This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Stakeholders within the insuranceindustry have rightfully been calling for more leadership … The post Where Is the National Plan for Structural Resiliency? If there is to Be Available and Affordable Insurance, Then Property Has to Be More Resilient to Damage appeared first on Property Insurance Coverage Law Blog.
While Jimmy Patronis and Governor DeSantis trumpet their latest emergency rule as consumer protection following the CBS 60 Minutes Expose noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, the reality reveals a different story.
Flooding from Hurricane Milton appears to have been more extensive than initially determined, affecting almost 185,000 buildings all across Florida, says a new analysis from ICEYE, a firm that uses satellite images to measure damage for the insuranceindustry. The …
Back-to-back hurricane landfalls in the span of less than two weeks have placed flood insurance in a new light for many inside and outside of the insuranceindustry, if not front and center. Images of flood and storm damage from …
Recent investigative reporting by CBS’s 60 Minutes, noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, has exposed alleged widespread underpayments of claims and unethical claims practices in Florida’s property insuranceindustry.
Water damage can wreak havoc on commercial properties, leading to costly repairs and business disruptions. At Tosten Marketing, we often hear from business owners wondering about their insurance coverage for such incidents. Commercial property insurance water damage coverage is a complex topic with many nuances.
Heritage Insurance (HRTG) lost 20% of its publicly traded value yesterday following the recent CBS 60 Minutes investigation into alleged insurance fraud in Florida, which has sent shockwaves through the insuranceindustry.
I have a vision of Amy Bach, the Executive Director of United Policyholders, jumping for joy as she read the North Carolina Supreme Court opinion, which the insuranceindustry must think of as a Friday the 13th ruling.
It's hard to imagine the enormous impact this tragic event will have on the state's insuranceindustry. Here in Florida unfortunately, we know the incredible damage wildfires can do. These risks are rated at a local level, not national, so the current fires in California will not affect Florida's home insurance rates.
These wildfires have caused historic damage, claimed lives, and threatened communities. As stories of resilience and courage emerge and the fires are contained, agents and brokers provide critical insurance support for policyholders. See how weve been empowering independent P&C agents and brokers to thrive since 1962.
Property damage liability claims per 100 insured vehicles are 15 percent higher, and relative body injury claims frequency is 60 percent higher. Rising claim frequency and litigation costs put coverage affordability and availability at risk.
For businesses in the insurance sector, which handles vast amounts of sensitive client data, this threat is especially menacing. A single breach could lead to devastating consequences, including financial losses, legal liabilities, damage to your reputation, and the potential loss of client trust.
The Relationship Between Tariffs and Insurance Costs Rising tariffs could impact many different lines of business, but some experts have narrowed their focus to the effects on homeowners and auto (both personal and commercial). This drives up the cost to repair, impacting claims costs. Become a member today!
Weather Experiences Nearly half of the participants reported damage to their homes after a severe weather event. About 34 percent said they filed an insurance claim after experiencing damage to their homes, and 45 percent said they hired a contractor. Between 1980 and 2024 (as of November 1), the U.S. However, the U.S.
Merck won an appeal against and ultimately settled the coverage dispute with its insurers. Yet this high-profile case illustrates the insuranceindustry’s need to evolve policy language to address contemporary cyber risks, including state-sponsored cyber attacks.
This year, Bankers Insurance is focusing on the most frequent causes of fire-related losses and sharing tips compiled by Travelers Insurance to help safeguard you and minimize fire losses. Regularly inspect electrical cords for any signs of fraying and replace damaged ones.
INSURANCE-RELATED COURT CASES Digested from case reports published online COURT DECISIONS Arson doesn’t pay A fire damaged a malt beverage store owned by A Maxon Company, LLC (AMC). The Weatherspoons counterclaimed for breach of […]
These disasters cause exponential damage to commercial properties. Just imagine: a flood sweeping through a business district, causing structural damage and interrupting operations for weeks, if not months. The financial implications of such events are enormous and insurers certainly take notice.
For residents of both communities, this news comes as no surprise; their flood-resistant infrastructure and solar panel power systems have helped them survive several storms and hurricanes with only minor damages, demonstrating the utility of disaster resilience planning. Such planning is expensive to implement.
Of this, flooding accounted for approximately $82 billion in damages, yet only $13 billion was covered by insurance, as reported by insurance firm Aon. In 2019 alone, disasters such as the Australian and Amazonian wildfires, severe flooding in the United States, and prolonged droughts in India caused widespread devastation.
These issues can lead to expensive damage, operational disruptions, and potential safety hazards. Property damage: Burst pipes and malfunctioning sprinkler systems can result in substantial water damage to a building’s structure, interior, and equipment, incurring significant repair costs.
Virginia and Florida, for example, have long-modeled robust building code systems, leading both to consistently top code adoption rankings especially after the latter saved an estimated $1 billion to $3 billion in averted damages during Hurricane Ian through its modern Florida Building Code.
Insurance agency partners with the Red Cross to tackle national blood shortage Earlier this year, the American Red Cross (Red Cross) announced an emergency blood shortage as a result of the lowest number of people giving blood in the last 20 years.
