Recently, the New York state Legislature has passed two significant bills poised to reshape the landscape of property/casualty insurance within the state. These legislative advancements address crucial issues in business interruption coverage and anti-concurrent...
The New York state Legislature has passed A.10344 that would amend the Insurance Law to incorporate parametric insurance. This bill, introduced by Sen. Skoufis, D-42, and Assemblywoman Gina Sillitti, D-16, at the request of the New York State Department of Financial...
The 2023-24 legislative session has officially come to a close in New York state. True to form, the Legislature worked tirelessly, passing hundreds of bills on the last day of the session. During the session, PIANY was committed to supporting measures that would...
In a significant legislative achievement, the New York state Senate has passed S.4199, which would establish a standardized definition of windstorm for homeowners insurance policies. This bill was the top legislative priority for PIANY for the 2024 session. The...
Property owners along New York state’s Great Lakes and rivers may now have increased insurance options soon. The New York state Assembly passed A.9821, sponsored by Assemblyman Steven Otis D-91, on Wednesday. This legislation is set to widen the eligibility criteria...
After the New York state Legislature passed the Grieving Families Act in two consecutive sessions in 2022 and 2023, Gov. Kathy Hochul vetoed the legislation both times. Now, this bipartisan bill may be making a renewed push at the end of the 2024 legislative session....
Business interruption was the insurance buzzword for much of the COVID-19 pandemic. Many business owners closed their businesses without experiencing physical damage to their property. Insureds who sought coverage for interruption of their businesses...
The New York state Senate is considering a bill, introduced by Sen. Neil Breslin, D-46, which would amend the Insurance Law concerning anti-concurrent causation clauses (S.9421). These clauses often create confusion and frustration for policyholders during claim...
Last year, in a previous blog article, I explored the concept of parametric insurance and how its novelty presents an attractive insurance option for both insurers and consumers—especially when traditional insurance products may fall short in managing and mitigating...
Following victories for pet-loving homeowners in 2021 and 2022, when Gov. Kathy Hochul signed Chapter 545 of the Laws of 2021 and Chapter 679 of the Laws of 2022—which prohibited insurance companies from refusing to issue, renew or increase premiums, as well as...
