Cyber events don’t always just result in financial loss but can also cause first or third-party bodily injury or physical damage. In response, many insurers have adopted various exclusions, sub-limits and changes to non-cyber insurance policies. This issue of non-affirmative coverage for cyber events is known as silent cyber. Through various claim scenarios across coverage lines and industries, this article explores the wide range of insureds that are at risk of a silent cyber incident.
Businesses of all types rely on the laboratory testing services industry to perform tests on items ranging from consumer goods and food products to construction materials and industrial components. Since testing labs span numerous industries, each with their own regulation standards and risk factors, insureds need a policy that is designed to specifically address their unique needs. This article highlights four areas that should be thoroughly considered when developing a coverage plan for testing labs.
Finding coverage for an experienced motor carrier with an above average safety history should be an easy task. However, coverage is often determined by the way a risk is presented - and interpreted. Usage of tools like Central Analysis Bureau (CAB) reports are critical not only to understanding a motor carrier’s risk but also to identifying what further actions need to be taken to research items in question. This article highlights common issues that raise questions when reading a CAB report.
Social inflation is an issue that continues to gain intensity. The term describes the convergence of societal and legal trends resulting in increased litigation and larger jury awards. As these cases are tipping in the plaintiff’s favor, social inflation is adversely impacting insurance capacity and increasing pricing. This article explores the issues driving social inflation, mitigation strategies and what the future holds for impacted sectors.
Despite the ongoing pandemic and hard market pressures, the London marketplace has demonstrated its resilience. In the Q4 State of the London Market report, our London specialists at THB take a closer look at what's happening at Lloyd's and examine market conditions across several segments.
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.
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.
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.
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.
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.