East News
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New York Warns Insurers about Some Homeowners' Cancellations
East News • November 20, 2008
New York Department of Insurance has this advice for insurers in the Empire State: Stop canceling homeowners' policies simply because a house in unoccupied.
That announcement came in the form a ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: RE: NYS Ins Dep Circular letter?? | Mongoose | Nov 20, 2008, 2:11 pm |
| RE: RE: NYS Ins Dep Circular letter?? | Dan | Nov 20, 2008, 1:43 pm |
| RE: RE: NYS Ins Dep Circular letter?? | Dan | Nov 20, 2008, 1:43 pm |
| RE: BOI Sham | Adirondacker | Nov 20, 2008, 1:43 pm |
| RE: NYS Ins Dep Circular letter?? | Here you go, Dan | Nov 20, 2008, 1:34 pm |
| NYS Ins Dep Circular letter?? | Dan | Nov 20, 2008, 1:22 pm |
| RE: HO Cancellations - PA | vandy | Nov 20, 2008, 1:21 pm |
| RE: HO Cancellations - PA | Ellen | Nov 20, 2008, 1:18 pm |
| HO Cancellations - PA | PA Mike | Nov 20, 2008, 1:12 pm |
| home cancellations | paul wyak | Nov 20, 2008, 1:09 pm |
| BOI Sham | InsMgmt | Nov 20, 2008, 1:06 pm |
| RE: RE: Home Cancellations re: unoccupied | Ellen | Nov 20, 2008, 12:44 pm |
| RE: Home Cancellations re: unoccupied | Dan | Nov 20, 2008, 12:40 pm |
| Home Cancellations re: unoccupied | Ellen | Nov 20, 2008, 12:24 pm |
| Back to article | ||
Subject: RE: BOI Sham
Maybe I'm wrong, but it seems to me that a carrier could use the Neglect Exclusion to deny a Section I loss - if the home was deemed vacant for more than 30-days prior to loss - but I'm not sure about a Section II claim. In other words, even if a carrier were mandated to stay on a vacant home they probably would only pay a third party claim. But still this decision is problematic. I wonder if this is more about non-renewing (on the 3rd year anniversary of course) or midterm cancellations?
Interesting that the Ins. Dept. is essentially asking the carriers to cover homes that would not clear initial underwriting.