The Independent Insurance Agents Association of New York Inc. (IIAANY) announced it will offer an electronic kit to member agents explaining how the recently passed Terrorism Risk Insurance Act would affect them.
Available to members only on the association’s Web site, www.iiaany.org, the kit includes an explanation of the act, New York-specific information, a question and answer section, as well as sample letters for use with insureds.
The Terrorism Risk Insurance Act imposes no special responsibilities or duties on agents. Insurance companies are to shoulder most of the law’s notification requirements. However, IIAANY believes agents must be able to explain, in laymen’s terms, what customers should expect to see from their insurance companies, according to John R. Costello, the association’s chairman.
Costello said the electronic kit is part of a larger effort the association has led to represent independent insurance agents before insurers and the New York State Insurance Department. IIAANY recently met with regulators and company representatives providing input and explaining its positions on terrorism insurance issues.
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