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Several Personal Umbrella Carriers to Implement Major Changes

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​Recent announcements from several personal umbrella carriers outline major changes in coverage that will leave agents scrambling to find a new market for their clients.  For example, one major standalone umbrella carrier will begin requiring underlying auto liability limits of at least $1 million in some states and $500,000 in all others. That carrier will also require $1-million underlying uninsured/underinsured motorist coverage limits when excess UM/UIM  is purchased.  Other carriers, meanwhile, have announced that they will be non-renewing all their personal umbrellas nationwide. IAAC has personal umbrella markets to assist agents if they are dealing with carrier shifting underwriting guidelines.​  Click here to get started​ Source

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DFS Stepping Up Enforcement of New Auto Business Notification Requirement:

​Recently, the NYS Department of Financial Services informed representatives of the insurance industry that the Department will significantly step up enforcement of the requirement that carriers notify DMV of new auto insurance business (NBS) within seven days of the issuance of the policy. The DFS’s position can best be characterized as “zero tolerance” for late reporting. Big I NY, along with insurance carriers and their trade associations, have been regularly engaged with DMV and DFS regarding NBS compliance over the past several years. The DFS’s aggressive enforcement posture marks a significant development which will have impacts across New York’s auto insurance space.   At this stage,…

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On Mary’s Mind – Until We Meet Again

​By Mary Byrnes​, AAI-M, AU​, Education Department On the eve of my last day with Big I New York rapidly approaching on November 7th, it seemed like the perfect opportunity to leave you with one last challenge. Thinking back on a few decades in insurance, it has come to mind how truly blessed I have been to have been mentored by some wonderful people.  Perhaps you might have known them. Bill Caryl of Caryl & Murray (RIP)-This was my first agency position.  Whether it was asking to take the brokers licensing course, take the AAI course series, try my hand at sales, or whatever, Bill was not…

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