Yearly Archives: 2022

Flood Program To Expire Dec. 16 Unless Congress Acts

​ Photo by South Carolina National Guard. Public Domain.​ ​The National Flood Insurance Program will run​ out of authorization to operate on Dec. 16​, barring congressional action. The program, which Congress has authorized on a temporary basis since its inception in 1968, will lose the ability to issue or renew policies on that date.Reauthorization of the NFIP is not controversial. However, its authorization is tied to approval of an overall spending plan for the federal government. The government's fiscal year ends on September 30 each year. In most years, Congress fails to adopt a budget before the fiscal year end and the government operates under short-term…

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Work Comp Rating Board Drops 8 Class Codes

​The New York Compensation Insurance Rating Board is eliminating eight Workers' Compensation classifications next fall. The classifications will no longer be assigned to employers as of Oct. 1, 2023. This may impact some of the employers you insure. In a bulletin​, the board said that the classifications were "low credibility," and the operations they cover were being combined with other related classifications.The affected classifications are:2670, Glove Manufacturing (Mfg.) – Leather or Textile, and 2689, Pocketbook Mfg. are being combined with 2688, Leather Goods Mfg. – Not Otherwise Classified (NOC)2913, ​ Rattan, Willow or Twisted Fiber Products Mfg. is being combined with 2883, Furniture Mfg. – NOC – Wood3381, Silverware Mfg., 3384, Precious Stone Setting, and 3385, Clock Mfg. are…

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NYAIP Changes Endorsements to Exclude Car Sharing

​The New York Automobile Insurance Plan (NYAIP) has announced the adoption of several new and revised endorsements designed to exclude coverage for losses arising out of peer-to-peer car sharing arrangements. The endorsements were adopted effective Nov. 23, 2022. You should expect to see them on NYAIP policies immediately.A peer-to-peer car sharing arrangement is one where an individual owner of an automobile makes it available for rental to another individual by way of a smart phone application platform. Turo is the most well known such platform.A law permitting such arrangements in New York took effect last spring. The New York State Department of Financial Services has…

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