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Several small businesses join group urging reform to New York's no-fault lawsPosted On Tue, June 21, 2011
A half-dozen small business owners in New York have joined a coalition urging state regulators to reform New York's no-fault insurance laws in an effort to stop insurance fraud.
"At a time when the State Legislature has cut critical funding across the board, the least it can do is cut funding to criminals who defraud New York's no-fault auto insurance system," said Tim Wong of M&M Environmental Services, one of the companies that's supporting the coalition. "Downtown drivers and small businesses deserve real reforms that will maintain protections for individuals who are seriously hurt in car accidents, but crackdown on 'runners' who stage phony auto accidents and unscrupulous medical providers."
According to Fraud Costs New York, Empire State residents pay the fourth-highest auto insurance premiums in the country.
The most recent organizations to join the group include the Lower East Side Coalition Housing Development, Cheeky Sandwich Shop and YJ Trading. Property Casualty Insurers Association of America, New York Insurance Association and New York State Business Council have already joined.
States with 'no fault' auto insurance laws allow policyholders to make claims for an accident regardless of who is to blame.
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