NYAIP Offers Primary/Noncontributory, Waiver of Subrogation
The New York Automobile Insurance Plan has added a rule that will permit its policyholders to waive subrogation rights and make other concessions to third parties. The rule, which took effect on August 1, calls for a 3 percent premium surcharge.The new Rule 60, which applies only to Bodily Injury and Property Damage Liability Coverage, states in its entirety:If the insured requests, in writing, either a waiver(s) of subrogation or a primary and noncontributory—other insurance condition or both to comply with contractual requirements, increase the bodily injury and property damage total policy premium by 3%.Attach the applicable endorsement(s).The 3% surcharge applies whether the insured requests…