PropertyCasualty360

PropertyCasualty360 PropertyCasualty360.com is the comprehensive online destination for P&C insurance sellers and buyers providing insurance news, analysis and market trends. http://www.propertycasualty360.com

PropertyCasualty360.com provides highly relevant content, data assets from Summit Professional Networks, a Division of ALM Media LLC, and elsewhere via syndication, data aggregation, content curation and community interaction.

Mission: Helping P&C Insurance professionals solve their biggest problems.

Costs incurred by a taxpayer in order to prevent a potential casualty loss are not deductible under IRC Section 165 as c...
04/07/2020
COVID-19 tax issues: Understanding casualty losses | PropertyCasualty360

Costs incurred by a taxpayer in order to prevent a potential casualty loss are not deductible under IRC Section 165 as casualty losses. According to the courts, such preventative steps are not sudden and unexpected in nature, and thus do not qualify as events giving rise to casualty loss treatment. https://news.alm.com/NNYCLok

When businesses face new threats like COVID-19, there are always questions about the tax treatments of business losses.

The more occupations people can do, the more likely they were to say they would work past 65; workers over 60 with a hig...
04/07/2020
Most people would opt to work after age 65 — if they’re capable | PropertyCasualty360

The more occupations people can do, the more likely they were to say they would work past 65; workers over 60 with a higher capacity to work said they would be more likely to remain employed even after hitting age 70; and a quarter of the retirees with a very high capacity for work would consider “unretiring” and returning to the labor force.”

Even among the disabled, the ability to handle jobs increases the chance that they too will return to the workforce.

https://news.alm.com/viVtYLv

Researchers found that the more occupations people can do, the more likely they were to say they would work past 65.

The coronavirus pandemic has forced societies and governments to navigate a new normal they manage domestic outbreaks. W...
04/07/2020
The top geopolitical risks of 2020 | PropertyCasualty360

The coronavirus pandemic has forced societies and governments to navigate a new normal they manage domestic outbreaks. While previous geopolitical issues may be on the back burner, for now, new tensions may eventually arise. https://news.alm.com/4hW0dmN

How the coronavirus impacts these threats will shape the international political risk landscape of 2020.

Business income losses are not the only concern. As states expand the workers’ compensation coverage for COVID-19-relate...
04/07/2020
Business insurance coverage in the COVID-19 era | PropertyCasualty360

Business income losses are not the only concern. As states expand the workers’ compensation coverage for COVID-19-related claims, employers will experience increasing workers’ compensation costs. And no business will be immune from third-party liability claims. https://news.alm.com/XxSW0bm

Recovering business income losses will depend on whether contamination due to COVID-19 constitutes the physical loss of or damage to property.

"If the event is canceled and going digital, the biggest thing is to make the experience look/feel as much like the live...
04/07/2020
Event cancellation: Tips for hosts in the wake of COVID-19 | PropertyCasualty360

"If the event is canceled and going digital, the biggest thing is to make the experience look/feel as much like the live event as possible. Make the branding similar. Offer e-gifts during coffee/food breaks to replicate meals, send a pre-show kit ahead of the event with the event swag they would have received, and make sure the content is as close to what it would have been like if it was being presented live and in person." - Dan Frohnen, CMO of Sendoso https://news.alm.com/SuYN105

As many insurance events face cancellations or postponements, here's how hosts can make the changes as seamless as possible.

"Courts should not let the insurance industry have its cake and eat it, too. Having falsely claimed that virus and conta...
04/07/2020
Here we go again: Virus exclusion for COVID-19 and insurers | PropertyCasualty360

"Courts should not let the insurance industry have its cake and eat it, too. Having falsely claimed that virus and contamination exclusions were already in effect, that they were requesting regulatory approval for a mere clarification in the form, and that therefore no premium reduction was warranted, the insurance industry should now be prevented from relying on these exclusions to bar coverage for COVID 19 claims." - Richard Lewis, John Ellison and Luke Debevec, Reed Smith LLP

https://news.alm.com/R0HTl1p

Should insurers be able to avoid coverage for the coronavirus through the use of the virus exclusion?

