When the Federal Emergency Management Agency unveiled its new Risk Rating 2.0 methodology for calculating flood insurance, advocates and critics alike warned that it would mean higher premiums for thousands of property owners, especially in low-elevation coastal areas. Now, the …
A shortage of workers in the restaurant industry is leading to more expensive and complex claims in workers’ compensation even as claim frequency declines, according to a recent report and webinar. Marsh recently released its Restaurant Industry Practice 2022 Report …
Despite cybersecurity experts’ repeated warnings, the insurance sector, along with other industries, is not doing a great job when it comes to creating secure passwords, says new research by password manager NordPass. Though employees are repeatedly warned to take better …
Most agent errors and omissions (E&O) policies cover claims that arise from “professional services.” This term is usually defined in the E&O policy to be something like “activities as an insurance agent or insurance broker” or “services rendered as a …
Claims made insurance policies have existed for a long time. For specialty line insurance policies, such as directors and officers liability, professional liability, cyber liability etc., they are the most common type of policy issued. They are complex, and depending …
Chubb CEO Evan Greenberg says society and the business community need to start asking questions regarding the purpose of third-party litigation funding, a major contributor to increases in frequency and severity within casualty insurance lines. “What social purpose does litigation …
Spectator Safety, Natural Catastrophes, Rising Costs Top Concerns Today As theater shows and live events return to full force this year coming off pent-up demand, underwriters are placing extra scrutiny on safety, resulting in increased rates and tightly worded policies. …
The cannabis industry continues to evolve, with 39 states and the District of Columbia having legalized cannabis on a medicinal level, and 21 states and D.C. allowing cannabis for recreational use. While the market has become increasingly saturated, this is …
Insurers may not use a war exclusion to deny coverage to Merck & Co. for a 2017 cyberattack blamed on the Russian military, a panel of the New Jersey Appellate Division ruled. The panel affirmed a decision by the Union …
The rollout of the Lloyd’s Market Association’s (LMA) cyber war exclusions received considerable criticism for the chaos and confusion they caused leading up to their effective date on March 31. But here are some certainties about the new regime: A …
