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Keeping property properly maintained is essential to prevent larger problems from forming. Often, when something breaks or looks out of place on an insured’s property, it is a sign of some underlying issue. https://www.propertycasualty360.com/2021/09/15/insurance-coverage-when-tree-growth-damages-property/
Coverage Q&A: A tree's roots grew through a property's exterior brick wall.
Following the most recent leak, OSHA found 23 safety and health violations at the facility. http://ow.ly/vNxY50GaGnO
The second incident came 42 days after six employees were killed following a nitrogen leak at the plant.
Industries feeling the most cyber exposure are energy and utilities, as 40% of executives in the sector ranking it the top risk. This is followed by retail and technology media/telecoms. http://ow.ly/KqPf50GaGsS
More than half of U.S. businesses reported feeling prepared to anticipate and respond to a cyberattack.
The risk management aspects of business ownership are complex and require expertise. There are three key preemptive actions any new business owner can take to avoid unnecessary risk. http://ow.ly/1E9c50GaFky
The decision to start a new business is the first of many on an entrepreneur's journey. Here's how you can help.
Some insurers offer “accident forgiveness,” albeit this benefit is usually an add-on cost for the policyholder or offered as a loyalty perk. However, even if an accident claim is filed and rates are impacted, the change will not be permanent for drivers. http://ow.ly/dkKB50GaGwt
Auto insurance rates increased an average of 46% after an accident across the five insurers ValuePenguin studied.
The storm, now classified as a tropical depression, is moving across the southeastern edge of Texas and into Louisiana, with maximum sustained winds of 30 miles (45 kilometers) per hour, the National Hurricane Center said. http://ow.ly/R2vj50GaFud
Torrential rain from Storm Nicholas could last for days, knocking out power and unleashing floods across Texas and Louisiana.
“ASIC is committed to improving the outcomes for Australian consumers who purchase insurance. The insurance industry needs to be transparent and accurate when selling and promoting their products,” said ASIC Deputy Chair Sarah Court in a release. http://ow.ly/uY7c50Ga1yS
An Australian court handed down the penalty after finding the insurer engaged in 'misleading and deceptive conduct.'
"The world of insurance is quite fascinating and exciting contrary to its perception of being lackluster and boring. From underwriting to studying risk and strategizing new product offerings, the industry offers a lot of value to the people in it." http://ow.ly/5JQ050Ga1Gz
The newly minted CEO discusses two of her passions, golf and giving back, as well as where the industry is heading.
Deepfakes or synthetic media can effectively be used to file fraudulent claims, create fraudulent inspection reports, and even establish the existence and condition of assets that do not exist. http://ow.ly/lSbT50Ga10L
From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.
"Those making dire prognostications about agents four decades ago appear to have underestimated the staying power and resiliency of some of the insurance industry’s most entrepreneurial players." http://ow.ly/Gnv050Ga0Y1
Despite emerging challenges, independent agents are not likely 'going the way of the milkman' anytime soon.
When it comes to selecting a new personal vehicle, Mercury Insurance reports that a sedan is often the “go-to” choice for spendthrift drivers because these cars often boast an affordable price paired with favorable gas mileage. http://ow.ly/j14Z50Ga0R9
When it comes to selecting a new vehicle, sedans are popular because of their relative affordability and favorable gas mileage.
Emerging litigation risk remains the driving force behind high premiums for S**C D&O insurance coverage. In particular, New York and Delaware saw a growth of S**C-related state court litigation. http://ow.ly/PrRT50Ga16y
Review the unique challenges in structuring D&O insurance to mitigate litigation or enforcement action risks for S**Cs.
The Cannabis Insurance Coverage Specialist is designed to provide insurance professionals with a self-paced, online certification program that will help them master the constantly evolving world of the cannabis industry. http://ow.ly/XP4F50G9Xdz
The Cannabis Insurance Coverage Specialist will prepare insurance professionals for an emerging growth industry.
So how do you know when your app isn’t delivering value for your customers? And what changes do you need to make to improve on it? http://ow.ly/gZ8R50G8yX8
Discover the critical functions and best practices that result in winning app experiences.
As things heat up across the nation, your personal lines clients will likely be looking to you, their insurance professional, to help them better understand coverage issues as they relate to wildfires under their homeowners insurance policies. http://ow.ly/q7pQ50G98Qx
Here is how brokers can help clients better understand homeowners insurance and coverage for fire-related losses.
This was the second year the event was virtual rather than in person. Company execs said roughly 12,000 people registered for the conference. http://ow.ly/tG0450G98OS
The Applied Net 2021 agenda was built around the themes of 'insurance ecosystems' and 'digital connectivity.'
"Sometimes thinking smaller is the best way to grow bigger. The challenge is having the tech capabilities, data analysis and creative skills in place to quickly deliver compelling insurance propositions for your ultra-targeted audiences." http://ow.ly/mUMy50G98YO
Insurance firms that use data-driven insights to understand customers can create relevant market positioning to stand out amongst competitors.
Carriers are giving the cannabis sector a hard look and many are developing plans to respond if federal laws change. http://ow.ly/wuTQ50G98U8
Riskier businesses in this space are seeing property line rates grow, capacity shrink and additional exclusions.
Growing alongside the cyber risk landscape are premiums, which increased around 20% for midsize and large companies, according to AdvisorSmith. For small businesses, the rate growth was 7%. http://ow.ly/awsY50G98WE
Cyber insurance rates increased around 20% for midsize and large companies, while small businesses saw rate growth of 7%.
