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N.Y. insurance department revises export list

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NEW YORK—The New York State Insurance Department has expanded its “export list” of hard-to-place property/casualty coverages.

Under New York law, excess brokers cannot place coverage for a risk with a nonadmitted insurer unless three admitted insurers decline to underwrite the risk. Exceptions to the rule are placed on the export list.

In a document issued Wednesday, the department added a number of lines to the export list that require no declinations. These include, among other coverages:

  • Coverage for commercial excess liability in which the underlying policy limits or self-insured retention is at least $10 million per occurrence.

  • Coverage for commercial umbrella liability where the underlying automobile and general liability coverages or self-insured retention contain limits of at least $10 million per occurrence.

  • Excess commercial property insurance in which the policy provides limits in excess of $50 million of underlying coverage.

  • Primary or excess property insurance coverage for property used for business purposes when the total insurance values exceed $200 million.

  • Liability coverage for lawyers who are employed by a business entity and not a law firm.

    The department also revised the declination requirement to two refusals for primary or excess errors and omissions and miscellaneous professional liability coverage, other than medical malpractice insurance for a health and human services-related entities including alcohol and drug rehabilitation centers and programs, resident facilities, hospice care providers, social services agencies and other institutions.

    The changes took effect immediately.

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