Insights
Insuring Private Collections with Specialty Insurance
Private collections, whether they comprise rare art pieces, vintage cars, exquisite jewelry, or other unique treasures, hold immense value not only in terms of monetary worth but also in sentimental value. As insurance agents, understanding the nuances of insuring private collections is pivotal to ensuring collectors safeguard their cherished possessions. In this blog, we’ll dive into the world...
What Happens When Your Credit Card Is Swiped
Cash payments declined to 18.6%, down from 25.8% in 2019, according to the latest data. Digital payments, including the use of credit cards, continue to grow, and so does the fraud associated with them. According to the FTC, there were over 4.7 million reports of fraud recorded in 2020. And just recently, the details of 1.2 million stolen credit...
8 Cybercrime Trends to Watch Out for in 2023
Although there may be a few frightening characters who show up at your door this Halloween, cyber threats are far scarier (and not likely to be appeased by just a few pieces of candy). The FBI reports that in the US alone, potential losses from cyber crimes exceeded $6.9 billion in 2021. In the spirit of Cyber Awareness month, we’ve rounded up 8...
Top 10 Trends in In-Home Businesses
Throughout 2020 and 2021, numerous small businesses shut their doors and instead decided to sell their products online. For millions, in-home businesses have proven to be highly lucrative, especially in the age of social media. Today, many small business owners continue to operate entirely from the comfort of their own homes. In-home businesses...
Top Trends in Super Yacht Design
Super yachts differ from traditional yachts in that they're typically much longer and more spacious. … And based on all their bells and whistles, designing a coverage plan for one could get tricky. Over the years, these unique luxury yachts have undergone numerous changes, and they continue to boast state-of-the-art technology and ever-increasing...
Understanding Types of Ownership and Insurance Coverage Options
Trusts, estates, LLCs, and family limited partnerships are just some types of ownership used for properties and assets. They're gradually becoming more common because they're a good option for wealth management and the transfer of legal ownership for properties such as rental properties, personal homes, and vacation homes. The benefits of these...
Do Your Clients Need Condo Insurance Coverage?
Condo insurance protects condo owners from damages to their unit and to their personal belongings. If your clients own a condo, they may think that their condominium association master insurance policy is enough to cover their home; however, that's not the case. The master policy usually protects the exterior of their unit and other common areas...
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...
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...