In today's episode of the Ask Tim podcast, I take a look at the requirements in New York Insurance Law Section 3426 regarding when insurance carriers have to send conditional renewal notices on commercial lines policies. Also, a generous IIABNY colleague buys me lunch. Here are the highlights:
Carriers must send conditional renewal notices on some commercial lines policies to the first-named insured, at the address shown on the policy, and to the insured's authorized agent or broker. They must send a notice if they are conditioning renewal upon:
- Change of limits
- Change in type of coverage
- Reduction of coverage
- Increased deductible
- Addition of exclusion
- Some premium increases in excess of 10 percent
Future episodes will explore Section 3426 in more detail.
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