Ask Tim

Abstract: No, probably not. Body: ​Question from an agent: "We recently had an issue with a carrier not accepting a signed lost policy release (LPR) cancellation request we sent them.  My customer service representative (CSR) called them and they said they do not accept LPRs from other agents, and that the insured must call and cancel the policy themselves over the phone.  We tried to circumvent the agent and cancel direct through the replacing carrier, but their response was that they only accept an LPR from one of their agents.  As if things in this business aren’t frustrating enough, I hope this is not a trend…

Abstract: While your agency naturally wants to assist its client, it is not the agency's responsibility to make the lender happy. Body: ​Question from a Big I NY member: We have been receiving requests from the banks to provide a replacement cost estimator to them for re-finance and new loans. Are you aware of any new law or regulation changes regarding this?Answer: This all apparently stems from actions proposed by Fannie Mae and Freddie Mac last winter. However, at the behest of the national Big I and the National Association of Mutual Insurance Companies, they put an indefinite hold on the actions last June. That hold…

​We often hear of Connecticut and New York insurance agencies operating under names that are different from the names on their New York licenses. Watch this video to learn why you shouldn't do that. You'll also learn what the process is for getting the right name on your agency's license.[embedded content] ​Source