Question: “A referral to me received the attached non-renewal notice from her current Homeowners carrier. It gave the reason for non-renewal as: “As part of our efforts to manage risk…
For those who may have missed it, the property casualty insurance markets are in a very hard market cycle. During a hard market, insurance carriers hike premiums, cancel and non-renew…
Personal Lines How much notice does a carrier have to give to non-renew a homeowners’ or personal auto policy?At least 45 days but no more than 60. How much notice…
Question: “Would you happen to know the number of days a carrier must give if they conditionally renew a commercial umbrella policy? An admitted carrier issued one for an insured…
Question: “A 2021-2022 Business Owners Policy issued by an admitted carrier in New York State was audited and produced an extremely large additional premium due to audited domestic and international…
Question: “We received a 220 letter via email on October 26, 2022, for a January 1, 2023, renewal. When we receive these, we automatically insert them into our management system…
We get frequent questions (that is, six or more in the last two weeks) about cancellation, non-renewal, and conditional renewal letters from insurers. A lot of members refer to these…
Question: “What is the law regarding conditional renewal notices sent out on Homeowners policies that will be renewing with increases? Specifically, 25% or more?” Answer: New York law does not…
You must give your policyholders at least two months’ warning if you’re going to drop them, change or reduce their coverage, or hike their premiums.
Question: “My insured received the attached non-renewal notice on their Commercial General Liability insurance policy. Is it a legal notice? The coverage is provided by a non-admitted carrier.” Answer: Commercial…