Insights
A Guide to Collectible & Personal Article Floaters
It's a common misconception that Homeowners', Renter’s, and Dwelling policies cover all personal property, but that's not the case. While they cover some personal effects, there are often limitations and exclusions on what the policies will pay out, meaning homeowners and renters may receive less than their belongings’ value. Collectible and Personal Article floaters are worth considering for...
Do Your Clients Need Coastal or High-Value Homeowners Insurance?
If your clients own a coastal or high-valued home, standard homeowners insurance may not provide adequate coverage if an unexpected event occurs. Standard middle-market policies leave expensive gaps in coverage for homes that hold high values, typically over $750,000, or home that are located along the coast, in areas vulnerable to disastrous...
2021’s Top Judicial Hellholes
Throughout the U.S., lawsuit abuse accounts for more than $160 billion in high tort costs and an estimated loss of $143.8 million in lost wages. With such staggering numbers, one particular organization, the American Tort Reform Foundation (ATRF), established the Judicial Hellholes program to gather and report information on various abuses within...
Do Your High-Risk Clients Need Excess & Surplus Insurance?
Suppose one of your clients is an arborist, who works with dangerous equipment – and in hazardous conditions – regularly. Or you’re working with the owner of a large concert venue who is worried about the risks of hosting large events with huge crowds. In cases like these, insurance carriers may refuse to offer standard coverage due to the higher...
The Ins and Outs of Product Liability Insurance
Businesses that distribute, manufacture, and sell products must do their due diligence to ensure that they are free of defects. Unfortunately, despite the level of care and effort put into their operations, the possibility for errors remains, leaving the company open to potential claims and lawsuits. Product Liability insurance acts as a safety...
What’s the Difference Between Artisan and General Contractors?
Artisan and General Contractors play critical roles in the building industry. Keep reading to learn more about the differences between the two positions, potential risks, and insurance needs. General Contractors General Contractors are typically responsible for overseeing big picture projects, including renovations, expansions, and new...
Should Your Clients Sign a Waiver of Subrogation?
A Waiver of Subrogation is an agreement between two parties where one party agrees to waive subrogation rights against the other in the event of a loss. In other words, the person who adds this waiver onto their policy is waiving their right to sue the party they added, even if that party was negligent. A Waiver of Subrogation is commonly...
Are your clients properly protected against environmental exposure?
Independent contractors may need pollution liability insurance, especially if they’re working on jobs with environmental exposures such as asbestos abatement, mold removal, or stripping lead paint. This insurance is often necessary in addition to general liability to protect contractors against liability from damage – including injury or illness,...
The Most Common E&S Commercial General Liability Classes
Protecting businesses is a top priority. Admitted, or standard insurance companies, may be hesitant to cover businesses that have hazardous working environments, use dangerous equipment, or have a history of claims. Obtaining Commercial General Liability coverage from the Excess and Surplus (E&S) marketplace may be the only option available....
How the Personal Lines Insurance Sector Will Fare in 2022
At the beginning of 2021, higher surplus levels and favorable risk-adjusted capitalization helped the Personal Lines insurance sector. The segment overcame obstacles related to current conditions and returned to pre-pandemic frequency trends, navigated increased loss cost severity, and higher than average catastrophes. As we look ahead at what's...
The Ins and Outs of Monoline Wind-Only & Wind Deductible Buybacks
Worsening weather conditions are leaving homes and commercial properties damaged throughout the country as they're hit by hurricanes, torrential wind and rain, and tornadoes. Even the sturdiest structures are being put to the test. With the potential for dangerous conditions increasing and the rising cost of building materials and labor,...
Primary vs. Excess Flood Insurance
Industry jargon can easily leave your clients thrown off and confused. For example, when considering insurance coverage options and recommendations, your clients may be unfamiliar with terms like "primary" and "excess," resulting in inadequate coverage in the event of a flood. When selecting policies, it's critical to know the coverage's...
Insurance Appraisals: What are Inspectors Really Looking For?
Insurance appraisals play an essential part in determining coverage types and costs for a property. Unlike a purchase appraisal, insurance appraisals don't consider a property's market or land value like they would for the sale or refinancing of a property. Instead, inspectors conduct an in-depth assessment to determine the property's replacement...
Admitted and Non-Admitted Insurance Carriers—What’s the Difference?
Looking at your coverage recommendations, your clients may not know the difference between admitted and non-admitted insurance carriers, and the benefits and drawbacks to each. Here’s a brief explanation you can use to help them understand the difference. If someone needs insurance for a situation that’s considered “high-risk,” they may be...
Why It’s Important to Do Business with an A-Rated Insurance Carrier
When considering insurance carriers, selecting a company that's fully capable of fulfilling its obligations is critical––especially if you experience a loss and need to file a claim. Like businesses in any industry, some insurance carriers are more reputable than others. So you help your clients shop for insurance, one thing to consider is the...
Can You Insure That? Our Most Unusual Excess and Surplus Policies
In the world of insurance, it's not uncommon to seek out property and casualty policies. But what about situations that require coverage for more bizarre items or circumstances? At Quaker Special Risk MA, we're focused on providing clients with the best coverage, no matter how “outside-the-box” the situation is. Here are a few of the wacky...
Does Your Business Need Active Assailant Coverage?
From schools and grocery stores to movie theaters and nightclubs, active assailant events with mass casualties have become far too familiar. Although traditional insurance coverage like property and casualty can provide a layer of security in the wake of these tragedies, there can be sizable coverage gaps when it comes to active assailant...
Answering Your Questions on Construction Contractor Liability with Liam Staunton
General contractors and independent contractors are vulnerable to risks that can impact their businesses. Listen as expert Liam Staunton explains the types of policies contractors may need to protect themselves. Plus, hear tips on the extra conditions you should be aware of when preparing coverage recommendations to your clients.
Is Flood Included in Homeowners Coverage?
According to the Insurance Information Institute, less than 20 percent of U.S. homeowners have flood insurance, despite floods being the most costly natural hazard in the country. Many are either unaware that their insurance policies lack flood damage coverage or underestimate the likelihood of experiencing a flood-related incident. Under most...
Why Large Properties are Harder to Insure in 2021
Thanks to a string of natural disasters, the COVID-19 pandemic, supply disruptions, social and civil unrest, production shortages, and a slew of other economic factors, 2020 was one of the most expensive years for the insurance industry since 1970. Insurance loss estimates totaled up to $83 billion, according to Swiss Re Institute—and we’re...
Answering Your Questions on Rental Property Liability with Mary Roy
Do you know the ins and outs of what makes rental property coverage so tricky? Mary Roy explains the right questions to ask and what kinds of coverages are needed to properly cover short- and long-term rental properties.