Ask Tim; Industry News

​A magnitude 4.8 earthquake centered west of Manhattan struck the northeastern U.S. this morning. We at Big I New York hope that all of you, your families, friends, and clients are safe and suffered no injuries. However, it is possible that some of your clients suffered property damage. Your phones may ring with calls asking whether homeowners and commercial property insurance covers the damage. Here is what you and they need to know:Standard homeowners and commercial property insurance policies typically do not insure against damage caused by earthquakes or other types of earth movement. The ISO Homeowners 3 – Special Form states that the insurer…

​Insurers writing auto insurance coverage in New York must refund premiums to insureds who have rejected Supplemental Spousal Liability Insurance coverage, the New York State Department of Financial Services (DFS) said Monday. The announcement came in a circular letter the department published late on December 18 addressed to carriers, producers, the New York Automobile Insurance Plan, and ​others.The letter, signed by Deputy Superintendent of Insurance​ Avani Shah, stated:"It has come to the Department’s attention that some insurers are not specifying a premium for SSL insurance or permitting a named insured to decline the insurance with an appropriate premium reduction.  As discussed further below, an insurer must specify the…

​On Saturday, September 30, Congress passed and President Biden signed a bill to fund the government through November 17, 2023. The measure also extends the authorization for the National Flood Insurance Program (NFIP) through that date. Consequently, as of today you still have the ability to request new and renewal policies and coverage amendments for your clients who need NFIP policies.The NFIP, along with large portions of the rest of the federal government, was on track to expire at midnight on Saturday. The program's legal authority to operate is tied to the end of the federal government's fiscal year, which is September 30. While it…