Stay informed on emerging issues and trends in the insurance industry.
Our Q2 2020 State of the Market report provides a holistic view of highly impacted industry segments as well as overall market trends. This report is designed to help our retailers gain the knowledge they need to retain accounts, write new business, overcome challenges and capitalize on opportunities that do exist.
Severe weather can be unpredictable and strike at any time. Help your clients be prepared in the event their property is damaged by a hurricane, tornado, hailstorm or similar disaster with these 10 catastrophe claim tips.
As a result of the COVID-19 crisis, our industry is facing a broad array of challenges that impact insureds of every size and in every industry. In the first of a series of webinars, we hear from an economist on the financial impacts of COVID-19 and what we can expect in the future. This webinar is intended to complement your conversations with clients about how to plan for the next 12 to 24 months.
This podcast features an update from John Neal, CEO of Lloyd’s, on the state of the Lloyd's market and their response to COVID-19 as well as a panel discussion with London Property underwriters on how they view the pandemic's impact both the Property sector and their syndicate's business.
This podcast features an update from John Neal, CEO of Lloyd’s, on the state of the Lloyd's market and their response to COVID-19 as well as a panel discussion with London Casualty underwriters on how they view the pandemic's impact both the Casualty sector and their syndicate's business.
This podcast features an update from John Neal, CEO of Lloyd’s, on the state of the Lloyd's market and their response to COVID-19 as well as a panel discussion with London Professional Lines underwriters on how they view the pandemic's impact both the Professional Lines sector and their syndicate's business.
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.
Loss of revenue caused by stay-at-home orders due to the coronavirus pandemic has affected small businesses and the insurance industry serving them significantly. As retailers and carriers prioritize their focus to adapt to the “new normal” of daily transactions, underlying market dynamics remain unchanged. In this article, our experts share their insight on the current changes that we are seeing the small business and personal lines market, and how to navigate the market a this time of uncertainty.
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.
For decades, the logistics insurance market has been considered a sub-market of the cargo or ocean marine market. However, the continual rise of e-commerce and its effect on the global supply chain has carved out a complex and expansive industry niche. This article provides insight into the various lines of coverage, the specialized underwriting approach, and rate surges within the U.S. logistics insurance market.
During the COVID-19 pandemic, Lloyd’s remains open for business and syndicates have successfully transitioned to working from home. However, there are notable changes in how the London market is approaching business. In this article, specialists from THB, AmWINS’ London broker, share their insight on consistent themes across the London Market as well as updates on various lines of business.
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.
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.
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.
Public entities are facing a climate of change as the market continues to harden and insureds are faced with double-digit rate increases in property and liability. Contributing to this disruption are statute of limitation changes for sexual abuse victims, which have extended or removed the time limit for which a victim can file a claim. This article examines the impact of increased claim activity and discusses considerations that need to be made to better manage costs during this time of uncertainty.
The disruption to business and everyday life caused by the coronavirus (COVID-19) pandemic is resulting in an economic impact for insureds. Much of this disruption is likely not covered by insurance. We have consulted with several AmWINS insurance specialists across the Property, Casualty and Professional Lines sectors and offer a COVID-19 update.
Rates are up 20 percent and capacity is more pronounced as a result of catastrophic weather on both coasts combined with Llyods’ significant shift away from personal lines. Read more about how the trends we saw emerge in 2019 will continue in 2020 even for large agencies that have historically been able to withstand the struggle to place personal lines in the E&S market.
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.
Given the rapid growth and the normalization of cannabis as an industry, various operations throughout the cannabis distribution chain continue to face unforeseen financial exposures. This article addresses these exposures and four key areas of professional lines coverage that retail agents should access to ensure that they are offering a complete portfolio of protection to their clients within the cannabis industry.
While the inherent risk of bodily injury and property damage exists each time a contractor begins a project, the economic loss exposures are not always as apparent. The increase in the number of construction projects in the United States, coupled with the expanding roles and responsibilities of contractors, has created a perfect storm of exposure to economic losses for contractors within the construction sector. This article examines the Professional Liability policies available for contractors and how they would respond in common claims scenarios.
