The impact of staged construction accidents on New York insurance premiums
Staged construction accidents have become a growing concern in New York, significantly affecting the property/casualty insurance sector. This fraudulent activity undermines the integrity of the construction industry and leads to substantial financial repercussions for...
N.J.: DOBI issues bulletin on low-income housing discrimination survey
Recently, the Department of Banking and Insurance released Bulletin No. 24-10, requiring all insurers authorized or admitted to sell property/casualty insurance in New Jersey to participate in a comprehensive survey on low-income housing discrimination. Facing...
N.Y.: Revised WC loss costs take effect Oct. 1
In May, the New York Compensation Insurance Rating Board submitted an application for an overall loss cost decrease of 9% to the New York Department of Financial Services. The DFS approved the application as filed with an effective date of Tuesday, Oct. 1, 2024. There...
Navigating operational risk in cyberinsurance
In today’s digital age, businesses are increasingly reliant on technology to operate efficiently. However, this dependence on digital systems also opens new avenues for risk, particularly in the form of cyberthreats. Look no further than the recent news of a global...
Satellite imagery on homeowners insurance policies: consumer and state responses
In recent years, insurance companies have increasingly turned to satellite imagery to evaluate the conditions of properties—particularly roofs—for underwriting purposes. This technological resource allows insurers to assess large numbers of properties from the air...
What to look for when hiring a roofer
Summer is the perfect time for outdoor home improvement projects, and one of the most critical components of your home is the roof. It provides essential protection against the elements and contributes to the structural integrity of your property. When it’s time to...
Embrace sustainable technology and automation for a thriving future
Artificial intelligence and automation have made headline news in recent years. The meteoric rise of generative AI for content creation has some folks worried about the proliferation of fake news, while others have hailed the inception of large language models as the...
Weekly Dispatch: July 18, 2024
Triple-I/Milliman releases a forecasting report indicating the property/casualty industry will achieve profitability in 2025. In New Hampshire, a presidential declaration releases aid in four counties. New York’s Department of Financial Services adopts new guidance combatting discrimination in artificial intelligence. Vermont flooded by rain from the remnants of Tropical Storm Beryl: state suspends some regulations to aid in recovery, requests federal assessment of damages. Plus, you can read about state-specific industry news, compliance issues, advocacy updates, technical resources, accolades, education opportunities and upcoming events in this issue of the Weekly Dispatch.
New York implements new law for fair insurance practices in affordable housing
On April 20, 2024, Gov. Kathy Hochul signed into law Chapter 56 of the Laws of 2024, marking a decisive change in how insurance companies can interact with property owners who house tenants utilize federal housing vouchers. According to an investigative report by the...
Navigate the maze: Understanding commercial insurance coverage for rehabilitation services
Addiction rehabilitation centers face unique risks and challenges in their operations. It’s important to ensure that your rehabilitation center clients have the right insurance coverage to protect against these risks. This guide will help your clients understand the...
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