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    « Book Review: 'General Liability Insurance Coverage: Key Issues in Every State' | Main | The Consequences of Spiking Oil | PropertyCasualty360 »

    July 28, 2011

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    Stacymarie LaVacca

    This is so frustrating. I was once able to get the new carrier to send an indemnity agreement to State Insurance Fund to cancel flat when we advised of the cancellation within 30 days and they didnt process it. With this said, how exactly are we supposed to start a new policy with an unknown effective date? If that state gets their notice within 30 days and doesn't notify the board for another 30 days- and the insured should not have duplicate coverage, how exactly do you ask the new company to bind and hold until we have an effective date? Something must be done about this.

    Tim Dodge

    Stacymarie,
    It does sound pretty frustrating. The way the law reads, an employer should be able to tell the State Fund on Sept. 22, "I'm out of here on Nov. 1," and the Fund would inform the Workers Comp Board in plenty of time to meet the 10 day advance notice requirement. If they're not doing that, the Department of Labor should be notified, as the Fund is part of that department. In the above case, you should be able to apply for coverage with a private carrier effective Nov. 1 without incident.

    Bob Fancher


    The issue become a larger issue when you find out how they compute the short term short rate penalty. Before changing the effective date and cancelling sometime during the NYSIF term to meet the cancellation requirement, call the NYSIF and ask for the short rate penalty. If you miss the 30 day window I would wait a year to consider a change, or look into a NYSIF safety group as I believe you can move to a safety group without the 30 days notice. I guess the best advice here if you miss the 30 days’ notice is to be certain what the consequences of any other action will be, before making any other change.

    Tim Dodge

    Bob,

    Good advice. Better to know what the damage is up front.

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