Industry News

Abstract: Nominate a nonprofit for the 2025 Insurance Industry Charitable Foundation (IICF) Local Grant Program. Body: ​Independent insurance agents across New York and Connecticut have always been the heart of their communities - volunteering their time, supporting local initiatives, and stepping up in moments of need. Now, you have an opportunity to take that impact even further by nominating a nonprofit for the 2025 Insurance Industry Charitable Foundation (IICF) Local Grant Program.The IICF Northeast Division is offering grants of at least $2,500 to deserving 501(c)(3) public charities that serve communities in New York, New Jersey, and Connecticut. As an agent, you can be the sponsoring insurance…

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…