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  1. Disclosure of commission | Ask PIA

    As a result of Sarbanes-Oxley, we have to show our commission on either the rate schedule or declaration page. Really? Is it PIA's interpretation of Sarbanes-Oxley that the amount of commission to brokers has to be shown in the policy?

    No. All compensation paid to any insurance producer—be it commission or any other form of earning from the insurer is publicly reported by all insurers in their rate filings and their annual statements as prescribed by each state that they conduct business in. Further, it is included in the complete...

  2. Nonowned motorcycle dilemma | Ask PIA

    We have been asked the following question but need to confirm the answer. Alexander, 21, took a short ride (about a half mile) on his friend’s new motorcycle. He skidded out, fell off the bike (with only minor injuries) and the bike was damaged. The friend with the new bike did not...

    The homeowners policy does not cover motor vehicles subject to registration at all and, if not subject to registration, there is only limited coverage for specific off-road vehicles. The personal auto policy does cover nonowned vehicles for physical damage (assuming at least one scheduled vehicle has Part D coverage),...

  3. Loss runs—charging fees | Ask PIA

    A company sent a notice of conditional renewal to our commercial client. The notice included the client’s right to get loss runs, but said “there may be a fee charged for providing this information.” Can the company charge for providing loss runs?

    No. The company cannot charge a fee for the loss information as it is required by law to furnish. It could charge a fee only if the insured wanted information that exceeds the minimum that the company must furnish by law. See OGC Opinion 03-12-09 specifying what must be...

  4. Town water-line connection | Ask PIA

    Is there any coverage provided under the HO-3 for damage to an underground water pipe connection from the town/city water line to the home if the pipe breaks?

    The ISO form HO 00 03 provides no coverage for damage to an underground water pipe line. The policy specifically excludes coverage under the Section I “wear and tear” and “mechanical breakdown” exclusion A.2..c.(6). However, ISO introduced a new HO 06 69 Utility Line Expense Coverage endorsement in 2020...

  5. Third-party uninsured vehicle | Ask PIA

    Can an insurer deny payment for damages to a claimant’s vehicle if the claimant’s vehicle was uninsured at the time? The claimant’s vehicle was parked and the neighbor backed into it and the neighbor’s insurance carrier is denying payment.

    There is nothing in the ISO Personal Automobile Policy form PP 00 01 09 18 to allow a carrier to deny liability coverage to an uninsured vehicle.

  6. Rental vehicle for family member | Ask PIA

    Our clients have a personal auto policy. A 24-year-old daughter is listed as a driver and resides in the household, but is not a named insured. Is there coverage on the PAP if the 24-year-old daughter rents a vehicle while on vacation?

    This daughter would be what the PAP calls a “family member” with respect to liability coverage. The policy states that a “family member” is covered for the use of any auto not excluded, and there is no exclusion for a vehicle rented within the coverage territory on a short-term basis....

  7. Fees charged by general agents | Ask PIA

    I broker some of my business through a managing general agent. Is it permissible for the general agent to charge me a “policy fee” with the expectation that I will pass the fee on to the insured?

    It is impermissible for the general agent to collect a fee in this manner. Various opinions from the New York State Department of Financial Services over the years state that in general, agents act only for the insurer as a principal, and their compensation must come only from the insurer. Section...

  8. Acceptable proof of insurance | Ask PIA

    My insured currently has a package policy covering multiple commercial buildings and is in the process of buying an additional building. I added the new building to the current package policy and sent proof of insurance to the bank. The bank will not deem the proof of insurance regarding the package...

    Only if the bank’s requirement is reasonable, as the term is contemplated by Connecticut’s Unfair & Prohibited Practices Act. C.G.S. Section 38a-816(11) concerns coercion of debtors. It states no person may unreasonably disapprove the insurance policy provided by a borrower for the protection of the property securing the credit or...

  9. Scheduled property/Coverage C limits | Ask PIA

    Does a payment made for a loss to scheduled property reduce the Coverage C limit available under an ISO Homeowners Policy?

    The Homeowners Coverage C limit for personal property is not reduced by amounts paid out under scheduled coverage. The homeowners policy excludes “articles separately described and specifically included in this or other insurance” as covered property under Coverage C, so payments made for scheduled property have no impact on the...

  10. Borrowed pickup | Ask PIA

    A client that has a personal automobile policy that includes New Jersey personal injury protection borrows a pickup truck that is owned by a corporation and insured on a commercial auto policy. He and his wife are moving their own furniture when the accident occurs. Will the personal auto PIP...

    A pickup owned by a corporation does not meet the statutory definition of “automobile” and, consequently, is not eligible for personal injury protection coverage under either the personal auto policy of the operator or the commercial auto policy of the owner.

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