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  1. Nonpayment cancellations | Ask PIA

    When a nonpayment notice is issued, may an insurer add-in the next installment of a personal auto premium, on top of the amount already past due, so the insured must pay both to prevent cancellation, even if the second installment is not yet due?

    No. According to the Insurance Department’s OGC Opinion 06-12-08, “a notice of cancellation that includes a premium amount not yet due is premature to be combined within the amount that may cause the policy to be canceled. Any amount not yet due does not provide legal grounds to cancel...

  2. Minimum-earned premium | Ask PIA

    What about a surplus-lines policy with an earned premium provision that states the annual premium is 100% earned at placement? Would this be deemed excessive? What if such a policy was financed and the insured fails to pay the finance company?

    PIANJ posed this question to the New Jersey Department of Banking and Insurance and received the following response: The issues raised in your letter would be addressed in the policy/contract between the insured and insurer. Surplus-lines insurance policy forms are not subject to prior review...

  3. NYPIUA coverage limits can go to $1.5 million | Ask PIA

    What is the maximum limit available for a dwelling and contents coverage in the New York Property Insurance Underwriting Association?

    The New York Property Insurance Underwriting Association’s Plan of Operation defines the coverage limit for a dwelling at $600,000 and the contents limit at $250,000. The Plan also has an appeal provision under which higher limits may be requested, up to the statutory limit of $1.5 million. After an inspection...

  4. Workers’ compensation—owner of timber land | Ask PIA

    Our insured owns a golf course, for which he maintains a workers’ compensation policy. When closed for the winter, he will be doing some logging on his property. He hired a one-person logging contractor who has no workers’ compensation policy. This individual will hire a subcontractor who also has no workers’ compensation policy....

    The golf course could be liable in two different ways to pay workers’ compensation benefits to an injured worker involved in the harvesting of timber on the land owned by the golf course. First, any person hired by the golf course that is determined by the Workers’ Compensation Board...

  5. Which agent should sign the ACORD 35 | Ask PIA

    When a client decides to change from one policy to another—firing the old agent and hiring a new agent—which agent should complete the ACORD 35 form and request cancellation of the old policy?

    Before answering this question, we need to discuss the purpose of the ACORD 35 form in the context of the contractual obligations of the insured. There are no statutes or regulations that govern the insured’s request to cancel a policy. These rights are determined from the policy provisions, which typically...

  6. Terrorism Risk Insurance Program—Reauthorization Act of 2007 | Ask PIA

    Can you tell me how my clients will be impacted by the Terrorism Risk Insurance Program Reauthorization Act of 2007 with respect to offers of terrorism coverage?

    Besides extending the program for another seven years, the most significant change that affects your clients is the removal of the distinction between foreign-based terrorism events and domestic-based terrorism events. Both types must be offered to policyholders as coverage for a “certified act of terrorism” under the terms of the...

  7. Terrorism Risk Insurance Program—Reauthorization Act of 2007 | Ask PIA

    Can you tell me how my clients are impacted by the Terrorism Risk Insurance Program Reauthorization Act of 2007 with respect to offers of terrorism coverage?

    Besides extending the program for another seven years, the most significant change that affects your clients is the removal of the distinction between foreign-based terrorism events and domestic-based terrorism events. Both types must be offered to policyholders as coverage for a “certified act of terrorism” under the terms of the...

  8. Florida nonresident—receiving commissions | Ask PIA

    We have a producer in our office who is licensed in Florida as a nonresident. One of this producer’s clients is asking our agency to write a residential property in Florida. Our agency does NOT hold a Florida nonresident license. If we wanted to write the business and get a...

    Whether your agency would need a nonresident license in Florida would depend on if you plan on transacting insurance in the state of Florida or merely splitting commissions with the Florida-licensed producer.Under Florida law, an insurance agency that is licensed and located in another state is required to be licensed...

  9. Maximum payroll for partners | Ask PIA

    With the 2008 increase in payroll of an included officer or member to $52,000, is this amount a maximum? If so, what is the minimum amount of payroll that may be used. If it is not a maximum, then my understanding is that all officers and members will be included...

    The payroll of $1,000 per week (or $52,000 per year) for executive officers and members of limited liability companies is a maximum amount. The minimum amount is $413 per week (or $21,476 per year).

  10. Coverage for valet parking | Ask PIA

    I was wondering what coverage issues arise when I permit a valet-parking attendant to drive my vehicle. If there is an accident, how will my policy respond to liability for bodily injury and property damage? How will the business owner’s policy respond? How will the parking attendant’s policy respond?

    Part A—Liability Coverage of the Insurance Services Office Inc. Personal Auto Policy, which insures the vehicle owner, does not cover the valet attendant as an insured while parking the vehicle; exclusion A.6. eliminates coverage for a person engaged in the business of parking vehicles. For this same reason, the valet...

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