The pandemic has had a profound impact on the hospitality and service industry. This also extends to aspects of the sharing economy including short-term vacation rentals and transportation network platforms. This article takes a closer look at COVID-19’s impact on these platforms and insurance coverage implications that retail agents should be aware of.
When your client's business has suffered a loss, so much of how they respond afterward is predicated on how well they've prepared prior to it occurring. Emergency response preparation is invaluable in the event of an unforeseen loss. This article offers questions to ask your clients and tips to develop an effective response plan.
With capacity continuing to constrict, especially in the higher excess layers, the casualty market presents many challenges to buyers. These market conditions, which are often driven by claims, are expected to continue for at least 18 months. Our Q3 State of the Casualty Market report examines these issues as well as impacts across several industry segments.
Professional lines has always been a diverse market, varying widely in capacity, pricing and underwriting appetite among the different segments. Today, difficult market conditions exist across most segments, as carriers struggle to adapt to new challenges and brokers work to replace lost capacity. The Q3 State of the Professional Lines Market report examines trends across several of these segments.
The current Property market is not what most would consider a “traditional hard market,” where demand exceeds supply. Despite a strong capital position, most of the property market continues to harden at an increasing rate. In addition to the usual drivers, several new or heightened factors are affecting the market. Our Q3 State of the Property Market report examines these issues as well as impacts across several industry segments.
Do you know what PFAS are? Did you know that they can cause health issues and that you're likely exposed to them every day in household items and drinking water? This article explores the world of PFAS, including government regulations, exposures and coverages for the businesses and municipalities at risk for lawsuits or remediation costs.
Umbrella or Excess; Stand Alone or Follow Form. These may seem like common terms in our industry, but do you really know the difference? This article takes a closer look at various Umbrella policies, debunks common misconceptions and helps you determine which is best - before a claim is denied.
In true 2020 fashion, this week is shaping up to be a historic weather event with Tropical Storms Laura and Marco headed for the Gulf. Numerous catastrophic events combined with the precarious economic environment continue to impact market conditions. AmWINS is on your team, especially now. This special report provides claims resources and market insights.
Employment practices liability (EPL) insurance in the U.S. marketplace has always been affected by social trends. This article explores the top factors influencing buyer behavior, product development and underwriting appetite associated with EPL coverage.
Warehouse Legal Liability is a complicated line with many gray areas and multiple interpretations of its coverages. This article discusses coverage triggers, legal vs. contractual liability and the importance of warehouse receipts.
In the current economic climate, many small businesses are struggling and some may even fail. Despite these challenges and the continued hardening market, there is opportunity for retailers to write and retain business. This article provides guidance on navigating the complex small business marketplace and helps retailers fine tune their understanding of what insurable risks will look like over the next 12 to 24 months.
Product recalls are one of the most damaging events a business may encounter. In order to effectively respond to an incident, companies must be prepared with proper risk management strategies. As policy wording varies, it's also critical to ensure your clients have the right policy type in place to appropriately address their first- and third-party exposures.
As the healthcare industry remains on the front lines of battling the COVID-19 pandemic, staying abreast of the changing landscape and how the insurance market is adapting is critical to ensure new exposures are covered and renewals are successfully placed. In this article, our specialists share what they are seeing in the Healthcare and Senior Care markets, tips for risk control and mitigation, and how to get the best results for insureds.
Ninety-eight percent of all United States counties were impacted by a flood event in 2018, yet many property owners remain unaware of their true risk of flood or what their existing policies cover. This article highlights key statistics about flood risk and outlines the differences between the National Flood Insurance Program and private market flood insurance.
The COVID-19 crisis has created a rapidly changing environment for the Professional Lines market. With the uncertainty of how claims will develop and the potential for increased exposure, retailers must be proactive. In this article, AmWINS specialists share their insights on why this is more important now than ever, including reactionary underwriting trends, D&O policy exclusions and impacts to EPLI, as well as the threat for increased cyber attacks and crime losses.
The disruptive impact of the COVID-19 outbreak on supply chains is already having a pronounced effect on the world of logistics and logistics insurance. Port closures, demand surges and production shifts are requiring nimble response to keep up with change. This article arms insurance brokers with the information needed to understand the changes taking place and plan for what is likely to occur in the months ahead.
The Casualty market’s response to COVID-19 is continuously evolving. With a wide array of factors already impacting this sector pre-crisis, segments of the Casualty marketplace are responding to the pandemic differently. In this article, our industry specialists share overall themes in the Casualty market and take a closer look at how various segments are being impacted.
The COVID-19 pandemic is causing historical disruption to the construction industry. These changes mean that risk mitigation strategies need to be implemented or revisited, policy language should be reviewed, and carriers should be apprised of all changes at the work-site. In this article, AmWINS specialists examine the major areas of concern for Builder’s Risk insureds, including government-mandated shutdowns, supply chain-driven slowdowns and policy wording that could limit coverage, and provide guidance for retailers to achieve the best results for their clients.
There have been a lot of questions regarding COVID-19, in particular about coverage and claims handling. This claims advice is intended to offer guidance to help our retail clients through these difficult times.
Parametric insurance is an innovative product that functions differently than traditional insurance by covering the impacts of an event and not just losses sustained to an asset. Proceeds of the policy are paid quickly and can be used flexibly to cover any expense associated with the triggering event. Coverages can be designed to capture the impacts of natural perils and other forms of non-damage business interruptions such as future epidemics. Learn how the parametric landscape has and will continue to play a major role in improving coverage and the recovery experience.
The claims process can be long and complicated, particularly in the London market, where syndicates operate under the Lloyd’s of London corporate “umbrella.” AmWINS’ London broker, THB Group, handles over $1 billion in claim payments through their award-winning claims team. In this article, THB’s Director of Claims Iain Lebbell explains the role of the London broker and how to navigate the complex claims process at Lloyd’s in order to achieve the best results for your insureds.
The use of controlled insurance programs (CIPs) in construction projects has become increasing popular in both the private and public sectors. CIPs provide insureds with many advantages, including streamlined risk management in projects where it would otherwise yield insufficient, inconsistent, or redundant insurance coverage. This articles examines the advantages and disadvantages of CIPs, OCIPs and CCIPS and when its makes sense to utilize them for your clients.
Over the last few years, the legal cannabis industry has seen rapid growth and had a significant impact on the U.S. economy. With states continuing to legalize its use, insurance needs for cannabis-related businesses are becoming a popular topic of discussion. This article examines the evolving cannabis industry by exploring five key issues impacting coverage.
Construction contract negotiations, which determine the kind and amount of insurance required for a construction project, can be time-consuming, complicated and frustrating. Project owners require contractors on a project to name the project owner as an additional insured on the contractor’s casualty insurance program. It's important that both project owners and contractors understand the coverage provided by these additional insured endorsements. This article discusses four common ISO additional insured endorsements related to commercial general liability policies purchased by contractors, including their limitations, conditions and exclusions.