The Insurance Department held hearings on commercial liability insurance, starting Nov. 7, 2003. (For details, see: http://www.ins.state.ny.us/press/2003/p0310281.htm)

What's up? The Superintendent can establish a residual market, using NYPIUA, for any line or class of commercial insurance. However, the Superintendent cannot act without a public hearing. He must determine from the hearing that a residual market is necessary due to unavailability in the voluntary market.

PIANY survey data: In preparation for these hearings, PIANY surveyed members regarding contractor liability markets. Based on 206 responses, here are the survey results.

Average: 4.0

Average: 4.3

Average: 4.4

Average: 4.5

Average: 3.7

Average: 3.5

Average: 3.8

Average: 4.2