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"Commercial Property"
If your business has an HVAC system there is a threat of water damage. If your business has a bathroom facility there is a huge risk of water damage. A malfunctioning toilet or sink can quickly become a problematic water and hazmat issue. Businesses with a physical location can also be damaged by water from storms or floods. Very few businesses are not susceptible to range losses caused directly or indirectly by water. Insurance coverage plays a huge role in protecting a business from water damage. There are many insurance policies (and riders and endorsements) available to cover these risks and protect your business. It surprises me often when a business does not want water damage covered either included or added to the Commercial Property Policy. Continue reading
A left-turn at the light with oncoming traffic; the collision occurs and now you are headed to intercompany arbitration on the subrogation claim as the parties dispute who was at fault.
An all too familiar scenario for those adjusting auto losses, but an increasingly relevant fact pattern in the world of subrogation recovery. While 85-90% of all subrogation claims are resolved between carriers and self-insureds without a problem, it is the other 10-15% that can make the difference to the bottom line for insurance organizations.
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It is imperative for every home to check for potential fire hazards in the home as well as to create an emergency family evacuation and safety plan. Fire prevention by definition is a measure of practices directed toward the prevention and suppression of destructive fires. I recommend creating a fire prevention checklist and plan as a family, that way everyone is involved. Continue reading
The data for the study “Insurance Costs for Mid-Rise Wood Frame and Concrete Residential Buildings” was drawn from published literature and consultations with brokers, underwriters and property managers. Interviews with three underwriters and data from the Canadian Wood Council (CWC) show that builders’ risk insurance rates per $100 monthly for comparable wood and concrete buildings are on average $0.008 for concrete and $0.053 for wood. When excluding the rate provided by CWC for wood frame insurance, which was significantly lower than the rates provided by the underwriters, the average rate for wood buildings rises to $0.06, a factor of 7.5 times greater than that for concrete buildings. Continue reading
When Pamela Davis started in the insurance industry 26 years ago, there were few insurance markets willing to take on the unique risks of nonprofit organizations. Back then, says Davis, who is now president and CEO of the Nonprofits Insurance Alliance Group, nonprofits were seen as substandard risks.
But that was not because nonprofits were poor risks but because they were misunderstood and specialized risks, she maintains. “The premiums were far higher than they needed to be 25 years ago,” she said. Continue reading
The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury claim was $13,891. In 2014, that average grew to $16,640 – an increase of almost 20 percent. The private passenger auto collision loss ratio has risen from 67.7 percent in 2010 to 78.3 percent in 2015 – a 16 percent increase. The loss ratio can be adversely impacted by claim handling, underwriting and rate inadequacy with claim leakage as a primary cause of loss ratio deterioration. Continue reading
With three multiemployer pension plans moving to cut benefits, pension advocates are pushing to derail the law that made such steps possible before there are more, while other experts press for new plan designs.
The Pension Benefit Guaranty Corp., the federal agency charged with insuring private-sector pensions, estimates that 1.5 million people are covered by severely underfunded multiemployer plans at risk of becoming insolvent. And the PBGC’s own program for backstopping multiemployer plans is projected to be insolvent in as little as 10 years. Continue reading
There are unique careers and jobs here that mirror the cities constant need for change. So much has changed since I arrived to the “city of sin” in 1986 and I think Las Vegas will forever be “re-created.” I have seen more buildings and establishments change owners, be torn down and of course rehabbed. There is no where else in America with the insurance needs that Las Vegas has; it’s one of the reasons I love the insurance industry here. Tourism, Hospitality, Gambling and Night Life all create unique and constantly evolving insurance needs in Las Vegas. Continue reading
