Eric R. Dinallo, Superintendent of the New York Insurance Department, recently proposed an amendment to Regulation 41 (11 NYCRR 27) that governs the standards for excess lines placement (the “Proposed Regulation). The Proposed Regulation seeks to include additional risks to be insured by excess lines carriers on the New York Export List. The Excess Line Association of New York and the Independent Insurance Agents & Brokers of New York have worked together and with other interested groups to lobby for this change.
The Proposed Regulation would add liability coverage for vacant or unoccupied property, prize indemnification, employed lawyers liability, property coverage for high value buildings, professional liability coverage for alcohol and drug rehabilitation centers and hospices, as well as liability coverage for special events like trade shows, fairs or concerts to the Export List. The inclusion of these types of coverages on New York Export List will alleviate the broker from having to obtain declinations for these lines of coverage and will allow the broker to provide a more cost effective service to his or her clients.
