Yearly Archives: 2022

NYAIP Changes Premium Deposit, Service Fee Rules

​The New York Automobile Insurance Plan (NYAIP) this week announced a series of rule changes that will impact how certified producers service clients insured through the Plan and the fees they can charge for those services.Under the revised rules:Deposit premium payments for all new business applications must be made electronically Producers will be required to accept the insured’s deposit premium in the form of a bank check, certified check or money order made payable to the producer for the insured’s portion of the initial deposit premium, if the insured cannot pay by credit card or debit cardVirtual confirmation of the owner/operator and virtual witness of signatures will…

Continue ReadingNYAIP Changes Premium Deposit, Service Fee Rules

Homeowners Coverage When the Insured Uses a Gun

​The following is a rerun of a blog post that was originally posted on ​February 7, 2011.  It has been revised only to update some of the wording. Unfortunately, it is still timely.​​Question from a Big I NY ​member: Our insured has a license to carry a gun.  When being confronted by an attempted robbery, he uses the gun but the shot hits a bystander.  I do not see where an exclusion would apply in this case as it was not expected or intended.  Do you agree that his liability insurance would defend him in this situation?  Even if the shot hits the robber, I would think coverage…

Continue ReadingHomeowners Coverage When the Insured Uses a Gun

Industry Roundup: Cyber-Insurer War Exclusion Clauses Face Reckoning; Trends Shaping the US Transportation Insurance Market; What Does a Recession Mean for Insurance Payments?; Is the Four-Day Workweek an Inevitable Part of Our Future?

​As War Rages on, Cyber-Insurer War Exclusion Clauses Face ReckoningAs more state actors engage in cyberwarfare, insurance companies and private businesses are struggling to find common ground on what the "War Exclusion Clause" means for them.Trends Shaping the US Transportation Insurance MarketThe transportation industry is driving into a barrage of headwinds in the form of inflation, rising gas and diesel prices, lower freight rates, supply chain disruptions, and ongoing challenges in the highly litigious liability arena.What Does a Recession Mean for Insurance Payments?Now more than ever, customers expect a modern checkout experience with flexible payment options and customer-first experiences.Is the Four-Day Workweek an Inevitable Part…

Continue ReadingIndustry Roundup: Cyber-Insurer War Exclusion Clauses Face Reckoning; Trends Shaping the US Transportation Insurance Market; What Does a Recession Mean for Insurance Payments?; Is the Four-Day Workweek an Inevitable Part of Our Future?