Tools + Intel.

The 2020 hurricane season stormed in with a record six named tropical storms by early July. But in addition to forecasts for an active storm season, coastal homeowners from Florida to Texas are facing sharp rate increases as insurers seek to rein in catastrophe losses. Carriers are tightening underwriting guidelines, limiting capacity and, in some cases, pulling out of markets. Rate increases are particularly steep in South Florida’s tri-county area, but Gulf Coast homeowners from Florida to Texas should also expect higher premiums and increased deductibles as well as fewer options for wind coverage.

Often we assume that bigger is better, but unless products and promises are backed by exceptional service, the value proposition can quickly lose its luster. A large public manufacturer of healthcare products had become dissatisfied with the level of attention and service received from its broker, which is known for high level sophistication and client advocacy particularly in the area of Professional Liability. A smaller retail broker, with a reputation for excellent customer service was given the opportunity to submit a Request for Proposal (RFP) outlining the retailer’s ability to meet the manufacturer’s insurance service needs.

Concerts. Festivals. Fairs. Sporting events. Live theater. Corporate events. Whether it is indoors or outdoors, we love to be entertained and inspired. We thrive on learning from experts and hearing from speakers we admire. And this is why the events industry is enormous. In the United States, business meetings, conferences, tradeshows and the like provided over 5.9 million jobs.

A supervisor at a midsize business is watching the evening news, when she sees a disturbing video of people smashing windows and looting stores in the city where her company is based. What she sees next shocks her: one of the looters is not wearing a face mask, despite the coronavirus, and she realizes as he passes the camera that he’s one of her longtime employees.

The impacts of COVID-19 have changed the way we approach much of life, including how Americans receive healthcare. Social distancing, intended to “flatten the curve” and prevent further spread of the coronavirus, has dramatically expanded the use of telemedicine in the area of behavioral healthcare.*

Chronic lateness may be a societal problem, as many etiquette columnists note*, but when it comes to insurance claims, lateness in notifying one’s insurers invites more than dirty looks – it can bring denial of coverage.

Because property premiums are based on the value of the property, many insureds have sought to save money over the years by reporting lower values. While that tactic can bring cost savings in the short term, it works against the longer- term best interests of both the insured and the industry. Should a catastrophe strike, a business that’s underinsured may not have sufficient funds to rebuild or make it through an extended shutdown.

The 2020 hurricane season is upon us and scientists are already making their predictions. Scientists’ early predictions indicate an “above-average” hurricane season in 2020*. The consensus of expert forecasts indicate 17 named storms for this year’s North Atlantic hurricane season – much higher than the long-term 30-year average of 12 storms. Are you ready for this year’s hurricane season? Here is a list of hurricane claim guidelines you should consider as part of the preparation for dealing with a storm. From the first steps you should take after an event, to the different types of claims scenarios, CRC Group provides you with the information you need to adequately prepare for a storm.

In insurance, hard markets present hard choices. Policyholders often face sharply higher rates and tighter terms and conditions at renewal, along with exclusions their expiring liability coverage did not impose. In these situations, incumbent carriers may offer an extended reporting period (ERP), which lets insureds file claims after the original policy’s expiration date. Buying an ERP, however, has significant risks that insureds and their agents should consider.

The coronavirus has transformed life for billions of people in just a few short weeks. Since the first U.S. COVID-19 case was reported on January 21st, the number of known cases has grown significantly nationwide, reaching pandemic status and straining healthcare systems. More information is becoming available day by day as the situation evolves.

As the coronavirus pandemic continues to grow, the directors and officers of public and private organizations are facing risks on two fronts: the economic impacts of COVID-19 and litigation. Adding to the challenge is a hardening insurance marketplace.

As Americans grow increasingly anxious about the impacts of COVID-19 and public life is limited by social distancing, food production demands are changing. Product sales at retail locations are reaching unprecedented levels. This doesn’t mean people are eating more – just that they’re eating at home due to the closure of restaurant dining rooms and other public spaces.

COVID-19 has infected millions of people and has taken so many lives around the globe. Unwilling to stand by and do nothing as the economy and our communities struggle, companies all around the U.S. are looking for ways to help fight the virus, ensure business continuity, and keep generating revenue.

The earthquake market has moved onto unstable ground as insurers and alternative capital investors demand higher returns on their capital. Rate increases have ramped up over the last year, and buyers should expect higher prices this year for the same coverage. Higher deductibles can be an effective strategy to manage premiums. Buyers who can provide better and more detailed information on their risks can expect a better reception from underwriters. Early and active marketing and working with a broker that offers broad access to markets are crucial for obtaining the most cost-efficient coverage.

As businesses of all sizes strive to protect their employees and preserve cash flow during the coronavirus pandemic, likely the last thing on most of their minds is employment practices liability (EPL) exposures. But EPL risks are higher during pandemics and other periods when employers are more likely to furlough, lay off or ask employees to work from home.