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"General Liability"
In July 2017, premium renewal rate change for the majority of standard commercial lines products remain in positive territory. Workers’ compensation was the one product that trended negatively, dipping below -1.00 percent for the first time this year.
IVANS, a division of Applied Systems, released its IVANS Index for July showing the following premium renewal rate change by line of business for last month.. Continue reading
“We’re going to cut a lot of red tape,” President Trump said at a CEO town hall meeting as he unrolled a long, colorful flow chart showing the process required for a state government to obtain the federal permits necessary to build a highway. The chart outlined 16 different approvals, 29 statutes and five executive orders that apply to a single project. He highlighted that infrastructure approvals are a 10- to 20-year process and cost hundreds of millions of dollars. Continue reading
Construction Wrap-Up Insurance is a liability policy that serves as all-encompassing insurance which protects all contractors and subcontractors working on a construction project. It is intended for large projects that will be over $10 million in cost. There are different options the main two are owner Controlled insurance programs (OCIP) or contractor controlled insurance programs (CCIP), both have their own benefits and essentially will cover the same things. Lets explore the differences and reasons why some projects choose to have one or the other in place. Continue reading
As more bots handle claims and perform underwriting tasks, should human employees be concerned? Human industry experts say there’s no need to worry. Continue reading
A South Dakota meat processor’s $5.7 billion defamation lawsuit against American Broadcasting Companies Inc., which opens Monday, pits big agriculture against big media, and is a first major court challenge against a media company since accusations of “fake news” by U.S. President Donald Trump and his supporters have become part of the American vernacular. Continue reading
Understanding insurance can be tricky especially when it comes to understanding the wording in your policy. A insurance policy is a contact between the policy holder and the insurance company providing the insured, insurance. A few common sections of a policy include a declaration page, definitions, insuring agreement, exclusions, conditions, exclusions, and riders. Continue reading
When it comes to obtaining or renewing business insurance policies such as general liability, workers’ compensation, commercial automobile coverage, property etc., typically the business, policy coverage and risk associated with the policy will go through what is called underwriting. Each insurance company has it’s own set of underwriting guidelines when determining if they are willing to take the risk of the insured. Continue reading
Large liability claims are becoming more expensive, complex and international, with activity increasing outside the United States, according a report published by Allianz Global Corporate & Specialty (AGCS). Continue reading
