Industry News

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…

Abstract: Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. Body: ​Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. The conversation focused on market disruptions expected when thousands of Adirondack Insurance Exchange and Mountain Valley Indemnity Co. policies are cancelled on December 31, 2024. Big I NY President and CEO Lisa Lounsbury, AVP…