Yearly Archives: 2024

What You Should Do About Impending Adirondack Cancellations

Abstract: To protect your businesses, here's what we suggest. Body: ​On December 31, 2024, all remaining personal lines insurance policies issued by Adirondack Insurance Exchange and Mountain Valley Indemnity Co. will be cancelled:Adirondack's Demotech Rating Withdrawn (May 29, 2024)Adirondack Insurance Exchange: Your Questions Answered (June 18, 2024)Adirondack To Agents: Start Replacing Our Policies (July 11, 2024)Adirondack Insurance Exchange, Mountain Valley Advise Clients To Replace Their Policies (July 23, 2024)Adirondack, Mountain Valley Withdrawal From the Market: Your Questions Answered (Aug. 2, 2024)We know that Big I New York members who were agents of those companies have been under enormous strain. You have been completing new applications…

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NEWS RELEASE – Big I NY Urges Veto of Wrongful Death Bill

Subtitle: Insurance trade group opposes increased costs for state businesses Abstract: Big I New York and its member independent insurance agents and brokers strongly oppose this costly bill. Body: ​(DeWitt, New York, Dec. 12, 2024) — David Bodenstein, chair of the board of Big I New York and president of Mike Preis, Inc. in Jeffersonville, New York, issued the following statement today in response to the delivery to New York Gov. Kathy Hochul of Assembly Bill 9232-B. This bill would expand the categories of damages that could be recovered in a lawsuit for an alleged wrongful death.“Big I New York and its member independent insurance…

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NY Workers’ Comp Assessment Rate To Decrease

Abstract: The New York State Workers' Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. Body: ​The New York State Workers' Compensation Board has announced that the state assessment rate​ for calendar year 2025 will be 7.1%. It applies to of the standard premium or premium equivalent.​ For example, if the standard premium is $10,000, the amount of the assessment is $710. The assessment rate for calendar year 2024 is 9.2%.By law, the assessment is assessed on all Workers' Compensation insurance policies issued to New York employers to pay for the Board's expenses. The new rate takes effect January 1,…

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