Industry News

​A law signed by New York Gov. Andrew Cuomo earlier this month authorizes the sale of a new type of insurance and permits licensed excess line brokers to obtain it. The coverage, called "Excess Business Disability Insurance," was authorized immediately upon the law's enactment on Aug. 2. You may want to discuss with your clients whether they need this coverage.Senate Bill 5760A amended New York Insurance Law Section 1113(a), which lists all the types of insurance that can be sold in the state. It defines Excess Business Disability Insurance as "insurance against financial loss experienced by a corporate entity or a partnership where an individual integral to (its) successful operation…

​Marsh Brokers New Amazon Insurance Network Offering Coverage to Online SellersInsurance broker Marsh said it has collaborated with Amazon to build a new digital insurance network, Amazon Insurance Accelerator, where small businesses selling on Amazon can purchase product liability coverage.AM Best Downgrades Credit Ratings for Kingstone Insurance CompanyAM Best has downgraded the financial strength rating to B+ from B++ and the long-term issuer credit rating to “bbb-" from “bbb" for Kingstone Insurance Company (KICO) of Kingston, New York.Companies Are Scrapping Plans for Fall as Delta Variant SpreadsUp until a few weeks ago, corporate leaders felt confident about what to expect this fall. Offices would reopen…

​Insurance Won't be Enough After Miami Condo CollapsePreservation of evidence is critical to understanding why a Florida oceanfront condominium collapsed and to protect the legal rights of victims and others, a judge said Wednesday. Miami-Dade County is expected later this month to hand over control of the Champlain Towers South site to a court-appointed receiver. Cryptocurrency: D&O and E&O Insurance IssuesAs of May 26, 2021, the estimated market capitalization of the cryptocurrency market exceeded $1.7 trillion despite recent market fluctuations. There is growing interest by a wide range of publicly-traded companies in incorporating crypto into their business models given the ongoing market development. Self-Service Apps…