PIA Search

Results 1041 - 1050 of 3226

  1. Coverage not terminated by plate surrender | Ask PIA

    Our insured’s vehicle was hit while parked. We reported the loss to the negligent party’s carrier to collect on a third-party basis. The company confirmed that coverage was in place. Then, three weeks later, the company told us their insured had surrendered his plates the day before the accident....

    It depends on whether their policyholder had requested that coverage be terminated on the auto effective before the accident occurred. If he had not, it makes no difference whether the vehicle was registered: coverage still would have been in force. Even if the policyholder no longer owned the auto...

  2. Certificates—listing exclusions | Ask PIA

    We frequently are asked to issue a certificate of insurance for contractors. If there are excluded operations (e.g., roofing), should these be listed on the certificate?

    The current Certificate of Liability Insurance ACORD 25 form contains a field for additional information labeled “Description Of Operations/Locations/Vehicles.” A previous edition had shown “Exclusions Added By Endorsement” in the label. The reference to exclusions was removed from the label in order to avoid creating a general obligation to list...

  3. BAP Symbol 7 newly acquired auto coverage | Ask PIA

    Our insured has an automobile policy written with Symbol 7 for comprehensive coverage in the ISO Business Auto Coverage Form. If a comprehensive loss occurs to a newly acquired auto within 30 days after acquisition, but before the insured notifies us that the auto has been acquired, would this loss...

    Coverage will depend on whether the auto is an additional auto or a replacement auto. Symbol 7 (Specifically Described Autos), unlike Symbols 1 through 6 or 19, limits coverage to: “Only those ‘autos’ described in Item Three of the Declarations for which a premium charge is shown.” However, item...

  4. Referral compensation for unlicensed persons | Ask PIA

    Is there a restriction on the type of compensation or incentives that can be offered to unlicensed persons for referrals?

    There are many prohibited acts when it comes to referrals and offering incentives for such. Some specifics of what you cannot do are: a referral program cannot be limited to existing clients;requiring the referral bear fruit;after the fact “thank-you” compensation for a successful referral; orsharing commissions for referrals by an agent who...

  5. Rented vans | Ask PIA

    Will the Rental Vehicle Coverage Endorsement—New York cover a 15-passenger van?

    There is no specified limitation in the number of passengers that a van is rated to carry before it ceases to be a "rental vehicle" [Insurance Law Section 3440(a)(1)]. However, New York Vehicle and Traffic Law defines a bus as having a seating capacity of 15 or more passengers in...

  6. Return premium—fire fees | Ask PIA

    When a policy is canceled, must the fire insurance fee be returned?

    Yes. Insurers are required to collect a fire insurance fee in the amount of 1.25%, applicable to the premium charged for the peril of fire. Exceptions are made for policies covering household furnishings, one- or two-family residences, schools, churches and hospitals. According to Section 9108(b)(1) of the Insurance Law,...

  7. Re-tiering and the 2 percent nonrenewal limit | Ask PIA

    When an insurer re-writes an auto policy from one of its company tiers to another, is this re-tiering charged to the insurer’s 2 percent allowance for nonrenewals/conditional renewals?

    No. Re-tiering that results in a lower premium would not count into the company’s “2 percent” allowance found in Insurance Law Section 3425(f)(1). Re-tiering that results in a higher premium would relate to the company’s “2 percent” allowance as follows: New York Insurance Law Section 2349 (McKinney 2000) authorizes insurers...

  8. Mandatory automobile insurance | Ask PIA

    Is automobile insurance mandatory in Vermont?

    Yes, it is illegal to operate an automobile without first having insurance. Vermont Banking and Insurance Law Section 800 states:No owner of a motor vehicle required to be registered, or operator required to be licensed or issued a learner’s permit, shall operate or permit the operation of the vehicle upon the highways of the...

  9. NYAIP: international drivers’ licenses | Ask PIA

    I have an applicant for the New York Automobile Insurance Plan who possesses an international driver’s license. Is he eligible for the Plan? Is he eligible for the careful-driver credit? Will he receive an inexperienced driver surcharge?

    He is eligible for the Plan, according to Section 9.A.1. He is not eligible for the careful-driver credit, according to Rule 24.A.4. He will not be surcharged as an inexperienced operator, as long as verifiable documentation is provided. The NYAIP manual states: Verifiable documentation...

  10. Defensive-driver course credits | Ask PIA

    Will a policyholder lose the credit for completing a defensive-driver course if a chargeable accident occurs within the three years allowed for the credit?

    The policyholder will not lose the credit as it is independent of the experience of the risk. The credit will be allowed for the full three years per New York State Insurance Law Section 2336(a).

Search
Filter Clear