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  1. Service fees—personal auto insurance | Ask PIA

    What are the rules about producers charging service fees in connection with personal auto insurance policies?

    With respect to personal auto insurance:When you are acting as an agent of the company that writes the insurance, the ONLY type of service fee you can charge is for out-of-pocket expenses you have incurred in obtaining documents needed to underwrite a new auto insurance policy. Generally, such documents will...

  2. Photo inspection requirements | Ask PIA

    Does New Jersey have an inspection requirement on private-passenger vehicles? If so, does it apply to private-passenger vehicles written on a commercial auto policy?

    Private-passenger autos insured under a business auto policy are subject to photo inspection laws and regulations; just as they are when written under a personal auto policy. It is the definition of an automobile in N.J.S.A. 39:6A-2, not the type of policy that determines which vehicles require mandatory inspections.An “automobile”...

  3. Special conditional renewal notice—premium increases | Ask PIA

    What is the premium increase that triggers a special conditional renewal notice, or any special obligations of the agent?

    The conditional renewal rules vary by state. ·        In Connecticut, Bulletin PC-66 addresses conditional renewals—there is no premium increase trigger. Conditional renewal notices are triggered by any significant reduction of coverage, such as i) an increase in the policy’s deductible or retention, ii) a decrease in the limits of coverage, iii)...

  4. HO-2 vs. HO-3 coverage | Ask PIA

    Could you explain some of the differences between the HO-2 and HO-3 forms?

    Naturally, you should consult the policy forms for the exact contract provisions, but here is a rundown on some similarities and differences between the two forms. First, there is no difference in the Section II (Liability) coverage. All the differences pertain to the property coverage. The HO-2 provides property coverage...

  5. Group life—employee conversion privilege on termination of employment | Ask PIA

    Does the state have any requirements allowing an employee to convert coverage under an employer’s group life insurance policy to individual coverage?

    Yes. New York group life policies must contain provisions affording the right of the employee to convert to individual coverage in the event of termination of employment. See Sections 3220(a)(6) and 3220(a)(4). As you will see upon reading these sections, a number of conditions and limitations apply to the...

  6. Cyber security regulation—shell corporations | Ask PIA

    I have a partner who also has an independent insurance agency. We created an insurance-licensed entity for company appointment purposes, as well as a formal means of joining us together. This entity is owned by the two of us. It has no employees, no computers and does not transact business....

    The shell corporation should be able to comply by adopting the cyber security policies of the entities that write insurance. However, each covered entity is required to annually certify its compliance with Part 500 as required by 23 NYCRR 500.17(b). Thus, because the shell corporation is licensed, it must certify...

  7. Rental for business use | Ask PIA

    My insured is renting a van for a business trip. Does he have liability and physical damage coverage under his personal auto policy?

    Yes. The 1998 edition of the ISO Personal Auto Policy introduced excess liability and physical damage coverage for a nonowned van used for business purposes. However, physical damage coverage is contingent upon having at least one scheduled vehicle on the policy covered for physical damage (Part D). The 2005 edition...

  8. Flood policy—debris removal | Ask PIA

    We have an insured that after a recent storm, found a lot of debris on their property—including a boat! Will the flood policy cover the debris cleanup to have these materials removed?

    No. Under debris removal in the National Flood Insurance Policy, it states: We will pay the expense to remove nonowned debris on or in insured property and owned debris anywhere. “Insured property” is the described building and/or the contents. The "described location" is land where...

  9. Electric scooters | Ask PIA

    Does a homeowners policy cover your liability if you’re riding an electric scooter (one that doesn’t require a license) and causes property damage or bodily injury?

    An electric scooter is now authorized in New Jersey to be operated on streets, highways and bicycle paths (not on sidewalks). However, coverage may be difficult to obtain for this exposure. The personal auto policy excludes a two-wheel vehicle without endorsement and the homeowners policy excludes motorized vehicles. An umbrella...

  10. Group life—employee conversion privilege on termination of employment | Ask PIA

    Does the state have any requirements allowing an employee to convert coverage under an employer’s group life insurance policy to individual coverage?

    Yes, New Jersey group life policies must contain provisions affording the right of the employee to convert to individual coverage in the event of termination of employment. See N.J.S.A. 17B:27-72i. A number of conditions apply with respect to the conversion.

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