Industry Roundup: ​Auto Insurers Face Mounting Claims Costs Post-Pandemic; More Organizations Are Saying ‘No’ To Ransomware Demands; U.S. Infrastructure Bill Offers the Groundwork for Personalized Insurance

​Auto Insurers Face Mounting Claims Costs Post-PandemicSurging vehicle repair and replacement costs will significantly slash underwriting margins of the country's car and truck insurance providers as claims rebound to pre-pandemic levels.Judge Stands by Decision to Deny Dismissal of Bi SuitThe case involves the important issue of whether the COVID-19 virus causes “physical loss or physical damage." In the motion for reconsideration, Continental Casualty cited several decisions from New York and Illinois asserting that courts in both jurisdictions overwhelmingly found that the presence of the virus does not trigger coverage under a policy requiring “direct physical loss or damage to property."More Organizations Are Saying 'No' To…

Continue ReadingIndustry Roundup: ​Auto Insurers Face Mounting Claims Costs Post-Pandemic; More Organizations Are Saying ‘No’ To Ransomware Demands; U.S. Infrastructure Bill Offers the Groundwork for Personalized Insurance

Reminder: HERO Act Safety Committee Requirement Takes Effect Nov. 1

​Many private employers in New York State must permit their employees to form workplace safety committees starting next Monday. The requirement is part of the New York State HERO Act​, which became law last May and was amended in June. If you have 10 or more employees, you must permit them to form a committee if they so choose. Section 2​ of the HERO Act, which takes effect on Nov. 1, states, "Employers shall permit employees to establish and administer a joint labor-management workplace safety committee, but not more than one committee per worksite, provided however that an employer that already has a workplace safety committee…

Continue ReadingReminder: HERO Act Safety Committee Requirement Takes Effect Nov. 1

Albany Update: Big I NY to Testify on Lead Paint Exclusion Bill, Criminal Charges Filed Against Cuomo

This week, Big I NY was invited to testify in person before the Senate Insurance Committee on legislation to ban the use of lead paint exclusions in rental property liability coverage. We believe that while well-intentioned, this measure would completely destabilize the rental liability coverage market, resulting in a crisis of availability. The hearing will take place beginning at 10:00am on Monday, November 8th, and will be webcast. On Thursday, the Albany County Sheriff's Office filed a criminal complaint against former Gov. Andrew Cuomo, charging him with forcibly touching an executive assistant last year, which is a misdemeanor. Albany County Sheriff Craig Apple said in…

Continue ReadingAlbany Update: Big I NY to Testify on Lead Paint Exclusion Bill, Criminal Charges Filed Against Cuomo