INSURANCE MARKET SOURCE | WINTER 2024 QUARTERLY INSIGHTS FOR BROKERS AND AGENTS
NEWS YOU CAN USE
2024 REWIND
Explore this year’s most popular articles from Burns & Wilcox, featuring key trends, emerging risks, and expert insights that shaped the E&S insurance landscape.
Stanley Cup Maker Sued for Failing to Disclose Lead in Tumblers
A lawsuit against Stanley and its popular tumblers is bringing renewed attention to the risks manufacturers face when product defects or safety issues emerge.
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Bounce House Tragedy Shows Need for Precautions and Extra Protection
A devastating bounce house incident underscores the unexpected risks homeowners face when hosting events.
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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.
Housing Complex
77,000 Salmon Accidentally Released into Creek After Fish Tanker Truck Overturns
An accident involving a fish tanker truck has brought to light the complex risks businesses face when transporting live cargo and the essential policies needed to mitigate unexpected costs.
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Alligator Attack Leads to Lawsuit Against
A tragic alligator attack at a senior housing complex sparked a lawsuit, raising questions about property owners' liability and risk management. READ MORE
CFO Accused of Embezzling
$40 Million from Nonprofit
An embezzlement scandal involving a nonprofit CFO emphasizes the importance of comprehensive insurance coverage to prevent or recover from significant losses. READ MORE
Disney Springs Restaurant Lawsuit Stems from Diner’s
Allergic Reaction
A heartbreaking allergic reaction at a Disney Springs restaurant serves as a stark reminder of the critical need for Liability coverage and effective risk management in the hospitality industry. READ MORE
A fatal crash linked to a customer who had been served 18 shots highlights the dangers of overserving alcohol and underscores the critical need for Liquor Liability Insurance.
Homeowner Frustrated After Roof Replacement Not Fully Covered
Brokers and agents need to help homeowners understand what their insurance policies cover and what they do not, especially as trends like depreciation schedules and percentage-based deductibles are changing the landscape of Residential Property Insurance. READ MORE
Potato Chip Maker Sues Cannabis Company Saying Products Look Too Similar
A lawsuit by a potato chip manufacturer shows how legal challenges can affect businesses, and how specialized insurance can help lessen the financial consequences.
Eye on 2025: Navigating the Evolving E&S Insurance Landscape
Thursday, January 9, 2025
1:30 – 2:15 PM ET
REGISTER NOW
The insurance industry continues to undergo transformative shifts, with non-admitted markets poised to take an even larger share of the Property & Casualty (P&C) sector in 2025.
As Excess & Surplus (E&S) carriers lead the charge with capacity and custom solutions, brokers and agents must stay ahead of emerging challenges—from unpredictable catastrophic events to the growing impact of liability risks.
Join our panel of P&C experts for this forward-looking webinar on what to expect across Commercial, Professional and Personal Insurance:
Bill Gatewood
Corporate Senior Vice President
National Personal Insurance Practice Leader
Burns & Wilcox
Detroit/Farmington Hills, MI
Andy Wood Vice President
National Professional Liability Practice Leader
Burns & Wilcox
Chicago, IL
Bryant Steele
Regional Vice President
Upper Midwest
Burns & Wilcox
Chicago, IL
Hosted by Paul G. Smith
Corporate Senior Vice President
H.W. Kaufman Group
New York, NY
Risks: Airbnb Owner Seeks
$540,000, Citing ‘Bizarre’
Damage
“Having an open conversation with your insurance consultant to make sure they are targeting the proper coverage for the exposures you have is extremely important. They cannot help you if they do not know what is happening.”
— Anella Niewenhous, Associate Vice President, Regional Practice Group Leader, Personal Insurance, Burns & Wilcox, Morehead City, NC
$32.5M
Ruby Slippers Smash Auction Records Amid 'Wicked' Buzz
Protecting an item of such monetary and sentimental value is a primary consideration for collectors, who would need to purchase a Personal Articles Floater to insure items that exceed the value of a standard Homeowners Insurance policy.
“Whatever is in the media and in the spotlight right now, individuals tend to collect those items.”
— Sylvia Ornelas, Associate Vice President, Director, Personal Insurance, Burns & Wilcox, Los Angeles, CA
11.8 Million Pounds of Food Recalled Over Possible Contamination
Recent expanded food recalls, such as the 11.8-million-pound listeria case, highlight the need for manufacturers and distributors to have comprehensive insurance coverage, including Product Liability and Recall policies.
