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Public Works Projects Face a Challenging Casualty Insurance Market

Public Works Projects Face a Challenging Casualty Insurance Market

As the U.S. embarks on a nationwide infrastructure upgrade, a challenging casualty insurance market may make for a bumpy road. Millions of miles of roads as well as thousands of bridges and dams need repair across the country. A massive federal program aimed at addressing those needs is getting underway even as contractors face shortages of skilled labor and tight material supplies following the pandemic-related supply chain logjams. Social inflation is also generating other roadblocks as liability verdicts soar into the tens of millions of dollars. In the current legal environment, insurers have been pulling back on casualty coverage for public works projects, particularly those involving streets and roads, to limit their own exposure. As placements become more complex, experienced wholesale brokers with strong market relationships can be an invaluable ally for meeting insureds’ casualty insurance needs.

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Why Non-Trucking Liability Insurance is Key Coverage for Carriers & Drivers

Why Non-Trucking Liability Insurance is Key Coverage for Carriers & Drivers

The trucking industry has experienced a volatile cycle over the past few years, and it continues to grapple with the COVID pandemic's economic fallout and driver shortages. In 2022, the trucking sector saw a shortage of just over 78,000 drivers, down only slightly from 2021’s shortage of 81,000 drivers (source 1). Controlling losses remains a big challenge for the trucking industry, especially as the need for drivers grows. According to the American Trucking Association, the trucking industry is likely to see a record deficit of 160,000 drivers by 2030 (source 5).

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New FDA Traceability Rules Bring Big Changes and New Risks to Farms

New FDA Traceability Rules Bring Big Changes and New Risks to Farms

The 2020 E. coli outbreak linked to romaine lettuce sickened more than 160 people, with more than half requiring hospitalization. Fifteen people developed hemolytic uremic syndrome (HUS), a form of kidney failure (source 1). This outbreak was preceded by a similar 2018 outbreak that affected 32 people across 11 states (source 2). Unfortunately, the FDA couldn’t track down the source of either outbreak.

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Train Derailment Impacts on Environmental Insurance Liability

Train Derailment Impacts on Environmental Insurance Liability

On February 3, 2023, a train derailed in East Palestine, Ohio. Thirty-eight of the cars left the track, including 11 that were carrying hazardous materials. In the aftermath of the derailment, the EPA has declared that the water and air in East Palestine are safe, but questions remain about environmental liability.

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California Law Changes Create Uncertainty for Trucking Industry

California Law Changes Create Uncertainty for Trucking Industry

Two topics have been dominating the conversation across California’s trucking industry in recent months: California Air Resources Board (CARB) regulations and California Assembly Bill 5 (AB5). As these laws take effect, trucking company owners and drivers are working to understand the laws’ impact on daily operations and their insurance programs (source 2).

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Casualty State of the Market at a Glance