The Foundation for Community Association Research Factbook reported that 52.9% of U.S. housing was built prior to 1979, leading to aging roofs, failing plumbing, and more. “The habitational market has long been claim-ridden,” O’Connor Corrigan says. “High frequency, high severity—you know, the insurance covers accidents that are typically confined to one home, but now imagine…
The habitational market struggles with a lack of capacity, increasing non-renewals, higher deductibles and restricted underwriting. How can the industry adapt to this hard market? This article covers current habitational risks in the multi-family market and offers tips for agents trying to place coverage.
According to the Environmental Protection Agency (EPA), geothermal energy technology “harnesses the Earth’s heat,” and at least three types of technology that take advantage of that natural resource. These include ground source heat pumps, direct use geothermal and deep geothermal systems. This article provides a brief overview of this technology and some of the property…
Work patterns since COVID-19 sent millions of workers home had a big impact on the commercial real estate market. And although JP Morgan predicts commercial real estate will come “bouncing back” in 2022, it’s a great time to remind your clients of the need to understand their commercial property policies’ vacancy clauses.
Within the wording of the commercial property policy’s replacement cost provision there is a 180 day “limitation.” How does this supposed limitation actually apply and to whom does it apply? For whatever reason, some insurance carriers routinely use this supposed limitation incorrectly.
Test your knowledge of Commercial Property with this 10-question quiz.
Replacement cost isn’t what the insured thinks it is, and it’s the industry’s fault. When we say “replacement cost,” insureds hear, “I’m getting new stuff for old.” Depending on the situation, that is not true. We have to build the property policy to get to what the insured thinks replacement cost is; we have to…
Property underwriters analyze essentially the same information today as was reviewed 400 years ago. Although technology has changed, the basics of property underwriting has not changed. The four primary factors in property underwriting are Construction, Occupancy, Protection and Exposures (COPE). This article provides a brief overview of one piece of this puzzle – Protection.
Christmas Day 2020 saw Nashville, TN rocked by an explosion. Were these the acts of a terrorist? Might these acts trigger the terrorism exclusions?
How can a policy generating about $75 in revenue cost you $5,000, $10,000, or more? Believing that writing an HO-6 is quick and easy is the beginning of an E&O storm that can cost you thousands (your E&O deductible).