Having a superstar personality associated with a brand can create buzz and drive revenue. However, high-visibility individuals can also come at a high unintended price if their misbehavior creates a public scandal. This article examines modern disgrace insurance and how social media has created the need for a product that differs from traditional management liability and legacy products to help companies manage celebrity risk.
Disgraceful behavior incidents by celebrities and entertainers are at an all-time high and can be costly, both financially and reputationally, to the consumer brands, sports teams or production studios that employ them. These scenarios of recent disgrace events provided by SpottedRisk, creators of the modern Disgrace Insurance product, that illustrate how a claim would have been triggered under this product.
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.
The use of drone technology in the construction industry can revolutionize the lifecycle of a project and provide a contractor with a competitive edge. With the significant increase in the usage of drones, it's important that contractors employ sound risk management strategies and analysis in order to protect their business. This article explores the benefits of utilizing drone technology, associated risks, and legislative issues, as well as insurance coverages to consider.
Could parametric insurance help narrow the insurance coverage gap? These case studies provided by Lloyd's risk insight team examine the need for a product that provides effective coverage with transparent claims service and automated responses to customer loss. With data indicating that a large percentage ($162.5bn in 2018) of global economic losses derived from natural catastrophes in the past 10 years were uninsured, the concept of “staying afloat" versus being “made whole" appears to be gaining popularity. Learn how parametric insurance can help manage risks ranging from earthquake damage to market volatility.
The complicated nature of claims filed under the United States Longshore and Harbor Workers' Compensation Act can create confusion and frustration among employers. In this article, the Director of Claims at The American Equity Underwriters, an operating company within AmWINS Underwriting, addresses some of the more sensitive questions related to fighting or denying claims.
The term “freight forwarder” doesn’t have a singular definition; rather, freight forwarders are identified by the services they provide and the geography in which they operate. Coverage for Freight forwarders is equally complex and includes numerous coverage forms to account for all types of exposures. This article details the various types of freight forwarders, how the services they provide can impact coverage needs, and key factors to consider when working with a carrier or MGA partner.
The small account sector has not been immune from the hardening conditions seen elsewhere in the excess and surplus marketplace. Significant changes from a year ago include the tightening of underwriting rules, increasing rates, and reductions in available capacity. Read more about the commercial and personal lines issues currently shaping the space.
As the U.S. economy continues to move forward, one of the fastest-growing industries is Logistics and Freight Forwarding. With more and more Freight Forwarding startups entering the space, it is becoming a highly competitive environment. Added services, such as Shipper’s Interest policies, can be a key differentiator and competitive advantage for a forwarder. This article provides insight into the benefits of offering a Shipper’s Interest policy and how it differs from a Cargo policy and other essential coverages.
As the market for habitational casualty insurance continues to harden, both primary and excess carriers are being more selective, raising prices and attachment points, and are increasingly unwilling to consider risks with claim-frequency issues. Given these conditions, insureds can potentially reduce their claims expenses by moving from a deductible to a self-insured retention (SIR) program. This article explains how an SIR works, the types of insureds that can benefit from taking control of their claims management, and the benefit of partnering with a TPA to handle the administrative component.
As a result of significant storm-related losses in recent years, insurance companies are obligating policyholders to take on increased risk-sharing of storm losses via deductibles. In addition to the storm deductible categories of named storm, hurricane, flood, and wind/hail, policyholders must now contend with the newer convective storm deductible. This article explores the definition of convective storms, the importance of clear policy wording in the application of storm deductibles, and understanding specific risk concerns by location.
Anti-stacking provisions are designed to ensure that an insurance company will not apply multiple sets of limits to a single loss event. These provisions can have a significant impact on claims and may be designed for application to intra-policy and inter-policy loss events as well as deductibles. Through various examples and scenarios, this article explains what anti-stacking provisions are, how to identify them in a Property, Casualty or Professional Lines policy, and what they mean to policyholders.
