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Commercial lines
Loss runs—insurance company requirements
Is there any New York state law relating to an insurer’s requirement to furnish loss runs?
Second notice—alternative renewal procedure
My insured on a commercial package policy received a conditional renewal notice stating that the new premium will likely exceed last year’s premium by more than 10%. Must the company send a follow-up notice providing the insured the exact premium?
Ocean-marine policies
Are ocean-marine policies governed by any New York law that spells out cancellation procedures?
Loss runs—how many years must be provided?
How many years’ worth of loss information must a commercial insurer provide upon request? Can a prospective insurer ask for more information than the current insurer is required to provide?
Offsetting premium owed by withholding from a claims payment
May a company reduce a claim payment by the amount of premium owed on the policy?
Completed operations
If a contract between a general contractor and a subcontractor contains a hold-harmless agreement that includes “any and all claims” (with no restriction to bodily injury or property damage and no specific reference to products and completed operations), will the subcontractor’s contractual coverage respond to a completed operations claim?
Umbrella drop-down provisions
We have an insured with an umbrella policy for $4 million in coverage, over a $1 million primary policy. If the carrier providing the underlying policy becomes insolvent, would the insured be able to collect on the umbrella policy?
Business interruption from power outage
Because of the storm, my client is without power and will be unable to operate his business until it is restored. Will the business income coverage be applicable to this loss?