Insurers, Get Your Act Together on Commercial Lines Renewals
[The following is an updated version of a post from 2014. Unfortunately, the message is still very relevant in 2022.]I turned 61 last month. (Insert jokes about old age here.) A few weeks before I turned 25, way back during the Ronald Reagan years, the New York State Legislature passed and Gov. Mario M. Cuomo signed a bill into law, formally known as Chapter 220 of the Laws of 1986. It slapped new requirements on insurers that wanted to cancel or non-renew commercial insurance policies or make major changes to them. No longer could insurers double a business’s premium or exclude important coverage with no advance…