Running a business as a limited liability company adds a layer of protection for personal assets. However, long-term risks and transitions, such as dissolution, can make a business vulnerable. As an agent, you can guide business owners toward the best choices. By...
Recently, the New York state Senate passed A.10362B/S.9327 which, if signed into law, would amend the Insurance Law concerning the authorization and regulation of owner-controlled and contractor-controlled insurance programs. This bill, introduced by Sen. Sean Ryan,...
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 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 the 2023 E&S edition of PIA Magazine, I wrote about the perils and pitfalls that insurance producers face when placing business in the nonadmitted—or excess & surplus lines—marketplace through the lens of Lord of the Rings. [EDITOR’S NOTE: You can access...
The minimum limits for commercial automobile insurance customers in New Jersey will increase effective Monday, July 1, 2024. Under P.L. 2023, c. 276, intrastate commercial vehicles with a gross vehicle weight of more than 26,000 pounds are required to carry...
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...
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...
When it comes to delivering on the promise of an improved customer experience, property/casualty agency principals often feel like they are caught in the middle of a tug-of-war. Pulling the rope on one end are younger digital-native customers, as well as baby boomers...
Over the last several legislative sessions, PIANY has been pushing for reforms to the way business is placed in the excess & surplus marketplace to ensure that agents and consumers have access to the insurance producers they need. During the 2021-22...