Industry News

By: Carey Wallace​A hard market is a term used in the insurance industry to describe a period of time when insurance premiums are generally increasing, and underwriting standards are becoming more stringent. A hard market may be the result of a variety of factors, including increased claims and losses, rising costs for insurance companies, and increased regulation. In this environment, an independent insurance agency's profitability may be impacted in several ways. That impact can be positive for some agencies and negative for others based on how well an agency responds to their customer's needs.  During a hard market, insurance companies may experience increased commission and fee…

​The New York Compensation Insurance Rating Board is eliminating eight Workers' Compensation classifications next fall. The classifications will no longer be assigned to employers as of Oct. 1, 2023. This may impact some of the employers you insure. In a bulletin​, the board said that the classifications were "low credibility," and the operations they cover were being combined with other related classifications.The affected classifications are:2670, Glove Manufacturing (Mfg.) – Leather or Textile, and 2689, Pocketbook Mfg. are being combined with 2688, Leather Goods Mfg. – Not Otherwise Classified (NOC)2913, ​ Rattan, Willow or Twisted Fiber Products Mfg. is being combined with 2883, Furniture Mfg. – NOC – Wood3381, Silverware Mfg., 3384, Precious Stone Setting, and 3385, Clock Mfg. are…

​The New York Automobile Insurance Plan (NYAIP) has announced the adoption of several new and revised endorsements designed to exclude coverage for losses arising out of peer-to-peer car sharing arrangements. The endorsements were adopted effective Nov. 23, 2022. You should expect to see them on NYAIP policies immediately.A peer-to-peer car sharing arrangement is one where an individual owner of an automobile makes it available for rental to another individual by way of a smart phone application platform. Turo is the most well known such platform.A law permitting such arrangements in New York took effect last spring. The New York State Department of Financial Services has…