The explosive growth of the sharing economy – businesses offering goods and services through digital platforms that match consumers and providers – presents tremendous opportunity for retailers to market insurance and risk management services to a new breed of businesses. However, the regulation of shared-services is complex, continuously growing and can vary at the state and local level. This article provides insight into the regulations and laws impacting insurance for this industry and key questions to ask when considering the right insurance program for your sharing economy customers.
Causation can play a key role in determining whether a claim is approved or denied, particularly as it relates to commercial property insurance coverage. According to the doctrine of efficient proximate cause, if a covered peril sets in motion a chain of events, the loss is covered. This article examines various concepts regarding causation and their implications, as well as the concurrent causation doctrine adopted by states that do not follow the doctrine of efficient proximate cause.
In November 2018, the FDA released new guidance on how and why it will utilize its statutory power to mandate recalls under the Food Safety Modernization Act (FSMA). To adapt to the new requirements, companies face a financial burden related to improving technology and allocating appropriate labor. This article provides insight into the FSMA and the importance of an insurance policy that responds to government intervention and mandated recalls.
With another hurricane season just a few months away, now is the time for retail brokers to ensure that they are aware of policy elements and language that can have a significant impact on coverage in the event of a hurricane or named storm loss. This article examines key issues and challenges that may affect coverage and how to address them in order to achieve the best coverage solution for your client.
When a company suffers a loss to a fixed physical asset, such as when a fire damages a building, the insured may incur an interruption to their business which can result in the loss of income and the incurrence of expenses. This article examines how Business Income and Rental Value Income losses in a Property policy may treat depreciation after the damage or destruction of a fixed physical asset, numerous factors that impact the treatment, and how to mitigate claim disputes.
As we head deeper into the first quarter of 2019, one thing is clear: changes are coming to the insurance marketplace that buyers and brokers alike will experience as the year progresses. Carriers are feeling pain, not just in commercial auto and problematic property sectors, but across many other areas of property and casualty as well. This is leading to a reaction that we’ve already begun to see and that was recently highlighted at the 2019 Wholesale & Specialty Insurance Association (WSIA) Underwriting Summit.
When the housing market crashed in the 2008, many people turned their secondary homes into income-producing properties. The need for specialized insurance for short-term vacation rentals was recognized with the introduction of online booking websites such as AirBnB. However, standard homeowners insurance policies provide minimal coverage for business activities in the home. This article identifies potential coverage gaps and how rental endorsements can address these coverage issues.
Social engineers exploit human emotions, rather than using sophisticated software or hacking technology, to bypass the most iron-clad security measures. In the second part of our Social Engineering series, we identify examples of schemes employed by social engineers and how to design and implement comprehensive security practices to mitigate the risk of a loss.
Increased regulations have made pure technological cyber-attacks more difficult and costly, causing cyber criminals to shift their focus to social engineering. Although traditional commercial crime policies contain a computer fraud and funds transfer fraud insuring agreement, courts have generally held that claims arising from incidents where the insured voluntarily transfers funds – many of which arise from social engineering – are not covered. This article examines key court rulings and how to fill in potential coverage gaps.
Changes in the alternative capital space and the London marketplace raise the stakes for retailers. In the Q1 update, our experts discuss the global reinsurance market and how to be well positioned to make use of alternative capital as well as how performance management at Lloyd's could impact capacity in 2019.
With rapid expansion of social media and blurring of company officers' personal and official personas online, the D&O risks for companies have grown significantly. This article examines the fallout from Elon Musk's infamous tweet about Tesla stock to illustrate how an officer's social media presence is a potential risk factor. With the market at a critical juncture in the underwriting of D&O coverage, this article also provides insight into essential risk management components.
Many businesses that depend on the export and import of goods contract with freight forwarders to manage the intricate logistics of international trade. As the number of freight forwarders operating in the United States continues to grow and their roles continue to expand, new risks are being generated that require quick adaptation and innovative underwriting solutions. This article identifies the ever-evolving risks that freight forwarders face and explores coverage options for this growing market.
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.
