PropertyCasualty360

07/10/2021

What caused the Surfside condominium building to collapse? | PropertyCasualty360

ICYMI: A former maintenance worker said that saltwater would seep through the building’s foundation during particularly high tides and that employees would regularly use two large pumps to pump out a foot or more of water from the garage. https://www.propertycasualty360.com/2021/07/06/coverage-when-the-condominium-collapses-414-205391/

Part 1 of 2: A series of events culminated up to the June 24th tragedy.

07/10/2021

Miami building collapse: Possible insurance coverages involved | PropertyCasualty360

ICYMI: "But what about civil authority? If the civil authority prohibits an insured from occupying the premises, shouldn’t there be coverage for at least two weeks?" https://www.propertycasualty360.com/2021/07/07/possible-insurance-issues-involved-in-the-miami-building-collapse/

Part 2 of 2: As the cause of the oceanfront building tragedy is investigated, what insurance issues may be in play?

07/09/2021

How the insurance industry can support women in the workplace | PropertyCasualty360

STEMconnector’s Million Women Mentors group recently asked women in the insurance industry about what employers can do to create more supportive working environments. https://www.propertycasualty360.com/2021/07/09/5-ways-insurers-can-help-women-return-to-the-office-414-205639/

Women from across the industry shared how they think employers can better support employees' office return post-pandemic.

07/09/2021

Property insurance shopping seeing sharp rise | PropertyCasualty360

The year-over-year positive trends in personal property insurance shopping are anticipated to continue as the economy continues to improve and mortgage interest rates remain stable.

https://www.propertycasualty360.com/2021/07/09/property-insurance-shopping-saw-sharp-rise/

Low interest rates, remote work and the ‘race for space’ are major market drivers.

07/09/2021

Insurers facing call for agility with a renewed approach to data | PropertyCasualty360

A data factory is an effective and user-friendly framework for reporting, analysis and modeling tasks. https://www.propertycasualty360.com/2021/07/09/insurers-facing-call-for-agility-with-a-renewed-approach-to-data/

Insurance leaders are faced with the challenge of streamlining data sourcing and management processes that convert raw data into insights.

07/09/2021

Check out key cyberattack information and five easy steps businesses can follow to prevent a hack from crippling operations in our slideshow: https://www.propertycasualty360.com/2021/07/09/what-insureds-need-to-know-to-prevent-cyberattacks/

Check out key cyberattack information and five easy steps businesses can follow to prevent a hack from crippling operations in our slideshow: https://www.propertycasualty360.com/2021/07/09/what-insureds-need-to-know-to-prevent-cyberattacks/

07/09/2021

Hispanics experiencing higher rates of worksite injury, death | PropertyCasualty360

As Hispanic workers play a large role in the construction industry, it isn’t surprising to find most Latino workers who died on the job were in the building trades. https://www.propertycasualty360.com/2021/07/09/hispanics-experiencing-higher-rates-of-worksite-injury-death/

The troubling trend was exacerbated by COVID-19, as more than half of essential workers nationwide are Latino.

07/08/2021

Maintain compliance and fuel growth with data ownership | PropertyCasualty360

To guarantee compliance, laws and regulations are met at every level, insurers should examine the ways their SaaS application data is being handled, accessed and stored. Fully owning one’s data is the only way to ensure 100% compliance. https://www.propertycasualty360.com/2021/07/08/maintain-compliance-and-fuel-growth-with-data-ownership/

Insurers should examine the ways their SaaS application data is being handled.

07/08/2021

America’s 10 deadliest national parks | PropertyCasualty360

It is important to take into account that more popular parks tend to see more deaths. https://www.propertycasualty360.com/2021/07/08/americas-deadliest-national-parks/

The wilds of the national parks host a variety of risks, and wild beasts are the least among them.

07/08/2021

Businesses, embrace automation today to reap the benefits tomorrow | PropertyCasualty360

Automation shouldn’t just be seen as a short-term fix to help alleviate the challenges of COVID-19, but more so an integral component of the business to derive value and help mitigate future uncertainty. https://www.propertycasualty360.com/2021/07/08/embrace-automation-today-to-reap-the-benefits-tomorrow/

The right technology, processes and mindset can help insurance businesses come out of the pandemic stronger and more resilient.

07/08/2021

Policyholder loses first COVID-19 coverage appellate case | PropertyCasualty360

The Eighth Circuit ruled in Oral Surgeons PC v. The Cincinnati Insurance Co. that the lower court did not err in dismissing the suit brought by Oral Surgeons on the basis that it failed to plead any physical alteration to the property. https://www.propertycasualty360.com/2021/07/08/first-appellate-business-interruption-suit-decided-414-205595/

The decision follows a trend of courts determining that pandemic losses do not meet policy provisions of direct physical loss.

