Sue’s Picks of the Week: 4.18.22
By: Sue Keegan, AIC, MBALearning & Development Manager Class Picks Knock out the 4 new CE requirements in one webinar*NOT APPLICABLE FOR LIFE LICENSES Pop Culture Pick Looking for a show…
News
Industry Roundup: Stabilizing Rates, Cyber Pressures & Global Risk Discussions
Pricing for Insurance Lines Begins to Stabilize Excluding Cyber The commercial insurance market is beginning to show signs of normalcy in 2022, despite a steady slowing of rate increases. According…
Albany Update: Advocacy Week(S), Budget Deal Reached, Priority Excess Lines Bill Passes Senate
Agents Advocacy Week(S) This week, Big I NY member agents from across the state descended on Albany (virtually) to urge lawmakers to support several pro-consumer bills. Agents urged members of the…
Albany Update: Big I NY Meets With DFS Leadership, Advocacy Week(s) Recap
On Thursday, the Big I NY Board of Directors met with senior leadership of the Department of Financial Services, including My Chi To, Executive Deputy Superintendent for Insurance, Sumit Sud, Senior…
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…
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…
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