Insurance Buyers News – January/February 2025

Rising Costs, Natural Disasters and Politics Strain U.S. Property Insurance Market

“Along with the rising cost of living…, property insurance availability and affordability continue to be a challenge across the U.S.,” David A. Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA), told Insurance Journal (November 26, 2024). Read on for details.

How New Building Codes in Florida, California and Other States Are Saving Lives and Dollars
— When Implemented

Last spring, the Federal Emergency Management Agency (FEMA) issued a stern warning to southwest Florida communities still reeling from Hurricane Ian’s devastation in 2022. Read on for details.
 
 

17 Add-on Coverages You May Need to Supplement Your Basic Liability Policy

A Commercial General Liability (CGL) policy forms the foundation of a business’s insurance coverage by addressing basic third-party liability risks. However, businesses often face additional exposures that require specialized policies to expand upon the CGL’s protections.Read on for details.

What’s in a Basic Liability Policy?

We often write about many of the policies that expand upon the coverage offered in a basic Commercial General Liability (CGL) policy. But what are the main features of the CGL coverage? Read on for details.

Insurance Buyers News – November/December 2024

Court Clarifies Definition of Property Damage in Landmark Construction Defects Case

The Massachusetts Appeals Court has held for the first time in any venue that “construction defects, standing alone, do not constitute property damage within the meaning of a commercial general liability policy.” Read on for details.

 

Reputation: How to Protect a Priceless Asset

Many events can damage an organization’s reputation: a financial scandal, a highly publicized discrimination case, a product malfunction, and more. Read on for details.

 

What’s the Difference between Professional Liability and Errors & Omissions (E&O)?

What do an ice sculptor and a real estate agent have in common? Both may need insurance to protect against errors in their services, typically in the form of Errors & Omissions (E&O) coverage. ne storm surge flooding.Read on for details.
 

How Do Insurance Cases Decided in One State Affect Cases in Other States?

Understanding case law as precedent in the U.S. is crucial, particularly regarding insurance coverage. The Massachusetts Appeals Court ruling discussed in our lead article, while specific to Massachusetts, has broader implications due to the common law tradition that we inherited from England:Read on for details.

Insurance Buyers News – September/October 2024

Climate Change Impacts Commercial Insurance Rates and Regulations

Recent headlines have highlighted the impact of climate change on homeowners insurance but commercial insurance lines are also experiencing its effects. Read on for details.

 

DEI Suit Brought Against Wells Fargo Bank

Do D&O Policies Cover Hiring Practices?
The short answer is that a Directors & Officers policy exists to protect the insureds against any type of action brought by shareholders, including allegations of not honoring diversity, equity, and inclusion (DEI)commitments. Read on for details.

Does Your Business Need Flood Insurance?

A standard commercial policy typically does not cover damage due to flooding, including hurricane storm surge flooding.Read on for details.

 
 

Six Cybersecurity Coverages To Help Mitigate a “CrowdStrike” Outage

The CrowdStrike outage, significant though it was, could have been much more severe if it had been the result of malicious intent. The event underscores how critical it is for companies to carry comprehensive cybersecurity insurance that includes these key components:Read on for details.

Insurance Buyers News – July/August 2024

How AI Will Change the Risk Landscape

keyboardA new report from Swiss Re (“Tech-tonic Shifts: How AI could change industry risk landscapes”) studies the risk posed by AI to ten major industries. It also identifies the opportunities for insurers to help clients mitigate these risks. Read on for details.
 

Good News, Bad News on EVs

data processors According to a report by Mitchell, there are positives and negatives when comparing Electric Vehicles (EVs) and Internal Combustion Engine Vehicles (ICEs). Read on for details.
 
 

How to Create a Risk Management Plan

someone stealingWhen we think of risk, the first thing that usually comes to mind is insurance. But insurance is just one component of a sound risk management plan.Read on for details.

Insurance Buyers News – May/June 2024

What’s the Insurance Impact of the Key Bridge Collapse?

keyboardThe Key Bridge Collapse is a Major Blow to Insurance Companies,” reads the headline by NPR about Baltimore’s Key Bridge disaster on March 30. Read on for details.

 

Is it Time to Set Up Your Own Captive Insurance Company?

data processors Last year property insurance rate increases, and rising health insurance costs led more companies to form captive insurance companies.
Read on for details.
 
 

Billboard Attorneys Are Driving Up Insurance Rates

someone stealingExcessive litigation is compounding the problem of rising auto insurance costs, according to a new report by the Insurance Information Institute.Read on for details.
 
 

Distracted Driving Accidents Driven Mostly by Cellphones

Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I).
Read on for details.

Insurance Buyers News – March/April 2024

How Will AI Impact the Insurance Industry?

keyboard
Generative AI value-creation opportunities abound across the insurance value chain,” according to a new report by Deloitte. Read on for details.

Surety Bonds: The Other Risk Management Tool

data processors Surety premiums are only about one percent of property/casualty premiums ($769.3 billion in 2022), but sureties play a critical role in our economy.Read on for details.

What to Do About the Rapidly Expanding Crime of Cargo Theft

someone stealingDocumented strategic cargo theft events increased 430% year-over-year in 2023, according to CargoNet, a cargo industry publication. Read on for details.

Nation’s Guardrails Can’t Handle Heavier EV Vehicles

The growing number of electric vehicles on the road that weigh 20 to 50 percent more than gasoline powered vehicles has engineers at Nebraska’s Midwest Roadside Safety Facility and the Army Corps of Engineers concerned. The extra weight, due to the batteries they carry, means that existing highway guardrails may not be effective at stopping these vehicles. Read on for details.