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Property, Property & Casualty

Understanding Property Theories of Recovery and Ensuing Loss Clauses

08/16/18

​The theories of recovery, as well as the ensuing loss provisions, contained in property insurance policies are often complex and, at times, seemingly in conflict. Although a policy may not directly address these theories, their application by courts plays a significant role in the coverage determination process after the claim. It is essential that brokers understand the primary theories of recovery – Efficient Proximate Cause, the Concurrent Causation Doctrine, and the Anti-Concurrent Causation Doctrine – in order to navigate the challenging post-claim process and effectively serve their clients.

Casualty, Professional Lines, Property, Property & Casualty

Claims Reporting: Better Late than Never?

08/16/18

A common complication during the claim process is the late reporting of claims. In some cases, a late claim can put the agent or broker's own E&O policy in jeopardy. There are many reasons for missing a reporting deadline; however, in most cases, they will not matter to the insurer or the courts. This article discusses typical claim reporting requirements, common causes of late reporting, and recommendations to mitigate the risk of late notice claim denials.

Property, Property & Casualty

Top 10 Misconceptions About Placing California Earthquake Insurance Coverage

07/24/18

​One of the biggest misconceptions regarding California Earthquake coverage is that it is a straightforward and elective coverage. With the lowest frequency in the CAT space, this peril is often misunderstood. However, one large event with subsequent aftershocks could result in significant losses. We have compiled a list of the top 10 misconceptions about placing CA Earthquake coverage which can help you understand this peril and what is truly being offered.

Property, Property & Casualty

State of the Property Market - Q2 2018

06/18/18

Abundant capacity characterizes the current property insurance market, with few exceptions. CAT pricing remains stable entering the 2018 hurricane season. Learn more in the Q2 2018 State of the Property Market report.

Property, Property & Casualty

Understanding Catastrophic Event Property Deductibles

05/17/18

Catastrophic event property deductibles (“CAT deductibles”) differ from traditional property insurance deductibles in that they result in significantly higher out-of-pocket expenses for the policyholder for specific perils. Policy wording is crucial to determine the potential financial impact of these high deductibles. This article discusses the three most popular forms of CAT deductibles and how you can protect your clients from substantial financial burden in the event of a CAT claim.

Casualty, Property, Property & Casualty, Transportation

State of the Transportation Market

05/17/18

​In both primary and excess liability, accounts are seeing some increases, but the worst may be behind us. As is typical in the transportation sector, troubled accounts are facing higher costs and placement challenges. In an ever changing marketplace, claims, safety and technology are at the forefront and buyers can no longer simply consider price.

Casualty, Property, Property & Casualty, Public Entity

State of the Public Entity Market

05/11/18

The Public Entity market is seeing unique trends for both Property and Casualty. In Property, the mid-market has seen firming while larger placements have seen carriers, both domestic and in London, attempt to hold the line on pricing. In Casualty, there are underwriting concerns around several key issues including attachment point sensitivity, capacity management, and difficult public exposures such as water utilities and law enforcement.

Property, Property & Casualty

Storm Event: When Multiple Water Perils Intersect

04/24/18

When a storm event occurs, multiple perils often intersect, creating a very challenging environment for a policyholder to prove their loss. Whether these perils are insured by an insurance policy, and if so to what extent, depends on the terms, conditions, definitions and exclusions in the policy. This article discusses the difference between wind-driven rain and rising water, the broad impact of using wind-driven water verbiage, and the importance of clear policy wording concerning water perils.

Property, Property & Casualty

Insurance Commissioner Orders Carriers to Pay for Mudslide Damages

03/22/18

The Thomas Fire, the largest fire in California's history, subsequently led to a mudslide on January 9, 2018, which caused a massive amount of damage in Santa Barbara and Ventura counties. The California Insurance Commissioner has issued a formal notice reminding carriers to pay for damage, citing the "efficient proximate cause doctrine." This article takes a closer look at the doctrine and how it has been challenged in court over the years.

Property, Property & Casualty

AmWINS Exclusive Property Capacity

11/10/17

A one-two-three punch of hurricanes to the U.S., combined with global property catastrophes, have plunged the property market into a period of uncertainty. Vital market access and capacity will be key to success in the coming months.

Property, Property & Casualty

Coinsurance and Blanket Limits in Commercial Property Insurance

09/21/17

While policyholders should strive to provide the insurer with complete and accurate values for buildings and business personal property that are the subject of insurance, policyholders should also understand the basic workings of the coinsurance condition. In this article, we'll see an example of the potential penalties for underinsurance, the agreed value option, blanket limits and margin clauses.

Property, Property & Casualty

Insurance-Linked Securities: Providing Capacity to Catastrophe Risks

Insurance-Linked Securities (ILS) provide alternatives to traditional indemnity-based insurance products by allowing investors to provide capacity, primarily on property catastrophe risks. Whether purchased in addition to a traditional program or in lieu of a traditional setup, ILS arrangements may offer a more efficient use of capital and can be fine-tuned to meet the needs of the insurance buyer.

Property, Property & Casualty, Transportation

Railroad Property Business Keeps Rolling

The engine and cars that come down the track are only a small part of the property of any railroad operation. Property exposures are as diverse and complex as railroads themselves and require a specialized approach to navigate the insurance marketplace.

Property, Property & Casualty

10 Catastrophe Claim Tips for Severe Weather Season

Severe weather can be unpredictable and strike at any time. Help your clients be prepared in the event their property is damaged by a hurricane, tornado, hailstorm or similar disaster with these 10 catastrophe claim tips.

Property, Property & Casualty

Top 10 Costliest Hurricanes in U.S. History

For the insurance industry, a major hurricane making landfall means an enormous number of claims, often resulting in rate increases for insureds and changes to catastrophe models. Check out this infographic which highlights the 10 most costly hurricanes in U.S. history, ranked by estimated insured loss.

Environmental, Property, Property & Casualty

What Constitutes Property Damage?

Property damage doesn't always mean there was an alteration to structure or contents. In this article, we review a court case in which harmful air quality was ruled as causing “direct physical loss of or damage to” the company’s property.​

Property, Property & Casualty

8 Key Considerations for a Builder's Risk Insurance Policy

In this article, we review the insurance requirements and considerations when it comes to a builder’s risk policy, including coverage for soft costs and delay in startup/loss of income.

Property, Property & Casualty

10 Key Changes for the Private Commercial Flood Insurance Market

With the National Flood Insurance Program (NFIP) facing excessive losses, legislative mandates and a growing deficit, the private sector is presented with one of the largest growth opportunities in the P&C market today. But can the challenges causing NFIP’s problems be adequately addressed by the commercial market?

Construction, Property, Property & Casualty

3 Exposures to Consider on a Builder's Risk Insurance Policy

The resurging construction industry means that builder's risk submission activity is on the rise. As such, it's important to understand this line of business. Here's an overview of some things to consider on a builder's risk policy.

Casualty, Property

Aviation Insurance Exposures – Consider the Potential

From a simple slip and fall claim to a complex bodily injury or damage to aircraft claim, airports of all sizes are subject to substantial liability. Aircraft and airport operations seem to be very routine in nature, but when the unexpected loss occurs, proper coverage becomes very important.

Property

Contingent Business Interruption Insurance Covers Losses Beyond a Business’ Control

Business interruption is a common coverage that allows a business to recover revenue lost as a result of a direct physical loss or property damage. But contingent business interruption coverage, while less prevalent, provides an additional layer of protection against losses that result from interruptions to supplier or distributor chains which directly impact the insured’s ability to produce products or deliver services.

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