Have Tariffs Left Your Clients Underinsured?
Nicholas M. Insua and Richard P. Lewis, partners at law firm Reed Smith, LLP, raise an interesting point in a post published last month: “The bigger issues related to how…
Premium Changes
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…
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 Does a Personal Lines Insurer Have To Do With Remaining Policies When It Terminates an Agency?
Question: “One of our personal lines carriers is terminating our contract due to low premium volume. Is the carrier required to do anything regarding the policies we have left with…
Can an Insurer Change a Policy to Auditable on Renewal Without Sending a Conditional Renewal Notice?
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…
Can an Insurer Pick and Choose What to Re-Tier at Renewal?
QUESTION: “I have a company that increased an insured’s renewal premium by over $1,000 because of a deer collision claim (payout was $6,000 for a comprehensive claim). I do not…
Insurers, Get Your Act Together on Commercial Lines Renewals
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.
Can an Insurance Company Retroactively Charge for a Young Driver?
Question from a member: “On a personal auto application for one of our carriers, it requests information on all residents in the household, including young children. This insured was written…
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