Yearly Archives: 2021

Agents Make Their Voices Heard in Albany

During this week's Independent Agents Advocacy Week, more than 70 independent agents conducted virtual meetings with more than 40 state legislators to call for pro-policyholder reforms. Key issues included making the auto photo inspection requirement voluntary, streamlining the process for placing coverage in the excess market, repealing the anti-arson application, and preventing no-fault insurance fraud.The event gave Big I NY members the opportunity to meet face to face with their elected state representatives. Kelly Gonyo, owner of the Blue Line Insurance Agency said,“I am so fortunate to have been given an opportunity to use my voice to directly speak with our lawmakers who represent us in…

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Homeowners Coverage Proposed by Big I NY Available Now in NY

​An endorsement to the Insurance Services Office (ISO) Homeowners insurance program, which Big I New York initially proposed, has been approved by the New York State Department of Financial Services (NYSDFS). The form gives homeowners coverage for damage to underground utility service lines. It will allow you to offer better protection against very expensive losses to your Homeowners clients.Since 2012, Big I New York has been a member of the Mid-America Insurance Conference,  a forum where independent agents, trade association staff, and representatives of industry standards-setting organizations discuss topics such as property-casualty coverage, rules, forms, and other technical aspects within the industry. ISO, the National Council on…

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Lumber Price Spike Means Your Homeowners Clients May Be Underinsured

​Lumber prices are, if you'll pardon the pun, going through the roof.Last Thursday, February 18, the price per 1,000 board feet of lumber on the Chicago Mercantile Exchange hit a record $1,004.90. By the close of trading Friday, it had retreated​ to $997.90, but this was up from $478.30 on October 29. One market watcher speaking to CNBC last week predicted another 30 to 35% increase from current prices. A boom in home renovation activity in the wake of state stay-at-home orders during the coronavirus pandemic has boosted demand for lumber and steel, experts report. At the same time, lumber mills expected mass job losses last spring…

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