New York City Sidewalk Café Insurer Rating Requirements
Columbus, Ohio, August 2, 2017: The New York City Department of Consumers Affairs (DCA) has added Demotech to the list of companies from whom DCA may accept insurance company ratings. A business seeking a sidewalk café license in New York City must satisfy certain insurance requirements, including that the company providing the insurance be rated sufficiently by a company approved by the City. DCA may now accept Commercial General Liability insurance from a company that earns a Demotech Financial Stability Rating®(FSR) of A or higher.
According to Joseph L. Petrelli, President, Demotech, “Demotech is pleased to expand the number of financially stable insurers competing to satisfy the sidewalk café insurance requirements set forth in the provisions of subdivision (c) of section 2-57 of Title 6 of the Rules of New York.”
Sharon M. Romano, CPCU, AIAF, CCP, ARC, Vice President and co-founder, Demotech, noted “expanding the number of financially stable markets competing for Sidewalk Café business will assist business owners, producers and consumers. We appreciate the timely due diligence and review by the Department of Consumer Affairs.”
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in determining the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by providing accurate and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of the financial stability of an insurance company and provides an objective baseline into the future solvency of a company. It is Demotech’s philosophy is to view an insurer as a functional entity, based on sound business practices and expertise rather than financial size. Demotech’s philosophy was the catalyst underlying the Demotech Company Classification System utilized to identify carriers by the business strategy underlying the implementation of their operations rather than categorizing carriers based upon size. Visit www.demotech.com for more information.