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N.Y. Groundbreaking parametric insurance bill passed, await action from the governor

N.Y. Groundbreaking parametric insurance bill passed, await action from the governor

by Bradford J. Lachut, Esq. | Jun 12, 2024 | Advocacy

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...

N.Y.: A brief guide for major insurance bills that passed this legislative session 

N.Y.: A brief guide for major insurance bills that passed this legislative session 

by Bradford J. Lachut, Esq. | Jun 12, 2024 | Advocacy, Featured

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...

PIANY-top priority windstorm bill passes N.Y. Legislature: A triumph for consumers, agents

PIANY-top priority windstorm bill passes N.Y. Legislature: A triumph for consumers, agents

by Bradford J. Lachut, Esq. | Jun 6, 2024 | Advocacy, Featured

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...

N.Y.: PIA-priority C-MAP bill passes state Legislature

N.Y.: PIA-priority C-MAP bill passes state Legislature

by Theophilus Alexander | Jun 5, 2024 | Advocacy, General News

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...

N.Y.: Renewed push for Grieving Families Act faces familiar challenges in 2024 legislative session

N.Y.: Renewed push for Grieving Families Act faces familiar challenges in 2024 legislative session

by Theophilus Alexander | May 28, 2024 | Advocacy, Featured

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....

N.Y.: Proposed legislation would expand business interruption coverage

N.Y.: Proposed legislation would expand business interruption coverage

by Bradford J. Lachut, Esq. | May 22, 2024 | Advocacy, General News

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...

Understanding N.Y.’s proposed anti-concurrent causation clause legislation

Understanding N.Y.’s proposed anti-concurrent causation clause legislation

by Bradford J. Lachut, Esq. | May 21, 2024 | Advocacy, General News

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...

N.Y.: Senate and Assembly insurance committees to consider parametric insurance   

N.Y.: Senate and Assembly insurance committees to consider parametric insurance   

by Theophilus Alexander | May 21, 2024 | Advocacy, General News

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...

N.Y.: Senate, Assembly insurance committees to consider dog-breed law amendment

N.Y.: Senate, Assembly insurance committees to consider dog-breed law amendment

by Theophilus Alexander | May 21, 2024 | Advocacy

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...

N.Y.: Supplemental spousal liability bill passes state Assembly

N.Y.: Supplemental spousal liability bill passes state Assembly

by Bradford J. Lachut, Esq. | May 15, 2024 | Advocacy

Legal requirements related to offering supplemental spousal liability coverage may get a little less confusing in New York state. A bill (A.9407), which would make important changes to the supplemental spousal liability coverage in auto policies, passed the state...

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