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…
One crucial aspect that insurance agencies should prioritize is performing a comprehensive book of business review. The data in your agency management system is full of valuable information that can…
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…
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: “We have a manufacturer/warehouse/winery risk that is with a company that has ISO forms plus their own proprietary coverage. The proprietary coverage does not mention that the Agreed Value…
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…
[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…
