New State Law Authorizes Sale of ‘Excess Business Disability Insurance’

​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…

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3, 2, 1 with Sue Keegan: Pre-licensing, Cybercriminal Webinar, & Your Summer Reading List

​​By Sue Keegan, AIC, MBA, Learning & Development Manager3 ThingsPersonal Lines and P&C Pre-Licensing begins 09/07/2021.  Life, Accident & Health begins on 10/25. Grab your seat now!Shouting out our 15inONE program.  We have had 200 people successfully complete our program.  You should be 201.2 IdeasRead this to learn about how to have your vaccine confirmation on you at all times.1 QuestionWhat have you been reading this summer?  I just finished Malibu Rising by Taylor Jenkins Reid – one of my best reads of the year!  Next up for me is Later by Stephen King.  Let me know your summer reads  via email at skeegan@biginy.org or post in our Community.  Source

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Industry Roundup: August 11, 2021

​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…

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