"The efforts of the men and women who spent the next few months adjusting losses and cleaning and restoring thousands of homes, businesses and offices will never be fully appreciated." http://ow.ly/aaPV50G8W12
Over a decade later, the sights and memories of that day are still very real.
“If agents could be trained to be more ‘consultative’ in nature, they could dramatically improve not only the lives of their customers but their personal wallets as well.” http://ow.ly/6HV950G8z0H
Agents are in a unique position to effectively educate and prepare customers for future risks that insurance could cover.
“Even the best relationships sometimes hit the skids, and folks who love their jobs can suffer from burnout. So this column is about insurance-career inspiration.” http://ow.ly/Ro7Y50G8z2k
In need of insurance-career inspiration? Check out the recent webcast Agency of the Year Winners: How to Enhance Business and Client Relations.
Since 9/11, not one event to date (including the Boston bombing) has been certified by the government for the Terrorism Risk Insurance Act (TRIA) to step in. http://ow.ly/eVYI50G8yVJ
Reviewing both events can offer tips for managing future unprecedented events.
As the pandemic evolves and as new fears of inflation arise, tracking sentiment about insurance companies and the industry can provide an unprecedented level of insight into what’s really happening. http://ow.ly/nogM50G8yWo
As the pandemic evolves, tracking sentiment about the insurance industry can provide fresh insights into how investors feel.
Crisis teams need to have an updated emergency response strategy in place at all times. As seen first-hand, disasters can happen any time of the year with little to no warning. http://ow.ly/bRX450G7lh4
Being adequately prepared for a natural disaster reduces potential property and financial damage as well as loss of life.
“Since there is a born-again focus on empathy and a healing touch, the road ahead is a combination of the best that both man and machine can offer in their unique ways.” http://ow.ly/2SQ450G7lbF
The road ahead for the insurance industry will be a combination of the best that both man and machine can offer.
In April, there was a 32.3% boost in new businesses growth largely driven by uninsured shoppers buying policies. http://ow.ly/X1qJ50G7l4O
Research indicates younger motorists and riskier drivers are becoming increasingly more active insurance shoppers.
“I believe we’re going to retain the best of what we built during the pandemic, and I urge every agency owner to remain committed to a hybrid workforce or seriously consider it.” http://ow.ly/1V0u50G7kXh
Failing to adopt a hybrid work model could be the kiss of death to insurance agencies. Here's why.
A judge denied class action certification to more than 600,000 State Farm insurance policyholders over claims that the insurer had undervalued replacement and repair costs for accident-damaged vehicles for years. http://ow.ly/INWM50G7kKm
Judge says a 20-year-old Georgia Supreme Court precedent established the formula the insurer uses to evaluate diminished value claims.
As advanced digital accoutrements, including telematics and safety features, become increasingly synonymous with opulence, the insurance rates for these cars go up. http://ow.ly/PtbW50G7kuo
Aesthetic treasures and engineering marvels, luxury autos typically carry heftier insurance rates because of their refined features.
The higher the likelihood in a given location that an automobile will be in an accident or stolen, the more it’s going to cost drivers who live there and experience these losses. http://ow.ly/JBZB50G6uUz
The most expensive states for drivers are those where accidents are statistically most likely to result in death.
As extortion demands from ransomware continue an upward trajectory, limit adequacy could become a problem. http://ow.ly/y4cK50G6uSS
The increase follows a period that saw rates fall year-on-year while cyber risks ratcheted up.
After a major storm, additional living expense coverage is a coverage policyholders often rely upon as they recover. In this week’s Coverage Q&A, we look at how civil authority impacts additional living expense coverage after a storm. http://ow.ly/cVzo50G6uHm
Coverage Q&A: Additional living expense (ALE) is often one of the first coverages triggered after a major weather event.
The Louisiana Department of Insurance has adopted emergency rule 47, which provides that cancellations, nonrenewals, nonreinstatements or other notices are suspended as of Aug. 26, 2021, and such notices are null and void with no force of effect. http://ow.ly/BVsi50G6uLi
Part 2 of 2: Some state insurance departments are adopting emergency rules that impact insurance coverage.
The latest #InsuranceSpeak podcast examines how COVID-19 has affected business interruption loss calculations and the factors forensic accountants, claims adjusters and others will be considering as part of a BI determination. http://ow.ly/FUGM50G6uC2
Baker Tilly’s Simon Oddy breaks down what insurers should know about business interruption claims filed in the wake of Hurricane Ida & the pandemic.
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#InsuranceSpeak podcast: In this clip @joshuamotta, CEO & founder of Coalition, discusses the rise of ransomware, who’s being targeted & how hackers are executing their attacks. Listen to full episode » http://ow.ly/axzE50CbsGB | @SolveCyberRisk
#InsuranceSpeak podcast: In this clip Carey Bond, the new U.S. head of claims for @LloydsofLondon talks about areas where the industry can improve the experience for claimants and policy holders. Listen to full episode » http://ow.ly/1FoI50Cbnwn
#InsuranceSpeak podcast: In this clip Hank Watkins, the regional director & president of Lloyd’s Americas, discusses how the coronavirus pandemic has affected Lloyd’s various lines of business. Listen to full episode » http://ow.ly/Gd3a50C5sQ4 | @LloydsofLondon
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