The cruise ship industry sees nearly $38 billion in revenue annually around the world, with more than $15 billion invested into new cruise ships. Ferries, cruise ships, and other passenger vessels are a much different exposure than cargo ships that carry dry cargo, not people. Accidents and catastrophic mechanical failures with passenger vessels often result…
Specialized insurance, classified as Accident and Health Sports Coverage, is available for the thousands of organizations and individuals that make up the sports industry. The most common type of coverage, Personal Accident, includes Accidental Death and Dismemberment, Permanent Total Disability (such as a career-ending injury), Accidental Medical Expenses, Temporary Total Disability (a form of income…
A personal umbrella provides an additional layer of liability coverage above and beyond the liability limit in auto and homeowner policies. Coverage starts at $1 million and goes up from there. —Bill Gatewood, corporate vice president and director of personal insurance at Burns & Wilcox Read more at InsuranceJournal.com
Despite the challenges of a softening market and potentially shrinking profit margins, the excess and surplus lines market is expected to continue its impressive growth this year- with a key role for producers. The emergent excess and supplies lines industry again outpaced growth in the standard property/casualty insurance market in 2013, bringing in an 8.4%…
Optimism about the opportunities in excess and surplus lines was strong during the NAPSLO conference. The state of the excess and surplus lines market is strong, as evidenced by the nearly 4,000 attendees, who networked their way through the annual convention of the National Association of Professional Surplus Lines Offices in Atlanta, from Sept. 15 to…
In the wake of the latest market correction toward softer conditions, some surplus lines experts are suggesting that hard insurance markets are not what they used to be—and in fact, may never be the same again. A year ago, the E&S market was still recovering from many of the lumps it took when Superstorm Sandy struck…
SAN DIEGO — Excess and surplus lines insurers are enjoying a respite in a turbulent marketplace as a growing economy and rising demand for their services balance the market’s increased competitiveness. Several E&S insurer executives say this year’s market is showing increased price stability. One stabilizing factor has been the retreat of standard lines insurers…
Industry watchers don’t expect commercial umbrella pricing to change much in 2014. But that doesn’t mean agents can’t take steps to ensure their own success in the market.
All businesses can benefit from umbrella coverage. With or without a contractual obligation, adequate commercial umbrella insurance is critical to provide coverage from unforeseen risks and a safety net when liabilities exceed expectations.
Alternative investment categories continue to be popular among high-net-worth investors who are already well-diversified in their traditional financial portfolios and are now seeking long term appreciation for tangible assets. As a result, interest in jewelry and fine art collection has grown steadily in recent years and savvy collectors have been able to realize greater returns…
Safely and efficiently transporting, shipping and storing commercial cargo is a complicated business. Unforeseen perils can cause significant damage to equipment or products in your client’s possession, creating a host of legal liabilities.
Ten years ago, there were more than 1,100 enclosed shopping malls in the U.S. Since then, more than 400 have been shuttered—become “ghost malls”—or have been repurposed for use other than retail space, such as for industrial, educational or office space, according to Yahoo Finance.
Millennials are quickly becoming one of the most prominent generations in the workplace. Focused on findings jobs that provide “meaning” and a stimulating company culture, they are constantly looking for workplace environments where they can bond with colleagues and impact the lives of others. Smart companies know that in order to keep this generation engaged they…
A number of changes that took effect April 1 will impact the overall cost of many flood policies in the U.S. As FEMA continues to implement portions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), here’s what to keep an eye on when serving your flood insurance clients.
GALVESTON – A lawsuit focusing on a forklift collision at a Galveston cruise terminal was reportedly settled. According to recent Galveston County court records, plaintiff Mary Moses and defendant Suderman’s Contracting Stevedores Inc. reached a settlement on Dec. 19, 2013.
The Michigan Court of Appeals has dismissed a Traverse City harbormaster from a lawsuit over an 18-year-old’s electrocution and drowning death at a city marina. The lawsuit accused Barry Smith, the harbormaster, as well as the city, the marina, Robert Cole, the former department of public services director, and engineering and electric companies of negligence.
A nearly $2 million judgment against a Florida yacht brokerage has left brokers puzzled and concerned as they reconsider – in light of this case – how much protection the “as-is” clause in most sales contracts affords them.
In the absence of any major catastrophes since Superstorm Sandy, the personal marine insurance market has settled into a stable pricing period. What segments are gaining in popularity? And what coverage options will be required to address the associated risks?
Transporting materials is a complex process involving numerous parties with competing interests and responsibilities. Global in scope, modern supply chains are fraught with risk as freight forwarders work with cargo carriers to ensure products are transported safely and efficiently from point A to point B, crossing borders and great distances by land, air and sea….
For weeks on end in 2010, live footage of a ruptured pipeline spewing oil underwater in the Gulf of Mexico served as a 24/7 reminder of the potential for environmental devastation. Underwriters and brokers dealing with Environmental insurance initially feared the worst in terms of the disaster’s impact on the industry.
