The New York Department of Financial Services celebrated the five-year anniversary of 23 NYCRR 500—commonly referred to as the DFS Cyber Security Regulation—with amendments to that regulation. The DFS has released a pre-proposal for comment. Here is what is in this...
What can make your agency unique or different? Why should an individual or family do business with your agency instead of another one within a 20-minute driving radius? Are your products and services wildly different from your local or internet competitors? For many...
Berkshire Hathaway GUARD Insurance Cos. announced it will no longer write certain classes of homeowners’ risks. In a notice sent to GUARD agencies at the end of June, the carrier stated it would no longer accept new submissions for homeowners coverage for any property...
At the end of June, Gov. Kathy Hochul signed legislation into law that directly impacts businesses with outstanding unpaid balances with the New York State Insurance Fund. What does the new law do? Under the new law (S.9096/A.10078), which goes into effect...
Independent agents have relationships with various insurance carriers. Each carrier has its own set of tools and resources to help agents educate their clients about what will happen when they file a claim—before, during and after. By working together, agents and...
You may be aware that Jurassic World Dominion was released earlier this month. Dominion is the (checks IMDB) sixth Jurassic Park/World movie. The release of JWD has caused me think about the “Jurassic” premise as whole. First, let me say I am a huge Jurassic Park fan....
Recently, the Superior Court of New Jersey, Appellate Division held in the case of Vera v. State Farm Indem. Co. that New Jersey’s no-fault law does not bar policyholders from pursuing a claim of bad faith against their insurer. How did we get here? The plaintiff and...
For any businessperson, networking is one of the most important things that must be done. This is even more so for entrepreneurs. Whichever field your business is in, the more contacts you have, the more opportunities you may have to collaborate with other brands,...
The answer to the question posed in the headline is because many excess- and surplus-lines insurance companies’ actions are covered by the contract. Have you ever asked yourself why E&S insurance carriers can cancel a policy with only 30 days’ notice when in most...
Brady Kelley is the executive director of the Wholesale & Specialty Insurance Association, a member service organization representing the entire wholesale, specialty and E&S industry. Dan Maher is the executive director of Excess Line Association of New York,...