Commercial lines carriers going E&S only in NY

[NY independent]

More and more of our large and regionals are going the E&S route for HO and CL (large and small). Another of my directs came in last week and announced the news, but not to worry, he said, we'll take care of the filings, paying the taxes etc. He said no more BOPs, everything is a package, E&S, and auditable. No direct bill installments either. Paid in full or finance it (on agency bill). Oh, no more umbrellas and don't even think about sending us a piece of business in the 5 boros (NYC, Brooklyn, Queens, Richmond, Kings). I've been through many hard markets before, but this one has me worried when I see Allstate, etc losing billions quarter after quarter. These large carriers are under a lot of financial stress.

 

[Markthebroker]

I'm here in Ca. It's not much better over here. I'm just glad I've got lots of appointments. It's a real sh*tstorm, but at the end of the day, the premiums are going up, and so are the commissions.

 

[NY independent]

Every day, more and more stores are closing up here, so they aren't paying the premiums. We used to have 9 diners within a 15 minute drive. Now there are 2. Bakeries are gone. Fast food is fleeing. All of our Rite Aids just closed. I went to Dick's sporting goods today and I saw 7 shoppers total at 11:30am. It's just a bunch of nail salons, dollar stores, and vacant stores for the most part. It's a shame.

 

[Markthebroker]

Every day, more and more stores are closing up here, so they aren't paying the premiums. We used to have 9 diners within a 15 minute drive. Now there are 2. Bakeries are gone. Fast food is fleeing. All of our Rite Aids just closed. I went to Dick's sporting goods today and I saw 7 shoppers total at 11:30am. It's just a bunch of nail salons, dollar stores, and vacant stores for the most part. It's a shame.

Yeah, I think online shopping is part of it, but at least in Ca the rampant retail crime is causing many to shut down as well.

Food service has always been high turnover.

I write very few restaurants or retail for that reason.

 

[adjusterjack]

5 boros (NYC, Brooklyn, Queens, Richmond, Kings).

Couldn't let that pass.

NYC is not a borough.

New York City is comprised of 5 boroughs which are also counties of New York State:

The Bronx is Bronx County
Brooklyn is Kings County,
Manhattan is New York County
Queens is Queens County
Staten Island is Richmond County

 

[Markthebroker]

Couldn't let that pass.

NYC is not a borough.

New York City is comprised of 5 boroughs which are also counties of New York State:

The Bronx is Bronx County
Brooklyn is Kings County,
Manhattan is New York County
Queens is Queens County
Staten Island is Richmond County

 

[somarco]

rampant retail crime is causing many to shut down as well.

Wow! Who would have thought the "no arrest or jail for misdemeanor" would have such an impact?

Smash and grab mobs rolling up in Navigator's with dark windows seems to be the norm now days. I guess it is safer to go to the liquor store or ATM rather than high end stores with jewelry and high fashion clothing.