underwrite a program for forest products…
Split the Payments on a Package, Cancel the Coverages Separately?
Question from an IIABNY member: “My question pertains to a personal lines package policy. I recently had a client renew where the homeowner’s premium is escrowed through the mortgage company, and…
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