Ask Tim

Episode #15 -- 'Can They Do That?'

Autumn is approaching, and you know what that means...my colleagues here at IIABNY headquarters have reached their limit of me and are kicking me out on the road. Starting in Buffalo on Sept. 16, I'll be teaching a continuing education class titled Can They Do That? I gave it that title because it seems to be the underlying question in most of the research queries I get. New York Insurance Law and regulations can be complicated; hopefully, attendees will understand a bit better after three hours of listening to me talk.

Episode 15 of Ask Tim gives a sneak preview of the course. In a few short minutes, I discuss the requirements for cancellation, non-renewal and conditional renewal of commercial lines policies in New York. We even dusted off an old pro-rata wheel for the occasion. Actually, I think someone in the office swiped it from a museum...

Notice: The post-production software fracked out on us, so you'll only get sound from one speaker. We apologize for the problem.

Update: Sound problems have been resolved.

Have follow up questions? Drop 'em in the comments and I'll do my best to give you an intelligent answer.

Download Ask Tim Episode #15 -- 'Can They Do That '

 

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Episode #14: Personal Injury Coverage

In this episode, my evil twin Skippy and I talk about personal liability coverage, why the ISO Homeowners policy doesn't provide it, and what you can do to fill the coverage gap. If your clients and/or their children are on Facebook, they might want to give this careful consideration. For more information, look at my blog post from June 16.

Download Ask Tim, August 6, 2009

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Episode #13: Insurance Myths

I enjoy reading and writing fiction, especially science fiction, fantasy and horror stories. Made up worlds and monsters can be a lot of fun and a welcome diversion from reality, especially after I read the news these days. I'm a sucker for the Harry Potter books and movies. However, there are a lot of "stories" out there about insurance coverage that are not so harmless. In fact, if your clients believe some of these tales, they could be exposing themselves to some large losses. Enter episode #13 of Ask Tim, where I look at some of these myths. Based on a recent article in USAA Magazine, this episode looks at flood coverage, auto coverage for personal belongings, dwelling wear and tear, and others, finishing up with an assist from Prince.

This episode is brought to you by IIABNY and the RLI Personal Umbrella program.

Download Ask Tim Episode #13

Episode #12 - 8 Good Minutes With Jim Keidel

In this episode of Ask Tim, I sit down for a little chat with The Sage of All Things E&O, Jim Keidel of the law firm of Keidel, Weldon & Cunningham, LLP. We spent a few minutes discussing the change in New York law pertaining to late notice of claims, the change in the ACORD 25 Certificate of Liability Insurance, and whether or not producers should e-mail policies to their clients.

I won't lie; Jim had some concerns about appearing on the show with me. These concerns had less to do with being camera shy than they had to do with my reputation for throwing stage props. Once he saw an example of how good my aim is, he became convinced that I couldn't hit him with anything if I tried, and he joined in with enthusiasm.

This episode is brought to you by the IIABNY E&O Loss Control Seminars.

Download Ask Tim Episode #12

Episode #11 -- Licensing

When one person writes something, he has a pretty good idea of what he meant, even if the writing may not make that clear. It gets a little more complex when two people are involved, more so when three people try to write something together. At some point, as the group grows, you've got a committee. As we all know, committees are the most popular way to take a good idea and bludgeon it to the point where the the original concept is recognizable only through dental records. This is especially so when the committee in question goes by the name of "Congress" or "New York State Legislature."

Because the end results of those esteemed bodies' work product is often baffling on the best of days, I get a lot of questions about licensing (as I am writing this, I have a voice message on my phone from an IIABNY member with a licensing question.) That brings us to episode #11 of Ask Tim. In this installment of the only IIABNY podcast to win a Hermes Gold Award, I discuss:

• Why an agency CSR probably does not need a license unless the insurance company requires it;

• The New York Insurance Department's criteria for an acceptable name on a license issued to a business entity; and

• The legality of paying renewal commissions to the unlicensed survivors of a deceased agent.