NAU Country Insurance Company expanded the use of Iteris, Inc.‘s ClearAg for crop risk management. Under the terms of th...
04/06/2020
Who’s using what in P&C insurance: Apr. 6, 2020 | PropertyCasualty360

NAU Country Insurance Company expanded the use of Iteris, Inc.‘s ClearAg for crop risk management. Under the terms of the software-as-a-service agreement, which has been extended for an additional three years, ClearAg will provide location-specific environmental intelligence to help growers plan for preventative actions as part of future cold weather events. Plus more in this week's roundup. https://news.alm.com/E2OVYdh

News from Ageas, EIS Group, Sapiens, Hippo, Levitate, PPM, NAU Country, Duck Creek Technologies and more.

“As so many are facing a significant financial burden due to the COVID-19 pandemic, we want to show our agent and broker...
04/03/2020
Travelers speeds up commissions during pandemic | PropertyCasualty360

“As so many are facing a significant financial burden due to the COVID-19 pandemic, we want to show our agent and broker partners, many of whom are small business owners, our support at this challenging time,” Travelers Insurance Chairman and Chief Executive Officer said in a press release Alan Schnitzer. “Independent agents and brokers not only provide invaluable counsel and care to our customers but also play a critical role in the U.S. economy, and we are committed to standing by them.”
https://news.alm.com/IeUwFOU

The company intends to accelerate more than $100 million in commission payments to eligible agents and brokers.

Our own Denny Jacob was interviewed by SutherlandGold Group's blog for their “Tackling Trade Media” series. Check out th...
04/03/2020
Tackling Trade Media: PropertyCasualty360 Editor Denny Jacob on Insurance Media

Our own Denny Jacob was interviewed by SutherlandGold Group's blog for their “Tackling Trade Media” series. Check out their conversation outlining three key mistakes to avoid when sharing story ideas with trade media as you work to drive engagement with a targeted audience. https://news.alm.com/7R7wAA2

The Wall Street Journal covers cybersecurity as well as insurance, but it is rare to see coverage of the two sectors overlapping.

04/03/2020
QBE North America appoints Dan Moore chief operating officer | PropertyCasualty360

Of all the responsibilities that Moore now oversees, he says “we’re highly focused on making sure our large-scale technology and infrastructure projects go well, because those are what will position us for the future and enable our underwriters, claims professionals and other market-facing staff to spend more time with customers and respond to customers more effectively.”

https://news.alm.com/Cax0vCv

Reporting to QBE North America CEO Todd Jones, Moore will also serve as a member of the company's executive committee.

Establishing sound safety procedures and requiring accredited safety training courses that meet requirements set forth b...
04/03/2020
How to protect employers and employees against the dangers of H2S gas | PropertyCasualty360

Establishing sound safety procedures and requiring accredited safety training courses that meet requirements set forth by OSHA, the API and other regulatory agencies are proven methods for employers to protect their workforce, reduce workers’ compensation claims, and decrease personal injury lawsuits. https://news.alm.com/JBZiEY9

Hydrogen sulfide, or H2S, is a colorless, flammable, potentially hazardous and toxic gas.

"You might say I had a passion for dismantling things and putting them back together from an early age. Whether it was a...
04/02/2020
How I knew that restoration & reconstruction were my true calling | PropertyCasualty360

"You might say I had a passion for dismantling things and putting them back together from an early age. Whether it was a watch, a toy, or something a little more complicated. I always liked to know how things worked and what lay beneath the shiny surface." - Gary Moore, American Technologies, Inc. https://news.alm.com/h4leIs1

CEO Gary Moore knows first-hand how the restoration industry presents numerous career opportunities.

The problems that arise here are: are these people roomers or boarders; are maids or caregivers paid employees or is the...
04/02/2020
Personal property coverage for members outside the 'family' | PropertyCasualty360

The problems that arise here are: are these people roomers or boarders; are maids or caregivers paid employees or is their compensation room and board; and how does the policy provide coverage for their personal belongings if something happens to the house — if it provides coverage at all? https://news.alm.com/wQtefez

Coverage Q&A: How does homeowners insurance cover the property of household members who are outside the insured's family.

“Tapping into employees’ desire to be seen and appreciated — and to express that gratitude toward colleagues — is perhap...
04/02/2020
Safety, recognition, inclusion: How to address basic employee needs | PropertyCasualty360

“Tapping into employees’ desire to be seen and appreciated — and to express that gratitude toward colleagues — is perhaps the most underutilized management strategy and biggest area of opportunity for companies in the future of work,” the authors write in the 2020 Workhuman Analytics and Research Institute report, “The State of Humanity at Work.” https://news.alm.com/pT82h6D

Insurance companies seeking to retain skilled workers would do well to take steps to ensure a more inclusive and inviting workplace.

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