Texas plane crash: an act of domestic terrorism and would it be covered?
Austin, Texas, Police Chief Art Acevedo stopped short of calling the crashing of a small plane into a commercial office building in northwest Austin on Feb. 18 a terrorist act, but U.S. Representative...
View ArticleSoCal earthquakes happen more frequently and overdue for a big one
Reports from researchers at Arizona State and UC Irvine who have investigated earthquakes along the San Andreas fault over the past 700 years suggest that Southern California is overdue for a major...
View ArticleTips for selecting a third party logistics provider (3PL)
The diligence taken in the process of selecting and retaining a third party logistics (3PL) provider can have meaningful impact as to whether a company has a sound transit risk management program and a...
View ArticleA report on the rise of sinkhole claims in Florida
Insurers in Florida are requesting rate hikes, even though the state hasn’t seen a hurricane in more than five years, in part because of an increase in claims for sinkholes and other damage. Homeowners...
View ArticleCyclone Yasi could cost $1.49B
It has been reported that the Australian tropical cyclone Yasi could cause as much as $1.5 billion Australian ($1.49 billion) in insured damage, based on catastrophe modeling by AIR Worldwide Corp....
View ArticleSomali pirate attacks increasing and costing more
The risks to ships transiting the pirate-infested waters off the coast of Somalia are on the rise. Last year, the average ransom paid to Somali pirates was $5.4 million compared with $150,000 in 2005....
View ArticleRisks of allowing space heaters in the office
As the winter months and the bitter cold continues with no end in sight; many companies are inquiring about whether it is “okay” to have employees use portable/space heaters in the office. It depends...
View ArticleEarthquakes in the Northeast – are we insured?
Every time there is a huge earthquake in one part of the world, it is common and certainly appropriate for other parts of the world to consider the risk of earthquakes closer to home. The Northeast is...
View ArticleThe potentialities of FEMA’s flood map revamp
In 2009 Congress appropriated $220 million to FEMA for a program called Risk Mapping, Assessment and Planning (Risk MAP), a comprehensive 5-year plan to vastly improve the accuracy and quality of...
View ArticleLeft in the dark – hurricane service interruption claims
When a hurricane or tropical storm hits, it’s easy to determine whether your assets suffered physical loss or damage almost immediately, with tree limbs puncturing a roof, broken glass or water showing...
View Article2012 Property renewals for tech companies: start early
Technology companies that have owned manufacturing operations or outsource their manufacturing to suppliers in Asia should get an early start on their 2012 Property Insurance Renewals. Outside of the...
View ArticleFrom tool to the new rule – looking at the basics of CAT modeling
For over two decades, Catastrophe (CAT) Models have served as tools for insurance companies to manage their exposures from an aggregation of risks in a catastrophic event. Since their launch in 1987,...
View ArticleP&C market outlook for 2012
Partly sunny with clouds mixed in and intermittent periods of rain; heaviest near the coast. This may sound like the weather forecast for today in New England, but it also served as the outlook for...
View ArticleExamining property losses as Boston’s Back Bay fire knocks out power
A fire that started in a large transformer owned by the local electrical utility led to a lengthy disruption of power in Boston’s Back Bay this week. While the damage at the building near a Hilton...
View ArticleDeadly start to 2012 tornado season threatens availability of insurance coverage
Due to the deadly start to the 2012 tornado season, property insurance executives have warned that many reinsurers are pushing back on tornado coverage and have been forced to reconsider the risks of...
View ArticlePost-Sandy, lower deductibles for homeowners
The latest development in responding to damage from Hurricane Sandy is some good news for policyholders, particularly those of Homeowners Insurance. As reported today in the New York Times, governors...
View ArticleLaw firms learn the importance of off-site power in wake of Sandy
Tuesday’s AmLaw Daily highlights the significant impact many law firms have suffered since the arrival of Sandy. The impact of the super storm is being felt all along the east coast and many firms’...
View ArticleSandy coverage update: ACC and FEMA guidelines
The latest estimates of insured losses from Hurricane Sandy have reached nearly $15 billion, mostly triggered from flood and wind perils. As insurers face a growing number of claims filed by homeowners...
View ArticlePost Sandy snowstorm complicates claims
The post-Sandy snowstorm that hit the Northeast last week caused additional damage for many homeowners and businesses, further complicating the insurance claims process that had already begun the prior...
View ArticleDealing with mold risks in the aftermath of Sandy
Hurricane Sandy left millions of businesses and homeowners without power, facing gas shortages and with massive property destruction. The biggest threat, however, may come from mold damage left behind...
View ArticleAvoiding business interruption losses on campus
While the majority of discussions concerning coverage following Hurricane Sandy have focused on homeowners and commercial businesses affected by the disaster, institutions such as colleges and...
View ArticleTerrorism coverage and understanding TRIPRA
Two weeks after the Boston Marathon bombings, questions surrounding terrorism coverage have become a cause for concern for many businesses impacted by the tragedy. Some are confused over whether or not...
View ArticlePotential impact of Oklahoma tornado on property insurance market
The tragedy in Moore, Oklahoma is the latest in a series of massive tornadoes that have ripped through the U.S. in the last two years, causing billions of dollars in losses. While property damage...
View ArticleOne year later: Lessons learned from Hurricane Sandy
Just over a year ago, Hurricane Sandy ravaged the East Coast. The storm killed nearly 300 people, destroyed over half a million homes and cost $70 billion in total economic loss. Insured losses totaled...
View ArticleTRIA options as we near expiration
As we approach yet another possible extension or expiration of the Terrorism Risk Insurance Act (TRIA), set to expire on December 31, 2014, it’s a good time to revisit the details of the law and the...
View ArticleTRIA: Planning ahead to be prepared for 12/31
With the Terrorism Risk Insurance Act (TRIA) set to expire on December 31, 2014, buyers and carriers of terrorism insurance must be on the lookout for marketplace changes and disruption if Congress...
View ArticleCongress to NFIP: keep flood premiums in check
Earlier this month Congress passed legislation scaling back major hikes in flood insurance premiums sending the bill to the White House where it is expected to be signed into law by President Obama in...
View ArticleSenate’s TRIA extension threatens insurers with rate hikes
Renewal efforts for TRIA (the federal terrorism insurance backstop) moved forward last month with a legislative proposal in the Senate that would extend the law for another seven years. The bill,...
View ArticleIs your Landlord’s tenant information open to a data breach?
Fitch Ratings-recently reported that while the potential long-term effects of Essex Property Trust’s data breach are not yet known, the incident may serve as a harbinger of future problems for...
View ArticleExploring the risk of electric vehicles
The benefits of electric cars may be widely known, but the risks are often not talked about. There have been a few areas worth exploring when it comes installing charging equipment, how homeowners...
View ArticleImproving a tested method to combat the California drought
According to the California Department of Water Resources, the state is in the midst of its fourth year of drought. As a result, Governor Edmund G. Brown Jr. signed a $1 billion emergency drought...
View ArticleProtect your property from ice dams this winter
According to the Insurance Information Institute, claims for winter storm damage in the U.S. totaled $2.3 billion in the first quarter of 2015. Property owners can avoid business interruption, limit...
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