07/08/2021

High flood risk homes selling for more than lower-risk houses | PropertyCasualty360

Because low-risk properties lack million-dollar views in most cases, they are typically more affordable. This makes competition fiercer for those properties and buyers more likely to bid up the price. https://www.propertycasualty360.com/2021/07/08/high-flood-risk-homes-selling-for-more-than-lower-risks-houses/

While coastal properties have always fetched top dollar, the premium paid for these locations has surged to historic highs.

07/08/2021

Miami building collapse: Possible insurance coverages involved | PropertyCasualty360

Coverage for the building likely exists depending on the actual cause of loss as that policy is open perils, and there is no exclusion for the building falling in upon itself. There are sure to be many coverage questions coming out of this. https://www.propertycasualty360.com/2021/07/07/possible-insurance-issues-involved-in-the-miami-building-collapse/

Part 2 of 2: As the cause of the oceanfront building tragedy is investigated, what insurance issues may be in play?

07/08/2021

J.D. Power: Top P&C insurers for digital customer service in 2021 | PropertyCasualty360

According to the J.D. Power 2021 U.S. Insurance Digital Study™, overall insurance customer satisfaction with insurers’ digital offerings has not improved much from the previous year, regardless of the industry-wide push to modernize.
https://www.propertycasualty360.com/2021/07/07/j-d-power-top-pc-insurers-for-digital-customer-service-in-2021/

The bar continues to get higher for insurance customer digital expectations.

07/07/2021

U.S. coal miners exhibiting high rates of depression | PropertyCasualty360

In excess of 2,800 miners took part in the voluntary survey, which found that slightly more than 38% of miners had symptoms consistent with major depressive disorder and almost 39% had clinically significant anxiety. https://www.propertycasualty360.com/2021/07/07/u-s-coal-miners-exhibiting-high-rates-of-depression/

A survey of current and former coal miners found more than 1-in-10 had recently considered su***de.

07/07/2021

The future revenue landscape for insurers | PropertyCasualty360

With innovation-led revenues poised to replace traditional revenues in many product lines, insurers have to either innovate or fall behind. Insurers will not remain relevant, retain customers and grow market share with their current offerings. https://www.propertycasualty360.com/2021/07/07/the-future-revenue-landscape-for-insurers/

There is an abundance of growth opportunities but only for those that remain relevant.

07/07/2021

E&O in the world of cyber liability | PropertyCasualty360

Unlike cyber liability, which protects the user of technology services and devices, E&O is meant to protect the merchant who sells the technology products or services. Cyber liability coverages are typically included in the E&O insurance package. https://www.propertycasualty360.com/2021/07/07/eo-in-the-world-of-cyber-liability/

Cyber risk is real, but the threats organizations face can be quite nuanced.

07/07/2021

Can insurers consider donations as business income in a claim? | PropertyCasualty360

GoFundMe accounts can generate many donations for a business after a catastrophe, especially a business that is a customer favorite. But should those donations be considered business income when filing a claim? https://www.propertycasualty360.com/2021/07/07/can-insurers-consider-donations-as-business-income-in-a-claim/

Coverage Q&A: A gym received GoFundMe donations after a fire damaged the business.

07/02/2021

Budweiser Canada brews up a 'twist' on traditional insurance | PropertyCasualty360

What happens when your barbecue goes up in smoke?
http://ow.ly/enu050FnZqK

The brewer's new contest shows how brands can help consumers protect what they love without an insurance policy.

07/02/2021

Summer travel and safety tips for new RVers | PropertyCasualty360

Hitting the road this weekend? Read this first. (And have fun!)
http://ow.ly/hxCb50FnZgI

Millions of summer road-trippers are traveling via RV for the first time. But when it comes to traffic accidents, July Fourth is among the year's most dangerous holidays.

07/01/2021

'This was preventable': First lawsuit filed over Surfside condo tragedy | PropertyCasualty360

The first lawsuit filed over the Surfside Florida condo collapse claimed the condominium association "internationally, willfully, recklessly, or negligently” failed to take appropriate safety measures and keep residents informed.
http://ow.ly/6BiR50Fn6Yo

Many think the class action suit's timing is distasteful as rescue teams continue to search for survivors of the Surfside building collapse.

07/01/2021

Watch for these 10 signs of a toxic hybrid workplace | PropertyCasualty360

How can employees know if their companies are on the right track with a hybrid setup? FlexJobs has identified ten warning signs that a company’s hybrid culture could quickly turn toxic.
http://ow.ly/OI2z50Fn6S0

These red flags may indicate a bumpy road ahead for businesses transitioning to a hybrid work model post-COVID.

