Ask Tim; Industry News

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…

Body: ​Insurance industry standards setting organization ACORD ​has announced it has revised a form used with New York personal auto insurance applications. Form ACORD 65 NY (2025/03), New York Auto Supplement – Spousal Liability Insurance Declination Form, is for use on and after March 26, 2025. It replaces form ACORD 65 NY (2023/08​).The new edition is designed to reflect the guidance ​the New York State Department of Financial Services (DFS) has provided for situations where an insured wishes to reject Supplemental Spousal Liability insurance​. DFS provided this guidance in response to a change in state insurance law that Big I New York pushed for last year. This edition removes two paragraphs from…