Having been working in insurance for over 30 years, I can recall the days of using carbon paper and typewriters. Back when I started, rating auto policies was done manually, with limited rating factors. Nowadays, rates are done through the computer using algorithms and it’s almost impossible to determine one’s rate. Rates are driven in a large part by credit, prior coverage history together with tickets, accidents and other claims going back as far as 5 years. Some companies even charge more for claims involving personal injury regardless of whose fault the accident was.
Interestingly, over all those years, the Assigned Risk really hasn’t changed it’s rating structure. The Assigned Risk is a state’s auto program that is designed to write people that have trouble getting insurance. Although I haven’t used the AR for years, I am beginning to now find that the AR or NYAIP can be a good fit in certain circumstances. This is because the AR does not base a rate on one’s credit or on having prior coverage. Furthermore, only tickets and at fault accidents, going back just 39 months, are rated. Not at fault accidents, hit and run accidents and no seat belt tickets are not rated. The AR also does not begin charging for a ticket or an accident until it is at least 3 months old.
Knowing the ins and outs of the Assigned Risk aka the New York Auto Insurance Plan has come in very useful.
From all of us at Curran Cooney Penny Insurance Agency, we would like to wish all of our clients a lovely first day of spring. Cheers to warmer, longer days and more time spent outside!
THE NEW YORK WORKERS COMP RATING BOARD (NYCIRB) IMPLEMENTED A NEW RATING CLASSIFICATION CODE FOR IDLE EMPLOYEES IN RESPONSE TO COVID-19
Effective 5/1/20 to all new and renewal policies after 5/1/20 as well as to all in-force policies as of 3/16/20, the NY Comp Insurance Rating Board has added a new classification – code 8873, Telecommuter Reassigned Employees for those employees that are being paid while not working or working in a different role during New York’s stay-at-home order due to COVID-19.
“… to the payroll of employees who, during New York’s stay-at-home order related to the COVID-19 pandemic (and future stay-at-home orders), are reassigned to either (a) not perform any work duties (idle), or (b) perform clerical work duties at home. The loss cost rate for Classification 8873 will mirror the rate for Classification 8810 (clerical office employees). Further, this provision is applicable at the start of New York’s stay-at-home order and for up to 30 days after its conclusion.”
Furthermore, NYCIRB states claims involving a COVID-19 diagnosis and an accident date on or after December 1, 2019 will be excluded from the experience rating modification of individual employers.
The NYCIRB bulletins can be found here: http://nycirb.org/bulletins/rc2512.pdf
We at CCP urge you to keep clear records of payroll that was reassigned duri
ng the stay-at home order to help at the time of audit. One underwriter we inquired with also mentioned that we can make this change during the policy term if you would like us to. This means you do not need to wait until audit, but she was very firm that is important to keep very good records so any changes being made are clear to the auditor.
If you have any questions about this matter, please contact us at 516-484-5200 or email us at email@example.com.
This notice is being provided in accordance with New York Department of Financial Services emergency regulation 11 NYCRR 229 in relation to the COVID-19 pandemic. A copy of the emergency regulation can be reviewed at the link below. The emergency regulation provides that individuals or small businesses in New York state who have suffered a financial hardship due to the COVID-19 pandemic are entitled to certain relief for premium payments due and any associated late fees for a period of time defined in the emergency regulation.
If you have a question about your policy payment and you have suffered financial hardship due to the COVID-19 pandemic, please contact your carrier directly or us at 516-484-5200 to discuss your policy and any premium due.
Link to emergency order:
Cancel for Any Reason coverage will soon be available in New York State. If you are considering traveling and would like to have this coverage, it will be available once the carriers have updated their filings and policy forms. Please see attached article link from one of our new sources as well as a link to the Travel Insurance Website that we recommend. They are so friendly, knowledgeable and provide excellent guidance. I use them myself for all my travels. -Mike Wittkowski
Travel Policies Offered in New York as Coronavirus Spreads
The travel insurance I use:
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(Also see the PowerPoint in this link for more information – AETNA International business)