Ask Tim; Industry News

Abstract: It will be easier for victims of dog bites to hold pet owners liable thanks to a ruling last month from New York's highest court. Body: ​It will be easier for victims of dog bites to hold pet owners liable thanks to a ruling last month from New York's highest court. The Court of Appeals unanimously overturned previous rulings holding dog owners to a “strict liability" standard, meaning that the owner had no defense against a lawsuit only if they had “actual or constructive knowledge of their animal's vicious propensities." The case involved a postal worker bitten in 2018 by a 70-pound dog while…

Abstract: Proposed updates to New York's building and energy conservation construction code could leave some of the state's property owners with insurance coverage gaps. Body: ​Proposed updates to New York's building and energy conservation construction code could leave some of the state's property owners with insurance coverage gaps. Agencies and brokerages may want to begin offering property insurance clients higher limits of Ordinance or Law Coverage.The New York Department of State announced last month that it is considering amendments to the State Uniform Fire Prevention and Building Code and the State Energy Conservation Construction Code. The amendments would repeal the current versions of the codes…

Abstract: The Corporate Transparency Act's exemption from the beneficial ownership information reporting requirement applies to insurance producers of all sizes without regard to the number of employees. Body: ​ Question from a Big I NY member: Was the exemption for licensed insurance producers under the Corporate Transparency Act limited to those agencies with less than twenty employees? There was a Big I article that referenced this exemption threshold, but I could not find this threshold cited elsewhere. We have twenty-two employees so I am trying to determine if we should file a Beneficial Ownership Information report. Thanks.  Answer: The exemption applies to insurance producers of…