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  1. Contractors statute of limitations | Ask PIA

    Can you tell me what the statute of limitations is in the state of New York for the following: a contractor in New York is retiring. How long does he have to carry completed operations coverage for his discontinued operation per the statute of limitations?

    Unfortunately, your question does not have an easy answer. Unlike many states, New York does not have a statute of repose. A statute of repose prevents the initiation of a claim after a fixed period. Instead, New York has various statutes of limitations that bar a claim after it has...

  2. New York insurance producers can resign from an account | Ask PIA

    May a producer resign from acting as an insured’s representative? If so, how should this be done and is the answer different for a resignation midterm on a policy rather than resignation at renewal time?

    The New York State Department of Financial Services answered this question for a PIANY member. Here is the response: The Insurance Law and department regulations contain no provisions which address the manner by which an agent or broker may terminate a relationship with a client. A review of...

  3. Renting a moving truck | Ask PIA

    My client is renting a moving truck to move from one house to another. The rental company is telling him that his auto policy will not cover him because the vehicle he is renting has a gross vehicle weight of 25,500 lbs. and is commercially registered. I believe he is...

    The ISO Personal Auto Policy covers the insured for any vehicle not excluded. There is no exclusion for a truck, unless used for business purposes. The weight of the vehicle has nothing to do with this coverage.

  4. Personal injury protection and disability | Ask PIA

    If an employed individual is injured in a vehicle that is eligible for personal injury protection coverage while off the job, should notice of loss be given to the disability benefits insurer in addition to the PIP benefits insurer?

    Yes. The PIP benefits, or first-party benefits, are reduced by the amount payable under the state disability benefits law. Unless benefits are claimed from the disability insurer, there will be a gap in the benefits available for the claimant’s loss of income. The claimant will need both policies to achieve...

  5. Promotional program to get referrals | Ask PIA

    We would like to run a promotion for our existing customers, asking them for referrals. The promotion would be that, for every five referrals we would give them a gift certificate/gift card to some vendor. Then their name would be entered into a drawing for a larger gift at the...

    You are thinking of the $15 limit contained in the anti-rebating statute. Since then, legislation to permit property/casualty companies, agents and brokers to provide merchandise and periodical subscriptions worth $25 or less during the insurance sales process to an applicant for insurance was signed by Gov. Andrew M. Cuomo (Chapter...

  6. Referral payments | Ask PIA

    I’m setting up a referral program in which people receive a gift certificate or gift card when they provide five referrals to my agency. Can the gift certificate/card be given only for booked referrals or just when the person refers five prospects whether or not they are booked?

    You can never compensate an unlicensed person based on whether you sell a policy to the prospect who was referred to you. You can structure referral agreements in other ways, such as conditioning compensation based on receiving a certain number of referrals. You can read more about the rules regarding referral...

  7. Referral fee vs. rebating | Ask PIA

    Can I legally give a gift certificate or gift card for referrals of prospective customers to my agency?

    Yes. Many producers confuse the rules against “rebating” with the type of compensation you can offer for “referrals.” They are two separate and distinct issues. Anti-rebating laws limit what you can give to current insureds and prospective insureds in connection with the sale of a policy. Referrals, on the other...

  8. Does the vendor matter? | Ask PIA

    Could the vendor for the gift certificate or gift card be different each time?

    For referral compensation, yes.

  9. End-of-promotion gifts | Ask PIA

    What type of promotional gifts can be given? Can it be a small TV? An IPOD?

    Normally under rebating laws, agencies are prohibited from giving anything of value above $25. However, there is an exception for promotions that are "open to everyone." As long as any consumer, including prospective clients/existing clients, can participate in the promotion and there is no requirement to purchase a policy with...

  10. Other referral fee resources | Ask PIA

    Are there any other materials available on how best to construct this promotion?

    See PIA QuickSource Document No. QS31361.

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