NY Property & Casualty case studies
NY Property & Casualty · Put your knowledge to work in context.
The New York Property and Casualty Agent/Broker license is the credential the New York State Department of Financial Services (DFS) requires before you can legally sell, solicit, or negotiate property and casualty insurance in the state. It is aimed at career-changers entering an agency, captive or independent producers, customer service staff moving into a sales role, and employees of brokers who need signing authority on personal and commercial lines. The NY Property & Casualty case studies are 5 cases and about 2,799 words.
1The Unlicensed Assistant Who Bound the Restaurant Account
Rosa owns a licensed independent agency in Syracuse. In March, Devin - the agency's unlicensed office assistant - takes a call from a restaurant owner, quotes a businessowners policy, agrees to a 12,400 annual premium, says "you're bound as of noon," and emails a certificate of insurance.
544 words, about 3 min2Coinsurance, Replacement Cost and the Controller's Guess
Ridgeway Fabrication insures its own plant building for 600,000 on a replacement cost basis, with an 80% coinsurance clause and a 10,000 per-loss deductible. At the time of a September fire, the building's replacement cost is 1,000,000 and its actual cash value is 850,000.
476 words, about 2 min3The Failed Supply Line, the Mold Sublimit and the Town Inspector
The Marchettis insure their 1960 colonial on an HO-3: Coverage A 400,000, a 2,000 all-perils deductible, a mold remediation sublimit of 10,000 (aggregate per policy period), and ordinance-or-law coverage equal to 10% of Coverage A. In February a toilet supply line failed while the family was away, and water ran for two days.
595 words, about 3 min4Permissive Use, PIP Priority and a Pedestrian in the Crosswalk
Denise, a Brooklyn resident, insures her sedan with a New York personal auto policy: 25,000/ 50,000 bodily injury, 10,000 property damage, 50,000 basic PIP, SUM of 100,000/ 300,000, and a 500 collision deductible. Her son Marcus, 23, lives at home and owns his own car with a separate 25/50 policy.
589 words, about 3 min5The Subcontractor Who Said He Was Exempt
Hudson Builders LLC is a Westchester general contractor with eight employees, a New York workers' compensation policy, and a CGL policy at 1 million per occurrence / 2 million aggregate. Hudson subcontracts its framing to "R&J Framing," a sole proprietor working alongside one helper, who told Hudson, "I'm a sole proprietor, so I'm exempt from workers' comp," and produced no policy.
595 words, about 3 min