NYAIP Hikes Max Producer Service Fee & Rates
Insurance producers obtaining coverage from the New York Automobile Insurance Plan (NYAIP) will be able to charge larger service fees next year.
Personal Lines
New DFS Guidance on SSL Insurance
The New York State Department of Financial Services (DFS) today published instructions about the upcoming change to New York insurance law regarding Supplemental Spousal Liability (SSL) coverage under auto insurance…
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by Adirondack Insurance Exchange and Mountain Valley Indemnity Co. will be cancelled: Adirondack’s Demotech Rating Withdrawn (May 29, 2024) Adirondack…
Big I NY Urges Veto on Costly Wrongful Death Bill
Big I NY and a coalition of 34 other business organizations urged Gov. Kathy Hochul this week to veto legislation that would lead to skyrocketing wrongful death lawsuit awards and…
Advocating for Our Insurance Community: Addressing Market Challenges in New York
Big I New York met this morning with leaders from the New York State Department of Financial Services (DFS) about the pressing issues in our state’s personal lines insurance markets.…
Non-Renewal Notice on Homeowners Policy From Carrier Due to Exposure to Catastrophic Losses
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…
Let’s Play “Can They Do That?”
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…
NY Carrier Market Action Q&A
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…
What Are an Insurance Carrier’s Obligations for Continuing Policies When It Terminates an Agency?
Question: “A long-term carrier partner has recently requested a mutual termination since we entered into an agreement with another carrier to complete a book roll. We agreed in response to…
How Will SSL Coverage Apply to Commercial Auto Policies With Entities Other Than Individuals As the Named Insured?
UPDATE: Effective March 26, 2025, the requirement to automatically include Supplemental Spousal Liability Coverage on an Automobile Liability Insurance policy no longer applies to Commercial Auto Insurance policies. Question: “How…
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