News

Help Clients Comply With NYS Retail Worker Safety Act

Abstract: If your agency writes the Workers' Compensation insurance for any small retail stores, you may want to point them to newly published materials from the state Labor Department. Body: ​New York's new law on retail worker safety took effect last week. If your agency writes the Workers' Compensation insurance for any small retail stores, you may want to point them to newly published materials from the state Labor Department. Passed by the state legislature and signed into law by Gov. Kathy Hochul in 2024, the Retail Worker Safety Act took effect for most retail stores on June 2. It applies to all New York…

Continue ReadingHelp Clients Comply With NYS Retail Worker Safety Act

You Did It! NYC Anti-Arson Repeal Bill Headed to Gov. Hochul!

Abstract: In politics, persistence and perseverance pay off. Today, the State Senate followed the lead of the Assembly and passed legislation repealing the NYC “Anti-Arson” application! Big I New York will urge Governor Hochul to act quickly on this important insurance industry reform. Body: ​In politics, persistence and perseverance pay off.  Today, the State Senate followed the lead of the Assembly and passed legislation repealing the NYC “Anti-Arson" application!  Big I New York will urge Governor Hochul to act quickly on this important insurance industry reform. Despite this relic from the 1980's having long outlived its usefulness, the bill remained stuck in the State Senate, allegedly…

Continue ReadingYou Did It! NYC Anti-Arson Repeal Bill Headed to Gov. Hochul!

Do Liability Insurance Policies Cover Repair Cost PLUS Diminished Value?

Abstract: No. Body: ​One question that comes in from time to time is whether a liability insurance policy (either personal, commercial general, or auto) must cover the loss in value of damaged property in addition to the cost of repairs. This comes up a lot with high-end cars, such as the Ferraris, Corvettes, and Maseratis of the world. The car gets hit by an at-fault driver. The car's owner sees the resale value of the car plummeting and wants the other driver to pay for that. So, does the at-fault driver (and therefore the driver's insurance company) have to cover that loss of value?No.The courts…

Continue ReadingDo Liability Insurance Policies Cover Repair Cost PLUS Diminished Value?