Insights
Elevating Coverage: E&S Insurance for Luxury Homes
In the insurance world, high-net-worth individuals often possess unique needs and assets that require specialized coverage. One area that stands out is Excess and Surplus (E&S) insurance, particularly when protecting multi-million-dollar homes.As the value of these properties increases, so does the necessity for tailored coverage beyond traditional insurance offerings. This blog will explore...
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.
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...
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,...
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...
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...
How FEMA’s First Flood Insurance Update in 50 Years Will Affect Rates
In the wake of natural disasters, a pandemic, and supply shortages, higher insurance rates are everywhere. Many living in coastal areas or in flood zones can also expect to see higher rates to insure their homes under the Federal Flood Insurance Program. The Federal Emergency Management Agency (FEMA) released new rules in the spring regarding...
To Package or Not to Package Commercial Insurance Policies?
From phone, internet, and cable to insurance, everyone loves to bundle. It’s convenient to work with one form, one agent, and one carrier for multiple policies, and bundling everything into one package sometimes saves the insured some money. Business owners needing both property and general liability (GL) policies have long had this option, but...
What to Do When A Construction Project Is Delayed
Pandemic-related supply-chain disruptions, manufacturing delays, and labor shortages are leading to building supply shortages and longer wait times for deliveries. 90% of contractors say plywood has been harder to come by, and 75% are finding vinyl siding harder to get, according to a survey by the National Association of Home Builders. Between...
5 Traits of a Good Insurance Broker Partner
Having a good broker partner is essential to getting great rates and giving your clients and insureds stellar service. But how do you find one, or how do you know you have one? When evaluating a broker, there are a few characteristics you should look for in order to rate their quality. Here are 5 traits of a good insurance broker partner. 1. Fast...
A New England “Insurance Legend” Says Goodbye: Hello to Retirement After 40 Years of Service
In New England’s insurance industry, everybody knows him and loves him; some even refer to him as “Hawk.” If you’re in insurance, it’s hard not to know Jim Hawkins, the senior vice president at Quaker Special Risk, since he’s been in the Boston-area insurance scene for over 40 years. Hawk is now trading risk for retirement in June after a...
The Return and Rise of the Vacation Rental
After a year of people being cooped up inside their homes, they’re eager to flee the nest for a change in scenery. With over 35% of the U.S. population now fully vaccinated, many are willing to take a chance on travel and reuniting with loved ones they haven’t seen in months. Google is reporting search queries for hotels and resorts in the U.S....
Lessen Your Liquor Liability Risk Memorial Day Weekend
Your bar, restaurant, and venue clients are usually pretty responsible with making sure their server staff is properly trained when it comes to alcohol consumption. Typically, they require servers to take courses and attain a certification in order to serve alcohol, or before they’re put on the server schedule. However, you might need to remind...
Lumber Prices Raise New Home Prices by $24,000
Toilet Paper, coins, computer chips, homes for sale … The pandemic has led to short supplies of many consumer products, driving up prices. With a lack of available homes, people looking to cash in on low interest rates and buy homes better suited to post-pandemic living have all turned to new construction. In order to build new homes, contractors...
Best Ways to Prevent Home Water Damage
Water damage is one of the leading causes of homeowners’ losses in the U.S. The annual cost of water damage and removal is $13 billion, and the average home insurance claim for water damage is just over $10,000. There are many simple things your clients can do to prevent home water damage, bringing down the number of claims and overall...