Big I NY Opposes Bill To Force Coverage for COVID-19 Business Income Losses

​A bill introduced in the New York State Assembly on March 27 would force insurers to cover some business income losses resulting from the COVID-19 pandemic, even if their policies excluded coverage. Big I New York is joining other industry groups in opposing the measure. The bill, A.10226, was introduced by Assem. Robert Carroll (D – Brooklyn). Assem. Carroll announced his intention to introduce the bill in a series of Twitter posts on March 24. Big I NY AVP of Research and Information Tim Dodge posted several replies to the assemblyman's tweets; no counter-replies have been posted.  The bill would require business income policies to cover the insured business for losses it sustains if it must shut…

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NYS DFS Requires Insurers & Premium Finance Companies to Allow Deferment

​"The New York State Department of Financial Services (DFS) today adopted an emergency regulation requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to New York consumers and businesses experiencing financial hardship due to COVID-19. Consumers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums for ninety (90) days. Consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance for sixty (60) days. Premium finance agencies are required to provide the same relief as insurers. Certain producers must notify…

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On Our Mind: Tips for Working From Home

​​​​​​​By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & Development​ ​Like many others, I have been working from home this past week. Our house is a bit crowded and our routines are obviously off, but we have made it!!! My wife hasn’t asked me to go back to the office ...yet. That being said, we should all take this time to: Eat healthy- try to establish a diet with a bit more emphasis on fruits and vegetables Exercise – even if you start small- a walk around the neighborhood (just maintain your six feet of distance to the next person!)  Do something different- take…

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