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  1. Out-of-state registrations | Ask PIA

    Our client moved to New Jersey from out of state and I would like to insure their vehicles. The vehicles are leased and currently insured by a policy purchased at their prior residence. Before the vehicles can be registered in New Jersey, the Motor Vehicle Commission will need to receive...

    An insurance company may not deny writing a policy if a registration is not available. First, the applicant may still be an eligible person under New Jersey’s take-all-comers law. This law defines eligible person as “a person who is an owner or registrant of an automobile registered in this state...

  2. Agent’s rights | Ask PIA

    What rights do I have when an insurer wants to terminate my contract with them?

    Your rights begin with the contract itself. The insurer generally must adhere to the terms of your agreement with them. In addition, certain restrictions are placed on contract terminations in Sections 38a-709 and 710 of the Connecticut Insurance Law. The insurer must give no less than 90 days’ written notice...

  3. Placement with unauthorized insurer | Ask PIA

    I was competing with another broker for a commercial risk. My quote was with an authorized insurer. The other broker quoted a lower premium from an unauthorized insurer. Is it lawful for the applicant to take the lower quote?

    If the type of risk involved is not listed by the commissioner as being generally unavailable from authorized insurers (see the Export List), the procurement of insurance will be subject to the provisions of Section 38a-741(b) as follows: “There shall be executed, both by the licensee and the insured,...

  4. Life guaranty association | Ask PIA

    What limits of protection will be available from the state guaranty association on a $1 million life insurance policy?  

    As revised by Public Act 04-17, death benefits are protected up to $500,000, and net-cash surrender or withdrawal benefits are protected up to $500,000 [Section 38a-860(g)(2A)(i)].

  5. Surcharges | Ask PIA

    We represent an insurer that surcharges for the first accident. I thought they could not surcharge for the first accident. What is the rule on this?

    Connecticut General Statutes Section 38a-686(b)(3) prohibits insurers from surcharging policies if the accident involves only property damage and the amount of damage is less than $1,000. If the damage exceeds $1,000, the insurer is prohibited from surcharging the first accident of this type where the insured is at fault. In addition, if...

  6. ERISA fidelity bond requirement | Ask PIA

    I had a company contact me about a requirement that it says applies to one of our insureds, to carry $500,000 for fiduciary liability. I had never heard of this requirement. What is it?

    The Employee Retirement Income Security Act of 1974 establishes specific duties and standards for discretionary and nondiscretionary activities in the management of employee benefits plans. Liabilities incurred by fiduciaries and any other “party-in-interest” created by ERISA have resulted in the need for several types of insurance coverages. The only insurance...

  7. 'Extra expense'—temporary location | Ask PIA

    We insure a senior residence that was damaged. The residents had to be housed at another location at a cost exceeding the rental value of the residence. The carrier will pay only the rental value under the CP 00 30 form, not the extra expense at the temporary location. Are...

    No, the company should pay for the extra expense. The cost of housing the displaced residents is covered by the Business Income (And Extra Expense) Coverage Form CP 00 30 06 95 under 3. Additional Coverages, item (1) of a. Extra Expense, as an expense to avoid the suspension of...

  8. Floods and business interruption | Ask PIA

    Would a flood trigger business interruption coverage?

    The standard ISO causes-of-loss forms (CP 10 10, CP 10 20, CP 10 30) attached to a commercial property policy do not include flood as a peril. In order to trigger ISO business interruption coverage, the peril causing the damage must be covered, so business interruption coverage is not triggered...

  9. VRT declination | Ask PIA

    Do we have to wait for the insurance company to issue a declination in order to place a client in Voluntary Rating Tier (VRT) or can the agent complete the declination notice based on the underwriting guidelines of their carriers?

    The regulation says “the insurer or producer shall provide the applicant with the denial notice ...” The PAIP Plan of Operations defines “declination” as the notice of declination issued by the company on the company’s letterhead. Therefore, if the company gives an authorized producer the authority to issue declinations on...

  10. Medical payments | Ask PIA

    Our insured was in an auto accident. The family dog, riding in the car, was hurt. Are the veterinarian’s bills covered under the medical payments coverage?

    No. The medical payments coverage applies to any “family member,” but the policy definition of this term refers only to a person. The 2018 ISO Personal Auto Policy introduced an optional PP 33 31 endorsement that pays without application of a deductible the reasonable veterinary expenses incurred as a result...

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