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  1. Cancellation of premium-financed policies | Ask PIA

    If a premium-finance company cancels a policy, is it necessary for a managing general agent to send a cancellation notice to the mortgagee?

    Yes. Whatever party (including an MGA) who normally is responsible to provide the mortgagee notice must do so in this circumstance. See item (d) in the following section of law setting forth New Jersey’s cancellation procedures upon default of a premium-finance agreement. 17:16D-13. Cancellation of insurance contract upon default (a) When a...

  2. Binder prior to closing | Ask PIA

    I have an attorney that is requiring a binder before he can give a closing date. No coverage has been bound because the insured does not own the property yet. I have advised the attorney that we need a closing date to issue the binder showing coverage is bound when...

    On its face, this is an unreasonable request. The closing date should be established first, and then the binder ordered. However, I realize some unreasonable demands cannot always be averted. First of all, most jurisdictions consider a buyer under a contract of sale for real property to have a...

  3. Service vehicle | Ask PIA

    I have an insured who owns an all-terrain vehicle that is being used as a utility vehicle on their property (three acres with a barn and horses). How would their homeowners policy respond?

    With respect to liability and property coverages, the current edition of the ISO Homeowners Policy covers vehicles “used solely to service a residence,” provided that no registration is required for the vehicle and it is not used for any business purpose. In a state like New York where registration is...

  4. Agent advances premium, requests cancellation for nonpayment | Ask PIA

    Can the agent go ahead and notify certificate holders and additional named insureds when the agent has advanced the premium and then has to request cancellation for nonpayment of premium? We are thinking this might get the client to pay up; otherwise, we are going to be stuck with a...

    You should be careful how you phrase any notices to these other parties, to state only that cancellation has been requested for reason of nonpayment, and you should not say the policy actually has canceled until you have seen a cancellation notice. You could simply copy them on the letter...

  5. Multistate risks | Ask PIA

    Are there any statues regarding charging service fees on each risk location? If an insured has risks in multiple states, which will require multiple filings, can you charge a fee in each state?

    The service fees allowed by Connecticut’s regulations are on a per-policy basis. In terms of risks in multiple states that are all covered under one policy, like when each location is covered by an endorsement, the answer to the question of what service fee can be charged will be determined...

  6. Glass coverage | Ask PIA

    The commercial property form now includes building glass coverage. Is there a deductible and a per-pane limitation in the form? How is tenant glass covered now?

    Major revisions to glass coverage occurred with the 2000 edition of the property forms, which have mixed results. First of all, the Glass Coverage Form (CP 00 15) and the Glass Coverage Schedule (CP 19 15) endorsement were totally withdrawn. According to the Insurance Services Office Inc., insurers and agents...

  7. Falling object | Ask PIA

    As a car is driving down the highway behind a truck, something flies off the truck. The car can’t avoid the object and runs over it, causing a puncture in the gas tank. Is this comprehensive (falling object) or collision? Also, does this constitute a chargeable accident?

    In the standard ISO personal auto policy form: Loss caused by the following is considered other than "collision": 1. Missiles or falling objects; “Falling object” implies a free fall. “Missile” implies a launch (e.g., from a vehicle). Because it came off the truck...

  8. Exiting a vehicle | Ask PIA

    My insured, as he was about to open the door to his auto, tripped and fell. In the process of falling, they fell into his auto suffering severe injuries to his shoulder. Can my insured claim Personal Injury Protection for his accident?

    Yes, an accident to an insured caused by a vehicle should be covered by Personal Injury Protection coverage. McKinney’s Consolidated Laws of New York refers to the following court cases when interpreting the "use or operation" of a motor vehicle under Article 51: First-party benefits are not available under...

  9. Increased premium | Ask PIA

    Is a real-estate errors and omissions claims-made policy subject to the statutory requirement of 60 days’ notice for an increase in premium of more than 10 percent?

    In most cases, yes. If the policy is written in an authorized (New York-licensed) company, it is subject to the provisions of Section 3426 of the New York Insurance Law. These provisions include a requirement that the company provide the insured at least 60 days’ notice of a conditional renewal,...

  10. Declinations | Ask PIA

    Before placing a risk with a surplus-lines company, Section 405:24 of the New Hampshire Insurance Law requires producers to satisfy the insurance commissioner that the producer cannot procure such insurance in an admitted company. How are producers expected to ’satisfy the insurance commissioner’ in the context of this statute?

    PIANH posed this question to the New Hampshire Insurance Department and received the following response: Before procuring coverage in the surplus-lines market, three letters of refusal to write coverage from three standard/licensed companies, who would reasonably be expected to entertain such submissions, will normally constitute satisfactory evidence of compliance with...

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