Ice dams, the thick accumulations of ice that form at the edges of roofs, are a notable winter concern for both commercial and residential properties. As insurance agents, gaining a comprehensive understanding of ice dams is key in offering well-informed advice and coverage to your clients. Understanding the Causes of Ice Dams The formation of...
As we approach 2024, the commercial property insurance market is witnessing significant shifts. These trends are particularly relevant for businesses and individuals dealing with specialized properties like coastal, vacant, and habitational real estate. Understanding these trends is crucial for making informed insurance coverage decisions. Key...
In the context of economic uncertainty, commercial property insurance rates are on a steep climb — again. But, why is this phenomenon happening? Instead of one single factor driving up the costs of commercial property insurance, there are several reasons why we’re seeing an increase in insurance rates for this market sector. Here are the six...
Extreme floods are exposing issues in the Federal Emergency Management Agency's (FEMA) flood maps, according to a recent article by the Washington Post. Americans rely on these maps to warn about potential flood risks, but that’s creating dangerous situations for residents around the country as it leaves them uninformed about the potential...
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...
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...
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...
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,...
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,...
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...
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...
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...
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.
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...
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...
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...
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...
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...
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...
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...
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