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Challenges Ahead for Real Estate Casualty Coverage

Challenges Ahead for Real Estate Casualty Coverage

The market for real estate casualty coverage is tightening significantly both for primary and excess with fewer standard markets willing to provide coverage. Rates, retentions and deductibles are all heading higher as claims costs and jury verdicts rise, particularly for habitability claims in California and action-over claims in New York City. To avoid those kinds of claims, underwriters are putting much greater scrutiny on submissions, particularly in litigation-prone areas. In such a fluid market, communication ahead of renewals is critical to manage client expectations. As placements become more challenging, working with experienced wholesale brokers is the key to finding the best coverage options.

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Rough Road Ahead in Excess Casualty

Rough Road Ahead in Excess Casualty

The excess casualty market faces a rough road ahead. After a difficult 2020, the market is likely to remain hard at least through 2021 and possibly into the following year. Carriers continue to reduce limits and increase premiums as they grapple with the aftereffects of underpricing in the soft market. Much of the hardening is being driven by losses in auto, and also where social inflation is leading to more so-called ‘nuclear’ verdicts. Along with auto fleets, construction, real estate, habitational and hotels stand among the more difficult markets.

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Insurance Marketplace Adds to Uncertainty for Contractors

Insurance Marketplace Adds to Uncertainty for Contractors

Amid the stubborn coronavirus pandemic, institutional capital and developer investment has paused, forcing contractors to take a wait-and-see approach for their direction in 2021 and beyond. While the industry cheered the economic comeback of the third quarter after a record second quarter slowdown, developers and builders remain cautious, particularly in sectors deeply affected by the pandemic and the associated shutdowns – namely office buildings and hospitality. Well capitalized projects, including those funded by municipal bonds, appear set to continue on plan while other more speculative investments have been sidelined indefinitely.

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Hospitality Industry Struggles to Find Mold Coverage

Hospitality Industry Struggles to Find Mold Coverage

Mold has been a part of our environment for millions of years, and there are more than 100,000 mold species naturally occurring on Earth.

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Understanding the True Cost & Pitfalls of Additional Insured Endorsements for Behavioral Healthcare Organizations

Understanding the True Cost & Pitfalls of Additional Insured Endorsements for Behavioral Healthcare Organizations

Everyone knows the fine print matters, but it is especially important when it comes to the additional insured endorsements sometimes requested by partners. Clauses requiring such endorsements can be expensive in ways insureds may not realize. Understanding the hidden costs of an additional insured endorsement can keep an insured from unfairly paying for another’s mistakes or unintentionally elevating insurance costs. Contractual provisions requiring additional insured endorsements can vary, and the differences can make a world of difference.

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How to Avoid the Uncertainty Mark-up for Catastrophe Coverage
How to Avoid the Uncertainty Mark-up for Catastrophe Coverage
New Florida Law Strengthens Apartment Safety Regulations
New Florida Law Strengthens Apartment Safety Regulations
Cyber Loss Control: Security Scans Have Pros and Cons
Cyber Loss Control: Security Scans Have Pros and Cons
2022 Excess Habitational State of the Market
2022 Excess Habitational State of the Market
Representations & Warranties Coverage Protects M&A Deals
Representations & Warranties Coverage Protects M&A Deals
Possible Insurance Implications of Roe v. Wade Overturn
Possible Insurance Implications of Roe v. Wade Overturn
2022 Energy State of the Market
2022 Energy State of the Market
Private D&O REDY® Index June 2022
Private D&O REDY® Index June 2022
Excess & Umbrella REDY® Index June 2022
Excess & Umbrella REDY® Index June 2022
Cyber REDY® Index June 2022
Cyber REDY® Index June 2022
Property REDY® Index June 2022
Property REDY® Index June 2022
Senior Living Market Easing but Reprieve May be Brief
Senior Living Market Easing but Reprieve May be Brief