Stay informed about the trends in the P&C and benefits industries.
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 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.
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.
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.