THE NEWS YOU NEED
Construction
In this webinar hosted by Bryant Steele, Regional Vice President, Upper Midwest, Burns & Wilcox, Chicago, IL, watch as our experts discuss the current state of the Construction Insurance market and provide insights into the remainder of 2024.
“We have seen an absolute uptick in home remodelers, homeowners and tenants putting improvements into their properties. All of this, of course, carries a risk –one that needs to be contemplated.”
— John Dewart, Senior Broker, Casualty, Burns & Wilcox, Chicago, IL
“I think [Construction Insurance] is going to continue to boom in the E&S marketplace. I don’t see any of this slowing down.”
— Steve Bartell, Senior Broker, Casualty, Burns & Wilcox Brokerage, Chicago, IL
“I think the biggest challenge is still dealing with high premiums for insureds — the cost of materials and labor continues to go up, which is driving project costs up.”
— Nicholas Enriquez, Broker, Commercial Insurance, Burns & Wilcox Brokerage, Scottsdale, AZ
VIEW RELATED RESOURCES
Grumpy Cat vs. Copycats: Trademark Claims Underscore Importance of Insurance
More than five years after the death of Grumpy Cat, the internet-famous cat known for its disgruntled-looking expression, the company that owns its image and likeness continues to confront alleged trademark violations from other entities using the pet’s face for profit.
“The cat has passed away, but the meme has lived on, and it is still intellectual property, at the end of the day. The meme is valuable, and it needs to be protected.”
— Joey Franiak, Broker, Professional Liability, Burns & Wilcox, San Diego, CA
MARKET OVERVIEW
Preparing for Storms: Private Flood Insurance
a Necessity
As we enter the latter half of 2024, the Flood insurance market is awash with excess capacity and sees stabilized reinsurance rates. This is a different story from the same time a year ago.
Tips for Brokers and Agents
1. Make your clients aware of their exposure.
2. Review potential gaps in coverage.
3. Present private flood options.
READ MORE
Hiscox FloodPlus Available Through Burns & Wilcox
Burns & Wilcox clients have access to Hiscox FloodPlus –a technology-driven Primary and Excess Flood solution for residential dwellings and commercial buildings.
Did you know... Flood is the largest underinsured and uninsured risk for U.S. property owners.
Burns & Wilcox clients can access Hiscox FloodPlus through its online portal – IssueQuick.
LEARN MORE 40% of flood insurance claims come from outside high-risk flood areas.
Trucking Accident Releases
77,000
Salmon Into Nearby Creek
When a release occurs that has the potential to negatively impact a waterway, the costs can escalate significantly — even with something seemingly "natural." The incident highlights how lack of awareness to relevant exposures is an ongoing issue in the industry.
“In the Environmental Insurance world, anything in excess and anything out of its natural element is a pollutant.”
— Gina Jones, Vice President, Director, Environmental Programs, Burns & Wilcox, Denver, CO
Homeowners Insurance Crisis: Rates Soar as More Carriers Leave Market
Soaring premiums, fewer carriers and worsening weather trends are contributing to an insurance crisis for homeowners in many areas of the U.S.
“Insurance is for the unplanned, unknown catastrophic events, and as of late, some of those events are not as much unknown — and so the market has to adjust.”
— Bart Dugdale, Associate Managing Director, Burns & Wilcox, Ruston, LA
ERRORS & OMISSIONS INSURANCE
The greatest risks typically are companies entering into contracts to provide a service and then not fulfilling their scope of work within that contract, causing that client to lose money. If you are providing a service for others, you should have an E&O Insurance policy.
— Erica Rangel Manager, Professional Liability, Burns & Wilcox, Chicago, IL
What are some of the greatest risks today as it relates to professional errors? READ MORE HERE
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CANNABIS INSURANCE
This product is highly attractive to thieves, so the priority needs to be building security and making sure that everything is in place to prevent possible burglary events — cameras, alarms, guards, shatterproof glass. Everything they can do to safeguard the product is vital.
What should cannabis business owners be aware of? READ MORE HERE
— Jason Scheurle National Product Leader, Cannabis, Burns & Wilcox, Based in Philadelphia, PA
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