Daily Archives: September 25, 2020

​The New York State Department of Financial Services (DFS) on Tuesday told insurance carriers that it expects them to begin considering the financial effects of climate change if they are not already. While the department did not call for immediate action by insurance agents and brokers, you should expect to see changes in carrier underwriting guidelines.DFS described the purpose of its circular letter​ to carriers as "to outline DFS’s expectations for the industry and begin a dialogue as to how DFS can best support your institutions’ efforts to manage the financial risks from climate change." The letter pointed to the increasing cost of climate-related natural disasters. "These…

​The New York Automobile Insurance Plan​​ has added a rule that will permit its policyholders to waive subrogation rights and make other concessions to third parties. The rule, which took effect on August 1, calls for a 3 percent premium surcharge.The new Rule 60, which applies only to Bodily Injury and Property Damage Liability Coverage, states in its entirety:If the insured requests, in writing, either a waiver(s) of subrogation or a primary and noncontributory—other insurance condition or both to comply with contractual requirements, increase the bodily injury and property damage total policy premium by 3%.Attach the applicable endorsement(s).The 3% surcharge applies whether the insured requests…