The condo is the most misunderstood policy in personal lines insurance, and you may ask why. Let’s examine the evolution and nuances of condo insurance. The original definition of a condo was just the air inside the unit. Now, it can mean anything and everything. Many...
The New York State Department of Financial Services released the official proposed second amendment to the cyber security regulation (23 NYCRR 500) for public comment late last year. This follows an unofficial draft of the amendments that circulated this past August....
Legislation that will require owners of handguns who carry in public to purchase liability insurance has been signed into the law. As previously reported, the Legislature worked quickly to pass this new law, P.L. 2022, C.131. Originally, the legislation was introduced...
The Supreme Court of New Jersey issued an opinion last month that directly impacts the way insurance producers must handle workers’ compensation for limited liability companies. The court held in the case of Holm v. Purdy that insurance producers have an ongoing duty...
A bill passed late in the 2022 New York legislative session (S.768/A.1118) proposes a change to the definition of temporary total disability as used in workers’ compensation policies in New York state. This technical change would alter the consideration of temporary...
New York Gov. Kathy Hochul signed A.9284-A on Dec. 16, 2022. It closes a loophole in the law by prohibiting insurers from excluding, limiting, restricting or reducing coverage on homeowners insurance policies based solely on insureds owning specific breeds of dogs....
The end of the year can be full of hustle and bustle, that it can be easy to forget about the insurance implications that come around this time of year. Don’t forget to talk to your professional insurance agent about your insurance coverage needs on the following...
Two of the most formidable and historical challenges that property/casualty producers face are the attainment of prospects, as well as the retention of clients. Despite the sophistication of agency management technology and the purchase of commercial lead lists that...
Across the country, the insurance-buying public has seen sharp premium increases when their homeowners and automobile insurance policies are being renewed. In many cases, premiums are outpacing claims and expenses, as well as rising higher than inflation. The rules...
The New York State Department of Financial Services issued a circular letter last week to provide guidance to the insurance industry on cannabis-related criminal convictions and insurance underwriting. Under New York state law, it is illegal for any person or entity...