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 […]
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 […]
May 24, 2022
Equipment Breakdown insurance — formerly called Boiler & Machinery insurance — covers much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting property damage or bodily injury. Today, few businesses use […]
May 14, 2022
An article in the May 2022 issue of National Underwriter by Daniel Turgel outlines “How artificial intelligence [AI] is moving the insurance industry in a bold, new direction.” In the past, the expectation of an accident occurring at some point was pretty much the main reason motivating a business owner to buy insurance. Until the […]
April 15, 2022
The short answer is, To protect insureds from cybersecurity risks. Cybersecurity is no longer the emerging risk it was just a few years ago. Rather, it is a clear and present risk for organizations of all sizes, said panelists at the Insurance Information Institute’s (Triple-I) Joint Industry Forum (JIF). This is in large part because […]
March 15, 2022
Several extraordinary events have taken place in the past few years that will influence the role of insurance for many years to come. Boston-based Risk Strategies Co. has identified these events in their latest “State of the Market Report” They are: The COVID-19 global pandemic, impacting businesses across every sector. The rise in frequency and […]
January 14, 2022
In June, plaintiffs were awarded a $222 million verdict against a power company in Kansas for a plant operator killed in a steam accident. In the same month, a jury awarded a bar patron in Illinois $22 million when an employee forcibly removed him from the bar and dropped him on his head, fracturing his […]
December 22, 2021
As underwriters and others use data sets such as those provided and analyzed by Praedicat and Verisk and others to make underwriting decisions (see our story, “The Future of Underwriting”), there is often a fine line between what is public and what is private information. Where does one draw that line? A recent incident reported […]
December 13, 2021
The pandemic has forced us to adapt how we do business and many of these adaptations have made a permanent impact on our world. The tremendous growth in Work from Home (WFH), restaurant food delivery services and virtual meetings mark some of the major changes we’ve seen. In the insurance industry, the focus has been […]
November 25, 2021
Insurance companies are relying more and more on technology for claims handling and underwriting. Two companies, Praedicat and Verisk, recently announced new risk analysis products that your insurance companies may be using soon. Preadicat’s Company Risk Score (CRS) evaluates how risky a company is to underwrite, based on “how exposed a company is to emerging […]
