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  1. Payroll companies | Ask PIA

    Are payroll companies impacting your insurance sales?

    Make sure your payroll company is competing on a level playing field. According to the New York State Insurance Department, any company licensed as an insurance broker in New York that also sells noninsurance-related services (such as payroll and benefits administration services), cannot charge customers different amounts for noninsurance-related services...

  2. Timing of insurers’ personal-lines “offer letters” | Ask PIA

    Why do companies contact an agent’s personal-lines clients, as soon as the agent is terminated, to tell these clients about their rights?

    The New York State Department of Financial Services has advised personal-lines carriers in Circular Letter 04 (1984)that they must provide a letter explaining the insured’s rights to continue policies through terminated agents or brokers. (This circular is still valid today, although the statutes it references have been renumbered into...

  3. Flood coverage for commercial property | Ask PIA

    Is federal flood coverage available for commercial property?

    The National Flood Insurance Program offers three Standard Flood Insurance Policy forms. These forms provide policyholders with a description of their coverage and other important coverage information. Dwelling Policy Form; General Property Policy Form; and Residential Condominium Building Association Policy Form. Dwelling Form The Dwelling...

  4. Watercraft—diminished value | Ask PIA

    My client owns a marina. A boat was damaged and the insured is stating that he’s entitled to diminished value for the boat. I know New Jersey allows for automobile diminished value, but does it apply to boats?

    Yes, New Jersey courts have allowed the recovery of diminished value for claims involving damage to any chattel (e.g., a boat). See the following taken from Financial Services Vehicle Trust v. James Panter: As a matter of law, we agree with plaintiffs that a...

  5. Service fee in addition to commission | Ask PIA

    Can a New Hampshire insurance producer or insurance consultant charge a service fee in addition to receiving a commission on the same property/casualty insurance policy?

    As you may realize, New Hampshire does not have a specific statute or rule which deals with the charging of a fee AND a commission on the same policy. Instead we interpret two statutes to address these issues—RSA 402-J:13 and RSA 402:41. RSA 402-J:13, II. indicates the different types...

  6. Governmental action exclusion | Ask PIA

    We have had a claim denied where our insured owns a commercial property. The central alarm system alerted the local volunteer fire department to the scene. The fire department damaged the doorway to the building to gain entrance only to see that there was no fire. The carrier is denying...

    First off, firefighters, whether volunteer or paid, are considered within the scope of a government authority. The ISO Commercial Property Policy Cause of Loss—Special Form states the following (under exclusions): Governmental Action Seizure or destruction of property by order of governmental authority. But we will pay...

  7. Boat rental | Ask PIA

    If an insured rented a boat (i.e., 21’ Bow Rider) to water ski and water tube on a lake for one week, would he have coverage?

    The 2011 ISO homeowners policy covers the insured’s liability for watercraft that is rented, provided it is an outboard or not powered by an inboard or inboard-outdrive engine or motor of more than 50 horsepower. The 2022 ISO homeowners policy covers a rental (or otherwise nonowned) watercraft of any horsepower...

  8. BAP coverage for trailer owned by corporate officer | Ask PIA

    Our corporate client wants to pull an officer-owned trailer having a load capacity of less than 3,000 pounds behind a corporate-owned commercial vehicle. Will there be coverage for this trailer under the Business Auto Coverage Form (CA 00 01)? We weren’t sure since the trailer is owned by an individual and...

    The trailer owned by the corporate officer is automatically covered on the business automobile policy (and without charge) while towed behind a covered commercial vehicle. According to the following ISO 2020 edition BAP policy provision, the trailer is treated as a covered auto: C. Certain Trailers, Mobile Equipment And Temporary Substitute...

  9. Back dating a policy | Ask PIA

    After two years of a policy being in force, can an insured request to back date cancellation two years. The insured has stated he has a duplicate policy.

    An insured can request a back-dated cancellation; however, the insurer is not likely to grant it. The policy terms obligate the insured to give advance written notice to the insurer when requesting cancellation of the policy. They will fall back on the rationale that, if there was a claim during...

  10. Utility trailer coverage | Ask PIA

    A Boy Scout Troop “owns” a dual axle, $3,000 utility trailer used to store and haul their camping equipment around. Since the troop is not a separate legal entity, they do not have a New Jersey corporation code for New Jersey Motor Vehicle Commission registration purposes, so they registered the...

    Yes, the private-passenger automobile policy would afford liability coverage. According to Part A of the Insurance Services Office Inc., Personal Auto Policy, an insured includes the named insured’s family for the ownership, maintenance or use of any trailer not otherwise excluded. There is no exclusion for a nonowned trailer and...

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