New: Instructions For Agencies Who Need To Get Re-Licensed

Abstract: The New York State Department of Financial Services has provided step-by-step instructions for agencies whose licenses have lapsed. Body: ​By law, all New York insurance agent and broker licenses issued to business entities expire on June 30 in odd-numbered years (for example, this past June 30.) We know that sometimes paperwork like licensing applications gets forgotten. Some agencies may have forgotten to renew their licenses last summer.The New York State Department of Financial Services has provided step-by-step instructions for agencies in this situation to download and follow.  Starting now, they are permanently posted under "Helpful Tools" on these pages in the Answer Center​ of…

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Carriers Do Not Have To Backdate Cancellations

Body: ​Refund policy by Nick Youngson CC BY-SA 3.0 Pix4free​We've been receiving one question a lot recently. It's so common that it's worth a post for all Big I New York and Big I Connecticut members to read. This recent email is representative:“Client was non-renewed approximately five years ago by Acme Insurance for his auto, home, and fire dwelling policies. Apparently, one was not non-renewed, and the premiums were paid out of his escrow account. We replaced the coverage in the meantime. Client recently discovered the error. In a case of duplicate coverage, where can I find out the law? The carrier will not go back…

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Do Supermarkets Need Liquor Liability Coverage?

Abstract: If the store sells beer, it's vulnerable to potential lawsuits. Body: ​ Question from a Big I New York member: “Does a grocery or supermarket selling beer need Liquor Legal Liability Coverage? In my mind, and I may be very wrong, a bar serving liquor needs it as they have a responsibility not to serve people who look or sound intoxicated. Can you make a cashier working in a supermarket or grocery assessing customers if they are intoxicated before checking out wine or beer liable for an injury?" Answer: In my opinion, yes, it needs Liquor Liability Coverage. Reasons: They sell alcoholic beverages. If…

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