By: Paul Lefcourt, Management Liability Practice Leader
As COVID-19 has so clearly impacted our personal lives, we are also witnessing both immediate and subsequent effects on businesses as well. In response to these changes, and the underlying uncertainty on what the future may hold, we are seeing some Specialty underwriters making/ considering changes, which include, but are not limited to, the following:
ACCOUNT TYPE | LIMITS | PREMIUM | OPERATION |
---|---|---|---|
PL/GL | $1M/$3M | $75,000 | Health Clinic providing Covid Testing in California |
Media | $5M | $44,000 | Journalism consortium |
Management Liability - D&O/EPL | $1M | $18,047 | AI/Machine Learning Software - Pre-Funding |
EPL | $1M | $28,742 | Denny’s Franchise Group of Restaurants |
Engineer E & O | $1M/$2M x $25K retention | $67,350 | Civil Engineering/Survey with losses on Admitted paper |
Cyber | $2M/$2M x $10K | $12,000 | Law Firm Cyber with Real Estate Exposure |
Reps & Warranties | $5M | $135,000 | Acquisitive Company |
PL/GL | $1M/$3M | $45,000 | Behavioral Healthcare Facility — counselors meeting with children via Zoom & Skype |
By: Bethan Moorcraft
Small and medium-sized businesses (SMBs) could face a higher risk of discrimination claims and employment practices liability (EPL) lawsuits when their employees return to work once COVID-19 restrictions are lifted…
By: Brent Winans
We can be sure that the battle over insurance coverage for COVID – 19 related losses will keep politicians, attorney, and the courts engaged for years. We can also be sure that we will see an increase in agent errors and omissions (E&O) claims. So what can an agency do to keep from being sucked into this swirling litigation vortex?…
By: Derick M. Stitik SVP, Property Practice Leader Socius Ten, fifteen, or even thirty percent rate increases are pretty standard in property renewals these days! So what happened?…
By: Hart Humble, Business Development at Socius
While we are all living with an incredible amount of uncertainty right now, both in our personal and business lives, one thing we do know for certain: now more than ever, we must stay abreast of change within the insurance market place. To that end, we would like to offer some insights to our retail agency clients and ultimately to our mutually insured clients regarding what we are seeing in the Property and Casualty marketplace.
ACCOUNT TYPE | LIMITS | PREMIUM | OPERATION |
---|---|---|---|
Builders Risk | $37M | $176K | Coastal Bio-Med Lab |
Deadly Weapons Protection | $1M | $31,000 | Religious Institution |
Property including wind and GL | $12M | $20,000 premium deposit | (Monthly Reporting Form) |
Property | $22.8M | $105,000 | LRO Schedule of Restaurants |
Excess Flood | $4.7M Excess of NFIP | $15,700 | Hotel |
GL and Excess | $1M/$2M Primary and $3M Excess | $24,000 | Custom Home Builder |
Excess Liability | $20M | $81,000 | Gun Manufacturer |
GL | $1M/$2M/$2M | $26,500 | Security Guard |
GL/CPL/PL | $1M/$2M | $47,000 | Janitorial Contractor |
By: Matthew Lerner
Capacity continues to be an issue in the excess liability market as many carriers are cutting the limits available at renewal. Rate increases in this line of coverage continue to soar, with Aon reporting most accounts taking increases of 30% or higher…
By: Hart Humble, Business Development at Socius
Twas the new month of March And all seemed quite normal. At least in the States No precautions were formal. But things started changing, and it started out west. You must shelter in place if you know what is best, San Francisco was shuttered, then New York, and L.A. Texas, and Florida, most states would obey…