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  1. Terminated agents’ run-off: homeowners | Ask PIA

    I am a terminated agent. I thought that the company that terminated my agency was required to renew my homeowners policies through me for three years following my termination.

    No, it is more complicated than that. Homeowners policies have a three-year required policy period (that’s three years from the date the policy is first written or is voluntarily renewed). Here is what the law states in the event of an agency termination: With respect to a personal-lines insurance...

  2. Midterm cancellation rules—homeowners | Ask PIA

    If a company missed its opportunity to nonrenew a homeowners policy when the three-year required policy period was up, can they now cancel midterm because of claims?

    No. There is a specific list of reasons for which a company can cancel midterm and “claims” is not one. The company must stay on the policy for the full three-year period unless one of these reasons exists. After a covered policy has been in effect for 60 days, or...

  3. Federal electronic-driving device rule for truckers | Ask PIA

    Our clients are talking about a new electronic-driving device rule for motor carriers. Can you give us some information on this?

    The Federal Motor Carrier Safety Administration will be enforcing the Electronic Logging Device Rule that was mandated by the Moving Ahead for Progress in the 21st Century Act (P.L. 112-141). It applies to most motor carriers and drivers who are required to keep records of duty status. This includes commercial...

  4. Reinstatement after nonpayment cancellation is not required | Ask PIA

    Is there any rule requiring an insurance company to reinstate a policy that has been canceled due to nonpayment of premium?

    No. If the policy actually has been canceled, i.e., the cancellation date has passed, it is voluntary with the company whether or not to reinstate the policy if the premium is received after the cancellation date. There is no requirement that they do so. (Some companies do have voluntary reinstatement...

  5. Defensive-driver courses must be DMV-approved | Ask PIA

    My insured’s discount for taking the defensive-driving course expires next month. However, she resides out-of-state for part of the year and won’t be home in time to take the course before the credit expires. Can she take a similar course out-of-state and receive credit?

    Your insured would not be able to take a similar course out-of-state as the rules and requirements governing course content are set by New York’s Department of Motor Vehicles. She would have to take a New York-approved course to receive the discount per New York Insurance Law Section 2336(a). 

  6. Nonrenewal notice | Ask PIA

    Can a company nonrenew a voluntary-market workers’ compensation policy because of a history of slow payment by the insured?

    Under New York State Workers’ Compensation Law Section 54.5(a), there is no requirement that a reason be given for nonrenewing a workers’ compensation policy. The law is silent, except for the requirement the company must send a nonrenewal notice at least 30 days prior to the expiration date to both...

  7. Bank must accept binder | Ask PIA

    We received a request from a bank to cancel a homeowners policy. Our insured is refinancing a mortgage, and the bank states our insured must have a one-year, pre-paid policy in order for them to set up an escrow account for the new mortgage. Must we act on the bank’s...

    No. You should act only on your insured’s instructions. But let your insured know that the bank must accept, as evidence of insurance, a binder plus a receipt showing that an annual or an installment premium has been paid. Legislation prohibiting lenders from refusing to accept a  binder at closing...

  8. NYAIP: Permit 17 certificates | Ask PIA

    Under the New York Automobile Insurance Plan’s Special Risk Distribution Plan procedures, can the producer issue a certificate for Permit 17? (Permit 17 shows compliance with Department of Transportation requirements involving vehicles carrying oversized loads.)

    According to Section 15.14 of the New York Automobile Insurance Plan manual, it states: The company shall, at the request of the named insured or the producer of record, issue certificates of insurance. Such certificates must be mailed within four working days after receipt of...

  9. No short-rate for premium-financed policies | Ask PIA

    What is the minimum-earned premium rule of premium-financed policies?

    This provision is found in Section 3428 of the Insurance Law, as well as Section 576(f) of the Banking Law Section 3428 only applies to authorized insurers. It states: Whenever an insurance contract the premiums for which are advanced under a premium-finance agreement ... is...

  10. No registration, no coverage in NYAIP | Ask PIA

    We were asked to insure three household vehicles, and the risk must be placed in the New York Automobile Insurance Plan. One of the vehicles is not registered and we requested comprehensive coverage only. The company says the vehicle is not eligible for coverage in the Plan. Are they right?

    Yes. The New York Automobile Insurance Plan eligibility rule Section 9.A specifies that a vehicle must be currently registered or will be registered in the state within 30 days.

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