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CRC’s Claims Advocacy Team Wraps Up a Long Lingering Tough Builders Risk Claim

CRC’s Claims Advocacy Team Wraps Up a Long Lingering Tough Builders Risk Claim

The CRC Claims Advocacy Team recently came to the rescue of a retail agency partner. They stepped in to help with a contentious builder’s risk claim that involved delay and damage to an office building project that occurred over a 7-8 month period due to rain, flooding, and a hurricane. The source of the water damage impacted both the coverage analysis and the number of deductibles that should apply. In this instance, the insured believed there was only one claim and one deductible, while the carrier sought to apply three.

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Property Rates Rise as Carriers Retrench and Prepare for the Changing Market

Property Rates Rise as Carriers Retrench and Prepare for the Changing Market

The term catastrophe became a part of everyday life this year as the global coronavirus pandemic spread across the country. With spring also came the "normal" catastrophes, including a spate of deadly thunderstorms and tornados. This was followed by an early start to a hurricane season that kept setting records through the summer, and a disastrous wildfire season for which the full scope of damages will not be known for some time.

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Changing Property Market Poses Challenges for 2020

Changing Property Market Poses Challenges for 2020

The property market continues to change amid decreased capacity and increased caution among carriers. There is little capacity left among many Lloyds syndicates, and domestic markets are more selective overall—particularly on tougher classes of business. While the first quarter of 2020 may bring some relief on capacity, insureds should expect increased rates, higher deductibles and greater scrutiny from underwriters. Valuations are particularly important along with better data on construction, especially for roofs. In this transitioning market, experienced brokers show their worth in finding the best solutions for clients.

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Evolving PFAS Regulations Heighten Environmental Risks
Evolving PFAS Regulations Heighten Environmental Risks
SEC Update: New Cybersecurity Disclosure Rules
SEC Update: New Cybersecurity Disclosure Rules
Opportunities Rising in the Private Flood Insurance Market
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Liquor Liability Market Challenging for Many in 2023
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Cyber REDY® Index July 2023
Cyber REDY® Index July 2023
Excess & Umbrella REDY® Index July 2023
Excess & Umbrella REDY® Index July 2023
Private D&O REDY® Index July 2023
Private D&O REDY® Index July 2023
Property REDY® Index July 2023
Property REDY® Index July 2023
Hard Property Market, Slowing Economy Complicate Builder’s Risk
Hard Property Market, Slowing Economy Complicate Builder’s Risk