Do Liability Insurance Policies Cover Repair Cost PLUS Diminished Value?

Abstract: No. Body: ​One question that comes in from time to time is whether a liability insurance policy (either personal, commercial general, or auto) must cover the loss in value of damaged property in addition to the cost of repairs. This comes up a lot with high-end cars, such as the Ferraris, Corvettes, and Maseratis of the world. The car gets hit by an at-fault driver. The car's owner sees the resale value of the car plummeting and wants the other driver to pay for that. So, does the at-fault driver (and therefore the driver's insurance company) have to cover that loss of value?No.The courts…

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GIVE Movement: June 1st – 10th

Abstract: Support Our Industry, Serve Our Communities: The insurance industry was built on one powerful idea: coming together to protect and support one another. That’s the spirit behind the GIVE Movement, and we’re inviting you—and your agency—to be part of it. Body: Support Our Industry, Serve Our Communities: The insurance industry was built on one powerful idea: coming together to protect and support one another. That’s the spirit behind the GIVE Movement, and we’re inviting you - and your agency - to be part of it.What Is the GIVE Movement?: Led by the Big “I” National Young Agents Committee (YAC), the GIVE Movement is a week-long…

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“FAIR” Act Will Pave Way for Legal Shakedowns and Hurt Small Businesses

Body: Big I New York has joined a diverse coalition of business and industry groups in calling on State Lawmakers to oppose the “Fostering Affordability and Integrity through Reasonable (FAIR) Business Practices Act."  The so-called FAIR Act would upend existing consumer protection law by dramatically expanding the instances in which lawsuits can be filed for “unfair" and “deceptive" acts and practices. The bill has the support of State Attorney General Letitia James who just last week was joined by bill sponsors State Senator Leroy Comrie and Assemblymember Micah Lasher at a rally to push the bill over the finish line before lawmakers leave Albany on June…

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