News
PIANY’s windstorm bill signed into law by governor
Gov. Kathy Hochul has signed A.2866/S.4199 into law, authorizing the New York State Department of Financial Services to create a single, standardized definition of “windstorm” in homeowners insurance policies. This long-awaited legislation marks a significant milestone, bringing clarity and consistency to insurance coverage across the state. The passage of this bill, a top legislative priority for PIANY, represents a major win for insurance professionals and homeowners alike. With this law now in place, New York joins a growing list of states including New Jersey, Connecticut and Florida in adopting a standardized approach to defining windstorms in insurance policies.
November consumer content round up
November has just ended; did you have the chance to review this month’s consumer content offered by PIA Northeast? Our consumer content provides an excellent conversation starter when it comes to introducing different types of insurance or business practices to your clients. Last month, your association published the following articles on its news site: the anatomy of a claim through the NFIP and private insurers, how to build morale in your workplace, and how to avoid accidents at your next football or holiday party.
Unable to leave: why people stay behind in disasters
The 2024 hurricane season, which officially ended on Nov. 30, 2024, included a series of catastrophic and costly storms. A common sight during these hurricanes were those individuals who have decided to stay behind and endure them. This choice usually prompts questions, but it’s not one that is made lightly. Financial hardship, lack of transportation, lack of accommodations for those with disabilities and more can be a significant factor in the decision-making process.
PIA Northeast states issue climate deception lawsuits, Maine joins trend
The states of Connecticut, New Jersey and Vermont have, in recent history, issued lawsuits against fossil fuel companies. The states allege that these companies deliberately deceived the public about the negative impacts their business and products would have toward climate change and the environment. On Nov. 26, 2024, Maine joined the numerous states, tribes, cities and counties that have brought similar climate deception lawsuits to court.
N.J.: Outdoor dining permissions signed into law
Last November, PIA Northeast reported that both branches of New Jersey’s state Legislature passed A-4866/S-3608—to allow restaurant and bar owners to expand operations beyond their doors, onto adjacent outdoor spaces and sidewalks. On Nov. 26, 2024, Gov. Phil Murphy signed this bill into law. This law began from the outdoor dining permissions made for restaurants and bars during the height of the COVID-19 pandemic. They were set to expire on Nov. 30, 2024, however, they have been made permanent.
DFS secures penalties from auto insurance companies over data breaches
New York Attorney General Letitia James and New York State DFS Superintendent Adrienne A. Harris secured $11.3 million in penalties from two auto insurance companies, GEICO and Travelers, for having poor data security that led to the personal information of more than 120,000 New York residents being compromised. The Office of the Attorney General investigation concluded that the data security controls for the companies’ customers were insufficient, while the DFS investigation concluded that the auto insurance companies did not comply with its regulations. GEICO will pay $9.75 million for in penalties, while Travelers will pay $1.55 million.
N.Y.: Criminal charges levied in organized retail theft bust
PIA Northeast previously reported on New York state’s efforts to crack down on organized retail theft. Ahead of the holiday shopping season, Gov. Hochul and Queens District Attorney Melinda Katz announced a criminal complaint in the ongoing fight against organized retail theft. The charges allege a substantial, multiyear, international operation that saw upward of $2 million in retail goods stolen by organized crews. The case includes the first-ever charges under Hochul’s newly enacted law criminalizing the fostering of stolen goods sales, a key component of the governor’s five-point plan to fight organized retail theft.
Technical
The difference between blanket, automatic endorsements
PIA is seeing a trend in the interpretation of the ISO Additional Insured–Owners, Lessees, or Contractors–Automatic Status When Required in Construction Agreement with You (CG 20 33) endorsement. After careful examination, PIA found that this endorsement does not rise to the level of many nonstandard “blanket” additional insured endorsements. For independent agents, what does the distinction between a “blanket” and “automatic” endorsement mean? For more information, PIA Northeast members can access Blanket or automatic: it really does make a difference in the PIA QuickSource library.
How to protect your clients from inclement winter weather
Meteorological winter is officially here, meaning snow, ice and all other kinds of driving hazards: for example, New York already has been deluged with lake effect snow. This means now is the time to remind clients of the risk that winter driving conditions pose and to take measures to keep themselves safe. It also brings an increased risk of flooding—when temperatures rise, and all that snow turns into torrential downpours. From icy driving conditions to flooded streets, are your clients prepared? Speak with them now so they can update their coverage and take the necessary steps to protect themselves, their loved ones and property. Every winter, remember that PIA Northeast will keep its members updated on any winter storms that may affect the Northeast through its PIA Storm Info Central. The tool kit has numerous resources that you and your clients can use to prepare this winter.
