N.Y. Cuts Time for Loss Runs

New York Gov. George Pataki has signed into law a bill that would cut in half agents’ wait time for commercial policy loss runs.

The new law reduces the maximum time companies are given to supply loss runs upon request from the previous 20 to 10 days.

The bill, A.1973-c., sponsored by Assemblyman Gary Pretlow and Sen. Dale Volker, was supported by the Professional Insurance Agents of New York State, Inc.

“The new 10-day rule will provide better turn-around time, which becomes crucial in achieving certain placements and in coping with hard-market conditions,” said PIANY President J. Carlos “Shawn” Viaña.

Viaña acknowledged there are companies that are now providing real-time electronic inquiry transactions, which makes loss data accessible instantly.

“These accomplishments will go far in improved service to clients, affording a stronger competitive edge,” he added.

PIANY represents independent insurance agencies, brokerages and their employees throughout the state.

Source: PIANY