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  1. Roof/ice dam coverage | Ask PIA

    If you have an HO-3 policy with named perils on contents, would there be coverage for contents that were damaged due to water caused by gutters backing up due to ice or ice dams on the roof?

    First, is there coverage for water backing up through the gutters and causing damage to contents of the dwelling? The ISO HO 00 03 policy states the following covered peril for personal property: 12. Accidental Discharge Or Overflow Of Water Or Steam a. This peril means accidental discharge or...

  2. ATV registration and insurance | Ask PIA

    Does a homeowners policy cover an all-terrain vehicle? Does it matter where the insured operates the vehicle?

    The typical homeowners policy does not provide liability coverage for all-terrain vehicles that are required to be registered with the New York State Department of Motor Vehicles. DMV defines an ATV as any self-propelled vehicle, manufactured primarily for use on off-highway trails or in competitions, that is not more than...

  3. Binding restrictions | Ask PIA

    I just found out, after speaking with my underwriter that they suspended my binding authority upon completion of the development of the change that I just submitted. Can they do this?

    A carrier appoints an agent and gives them permission to “bind” a specific amount of insurance under the terms of the company rules and requirements. “Binding authority” is agreed on between the company and the agent. An insurance agent may have a variety of different binding authorities with different companies...

  4. Commercial auto—suspension of coverage | Ask PIA

    When using ISO form CA 02 40—Suspension of Coverage, will an additional premium be issued once the suspension period is over? Would the insured still have defense in the event one of their vehicles that is suspended for coverage is stolen and there is a loss with that vehicle and...

    With regard to the premium portion of the question, no additional charge will be issued. Rule 102.A of the ISO Commercial Auto Manual states: Coverage may be suspended for liability, medical payments, uninsured motorists, or collision coverages for periods of at least 30 consecutive days....

  5. Golf carts—mobile equipment | Ask PIA

    We insure a New Jersey golf course under the current ISO Commercial General Liability Coverage form. The golf course has over 100 golf carts for players’ use and maintenance of the grounds. If a cart were to be involved in an accident while crossing/operating on a public road, would coverage...

    Golf carts are exempt from titling and registration (see http://www.nj.gov/mvc/vehicletopics/nonconvent.htm) and, therefore, are covered as “mobile equipment” on the ISO Commercial General Liability Policy. A golf cart is a vehicle “designed for use principally off public roads.”

  6. Privacy notices—insurance agency responsibilities | Ask PIA

    The insurer sends out privacy notices to my clients. Should I, as an agency owner (producer, manager, compliance officer), send agency-specific privacy notices also?

    Usually, yes. As a “financial institution” under the Gramm-Leach-Bliley Act (and similar regulations adopted by the various states), an insurer sends out privacy notices that pertain to the insurer’s information collection and dissemination policies. This is sent at the time of the commencement of the business relationship (when the policy...

  7. Mailing of legal documents | Ask PIA

    When mailing legal or other important documents, should I use certified or return-receipt-requested mail?

    The better option is to use first-class mail and request a certificate of mailing. New Jersey courts have long held that a presumption of delivery follows first-class mail, as evidenced in the Waite v. Doe and Cwiklinski v. Burton cases. A certificate of mailing shows when, and to whom, the...

  8. Labeling of trust accounts | Ask PIA

    Is there a difference in the requirements for labeling trust accounts in New Jersey and New York?

    In New Jersey, a premium trust account must be labeled as such. N.J.A.C. 11:17C-2.3 requires that the bank records refer to the account as a “trust account” and that those words appear on checks written from it. New York, however, takes a more relaxed approach. Insurance Law Section 2120 and...

  9. Ponzi schemes—where clients can find coverage | Ask PIA

    In response to the fraudulent acts committed by Wall Street profiteer Bernard Madoff, some investment advisors/brokers told my clients who had lost money to file a claim under their homeowners insurance. Isn’t there some other recourse for victims in this type of situation? Would the homeowners policy even cover such...

    In 2008, Bernard Madoff, a noted businessman and former chairperson of the NASDAQ stock market, fraudulently misrepresented high-dollar investments in what amounted to a Ponzi scheme. He was able to perpetuate the scheme by continuing to receive new investment dollars and paying phony returns to prior investors; at least, until...

  10. Cyber coverage defined | Ask PIA

    I have a client that is asking for cyber coverage. What is cyber coverage?

    It seems that your client is referring to cyber professional liability or cyberliability coverage. The Merriam-Webster Dictionary defines cyber as “of, relating to, or involving computers or computer networks (as the internet).” Cyber policies can cover first-party damages resulting from a privacy breach or security failure. They can cover third-party...

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