Verisk expands the scoring of fire protection capabilities
Verisk has introduced LOCATION® Property Protection Score,™ which provides insurers with a score that represents fire protection capabilities at the address level. This score supports an insurers’ ability to rate and underwrite personal-lines homeowners risks accurately. LOCATION PPS builds on Verisk’s LOCATIONPublic Protection Classification® by tracking the response capabilities of local fire departments across more than 36,000 fire protection areas and incorporates a range of grading criteria (e.g., emergency communications, fire department, water supply and community risk reduction). Consistent with LOCATION PPC, LOCATION PPS leverages the Fire Suppression Rating Schedule criteria, and it is enhanced with inputs such as: actual expected drive times between an address and the nearest responding fire station, which is based on localized traffic patterns in addition to distance; a proprietary data set of property-specific characteristics; and deeper granularity in the measurement of distance to water.
NYCIRB audit waiver introduced
The DFS has approved an amendment to the New York Compensation Insurance Rating Board’s New York Workers’ Compensation and Employers’ Liability Manual effective on Wednesday, Jan. 1, 2025. The approved amendment to Manual Rule VI(I)—Audit of Remuneration and Adjustment of Premium conforms to current DFS regulation by permitting a carrier to waive premium audit when the total annual premium attributable to the auditable exposure base is not reasonably expected to exceed $1,500.
N.Y.: ISO GL principals bases of premium increased
The Insurance Services Office Inc. has revised the commercial general liability manual’s New York exception to Rule 24, effective Tuesday, April 1, 2025. The annual payroll for sole proprietors, partners and executive officers used for the bases of premium is increased from $27,500 to $34,300.
Accolades
NAIC officers elected for 2025
The National Association of Insurance Commissioners has elected its officers for 2025. PIANJ and PIANH congratulate the New Jersey Department of Banking and Insurance Commissioner Justin Zimmerman who was elected vice chair, and New Hampshire Insurance Department Commissioner David J. Bettencourt who was elected secretary-treasurer of the Northeast Zone.
Educating insurance agents
Learning about the fundamentals of agency planning
To build an agency that will last and grow, you must learn the fundamentals of organizing an insurance agency. The 2024 CIC AM | Agency Management Institute Webinar will cover just that, giving you tools that can take your business to new heights. This webinar will run from Dec. 11-12, 2024, and it will be led by Rebecca Lathrop, CIC, CPIA, and Bruce M. McCreadie, CIC, CPIA, AAI. This webinar has been approved for continuing-education credits in Connecticut (13 LH, 3 LRE, 3 LRE, 13 PC—Conn. licensees can get 13 PC/3 LRE or 13 LH/3), New Jersey (3 ETH, 13 GEN) and New York (15 BR, C1, C3, LA, LB, LSB, PA, PC).
ICYMI
Corporate Transparency Act takeaways for PIA members
The Corporate Transparency Act went into effect Jan. 1, 2024—with significant implications for businesses nationwide. This new law aims to enhance corporate accountability by requiring certain companies to report their beneficial ownership information to the Financial Crimes Enforcement Network. Those reports must be submitted no later than Wednesday, Jan. 1, 2025. There are two exceptions for insurance companies and producers that are relevant for PIA Northeast members.
Register now
Wednesday, Jan. 15, 2025: CTYIP Holiday Social
Tuesday, Jan. 28, 2025: NY-YIP Welcome Reception
Wednesday, Jan. 29, 2025: MetroRAP—Interested in sponsoring, advertising or exhibiting?
Wednesday, March 19, 2025: Connecticut Convention Welcome Reception
Tuesday, March 25, 2025: NY-YIP Pre I-Day Happy Hour
Save the date
Tuesday, March 4, 2025: NJYIP Swing and Connect
March 20-21, 2025: Connecticut Convention—Interested in sponsoring, advertising or exhibiting?
June 8-10, 2025: PIANJ | PIANY Annual Conference
Monday, Aug. 11, 2025: NY-YIP Annual Golf Outing
