The report would include aggregated statistics on premium levels and changes, average and median premiums per unit and square foot, and premiums as a share of operating expenses. It would also cover coverage availability, non-renewal and declination counts, the share of policies placed in the excess-line market, and use of the New York property insurance underwriting association. Other required data would include deductibles by peril, common exclusions and limitations, coverage limits relative to reported replacement cost, and claims frequency and severity for fire, water, wind, and liability, as available.
New York pushes for insurer accountability in multifamily housing coverage reporting
- Niki Wilson
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