Articles

Trump’s Impact on the EPLI Market

by Andrea Wells

There is no shortage of liability issues hanging over employers these days as the Trump Administration assumes office. Some controversial rules could be rewritten while others could be rolled back or eliminated altogether. Employer issues at stake include wage and hour, joint employer liability, new overtime rules, Occupational Safety an Health Administration (OSHA) electronic reporting,…

Cyber Market Faces Insurability Challenges

by L.S. Howard

While insurance against cyber risk represents a tremendous new business for the insurance industry, numerous problems with the insurability currently impede the development of the market, according to a new report published by the Geneva Association. The report, titled “Ten Key Questions on Cyber Risk and Cyber Risk Insurance,” said the main insurability problems are…

What Drives Satisfaction in Large Commercial Insurance Market

The profitability of an insurance company and the quality of advice given by an insured’s insurance broker make the most difference in customer satisfaction for commercial insurance, a new study revealed. According to the J.D. Power 2016 Large Commercial Insurance Study, the key variables driving overall commercial insurance customer satisfaction are insurer profitability and broker…

Berkley Announces High Net Worth Brand ‘Berkley One’

W.R. Berkley Corporation has launched a new high net worth personal lines brand, Berkley One. Set to launch its products in the latter half of 2017, Berkley One will offer specialty personal insurance coverages to sophisticated individuals and families, supported by risk and claim management, on behalf of W. R. Berkley Insurance Group member insurance…

How Challenges Create Opportunity in Program Business

by Amy O'Connor & Andrea Wells

Today’s program administrators continue to face plenty of challenges, including increased competition, high merger and acquisition activity, market pressures for more creative options, and other issues. Those challenges are leading to opportunities as the industry is forced to create and innovate, some experts say. The number one challenge facing program experts is the amount of…

Survey: Agencies Not Adequately Protected Against E&O Claims

Independent agency owners spend their entire careers worrying about the risks and exposures of others. Managing the risks of their own agencies can take a backseat to helping their clients. When it comes to managing risk in an independent agency, the agency’s errors and omissions (E&O) exposures are top on the list of concerns. While…

Report: Cyber Insurance Sales Only Moderately Increase in 2016

For many years, cyber liability has been the hot opportunity for new sales. But that may be over, or at least the pace of sales seem to be slowing. The overall upward trend of organizations purchasing cyber insurance continued in 2016, however there are signs the market is slowing after six years of rapid growth,…

10 Things to Know About Habitational/Dwellings

“Provide a good habitational supplement and loss history with your submission. Thorough underwriting information is key to getting a quick turnaround and a competitive quote.” — Gabriel Derzhavets, Roush Insurance Services Inc. “Do your research on the location. Look it up online because your underwriter will. Let them know up front any issues they may…

Improved Optimism Among Independent Agents Despite Technological Disruptions

Property/casualty independent insurance agents are more optimistic this year than they were in 2015. Nearly half (49 percent) of agencies responding to an industry survey say they are “very optimistic” about the future success of their agency compared to just 29 percent who felt optimistic in 2015. Vertafore’s third annual report, titled “How Independent P&C…

Cyber, Risk Management & Claims in the Accountants’ Liability Market

The environment for accountants’ professional liability (APL) insurance programs continues the trend of the past few years of both expansions in coverage and risk management with many programs. The market is also experiencing some upheaval in relationships between carriers and managing general agencies that may affect client and agent opportunities for new business and renewal…

How Analyzing Workers’ Comp Claims Helps Both Clients and Their Brokers

by Josh Fagin

Data analytics on claims (specifically workers’ compensation claims) adds clarity for the client when identifying underlying issues they need to focus their loss control efforts on. This article outlines the main areas that can add value for your clients. Analysis of reserves as a function of total claims cost can shed light on how insureds…

6 Things to Think About When Insuring Restaurants & Bars

Kevin O’Connor, president of McGowan Hospitality, is no stranger to insuring the risks associated with restaurants, bars, taverns and nightclubs. He has spent the past 33 years in the sector as a reinsurance broker, managing general agent and now program administrator. In this interview with Insurance Journal, O’Connor offers a few tips to consider when…

Study: Why Businesses Don’t Buy Cyber Coverage

The cost of a typical cyber breach to an American company is much less than has been generally estimated, providing one possible explanation for why companies do not invest more to improve computer security, according to a new RAND Corp. study. The typical cost of a breach is about $200,000 and most cyber events cost…

Lemonade’s Peer-to-Peer Insurance Model Aims for ‘Delightful’ Customer Experience

Peer-to-peer insurance startup Lemonade is open for business in New York, nine months after the startup’s debut and initial venture funding announcement. The New York-based company, which its founders promise will reinvent the insurance business model and make insurance a “delightful” experience for consumers, is now selling homeowners policies in the Empire State beginning at…

10 Things to Know About Flood Insurance

A large percentage of agents’ errors and omissions claims arise from failure to offer flood coverage. By offering flood coverage at the point of the homeowner sale, in addition to offering protection to clients from devastating losses, agents are also helping to protect themselves from potential E&O claims. —Keith T. Brown, CEO of Aon National…