07/01/2021

Nominate today: 2021 Workers' Comp Risk Management Award | PropertyCasualty360

⭐Nominations are now open!⭐

The 2021 Workers’ Comp Risk Management Award for Excellence recognizes outstanding loss control, safety and return-to-work programs.

http://ow.ly/tYiU50Fn0d9

Our annual Workers' Comp Risk Management Award for Excellence recognizes outstanding loss control, safety and return-to-work programs.

07/01/2021

'Cookie Coverage' sets new ground for product policies | PropertyCasualty360

Aiming to make sure its customers are satisfied with an update to Breyers Cookies & Cream ice cream, Unilever North America has launched Cookie Coverage. The introduction of these policies coincided with National Insurance Awareness Day. https://www.propertycasualty360.com/2021/06/30/cookie-coverage-sets-new-ground-for-product-policies/

Aiming to guarantee customer satisfaction following a recipe update, an ice cream maker ushers in Cookie Coverage.

07/01/2021

Changes from past year are causing home insurance blind spots | PropertyCasualty360

Nearly 70% of consumers didn’t know making changes to their homes, such as adding a pool or buying a trampoline, or getting pets, means changes need to be made to homeowners policies, a Hanover Insurance Group survey found. https://www.propertycasualty360.com/2021/06/30/renovations-pets-causing-insurance-blind-spots/

Policyholders made a lot of changes in the past year, but are they aware of the need to update their insurance coverages?

07/01/2021

Extreme heat tests fragile U.S. power grids | PropertyCasualty360

Utilities in the U.S. will need to invest about $500 billion to make their grids more resilient, according to ICF International Inc., a consulting firm. https://www.propertycasualty360.com/2021/06/30/extreme-heat-tests-fragile-u-s-power-grids/

Extreme weather is becoming more frequent. That means utilities will need to invest billions to make grids more resilient.

07/01/2021

Forbes: Top P&C insurance employers for diversity in 2021 | PropertyCasualty360

Exactly what makes a diverse workplace? As many industry events this year have illuminated, it means more than simply hiring racial, ethnic and social minorities — a challenge in and of itself. https://www.propertycasualty360.com/2021/06/30/forbes-top-pc-insurance-employers-for-diversity-in-2021/

The P&C insurance industry is squarely in the middle of recent work to improve workplace equity and inclusion.

07/01/2021

Can an insured choose which policy to file a claim under? | PropertyCasualty360

Can an insured choose to file a claim under the policy with the lowest deductible regardless of where the loss occurred? We deal with that issue in this week’s Coverage Q&A. https://www.propertycasualty360.com/2021/06/30/can-an-insured-choose-which-policy-to-file-a-claim-under/

Coverage Q&A: The policyholder wants to file his stolen vehicle claim under a home policy with a lower deductible.

06/29/2021

Digital completion means learning from InsurTechs | PropertyCasualty360

To keep up with InsurTechs, traditional providers should embrace integrated, automated workflows that bring customer journeys to completion. https://www.propertycasualty360.com/2021/06/29/digital-completion-means-learning-from-insurtechs/

Completing entire processes in one place is the next stage in digitizing for insurance providers to meet today's consumer expectations.

06/29/2021

Using Technology to Disrupt the Auto Insurance Supply Chain | PropertyCasualty360

Not only is COVID-19 changing the business and consumer mindset, but continuous advances with web browser technology have also enabled digital services to step up. Experience has shown that using a mobile browser rather than native apps works well for this type of customer solution. https://www.propertycasualty360.com/2021/06/29/using-technology-to-disrupt-the-auto-insurance-supply-chain/

Advanced technology promises to shorten the claims cycle from hail damage while improving customer satisfaction.

06/29/2021

Climate risk puts insurers on the hot seat | PropertyCasualty360

Insurers are coming under increasing pressure from a wide range of stakeholders to shift their emphasis from traditional risk transfer, disaster recovery and pre-event adaptation efforts to more proactively address the problem of climate change at its most likely source — that is, by limiting carbon emissions. https://www.propertycasualty360.com/2021/06/29/climate-risk-puts-insurers-on-the-hot-seat/

Insurers should expect increasing pressure to go beyond risk assessment and reporting by taking a more proactive role in reducing carbon emissions.

06/29/2021

Nonprofits need insurance-agent assistance to navigate new challenges | PropertyCasualty360

Recent Agent Authority Research from Nationwide found that nearly six in 10 nonprofits were negatively impacted by the COVID-19 health crisis, and 81% of nonprofit leaders said they have concerns about their organization’s ability to make it through the economic downturn. https://www.propertycasualty360.com/2021/06/29/nonprofits-need-agent-assistance-to-navigate-new-challenges/

From emerging technology to volunteer shortages, nonprofits face new exposures that present unique insurance needs.