Blog

Homeowners Coverage Proposed by Big I NY Available Now in NY

​An endorsement to the Insurance Services Office (ISO) Homeowners insurance program, which Big I New York initially proposed, has been approved by the New York State Department of Financial Services (NYSDFS). The form gives homeowners coverage for damage to underground utility service lines. It will allow you to offer better protection against very expensive losses to your Homeowners clients.Since 2012, Big I New York has been a member of the Mid-America Insurance Conference,  a forum where independent agents, trade association staff, and representatives of industry standards-setting organizations discuss topics such as property-casualty coverage, rules, forms, and other technical aspects within the industry. ISO, the National Council on…

Continue ReadingHomeowners Coverage Proposed by Big I NY Available Now in NY

Lumber Price Spike Means Your Homeowners Clients May Be Underinsured

​Lumber prices are, if you'll pardon the pun, going through the roof.Last Thursday, February 18, the price per 1,000 board feet of lumber on the Chicago Mercantile Exchange hit a record $1,004.90. By the close of trading Friday, it had retreated​ to $997.90, but this was up from $478.30 on October 29. One market watcher speaking to CNBC last week predicted another 30 to 35% increase from current prices. A boom in home renovation activity in the wake of state stay-at-home orders during the coronavirus pandemic has boosted demand for lumber and steel, experts report. At the same time, lumber mills expected mass job losses last spring…

Continue ReadingLumber Price Spike Means Your Homeowners Clients May Be Underinsured

Big I NY Urges DFS to Exempt Inactive Filers From Cybersecurity Requirement

Big I NY and six other producer associations have issued a letter calling on the Department of Financial Services to exempt agents and brokers who maintain licenses but are not engaged in the process of producing insurance business from the full requirements of the cybersecurity regulation (23 NYCRR 500).Such an exemption would eliminate a significant and unnecessary compliance burden on inactive licensees, who pose no risk to customers as they conduct no licensed activities nor hold any customer data. These are typically retired individuals, teachers, or trade association board members who chose to maintain their license for personal reasons.Under the current regulation, individual licensees not engaged…

Continue ReadingBig I NY Urges DFS to Exempt Inactive Filers From Cybersecurity Requirement