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  1. Short-rate cancellation—personal lines | Ask PIA

    When an insured cancels a New York personal-lines property/casualty policy, may the insurer calculate the return premium on a short-rate basis?

    Yes, unless the policy is premium-financed, in which case the calculation must be made pro rata. Any short-rate return premium must be calculated consistent with the insurer’s filed rates and rules. Note that ISO has moved away from short-rate penalties with its personal-lines rate filings. The Department of Financial Services...

  2. Condominium improvements and betterments | Ask PIA

    My clients are unit owners in a condominium. The bylaws state the association is responsible for improvements and betterments under the Connecticut statutory default. We have always advised our clients to carry a suitable limit of improvements and betterments, regardless of the bylaws. Is the additional premium being wasted on...

    In order to write a policy with the appropriate Coverage A limit, you must know what the association and unit owners are responsible for insuring. Most Connecticut associations are following the statutory default, which means the association is responsible for insuring the unit owner’s improvements and betterments, as well as...

  3. NYPIUA offers DP-2 policy | Ask PIA

    Is it true that residential property owners can only get a basic-peril DP-1 policy from the New York Property Insurance Underwriting Association?

    Until April 1, 2009, the only policy offered by the NYPIUA was the “basic perils” form, called a DP-1 policy. This policy limits coverage to the following causes of damage to dwellings and personal property: fire and lightning; windstorm and hail (not interior damage, unless the wind creates...

  4. Massachusetts annual report form requirements | Ask PIA

    I am a New York resident who holds a Massachusetts nonresident business-entity license. I received a notice stating I had to submit an annual report form. I am unclear as to what this refers. Is this notice correct?

    Yes, Massachusetts law (M.G.L.A. c156D Section 15.03 (2004); 950 CMR 113.48) requires all corporations, domestic and foreign, to submit an annual report form, no later than two and one-half months following the close of the corporation’s fiscal year. The form can be obtained at http://www.sec.state.ma.us/cor/corpdf/c156ds1622950c11357.pdf.

  5. Blanket additional insured | Ask PIA

    We were recently informed that the blanket ISO endorsement CG 20 33 is not really a blanket additional insured endorsement at all and that it only covers those engaged in a contract with the insured. Is this correct?

    Yes. The ISO CG 20 33 “Additional Insured—Owners, Lessees or Contractors—Automatic Status When Required In Construction Agreement With You” is not what you refer to as a traditional blanket additional insured endorsement. A blanket additional insured endorsement would generally read as coverage for: “any person or organization you are required...

  6. Employer’s liability for harassment by customers | Ask PIA

    We have a client who owns a restaurant. The restaurant has a customer who is smitten with a waitress. He’ll come in, order an iced tea and leave a $100 tip. The waitress has said this doesn’t bother her, but the restaurant’s management is concerned that it could go badly....

    As always, the restaurant’s management has the duty of preventing the creation of a hostile workplace. Typically, hostile work environment claims arise from the actions of management, or fellow employees and management’s failure to properly respond to the situation. In this case, the waitress may not currently find the actions...

  7. FEMA proof-of-loss submission | Ask PIA

    My client has just experienced a loss due to a flood. Is there a time constraint when they must notify the carrier of their loss?

    Per the Federal Emergency Management Agency Claim Handbook and the terms of the Standard Flood Insurance Policy, the official claim for damages is called a Proof of Loss and this must be fully completed, signed and in the hands of their insurance company within 60 days after the loss occurs....

  8. Who owns the engagement ring? | Ask PIA

    When a man gives a woman an engagement ring, who has an insurable interest in that ring and how should it be insured?

    We know that two conditions must be met in order for a property insurance policy to pay for a loss. Condition 1. Insurable interest in property is a necessary condition for payment under a contract of indemnity. You can make someone whole again only if that person has suffered a...

  9. Flood-damaged personal auto | Ask PIA

    My client’s car was damaged in a hurricane. Specifically, it was caught in a flood and was inundated with water. What should the client expect for insurance coverage?

    This loss is covered if your client has “Other than Collision” (comprehensive) coverage on their personal auto policy. PART D—Coverage For Damage To Your Auto states that “Loss caused by the following is considered other than ‘collision’: ... 6. Hail, water or flood."

  10. Water backup from off-premise drains and pipes | Ask PIA

    What is the difference in coverage if water backs up through a drain or sewer due to heavy rainfall, such as a hurricane, and water that backs up due to a break in the town’s water system infrastructure (pipes)?

    The difference is night and day, or no coverage vs. coverage. The Section I—A.3. Water exclusion in the ISO Homeowners Policy (HO 00 03) applies to the following types of water: Flood, surface water, waves, including tidal wave and tsunami, tides, tidal water, overflow of any body of...

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