Insights
Effective Strategies for Managing Ice Dams
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 ice dams is a result of the interaction between heat...
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...
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...