Speed, efficiency, and customer service are essential to earning program business, especially in the current competitive environment. Learn more about changes in the underwriting program space in the Q3 State of the Market report.
Every industry has exposure to cyber risks, including transportation and logistics. While these industries worked from paper and wheels for many years, now there are both internal and external networks that are critical to operating in this industry group. This article discusses the unique cyber risks facing the transportation and logistics sector, coverages to address these threats, and proactive cyber risk management tools.
The theories of recovery, as well as the ensuing loss provisions, contained in property insurance policies are often complex and, at times, seemingly in conflict. Although a policy may not directly address these theories, their application by courts plays a significant role in the coverage determination process after the claim. It is essential that brokers understand the primary theories of recovery – Efficient Proximate Cause, the Concurrent Causation Doctrine, and the Anti-Concurrent Causation Doctrine – in order to navigate the challenging post-claim process and effectively serve their clients.
A common complication during the claim process is the late reporting of claims. In some cases, a late claim can put the agent or broker's own E&O policy in jeopardy. There are many reasons for missing a reporting deadline; however, in most cases, they will not matter to the insurer or the courts. This article discusses typical claim reporting requirements, common causes of late reporting, and recommendations to mitigate the risk of late notice claim denials.
In 2018, companies within the energy sector rely heavily on technology to perform daily operations. With this increased connectivity comes increased cyber risk. As threats continually evolve, it is virtually impossible to adequately prepare for every type of cyber-attack; however, appropriate insurance coverage can play a key role in mitigating risk. This article discusses energy-related claim trends and the value that Cyber Liability policies can add to your coverage offering for energy risks.
One of the biggest misconceptions regarding California Earthquake coverage is that it is a straightforward and elective coverage. With the lowest frequency in the CAT space, this peril is often misunderstood. However, one large event with subsequent aftershocks could result in significant losses. We have compiled a list of the top 10 misconceptions about placing CA Earthquake coverage which can help you understand this peril and what is truly being offered.
Catastrophic event property deductibles (“CAT deductibles”) differ from traditional property insurance deductibles in that they result in significantly higher out-of-pocket expenses for the policyholder for specific perils. Policy wording is crucial to determine the potential financial impact of these high deductibles. This article discusses the three most popular forms of CAT deductibles and how you can protect your clients from substantial financial burden in the event of a CAT claim.
When a storm event occurs, multiple perils often intersect, creating a very challenging environment for a policyholder to prove their loss. Whether these perils are insured by an insurance policy, and if so to what extent, depends on the terms, conditions, definitions and exclusions in the policy. This article discusses the difference between wind-driven rain and rising water, the broad impact of using wind-driven water verbiage, and the importance of clear policy wording concerning water perils.
The Thomas Fire, the largest fire in California's history, subsequently led to a mudslide on January 9, 2018, which caused a massive amount of damage in Santa Barbara and Ventura counties. The California Insurance Commissioner has issued a formal notice reminding carriers to pay for damage, citing the "efficient proximate cause doctrine." This article takes a closer look at the doctrine and how it has been challenged in court over the years.
A professional services exclusion is found in most private company D&O policies, as well as in D&O policies issued to publicly traded companies that provide professional services, such as banks and financial advisory firms. Seemingly minor differences in the wording of the exclusion's policy terms have caused numerous claim denials. Learn what you can do to protect against insureds being caught by surprise by a carrier's denial based on an expansive reading of an exclusion.
In 2017, the issue of sexual harassment – especially in the workplace – gained greater awareness as accusations of harassment by high-profile individuals were constantly in the news. In many cases, sexual harassment lawsuits seriously impacted businesses and their respective insurers. Employment Practices Liability Insurance not only provides protection against employee lawsuits, but can also help your clients mitigate their sexual harassment risks.
Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law. Compliance with ordinances and laws after a loss can add 50% or more to the cost of a claim. This article will help you educate your insureds on exclusions and limitations and help them take a proactive approach to their insurance program.
