A recent Rough Notes article, “Workers Compensation: An Oasis in a Dry Desert: An Island in Stormy Seas,” finds that despite COVID concerns, the workers compensation market is still stable. Looking to the future, economic trends could increase the cost of reinsurance, but overall, the outlook for workers compensation is bright.
Each year, the CRO (Chief Risk Officer) Forum, formed in the Netherlands in 2004 to advance risk management practices in the insurance industry, provides an update on emerging risks. Its 2022 report may hold no surprises for seasoned insurance agents, but it’s worth reviewing so that your organization can focus on areas that may impact…
In a recent article we wrote on the problems of canine liability, agents asked where they could obtain a standalone canine liability policy. Our guest writer, insurance agent Debbie Turner, describes in this article some of the challenges of finding and evaluating a standalone canine liability policy.
It’s hard to find and keep great employees. Just when you relax a bit, thinking you’re fully staffed and everyone’s happy, someone gives notice. Or perhaps an applicant you’ve offered to hire ghosts you. Virtually every agency owner we talk to struggles to recruit and retain top talent. Statistics about flight-risk employees are all over…
Coinsurance may be the least mentioned yet easily explainable clause in both commercial and personal property and other policies. You will find coinsurance clauses in many types of policies. These and other policies usually contain a coinsurance clause. Business owners policy Commercial property policy Flood insurance policy Business income policy Dwelling policy Homeowners policy Health…
Recent settlements and jury verdicts against property owners and managers hit with premises liability claims continue to climb. Whether your clients own a tavern, a manufacturing plant, manage apartment complexes, or are homeowners, their current liability limits may be insufficient in today’s legal environment.
An interesting post on LinkedIn by risk management consultant Jack Schwartz, managing director at Davis + Gilbert Risk Management, caught my attention. The issue, according to Schwartz is that insurers are increasing the number of warranties placed on property policies, whether these are location-specific policies or smaller scheduled locations.
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Approximately 4.5 million dog bites occur in the U.S. each year, according to the Centers for Disease Control and Prevention (CDC). According to DogsBite.org, from 2005 to 2017, 433 Americans died from dog attacks. Of these fatalities, 65.6% were the result of attacks by pit bulls, with Rottweilers accounting for an additional 10.4%. There’s a…
Is it time to re-visit the methodology used by agents to determine replacement costs and/or re-construction costs? How confident are you that the real property replacement values that you develop are sufficient to either replace or rebuild? If a natural catastrophe hit your community, would you have the same confidence in your replacement or rebuild…
