Insurance News
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How to Reduce Risk in the Construction Industry
July 28, 2022
Recent technologies — from robotics to project management software — as well as better ways to identify and deal with risk are helping the construction industry save money and reduce accidents. Workforce Shortage COVID and its ramifications have placed a strain on finding good workers for most industries. This is no less true for construction. […]
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FEMA Introduces New National Building Code Strategy
July 15, 2022
On April 13, 2022, the Federal Emergency Management Agency (FEMA) released a new building codes strategy, defining the goals and objectives it will pursue to promote the application, adoption and enforcement of hazard-resistant building codes across the United States. The strategy focuses on three core goals: Integrating building codes and standards across FEMA, Strengthening nationwide […]
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What Do Equipment Breakdown Policies Cover?
June 28, 2022
The typical equipment breakdown insurance policy includes the following coverages: Damage to “covered property” at the location named in the policy. Expediting expenses, to cover the costs needed to get insured equipment operational as fast as possible, such as expedited shipping and making temporary repairs. Business income and extra expense. Similar to coverage you should […]
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How Litigation Is Driving Up U.S. Commercial Auto Insurance Costs
June 13, 2022
Social inflation—the impact of rising litigation on insurers’ costs—increased claim payouts for commercial auto insurance liability alone by over $20 billion between 2010 and 2019. This is according to a new paper by Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS). The Triple-I/CAS paper, Social Inflation and Loss Development confirms and […]