In early 2017, the American Institute of Architects (“AIA”) introduced updates to its form construction contract documents, including a new exhibit that addresses insurance requirements between the owner and contractor. Since these forms are considered construction industry standards, it is important for those handling insurance and risk matters for the construction industry to be aware of these changes to insurance requirements.
The False Claims Act (FCA) is a law that imposes liability on persons or companies who have defrauded government programs and is the primary litigation tool used in combating fraud against the government. These tips and trends will help you navigate the changing healthcare landscape under the FCA.
Due to the Doctrine of Negligent Entrustment, the consequences of allowing an employee with a poor driving record to operate any motor vehicle for work purposes extend beyond a possible traffic violation or accident. These seven tips will help you to proactively manage your drivers and maintain your CDL files as part of your fleet safety program.
The number of food contamination recalls continues to grow at a record-setting pace. In large part, the exponential increase in food recalls is a result of government regulatory bodies’ growing use of Whole Genome Sequencing (WGS) to identify the source of the contaminants. This article discusses the revolutionary impact of WGS on the food production industry.
While policyholders should strive to provide the insurer with complete and accurate values for buildings and business personal property that are the subject of insurance, policyholders should also understand the basic workings of the coinsurance condition. In this article, we'll see an example of the potential penalties for underinsurance, the agreed value option, blanket limits and margin clauses.
Recent court rulings, have extended the Americans with Disabilities Act (ADA) to apply to websites that are ‘heavily integrated’ with and serve as a ‘gateway’ to a physical stores/services. As a result, companies are now finding themselves targets for ADA claims based on the inaccessibility of their websites and media by those who are disabled. Learn how you can protect your clients.
While insurance may protect a tenant against subrogation by a landlord’s insurer, the liability of the tenant to the landlord is ultimately a question of law. As a result, any defense to a tenant’s liability is the practice of law. Learn the importance of consulting qualified legal counsel regarding questions of tenant liability, including the consideration of the various approaches to limiting that liability to the landlord.
Underground storage tank (“UST”) regulations are intended to safeguard public health and safety, as well as reduce the economic impacts of a UST system failure. This article discusses developments set forth in the most recent federal UST regulations, which became effective in October 2015.
Insurance-Linked Securities (ILS) provide alternatives to traditional indemnity-based insurance products by allowing investors to provide capacity, primarily on property catastrophe risks. Whether purchased in addition to a traditional program or in lieu of a traditional setup, ILS arrangements may offer a more efficient use of capital and can be fine-tuned to meet the needs of the insurance buyer.
Recent changes to English insurance law have replaced the doctrine of “utmost good faith” (uberimmae fidei) with the new principle of “fair presentation,” but the doctrine remains unchanged in United States federal maritime law. Will we see the strict doctrine of utmost good faith replaced by the principle of fair presentation in the U.S.? Inconsistency in recent federal court decisions provide insight into this possibility.
In today's sharing economy, millions of people rely on strangers to provide services and goods to them through various online platforms, such as Uber. Sometimes, however, problems can arise within the corporate structure of the sharing platform itself or arise out of the exchange. As a result, adequate insurance is an important consideration for those who wish to engage in the sharing economy.
The engine and cars that come down the track are only a small part of the property of any railroad operation. Property exposures are as diverse and complex as railroads themselves and require a specialized approach to navigate the insurance marketplace.
The manufacturing industry contributed to over 12% of the U.S. economy in 2015, and this number is expected to increase. While new growth in production and sales is a positive development for businesses, it may also open the door to an elevated and often misunderstood insurance risk: financial damages not caused by bodily injury or property damage.
The Commercial General Liability policy (CGL) is an essential factor in the equation that consists of building planning, financing, construction, operation, and protection from risk. Standard ISO form CGL policies contain an insuring clause subject to long-standing exclusions, which have been the subject of interpretation and case law over the years. This article focuses on the operation of the form’s exclusions j, k, and l.
Owners and developers involved in construction projects must deal with the inherent risks involved with such projects. Their options are typically limited to avoiding, assuming, controlling/mitigating, or transferring the risk. This article addresses the most common risk transfer options.
