New York Approves Business Disability Insurance, Petersen enters the market

From Petersen International:

International is extremely pleased to announce we can now write business disability insurance programs in the state of New York.  The legislature for the state of New York as well as Governor Cuomo have officially signed bill S5760-A into law. Known as Catastrophic Business Disruption Insurance, the bill allows for business disability insurance to be placed through Surplus Lines. The bill’s sponsors were Assemblymember Pam Hunter and Senator Neil Breslin.

The bill’s creation and passage into existence was greatly due to the behind-the-scenes efforts, persistence and support of Petersen International Underwriters.

Effective immediately, the bill allows New York residents to procure high-limit and excess corporate disability insurances like buy/sell, overhead expense and key person cover from Surplus Lines carriers when those insurances are unavailable at sufficient benefit levels or completely unavailable from “traditional” insurance companies.

The signing and passage of this long-awaited bill is a great triumph for the citizens of New York. Those who in the past have been unable to qualify for any coverage or sufficient amounts of business disability insurance through domestic carriers now have great alternatives to acquire comprehensive insurance from the Lloyd’s and specialty disability markets with a focus on high-limit and impaired-risk underwriting