Monthly Archives: June 2022

Legislative Session Recap: Major Victories on Photo Inspection, Excess Lines Affidavits

​​After a long final week, the regularly scheduled 2022 Legislative Session concluded, with the Senate finishing their work at 2:30 A.M. Friday June 3rd, and the Assembly finishing just before 8:20 A.M. on Saturday June 4th. During the entire 2022 Legislative Session, 1,007 bills passed both Houses, which is the most to have passed both Houses during a Legislative Session in the last 25 years. We are pleased to report that we have scored several major wins this session, including most notable, the passage of our bill to eliminate mandatory auto photo inspections. Contact SHobson@BigINY with any questions. Beneficial Bills Passed/Advanced:✔ Repeal Auto Photo Inspection Mandate…

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Can An Insurance Company Retroactively Charge For a Young Driver?

​Photo: "new Teen driver girl" by Carissa Rogers. Used under a Creative Commons Attribution 2.0 license.Question from a member: On a personal auto application for one of our carriers requests information on all residents in the household, including young children. This insured was written in November, 2002 in our office listing the husband, wife and two children. In June, 2008, one child became a licensed operator; they did not call to inform our agency. The carrier did not add this child or send out any type of questionnaire, but knew this child's name and date of birth from the original application. The policy renewed in November,…

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Industry Roundup: ​Trump Set to Undergo Questioning in July in Insurance Probe; Helping Commercial Clients Prepare for a Hurricane; The Reasons it’s so Hard to Insure Cryptocurrency Operations

​Trump Set to Undergo Questioning in July in Insurance ProbeFormer President Donald Trump, his namesake son and his daughter Ivanka have agreed to answer questions under oath next month in the New York attorney general's civil investigation into his business practices, unless their lawyers persuade the state's highest court to step in.Helping Commercial Clients Prepare for a HurricaneThe 2022 Atlantic hurricane season began on June 1, and with most predictions pointing toward an above-average amount of activity this year, it's imperative that insurers check with their commercial clients to ensure they're properly prepared.Tech Firms Selling Insurance: 'Do You Want Fries with That?'As more companies from…

Continue ReadingIndustry Roundup: ​Trump Set to Undergo Questioning in July in Insurance Probe; Helping Commercial Clients Prepare for a Hurricane; The Reasons it’s so Hard to Insure Cryptocurrency Operations