In the event of a cyber attack, the Directors & Officers (D&O’s) of a company are often held liable. D&O's should ensure they have comprehensive insurance coverage as well as mitigate their cyber liability exposure with these three steps.
The financial markets' crisis and the failure of major banks, securities broker/dealers and insurers together with an upswing in cases of fraud has meant that investors are profoundly concerned with the protection of assets they have entrusted to others. Fortunately, there are statutory bodies and insurance policies in both the US and Canada which have been created to address these concerns.
When a cement truck turns over and pollutes a stream, how is that insured’s exposure addressed? If a freight hauler is unloading drums of soap and one of those drums turns over and spills into a storm drain, how will the insured be protected? In the environmental marketplace, carriers will offer transportation pollution liability coverage to address these exposures.
Arbitration is becoming a frequently preferred method for dispute resolution, especially in commercial matters and those involving consumer contracts. While there are many positives to arbitration, there are also drawbacks. This article discusses the basis and background of arbitration and current trending and emerging subjects.
The Federal Motor Carrier Safety Administration mandate which requires nearly all U.S. truck operators to use electronic logging devices (ELDs) to track duty status has been upheld in court and will take effect December 16, 2017. The mandate will impact not just the trucking industry, but the trucking insurance sector as well.
With ample capacity in nursing home and long-term care liability insurance, competition remains strong among carriers. However, the convergence of three separate events are threatening to create a perfect storm in the marketplace.
In response to the masses becoming more aware of cyber-attack techniques, hackers have countered with more sophisticated attacks, such as CEO Fraud, also known as Social Engineering Fraud. How we do we address this increasing risk as an industry?
For 10 years, rates and retentions for self-insureds have been steadily (sometimes drastically) increasing. The good news is there's a way to fight the increases, though it has little to do with insurance.
Multi-family real estate insurance has become a difficult class to place - many markets have either exited the space or tightened their guidelines. Here are three ways that you can help present risks in the best possible light for underwriters.
P&I insurance, which is liability coverage for vessel owners, is subject to many exclusions and special conditions. Often, we see instances where the P&I insurer declines defense and indemnity in cases involving injuries to crew members. Here's a closer look at why.
Despite the heavy burden on employers, since its inception, OSHA's programs and policies have dramatically improved employee safety. It's important that employers know about OSHA requirements and exemptions, which could make or break a citation defense.
With the economy on the rebound, carriers have started to again offer multi-year policies for banks, but on a selective basis. Deciding if a multi-year policy makes sense for your insured requires careful consideration, and they can provide many benefits over traditional annual policies.
Property damage doesn't always mean there was an alteration to structure or contents. In this article, we review a court case in which harmful air quality was ruled as causing “direct physical loss of or damage to” the company’s property.
During and after a construction project, commercial general liability and project-specific policies may not fully protect building owners against any and all risks faced. This article addresses two unique areas which should be carefully considered to ensure proper coverage.
Ingredient manufacturers sell their product to other manufacturers who use it to make other products, some of which are ingredients themselves. This positions ingredient manufacturers uniquely in the event of a recall, since they may need to indemnify large financial losses sustained by multiple third parties.
Responding in large part to the increase in construction defect litigation, the state legislatures have enacted provisions to provide certainty and to limit the time in which a party may bring suit for a defect claim. In this article, we discuss the importance of understanding the applicable statutes of limitation and statute of repose for a given jurisdiction, as well as the interplay of those statutes with other provisions.
When a U.S. maritime worker leaves the U.S. on temporary overseas assignments, are they still covered by the Longshore Act (USL&H)? Or are they covered by state workers’ compensation laws? The short answer is: it depends.
In this article, we review the insurance requirements and considerations when it comes to a builder’s risk policy, including coverage for soft costs and delay in startup/loss of income.
Not licensed. Insolvency. No guarantee of claims payment. These words on a policy can cause concern to insureds, especially those with little to no experience with the excess and surplus lines marketplace. Understanding the reasoning behind these disclosures will help you put your clients at ease.
