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Albany Update: Assembly Votes to Repeal Anti-Arson Application

​​On March 9th​​​​, the NYS Assembly unanimously passed Big I NY-supported legislation to eliminate an unnecessary ​burden on customers by repealing the anti-arson application statewide. Section 3403 of the Insurance Law requires the completion of an “anti-arson application" for people seeking property insurance for fire or explosion to complete. If a policyholder fails to complete this application, which is required upon initial application for insurance and on each subsequent renewal of the policy, the insurer must cancel the policy. Technology has advance dramatically since the application was first required, and the law has outlived its usefulness. Insurance companies today are required by law to have fraud prevention plans, which are filed…

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Trust Accounting & What Your Agency Might Be Missing

​By: Carey Wallace & Chris PeabodyIn insurance, sometimes we like to think it's as simple as understanding our insureds, their risk profiles, and making sure they have the right coverage for their needs. There is a lot more to it, but the nuances of insurance feel endless sometimes. In this blog, we will dive into one of the more overlooked aspects of operating your agency in a fiscally responsible way: Trust Accounting.As an agency owner, there is so much more to running your business than just selling insurance. You are also focused on building the right team, training them appropriately, focusing on marketing, keeping your…

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Advocacy Week Update: Agents Call on Lawmakers to Pass Photo Inspection Reform

This week, independent agents from across the state participated in virtual meetings with state lawmakers, urging them to pass photo inspection modernization as part of the state budget. Governor Hochul's executive budget proposal includes legislation to allow carriers to waive CARCO inspections, and we are pushing the Senate and Assembly to follow suit in their respective budget proposals.Independent Agents Advocacy Week began with a kickoff session keynoted by Senator Neil Breslin, chairman of the influential Senate Insurance Committee and sponsor of photo inspection reform legislation. “On photo inspection, we're pushing it again very hard…hopefully we'll get it passed and signed into law and we'll all…

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