Professional liability insurance is a complex and interesting concept. As insurance professionals, or practitioners if you prefer, we are used to the concepts and terms of several different liability policies. We understand that an auto liability policy pays for bodily …
School officials and insurers across the country are facing questions about COVID-19-related insurance liability as classes begin, but answers remain elusive, according to A.M. Best. “Uncertainty about the plethora of issues involved with school liability abounds,” A.M Best said in …
In the most recent Closing Quote in Insurance Journal, I wrote about why I believe this is the best time in history for entrepreneurial agents to create a new independent insurance agency. My reasons include lower costs, the increased need …
When the construction labor market tightens, employers fill the gap with independent contractors. A quarter (25%) of construction laborers are 1099 workers. While hiring 1099 contract workers helps keep projects on track, it can potentially create an entirely separate problem …
U.S. commercial property/casualty insurance prices rose during the second quarter of 2020 by almost 10% compared with prices charged during the same quarter of 2019. Excess/umbrella and directors’ and officers’ liability data indicated the largest price increases, with prices for …
Year after year I have found that insurance agencies spend 60% of their recruiting activity on account management hires. This far overshadows the combined time spent hiring producers, managers and executives. With such a consistent need for experienced client managers, …
The latest recall by Nissan of hundreds of thousands of vehicles in North America in June to resolve a latch problem that may allow the hood to fly open while the cars are moving comes on top of three previous …
I received a nice email from a reader asking me to write about how important it is to support good producers and how good producers should be heroes rather than grouping all producers as anti-heroes. He provided the context that …
Commercial Crime Market Detail: Axis Insurance Service, LLC (www.axisins.com) provides Commercial Crime insurance to all types of businesses to protect against the risk of theft of their money and securities. A typical crime policy is comprised of several coverage parts, …
Even before the coronavirus crisis hit, the reinsurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price increases became necessary after 10-plus …
