Tag: new york

New York Implements Opt-In System for Spousal Liability Coverage

Angela Linders
Spousal Liability Coverage discussed with an agent

New York has made a notable change to its automobile insurance policies, now requiring most policyholders to choose actively if they want supplemental spousal liability (SSL) coverage. This adjustment aims to refine insurance practices while resolving issues tied to automatic coverage enrollment. Exploring Supplemental Spousal Liability Coverage Supplemental Spousal Liability offers crucial additional protection, catering to claims made by a policyholder’s spouse following an accident. This coverage is particularly significant when an injured spouse seeks compensation due to the other spouse’s driving negligence. By opting into SSL coverage, policyholders can…

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Allstate to Scale Back in New York and New Jersey Following Lower Rate Increases

Loreen
Allstate Auto Insurance rate increase

Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…

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Boxing event insurance will soon be available in New York

Marc
boxing event insurance

The sport’s promoters have found themselves placing one date after the next on hold due to a lack of coverage. Boxing event insurance is finally on its way to New York to reduce the struggles faced by the sport’s promoters in the state. At least four dates have already been postponed or placed on hold with the New York State Athletic Commission between January and March. The reason is that it wasn’t clear whether or not it would be possible to obtain coverage for them. Without the right insurance coverage,…

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New York auto insurance companies may be stopped from asking a person’s occupation

Julie Campbell
New York Auto Insurance

The state regulator is considering implementing a ban on the use of a customer’s job to calculate premiums. New York auto insurance premiums calculations may soon deviate from strategies used by most U.S. states. The industry regulator is currently deciding whether or not to ban the practice of using a customer’s occupation as a factor in calculating rates. The New York Department of Financial Services has asked leading insurers why the practice is used. It has requested this information from Allstate Corp., the Geico unit at Berkshire Hathaway Inc., Progressive…

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PolicyGenius establishes another foothold in the insurance industry through latest round of funding

Logan B.
health insurance industry employer work

Company has raised $15 million in funding PolicyGenius, a comparison insurance brokerage based in Brooklyn, New York, has announced that it has raised $15 million in its latest round of funding. The funding will allow the company to extend its insurance comparison insurance services, allowing it to provide consumers with better access to price comparisons and quotes. PolicyGenius specializes in life insurance, long-term disability insurance, renters insurance, and pet insurance. Companies like PolicyGenius are beginning to find more success in various markets and the overall insurance industry is beginning to…

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