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Through our relationships with more than 800 E&S and specialty markets, our P&C business has grown to be the largest wholesale insurance broker in the U.S., placing $8.9 billion in property, casualty and professional lines premium annually.
Our dedicated national practice groups, our brokers and underwriters have the collective knowledge and relationships of the firm at their fingertips. They can handle nearly any placement challenge – from highly complex, layered accounts to small binding authority business.
We also have underwriting authority for more than 30 niche insurance programs to meet the unique needs of specific classes, and access to a leading London broker through our international division.
Every industry has exposure to cyber risks, including transportation and logistics. While these industries worked from paper and wheels for many years, now there are both internal and external networks that are critical to operating in this industry group. This article discusses the unique cyber risks facing the transportation and logistics sector, coverages to address these threats, and proactive cyber risk management tools.
Parametric insurance is an innovative product that functions differently than traditional insurance. Unlike a traditional insurance policy, there are many levers to pull in designing a specific parametric product for an individual insured's needs. These levers afford the opportunity and flexibility to provide a menu of options at many different price points, often providing a more competitive product than is available in the traditional market. Learn how parametric products play a major role in catastrophe-driven risk transfer.
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.
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.
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.
In 2018, companies within the energy sector rely heavily on technology to perform daily operations. With this increased connectivity comes increased cyber risk. As threats continually evolve, it is virtually impossible to adequately prepare for every type of cyber-attack; however, appropriate insurance coverage can play a key role in mitigating risk. This article discusses energy-related claim trends and the value that Cyber Liability policies can add to your coverage offering for energy risks.
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.
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.
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.
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.
The state of the casualty market for real estate and habitational risks differs by the type of exposure. While desirable risks are seeing rate reductions, crime-related losses have caused many carriers to tighten acceptability guidelines, and shrinking profit margins have caused carriers in the habitational market to exit the space. Learn more in our State of the Real Estate Market report.
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.
A professional services exclusion is found in most private company D&O policies, as well as in D&O policies issued to publicly traded companies that provide professional services, such as banks and financial advisory firms. Seemingly minor differences in the wording of the exclusion's policy terms have caused numerous claim denials. Learn what you can do to protect against insureds being caught by surprise by a carrier's denial based on an expansive reading of an exclusion.
A mixed professional lines insurance market presents some challenges, but plenty of opportunities, as well. Learn more about the state of the Professional Lines and Cyber market in our Q2 report.
Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law. Compliance with ordinances and laws after a loss can add 50% or more to the cost of a claim. This article will help you educate your insureds on exclusions and limitations and help them take a proactive approach to their insurance program.
In 2017, the issue of sexual harassment – especially in the workplace – gained greater awareness as accusations of harassment by high-profile individuals were constantly in the news. In many cases, sexual harassment lawsuits seriously impacted businesses and their respective insurers. Employment Practices Liability Insurance not only provides protection against employee lawsuits, but can also help your clients mitigate their sexual harassment risks.
The healthcare market remains ultra-competitive, despite economic forces and political uncertainty that would typically unnerve underwriters. However, while declining premiums and extra coverage may appeal to customers, not all capacity is created equal. Partnering with a wholesaler that is an expert in healthcare is essential for brokers seeking to expand their presence in this market.