PIANY Offers Teleconference On Use Of Coastal Market Assistance Program

Glenmont, NY - The Professional Insurance Agents of New York State Inc. announced it will offer professional independent agents and brokers the opportunity to receive training concerning the use and application of the state's Coastal Market Assistance Program, a voluntary effort by homeowners insurers to ensure coverage on at-risk homes close to the shore. This instructional session is available Wednesday, Jan. 30, 2008, as part of the associations popular Lunch ‘n' Learn teleconference series.

"Our downstate members need every available tool to help their clients cope with an increase in nonrenewals and a tighter market for new business," said Martin Koles, PIANY president. "After a quiet period, C-MAP again is growing in importance as another way to secure coverage on coastal homes."

Through C-MAP, a company waives its distance-to-shore underwriting restrictions in order to write a certain number of policies for homes they would not consider otherwise. As a result, agency owners whose "regular" coastal markets are tight and those needing solutions for homeowners clients facing nonrenewal have an option that will preserve their business. More than 5,000 New York state policies have been written through C-MAP since the establishment of the program and insurers recently have committed to write an additional 10,000 policies. To facilitate submission of eligible risks, the New York Property Insurance Underwriting Association developed an online application and submission process that informs applicants quickly whether they will receive offers of coverage.

"PIANY offered C-MAP training at two locations on Long Island last month," Koles said. "The response from members was overwhelmingly positive. So, we're making it easy for agents and brokers to get this valuable program without leaving their office."

The teleconference will be administered by two key individuals who helped design and implement the program: Gerry Scattaglia, assistant bureau chief of the New York State Insurance Department's Property Bureau and Mike Eserner, vice president for large risk and public benefit programs at NYPIUA. Together they will explain how C-MAP works and coverage options, including:

• Which companies participate in C-MAP?
• "Self-certification" and "rotation"—two ways to participate
• Do you represent companies with C-MAP capacity available?
• Who is eligible for coverage?
• How does the new, online application work?
• How do C-MAP "wrap-around" policies work with NYPIUA coverage?
• What are some coverage issues and caveats?
• How soon will I know if my client is getting an offer?

SOURCE: New York State Inc.