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  1. Workers’ compensation retrospective rating | Ask PIA

    I would like some information on retrospective-rating plans for workers’ compensation. Specifically, what is a “compensating balance retro?”

    As you know, the National Council on Compensation Insurance has various types of retrospective-rating plans. Here’s a rundown: Retrospective-rating plans (sometimes called retrospective experience-rating plans) determine an insured’s premium for a given policy period based on the insured’s loss experience during the policy period (rather than loss experience for some...

  2. Stolen auto scenarios | Ask PIA

    We recently had two situations involving stolen vehicles. In the first case, a stolen car hit our insured’s car. Can he collect from the policy of the people who owns the car? In the second case, it was our insured whose car was stolen. He has acquired a replacement...

    In the first scenario, your insured will not be able to collect from the owner of the stolen car. Most motor vehicle laws relieve the owner from liability if the car is stolen. In addition, the ISO Personal Auto Policy does not provide coverage for any insured “using a vehicle...

  3. Trailer has coverage under personal auto policy | Ask PIA

    We have an insured with a tractor that he transports on a trailer pulled by his personal vehicle. He may be starting a lawn-mowing business. He has some coverage questions. First, does he have coverage for this use of the trailer under his personal auto policy? Second, what if the...

    The business use of a trailer designed to be pulled by a private-passenger vehicle is not excluded under standard ISO personal auto policies. See Exclusion 7 (business use), which does not apply to a trailer used with a private-passenger auto, pickup or van. Cargo coming off the trailer involves the...

  4. PIP coverage—Broadened PIP | Ask PIA

    How do you insure a corporate officer who has no personal auto policy?

    When the corporate officer is an occupant of an “automobile” scheduled on the named insured’s business auto policy, coverage is automatically provided. Such coverage is primary when the corporate officer has no policy of his own under which to submit a claim. If coverage is desired when the corporate...

  5. Windstorm | Ask PIA

    My client’s home is insured on a basic peril dwelling policy form  (in the FAIR Plan). While they were away in Florida for three weeks during the March storms, wind came down the flue and blew out the pilot light on the furnace, causing the furnace to become inoperable and...

    No. Take a look at the exact wording of that policy exclusion. The windstorm coverage does not apply to a loss to the inside of a building, or the property contained in the building, caused by rain, snow, sleet, sand or dust unless the direct force of wind or hail...

  6. Out-of-state life insurers | Ask PIA

    The insurance company’s home office is in another state, but the company is licensed in New York. Are policyholders protected by New York’s Life Insurance Company Guaranty Corp.?

    Policyholders are protected if they were residents of New York state when they purchased the policy or are residents at the time the insurance company becomes insolvent.

  7. Insolvency protection for separate account variable annuities | Ask PIA

    For a separate account variable annuity contract (i.e., where the funds are invested separately from those of the company and the annuitant bears all the risk of gains and losses), what kind of protection is afforded by the New York Life Insurance Company Guaranty Corp.?

    If the separate account contract guarantees a minimum return, the contract holder is protected by the New York Life Insurance Company Guaranty Corp., but only for the portion of the contract that is guaranteed. The LICGC provides no protection for funds invested in a separate account for which the contract...

  8. Insolvency protection—annuity benefits | Ask PIA

    A 401(k) plan includes a fixed interest option funded by a guaranteed investment contract issued by a life insurance company to the employer. Will the invested funds be protected by New York’s Life Insurance Company Guaranty Corp.?

    If the guaranteed interest contract guarantees annuity benefits with respect to specific individuals identified in the contract, then such individual is protected by the LICGC up to a maximum of $500,000. However, if the guaranteed interest contract does not guarantee annuity benefits with respect to any specific individual identified in...

  9. Annuity benefit—insolvency protection caps | Ask PIA

    A husband and wife each have an annuity contract worth $500,000. Does the $500,000 cap on the protection of New York’s Life Insurance Company Guaranty Corp. apply to them jointly?

    No, the New York Life Insurance Company Guaranty Corp. puts the aggregate limit of $500,000 on any one life. Therefore, the limit would apply to each individual separately. If you have any questions, you can email the New York Life Insurance Company Guaranty Corp. at info@nylifega.org or call them...

  10. Remuneration by repair shops prohibited | Ask PIA

    Is it legal for an insurance agent to accept a gift from a glass company in New York?

    No. Insurance Law Section 322 states that “no licensed insurance agent, licensed insurance broker, licensed adjuster, authorized insurer or representative of such insurer shall directly or indirectly request, procure or accept any payment from a motor vehicle repairer for referring any motor vehicle repair business to such repairer.” Vehicle and...

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