October 28, 2021
Nobody wants to have a loss of course, but you need to be ready. Here are six things to do right now, while you’re safe and sound with no immediate threats out there: Anticipate the kind of loss you might sustain. Which business units are at risk, how will those units respond to an event and […]
October 15, 2021
In the event of a loss here’s what to do: Make “Safety First” Your First PriorityMake sure everyone is safe. You will most likely want to evacuate the damaged property and notify staff, vendors, suppliers and anyone else who should know about the situation. Mitigate DamagesIt should go without saying that you need to protect […]
September 10, 2021
Insurance companies have been denying COVID-related business interruption claims unless the policy specifically includes damage from viral contamination. Attempts in Congress and state legislatures to pass legislation forcing insurers to cover COVID-related losses have been resisted by insurers who point out that paying such claims would make many companies insolvent. The National Association of Insurance […]
August 25, 2021
Commercial surety bonds can generally be divided into five types of bonds: License and Permit Bonds: Required by federal, state, or local governments as a condition for obtaining a license or permit for various occupations and professions. License and permit bonds include auto dealer bonds, mortgage broker bonds, contractor license bonds, and surplus lines broker […]
August 13, 2021
When insurance companies started offering cyber insurance a few years ago, it was to take advantage of what seemed like mostly just a marketing opportunity. In exchange for taking on a minor risk, the principal aim was to capture premium dollars. That was then. A new report from insurance credit rating agency A.M. Best calls […]
July 26, 2021
Surety premiums are only a fraction of property/casualty premiums ($8.6 billion versus $633 billion in 2019), but sureties play a critical role in our economy. According to the Surety & Fidelity Association of America (SFAA), surety contracts protect over $9 trillion in assets. Surety bonds and insurance policies both provide financial security, but in very […]
May 7, 2021
Current federal law makes access to insurance products by cannabis businesses illegal. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act of 2021 has been reintroduced by U.S. Senator Bob Menendez of New Jersey, a senior member of the Senate Banking Committee and chairman of the subcommittee that oversees the insurance industry. The CLAIM Act […]
April 7, 2021
A standard commercial policy typically does not cover damage due to flooding, including hurricane storm surge flooding. Natural disasters can be devastating to businesses. While damage caused by some types of natural events — such as lightning or wind — will usually be covered by commercial property insurance, you need a special policy if you […]
March 10, 2021
Expect a great deal of legislative activity on a wide range of issues affecting the property/casualty industry. In January 20, in a historic inauguration ceremony surrounded by U.S. soldiers guarding against domestic terrorism — before a field of 200,000 illuminated flags representing Americans who could not attend the ceremony because of the coronavirus pandemic — […]
February 10, 2021
The average payment for auto physical damage insurance claims increased at more than double the rate of inflation from 2010 through 2018, according to a new study from the Insurance Research Council (IRC). The study, Patterns in Auto Physical Damage Insurance Claims, found that average payments increased 3.7 percent annualized during the study period, while […]