“The most important thing is making sure a company can survive a loss like this. The cost of everything is going through the roof these days, and $1 million does not get you very far.”
— Steve Bartell, Senior Broker, Casualty, Burns & Wilcox Brokerage,
Chicago, IL
Cyber Insurance
Hospital to Pay $65 Million After Sensitive Patient Data, Photos Leaked Online
The settlement is considered the largest of its kind to date, per-patient, for a healthcare ransomware event.
“With this type of attack, a hospital is going to need IT forensics, cyber experts, call centers, and legal assistance. The insurance coverage is there to help them get in front of it with their patients, which is their social responsibility.”
— Danion Beckford, Senior Underwriter, Professional Liability, Burns & Wilcox, Toronto,
ON
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CONSTRUCTION INSURANCE
What are some of the greatest risks faced by construction companies today?
Risks in the construction industry include construction defects, the rising cost of projects, the shortage of labor, and bonus-incentivized timelines. Incentives could lead to cutting corners that then lead to a defect. Another risk is using the wrong type of subcontractor or someone who is not properly vetted to complete specialized work like plumbing or electrical, which can cause defects.
— Anthony Kobets Senior Broker, Commercial Insurance, Burns & Wilcox, Kansas City, KS
ENVIRONMENTAL INSURANCE
What are some examples of the types of businesses that need Environmental Insurance?
Any business has some sort of exposure — from dry cleaners and gas stations to building owners and small contractors. Many of them do not realize they have an exposure, which is the biggest problem we have. Each year 90% of environmental losses are not covered, and that is because they do not carry Environmental Insurance because they do not think they have an exposure, but they do.
— Gina Jones Vice President, Director, Environmental Programs, Burns & Wilcox, Denver, CO
ASK ME A QUESTION
Navigating Hurricane Claims & Preparing for the Future
Burns & Wilcox experts share strategies to help your clients through the claims process, as well as prepare for future risks with tailored insurance solutions.
“These events completely change lives. Education is key, be preemptive, and do not wait for a bank to tell you to shop these insurance coverages.”
— Brad Turner, Vice President, National Product Manager, Flood, Morehead City, NC
Burns & Wilcox Expands Wildfire Program
Burns & Wilcox has expanded its partnership with Wildfire Defense Systems (WDS), a private company specializing in wildfire loss prevention and mitigation, to Texas and New Mexico.
As part of the relationship, Burns & Wilcox now provides qualified WDS wildfire resources and personnel to insureds of its retail insurance clients in 12 states.
With 2.6 million U.S. homes currently at moderate to very high risk of wildfire—and 70 percent of those homes located in California, Colorado, and Texas—the need for robust protection has never been more urgent.
KEY FEATURES & BENEFITS
• Enhanced Wildfire Protection: WDS offers real-time monitoring and deployment of tools like portable sprinklers, retardant, and fire-blocking gel to shield properties from flames.
• Supplementary Support: WDS coordinates with federal, state, and local agencies, supplementing public wildfire efforts for comprehensive protection.
• Proven Experience: WDS has a trusted history of providing wildfire response and suppression services for the U.S. Forest Service.
Securing Coverage in a Challenging Market
The trucking industry is navigating a complex landscape, from jurisdictional challenges to rising operational costs. In a webinar hosted by Paul G. Smith, Corporate Senior Vice President, H.W. Kaufman Group, New York, NY, experts from our Transportation Practice Group explored the most pressing issues facing Transportation Insurance today.
“AI-driven analytics is allowing companies to assess risks more accurately by analyzing the data from claims to driver behavior patterns.”
— Monica Cantu, Underwriting Director, Burns & Wilcox, San Antonio, TX
“The biggest thing I have noticed this past year is on the Commercial Auto side... [with] the standard marketplace tightening up and carriers exiting.”
— Denis M. Brady, Broker, Transportation, Burns & Wilcox Brokerage, San Francisco, CA
“The more we can do to make [an underwriter’s] job easier... good supplemental, an accurate driver's list, and fleet list, preferably in Excel form because it then makes it easier for those primary markets to drop, drag and drop that intel into their rating systems.”
— Buddy Taylor, Broker, Transportation, Burns & Wilcox Brokerage, North Dallas, TX
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