The California FAIR Plan Association will expand its clearinghouse to include commercial policies, such as those covering farms and condos, beginning July 1. The move follows the passage of Senate Bill 505 in 2023. California Insurance Commissioner Ricardo Lara in …
New York has issued guidance to commercial insurers that they are prohibited from inquiring about or making coverage decisions based on a property’s status as an affordable housing development or a tenant’s source of income. The guidance is in a …
Falvey Insurance Group announced the launch of Commercial Output insurance – coverage designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial, and commercial sectors. Crafted by Falvey’s inland marine managing general agency (MGA), the …
Eligible commercial property insurance clients of FM Global will receive a share of what the insurer calls a “resilience credit” to be put toward climate mitigation solutions. Collectively worth $350 million, the initiative follows the allocation of a $300 million …
Pfizer Inc. said on Thursday it will begin making some products available only through its emergency ordering process, as part of steps to manage inventory at its North Carolina facility that was struck by a tornado last month. The drugmaker …
Banks seeking to sell commercial-property loans are encountering a dried-up market with few options for an easy exit. Lenders including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been trying to sell debt backed by offices, hotels and …
How does the 2023 insurance market look so far? It depends on where you stand. Property is facing its most challenging market in 20 years. But D&O rates are down after spiking in 2020. Cyber is evolving to limit exposure. …
There is no one answer to the overall insurance industry’s place within its cyclical path. Each product line needs to be looked at individually, according to Robert Berkley, CEO of W.R. Berkley Corp. “Once upon a time, most P/C product …
New York’s highest court reversed a $4.5 million judgment against an insurer that denied a fire damage claim by the owner of a vacant commercial building because the owner had not installed an automatic sprinkler system required by the policy. …
The US Supreme Court decided Monday that it will not hear an appeal of a decision that denied coverage for losses caused by COVID-19 shutdown orders, effectively closing the last door for such claims in the federal court system. The …
