The fine art market has demonstrated robust growth, with global art sales increasing by 3% to an estimated $67.8 billion in 2022. The high-end market continues to be a growth driver, with dealer sector sales increasing by 7% to $37.2 billion. The US dominates the global market, with 45% of sales by value. This surge highlights the increasing...
An insurance agent needs to be able to identify the best policy for a client and ensure they have all the coverage they require. If they don’t read the fine print closely or gather enough information about the client’s risks, the client could end up with gaps in their coverage, leaving them vulnerable to unpaid claims. When it comes to...
Untouched snow on the roof of home looks pretty, but this winter's heavy snowstorms mixed with frigid temperatures can cause an ice dam to develop on that roof. Ice dams prevent melting snow from properly draining. This can cause serious damage to insulation, ceilings, and walls if the water seeps inside the home. ... which leads to that...
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...
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...
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...
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...
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...
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,...
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 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...
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...
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...
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...
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.
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...
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...
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....
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