New York Insurance Department Office of General Counsel opinions referred to in this episode:

• Dec. 1, 2004: Permissable Duties of Unlicensed CSR of Agency or Brokerage

• June 21, 2005: An Individual Licensed as an Insurance Agent and Broker Using a Trade Name to Transact Business in New York State

• March 25, 2002: Receipt of Insurance Broker's Future Commissions by Unlicensed Executor

Keep an eye peeled for the next episode, which will feature a special guest.

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Episode #10 -- The Self-Insured Trusts Reform Law

As I write this, I have just gotten off the phone with an attorney representing an employer who belonged to an under-funded group self-insured trust. Fortunately, he was just looking for information, not threatening to bill or sue me. His client, however, is staring at an assessment bill for a rather large amount of money. That's one story out of far too many that arose this year with the surprising decline in the group self-insured trust industry. The state legislature enacted reform legislation last June to prevent repeats of stories like this one, and that law is the focus of episode 10 of Ask Tim.

SHOW SUMMARY:

• The law is Chapter 139 of the Laws of 2008, formerly known as Senate Bill S.8708
• It clarifies that the New York Workers' Compensation Board has authority to assess group self-insured trusts
• It requires the board to assess employers in an insolvent trust within 120 days of the trust's insolvency
• It contains several anti-fraud protections
• It requires trusts toreport on their financial conditions to the board at least annually
• It requires trusts to be fully funded
• It authorizes the board to borrow up to $52 million to meet short-term claim obligations
• It places new limits on the ability of employers to join a trust or move from one to another
• It creates an advisory committee and a task force to make recommendations for system improvements

Our sponsor this episode is AgentQuote.com.

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Episode #9 -- The Late Notice Reform Law

In episode #9, I discuss the new law that reforms insurers' ability to deny liability claims on the grounds of late notice by the insured or claimant.

• The law applies only to bodily injury and property damage liability claims

• For the first time, New York law defines the rights and responsibilities of insurers, insureds and claimants with regard to claim reporting.

• If the insurer receives the notice within two years of the time the policy requires, it has the burden of proving that the late notice prejudiced its interests. After two years, the insured or claimant must prove that the late notice did not prejudice the insurer's interests.

• The law defines "prejudice" as when "the failure to timely provide notice materially impairs the ability of the insurer to investigate or timely defend the claim."

• More information on the IIABNY Web site in the Research section under New and Notable and Market Conduct Rules & Regulations.

• Closing song:

“I’m Gonna Procrastinate” by Rob Balder
Used with permission
www.thefump.com
Licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 License

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Episode #8: Insurance Legislation, Part 2 -- The Coastal Property Bill, continued

I left you on a cliffhanger last time, so we're back with the conclusion of my discussion of the new law affecting the coastal property market. To summarize:

• The temporary panel on Homeowners insurance is now permanent.
• The Insurance Department must develop incentives for additional insurers to enter the New York Homeowners market.
• Several temporary laws affecting Homeowners insurance are now permanent, among them the law authorizing multi-tier rating plans.
• Flex-rating for auto insurance is finally reinstated!
• Exemptions from non-renewal requirements for companies with very small books of business.
• Certain temporary laws relating to auto insurance are extended until 2011.
• I conclusively establish who the real podcaster in the IIABNY office is.

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Episode #7: New Legislation, Part One -- The Coastal Property Bill

You may have always suspected that I'm all wet, but you never had conclusive proof until now. Take a look at part one of my discussion of the coastal property insurance bill enacted last month by the New York legislature and the governor. This is the first in a series of episodes that will examine recent legislation and its effect on your business.

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Episode #6: Self-Insured Trusts

In the latest episode of the Ask Tim vidcast, I answer questions about self-insured trusts. Because of the downfall of the trusts managed by Compensation Risk Managers, a lot of agents and brokers have become nervous about placing clients in trusts or leaving clients there who are already in one. There are a lot of well-managed, financially sound trusts still operating in New York, but the headlines have put a major scare into the market. I talk about how to work with clients who are in or considering joining a trust.

I might have also mentioned something about winning the Hermes Award; I don't remember.

During the vidcast, I mentioned the Self-Insurance Office at the N.Y. Workers' Compensation Board. Their contact information is:

State of New York
Workers' Compensation Board
Self-Insurance Office
20 Park Street - Room 206
Albany, New York 12207
(518) 402-024

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