State Farm pulls out of church market in Florida, as well as others

State Farm has announced that it will no longer be offering insurance coverage to churches in Florida. The company’s exit from the market leaves hundreds of churches throughout the state looking for new insurance companies. The move is part of the company’s desire to focus more on the property market in the state, a plan that sees the insurer pulling out of other markets in the coming years. The insurer has not released estimates of how many churches will be affected by the decision, but has said that at least…

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New regulations in New York make for impossible contractor insurance requirements

New insurance regulations are slated to go into effect in New York City next week, leading many insurance agents to warn contractors in the City that it may be too late to obtain increased coverage. The City’s Department of Buildings has made changes to the requirements associated with general liability coverage. Effective June 13, insurance policies that do not cover liability for completed work, explosions, collapses and other catastrophic events will be prohibited. Several of the new regulations will make it nearly impossible for the majority of contactors in the…

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