In the first article of our two-part series, we provide a background and introduction to sustainable construction, including essential vocabulary that parties should consider before undertaking a "green" construction project.
The most significant liability threat for companies after a data breach could be from their business partners, including banks and payment card processors. This article details what merchants and their brokers need to know to ensure their coverage matches their needs and expectations.
Many business owners and operators incorrectly assume that their general liability policy will cover them from pollutants and bacteria, such as legionella. In reality, to properly cover such exposures, an Environmental Impairment Liability policy should be purchased and considered a cost of doing business.
Looking for ways to limit the Insured vs. Insured exclusion in your client's D&O policy? By considering the amendments recommended here, you may be able to negotiate broader coverage for your client.
With the National Flood Insurance Program (NFIP) facing excessive losses, legislative mandates and a growing deficit, the private sector is presented with one of the largest growth opportunities in the P&C market today. But can the challenges causing NFIP’s problems be adequately addressed by the commercial market?
An evolving and dynamic area of law, “right to repair” statutes require homeowners to notify builders of claimed defects and to provide them with an opportunity to repair the defects before taking legal action.
During a construction project, much of the risk is with the contractor. However, the owner of the project also has the potential for liability. Give your clients more adequate protection during construction with an Owner’s Interest policy that includes extended completed operations insurance.
Motor carriers must continually battle the Safety Measurement System (SMS) and the public misperception its data creates, which often leads to higher premiums and difficulty obtaining coverage. Is there a clear solution to the problem?
The resurging construction industry means that builder's risk submission activity is on the rise. As such, it's important to understand this line of business. Here's an overview of some things to consider on a builder's risk policy.
Liquor liability is a complex coverage that is becoming increasingly difficult to procure, but with a proper understanding of the type of risk, venue and location, you can more effectively position your clients for success with underwriters.
When it comes to writing insurance requirements for contractors, there is a delicate balance to strike: protect insured interests while being reasonable and clear to contractors. This article discusses the importance of diligence in overseeing and enforcing such contractor insurance requirements.
Litigation over whether a Commercial General Liability (CGL) insurance policy provides coverage for faulty workmanship claims is rapidly evolving. This article discusses situations where faulty work is considered an occurrence, when "property damage" becomes a factor, and how the "your work" exclusion and the subcontractor exception applies.
At a time when many borrowers are taking advantage of record-setting low interest rates by refinancing their loans, regulatory changes are causing lenders to be more cautious than ever as they transfer the risk of unpredictable events to insurance carriers. This article will look at some examples of lender requests and possible ways to counter them.
An endorsement like a CG 20 37 or similar can help provide options for completed operations coverage for additional insureds that might otherwise be overlooked or unavailable.
Additional insured endorsements are not a universal remedy and coverage is contingent on making sure a written agreement or contract is in place, with the named insured specifically adding the people or organizations included.
Obtaining coverage for Exterior Insulation Finish Systems, or EIFS, use can be a challenge. That's why understanding the intricacies of these commonly used building applications are so critical.
In part one of our article series, AmWINS and Rockhill Environmental teamed up to show some examples that can lead to a loss. Now, in Part II, we outline some leading questions to help clients determine environmental exposure.
The extent to which the contractual liability exclusion applies can vary, depending on geography, the applied agreements and even the level of liability that can be imposed under general law. While each case may be unique in its own right, it’s important to examine the variables that can factor into claims to see in which capacity contractual liability exclusions could apply.
When an employer shifts its employees to a leasing agency or Professional Employer Organization, what happens to the employer’s Employment Practices Liability exposures? Without careful consideration, this transition can create coverage gaps and other complications, making consultation with a financial services professional an important part of the transaction to ensure clients are properly covered during this change.
A close look at a garage liability policy will likely reveal a number of coverage gaps and exposures that could have a dramatic impact on balance sheets in the event of a claim. While these packages are the industry norm, identifying potential gaps and the stand-alone solutions that can supplement the garage package policy will go a long way in helping protect clients before it’s too late.