The Professional Insurance Agents (PIA)of New York State Inc. “commended” Pataki in a statement for signing the bill, “which cuts agents wait time in half for commercial policy ‘loss run’ data from 20 to 10 days.”
According to Ellen D. Kiehl, Ph.D., CAE, assistant executive director for government and industry affairs for the Professional Insurance Agents of New York, New Jersey, Connecticut and New Hampshire, “’Loss run’ documents any occurrences, such as open claims, closed claims and any payments that have been made on claims on commercial policies.”
The main benefit for agents “is that if a policy is terminated, the agent or broker needs the document in order to get replacement coverage.” Proof that persistence does pay off the PIA has been working on getting the bill passed for more than six years.
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