Insights

The Ins and Outs of Product Liability Insurance

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 net, protecting companies from costly legal fees...

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What’s the Difference Between Artisan and General Contractors?

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...

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Should Your Clients Sign a Waiver of Subrogation?

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...

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Are your clients properly protected against environmental exposure?

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,...

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The Most Common E&S Commercial General Liability Classes

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....

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How the Personal Lines Insurance Sector Will Fare in 2022

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...

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The Ins and Outs of Monoline Wind-Only & Wind Deductible Buybacks

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,...

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Primary vs. Excess Flood Insurance

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...

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Insurance Appraisals: What are Inspectors Really Looking For?

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...

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Admitted and Non-Admitted Insurance Carriers—What’s the Difference?

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...

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Why It’s Important to Do Business with an A-Rated Insurance Carrier

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...

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Can You Insure That? Our Most Unusual Excess and Surplus Policies

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...

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Does Your Business Need Active Assailant Coverage?

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...

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Is Flood Included in Homeowners Coverage?

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...

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Why Large Properties are Harder to Insure in 2021

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...

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Getting Speciality Insurance Coverage: How Lloyd’s of London Works

Getting Speciality Insurance Coverage: How Lloyd’s of London Works

What happens when coverage needs fall outside of what a standard insurance carrier can offer? The surplus lines industry is important because it provides a market for insurance covering hard-to-place risks not written by the admitted markets. As such, non-admitted carriers have the ability to accommodate a wide variety of risks. Lloyd's of London...

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Do Artisan Contractors Need Insurance Coverage?

Do Artisan Contractors Need Insurance Coverage?

Artisan contractors are skilled workers who hail from a variety of industries. These trades include carpentry, plumbing, electrical, HVAC, masonry, roofing, and more. If you have clients who work independently, the last issue they want to face is an injury or property damage related to their work. Regardless of how much caution they exercise,...

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How Insurance Agents Can Support Policyholders Amid Fluctuating Construction Costs

How Insurance Agents Can Support Policyholders Amid Fluctuating Construction Costs

Since the onset of the pandemic, there's been a surge in building materials costs – impacting construction and building prices. A combination of increased home projects, a shortage of construction workers, and mill closings have led to building material shortages, creating obstacles for contractors. While these factors have significantly impacted...

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Why Businesses Should Be Concerned About Ransomware

Why Businesses Should Be Concerned About Ransomware

As one of the most dangerous and popular types of malware, ransomware is a growing threat amongst businesses. In the U.S., over 4000 ransomware attacks happen daily. During these attacks, cybercriminals use phishing tactics and network vulnerabilities to access a company's systems and data. They then threaten to either block access to networks or...

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