Industry News

Abstract: The New York State Workers' Compensation Board has announced that maximum weekly disability benefit will increase to $1,222.42​. Body: ​The New York State Workers' Compensation Board has announced that maximum weekly disability benefit will increase to $1,222.42​. By law, the board adjusts the maximum weekly benefit each year effective July 1. The current maximum​ is $1,171.46.The maximum weekly benefit rate for workers' compensation claimants is two-thirds of the New York State Average Weekly Wage for the previous calendar year, as determined by the New York State Department of Labor. The Labor Department reported that the statewide average weekly wage in 2024 was $1,833.63.The new limit applies to…

Abstract: Insurance industry standards setting organization ACORD has announced new editions of two commonly used application forms for commercial insurance. Body: ​Insurance industry standards setting organization ACORD has announced new editions of two commonly used application forms for commercial insurance. Agencies should start using the new editions immediately. Forms ACORD 125 (2025/03), Commercial Insurance Application Applicant Information Section, and ACORD 126 (2025/03), Commercial General Liability Section, contain revised fraud warnings for the District of Columbia and New York. The New York warnings pertain to commercial auto coverage. The prior edition date for ACORD 125 was 2024/11. The prior edition date for ACORD 126 was 2016/09.The new editions should be available through your…

Body: ​New requirements taking effect on December 30 will force construction contractors wishing to big on public works projects to register with the New York State government. Big I New York members who insure contractors may hear about this from their clients.Under a law enacted in 2022 and amended in 2023, these contractors must register with the New York State Department of Labor. They will receive certificates of registration that will enable them to bid on and work on public works projects and certain private projects that are subject to the public works law contained in the state's labor law. The law applies starting on December…