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Statement of IIABNY Chair of the Board Jim Sutton Regarding the New York State Insurance Fund's New 'Blanket Waiver of Subrogation' Process

(DeWitt, New York, Mar. 4, 2015) — James D. Sutton, CPCU, AAI, CIC, chair of the board of the Independent Insurance Agents & Brokers of New York, issued the following statement today in response to an announcement from the New York State Insurance Fund. The State Fund said that it has begun offering blanket waivers of subrogation on Workers' Compensation insurance policies.

"I want to commend the State Fund for offering New York employers this new option. The ability to add blanket waivers of subrogation to businesses' Workers' Compensation policies will make doing business much easier for them. This is particularly true for employers in the construction industry. The work contracts they sign often require waivers of subrogation."

"IIABNY and the State Fund have strengthened their relationship by working together over the past year. Today's announcement is yet another sign that the relationship is bearing fruit for the State Fund, the employers it insures, and IIABNY's member insurance agents and brokers. We look forward to working further with the State Fund to ensure a vibrant marketplace for Workers' Compensation insurance in this state that also simplifies business operations."

The Independent Insurance Agents & Brokers of New York, Inc. has represented the common business interests of independent insurance professionals since 1882. More than 1,750 agencies and their 13,000 plus employees currently rely on the DeWitt, New York-based not-for-profit trade association for legislative advocacy, continuing education and other means of industry support. In addition, most IIABNY members proudly identify themselves as Trusted Choice® agents and brokers, a national consumer brand uniting more than 21,000 independent agencies across the United States. For more information, go to www.trustedchoice.com or www.iiabny.org.