The Rise of Cyber Insurance As cyber threats become more sophisticated and frequent, the demand for cyber insurance has skyrocketed. Companies of all sizes are increasingly targeted by cybercriminals, and the consequences can be devastating—from financial losses to reputational damage.
While most farmers are insured against crop damage due to heat conditions and homeowners insurance typically covers wildfire-related losses, Porfilio noted, a “more subtle impact is on roofs that we thought were built to a 20-year lifespan.” This is what the insuranceindustry is prepared for,” Kevelighan said.
Recent data from 2023 and 2024 highlights the financial strain on insurers and property owners alike, driven by more severe storms, heavy rainfall, and unpredictable weather patterns. Rising Claims Due to Extreme Weather In 2023, UK insurers faced record-breaking claims from weather-related damage.
While insurance coverage is typically relied upon for many property-related losses, there remains a disconnect about how mold claims are often handled by the insuranceindustry. Risk Management Considerations There are many factors that come into play when considering the environmental conditions that lead to the growth of mold.
If two carriages collided, there simply wasnt a huge risk of damage due to their low speed. Laying Down the Law: The First Car Insurance Policies Motorized automobiles started cropping up in the late 1800s. Laying Down the Law: The First Car Insurance Policies Motorized automobiles started cropping up in the late 1800s.
This era gave rise to specialised insurance products, covering factories, railways, and an expanding workforce. By the 20th century, the insuranceindustry began to reflect broader societal shifts. This real-time information enables insurers to offer dynamic pricing models that reflect actual risk more accurately.
This guide aims to shed light on the basics of homeowners insurance, the challenges specific to California’s insurance market, the reasons why finding coverage is more challenging now, tips for homeowners to navigate these obstacles, and a glimpse into the future of homeowners insurance in the state.
Additionally, more and more people live in wildland-urban interfaces, where homes can be particularly vulnerable to severe weather damage. As insurance companies leave certain markets or refuse to issue policies to certain properties, homeowners may be forced to seek more expensive options, such as state-supported insurers.
The Importance of Consumer Education Consumer education is a critical aspect of making informed decisions regarding insurance coverage and navigating the complexities of the insuranceindustry. By gaining insurance knowledge , individuals can protect their property effectively and avoid falling victim to insurance scams.
Commercial Property: Extreme weather events continue to lead to extreme property damage. Repairing this damage also continues to be more expensive due to inflation. Employers should prioritize mental health resources and clear policies to handle workers’ comp claims as efficiently as possible.
Get the knowledge you crave from this comprehensive and illustrated primer outlining the technical underpinnings, legal implications, and insurance coverage possibilities for liabilities stemming from artificial intelligence (AI). This practice note includes thought leadership from a machine learning researcher at SonyAI.
Get the knowledge you crave from this comprehensive and illustrated primer outlining the technical underpinnings, legal implications, and insurance coverage possibilities for liabilities stemming from artificial intelligence (AI). Includes thought leadership from a machine learning researcher at SonyAI.
Source: International Chamber of Commerce/International Maritime Bureau (IMB) Many people outside the maritime and insuranceindustries don’t realize that piracy remains a costly peril in the 21 st century. Global insurer Zurich estimates the annual cost of piracy to the global economy at $12 billion a year.
Emerging Property Insurance Trends 2024 Welcome to our guide on emerging trends in the property insuranceindustry. As we dive into the evolving landscape of property insurance, it’s important to stay informed about the latest trends and challenges affecting the market. Hurricane Harvey 2017 92.0
. “Understanding Multi-Family Property Insurance” Commercial property insurance is a vital safeguard for property owners, protecting their assets against various risks. It covers property damage, loss of income, liability claims, etc.
This year, Bankers Insurance is focusing on the most frequent causes of fire-related losses and sharing tips compiled by Travelers Insurance to help safeguard you and minimize fire losses. Regularly inspect electrical cords for any signs of fraying and replace damaged ones.
This year, Bankers Insurance is focusing on the most frequent causes of fire-related losses and sharing tips compiled by Travelers Insurance to help safeguard you and minimize fire losses. Regularly inspect electrical cords for any signs of fraying and replace damaged ones.
For example, if an insured’s property is valued at $1 million, but their coverage limit is $700,000 and their policy includes an 80% coinsurance clause, they would likely receive only $43,750 after incurring $50,000 in property damage from a covered event, depending on when their deductible is applied (700,000/800,000) x 50,000 = 43,750).
Similar federal “safe harbor” legislation for the insuranceindustry – the Clarifying Law Around Insurance of Marijuana Act (CLAIM Act) – was introduced last month. The CLAIM Act would let these businesses obtain insurance to cover the same risks of theft, damage, injury, loss, and liability as all other businesses.
Heres how collaboration can enhance offerings in this field: – Comprehensive Coverage Packages : Partnership allows brokers to provide a full suite of insurance products. From property damage and liability to business interruption cover, clients get everything under one roof. Continuous improvement is key to long-term success.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
165 
Let's personalize your content