Insurance Buyers News – November/December 2022

ESG Movement Begins to Impact Insurers

Blocks say ESGIn October, Munich Reinsurance Co., the world’s largest reinsurer, announced new stricter policies for investing in and underwriting oil and gas projects, drawing praise from environmental activists. Read on for details.

 

90% of Risk Managers at Least Moderately Concerned about Cyber Attacks

System HackedA recent survey of risk managers—those charged with identifying, evaluating, and selecting the best techniques to mitigate risk—by Nationwide Insurance revealed that cybersecurity takes up a substantial portion of their budgets. 68% expect these budgets will continue to grow in the coming years. Read on for details.

5 Tips for Getting the Best Cyber Coverage

Man holds sign that says You Should Know ThisNot all cyber policies are the same and there are certain features
and enhancements you need to be aware of. Here are five of them: Read on for details.

Insurance Buyers News – September/October 2022

Is Your Website Discriminatory?

computerDoes your website violate the Americans with Disabilities Act (ADA) because it is not maintained in a manner accessible to blind or visually impaired people? Read on for details.

 

What Future Risks Worry Insurance Companies?

melting iceburgHere are the top five future risks troubling the reinsurance companies of the world, according to Swiss Re — reinsurers are the ones that back up the primary insurance companies who actually put their names on the policies (the retail insurers). Read on for details.
 

How to Submit a Claim

truck accidentWe hope it never happens, but when you suffer a loss, you’ll have to file a claim to receive payment from your insurer. Here’s how the process works, and how to handle it to your best advantage.Read on for details.
 
 

Standalone Website Not a Public Accommodation

If you read our story “Is Your Website Discriminatory?” you know that the website accessibility provisions in Title III of the ADA apply specifically to places of public accommodation. 42 U.S.C. § 12182(b)(2)(A)(iii).
There is an issue, however, with how the phrase public accommodation Is defined. Read on for details.

Insurance Buyers News – July/August 2022

FEMA Introduces New National Building Code Strategy

RobotOn 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. Read on for details.

How to Reduce Risk in the Construction Industry

machineryRecent 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. Read on for details.
 

Why Did I Get a “Reservation of Rights” Letter?

truck accidentYour organization has just been sued, and you’ve notified your liability insurer. Then you receive a reservation of rights letter. Here’s what it means and what to do.
Read on for details.
 

What is Environmental Liability Insurance?

Standard business general liability (GL) policies provide little coverage for pollution damage, including toxic spills like the one in West Virginia in 2014. Today most companies that store or handle potentially toxic materials purchase a separate environmental liability policy. These policies cover the exposure that the GL policy excludes. Read on for more tips.

Insurance Buyers News – May/June 2022

How AI is Changing the Paradigm of Insurance

RobotAn 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.” Read on for details.
 
 

Equipment Breakdown Coverage
Goes Beyond Insurance

machineryEquipment Breakdown insurance — formerly called Boiler & Machinery insurance — covers much more than boilers and machinery. Read on for details.
 
 
 

How Litigation Is Driving Up U.S. Commercial Auto Insurance Costs

truck accidentSocial 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.Read on for details.

 

What Do Equipment Breakdown Policies Cover?

The typical equipment breakdown insurance policy includes the following coverages: Read on for more tips.

Insurance Buyers News – March/April 2022

How to Survive the Insurance “Hard Market”

atomic cloud
Several extraordinary events have taken place in the past few years that will influence the role of insurance for many years to come. Read on for details.
 
 

National Roadway Safety Strategy Announced

person working from homeThe National Roadway Safety Strategy (NRSS) is “a roadmap for addressing the national crisis in roadway fatalities and serious injuries.” Read on for details.
 
 
 

Why Do Insurers Need to Think Like Cybercriminals?

truck driverThe short answer is, To protect insureds from cybersecurity risks.Read on for details.
 
 
 
 

Seven Tips for Reducing Cyber Risk

1. Understand your cyber risks. Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods. Read on for more tips.

Insurance Buyers News – January/February 2022

Verdicts Go Nuclear

atomic cloudIn June, plaintiffs were awarded a $222 million verdict against a power company in Kansas for a plant operator killed in a steam accident.
Read on for details.
 
 

How to Avoid the Legal Pitfalls of Telecommuting

person working from homeAre you an employer who started letting employees work from home during the COVID-19 pandemic? Read on for details.

 
 

7 Ways to Improve Company Driver Safety

truck driverIf you have company trucks to provide service offsite or to deliver products, your drivers spend a lot of time on the road. Check out these tips for improving safety and reducing costs: Read on for details.
 
 

Benefits of Green Construction

It is estimated that in 2021, almost half of all constructions firms (47 percent) are building over 60 percent of their projects using “green building” methods and materials, typically in ways that also reduce insurance costs. Read on for details.