The Biggest Risk in Insurance Agencies May Not Be What You Don’t Know
By Julie Furst The biggest risk in insurance agencies may not be what you don’t know. It may be what you think you already know. Coverage forms evolve. Carrier appetites…
E&O
The Old ACORD Certificate Form Is Not Illegal. Stop Using It.
Several member agencies have recently contacted us about a change to the most commonly-used certificate of insurance form, ACORD 25 Certificate of Liability Insurance. ACORD published a new edition of…
To Tell or Not To Tell an Insurer About a Young Driver
The insured should tell the insurer about all household drivers.
E&O Seminar
How to Qualify for E&O Loss Control Credit Members whose E&O coverage is written by Swiss Re/Westport Insurance Corp. or Allianz through IAAC can qualify for a premium reduction credit…
NYSIR’s AM Best Rating Withdrawn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…
E&O Report | New Year’s Resolutions for Insurance Agencies & Brokerages
E&O Report | January 2024 | Volume 39, Number 1 As we start 2024, it is the perfect time for every insurance agency and brokerage to examine its business practices. Over the years, we have…
Is It Required To Maintain Signed Applications Even When the Carrier Allows Electronic Signatures?
Question: “Does New York State require us to maintain signed applications in our management system, specifically for the companies that allow e-signatures from their websites?” Answer: New York State insurance…
E&O Report | Additional Follow-Up to Questions Asked During the Annual E&O Seminar
E&O Report | August 2018 | Volume 30, Number 8 On June 6th, the Big I NY Annual Errors and Omissions telecast seminar was presented live from Hudson Valley Community College in Troy and transmitted…
NYS DFS OK’s Naming Entities as Additional Insureds on Certificates
The New York State Department of Financial Services has told IIABNY that, where a liability insurance policy contains an automatic or blanket additional insured endorsement, certificates of insurance may name…
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