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Florida Senate Bill 4-D: What Does it Mean for Condo Associations?

Florida Senate Bill 4-D: What Does it Mean for Condo Associations?

At 1:30 am on June 24, 2021, residents of the Champlain Towers in Surfside, Florida, woke to a deafening crash. When they looked outside, residents saw the complex's South Tower had partially collapsed. It appeared as if the building had disappeared into thin air (source 1). Ninety-eight people died in the tower collapse, and hundreds more were temporarily homeless. The investigation into the collapse is entering its third year, and a final report isn’t expected until late in 2024. The cause of the collapse remains unknown (source 1).

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Louisiana Assignment of Benefits Ban a Win for Insureds & Carriers

Louisiana Assignment of Benefits Ban a Win for Insureds & Carriers

Louisiana’s property insurance market has been challenging after the state was hit by record hurricane activity during the 2020 and 2021 seasons. Louisiana suffered from a string of hurricane hits with Laura, Delta and Zeta hitting the state in 2020, followed by Ida in 2021. That heightened hurricane activity generated approximately 800,000 claims in those two years alone, resulting in $25 billion in paid losses that caused insurers to pull back from the Louisiana market (source 4). In fact, 11 insurers writing homeowners coverage in Louisiana were declared insolvent between July 2021 and February 2023. Twelve additional insurers withdrew from the state and 50 companies stopped writing new business in hurricane-prone parishes, creating a capacity crisis. On top of capacity issues, legal system abuse had become a persistent issue in recent years with strict bad faith laws contributing to inflated claims payments and awards (source 1).

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Property REDY® Index October 2023

Property REDY® Index October 2023

The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deliverables, and better results.

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Opportunities Rising in the Private Flood Insurance Market

Opportunities Rising in the Private Flood Insurance Market

Flooding continues to be one of the most significant risks property owners face. According to the National Flood Insurance Program (NFIP), 90% of all U.S. natural disasters involve flooding (source 1). Many people assume that only those who live in coastal areas or near bodies of water are vulnerable to flooding, but that’s not actually the case. In fact, 98% of counties in the United States have been impacted by flooding at some point (source 2).

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The Water Crisis Presents Risks Beyond Drought

The Water Crisis Presents Risks Beyond Drought

While the summer sun is shining, only remnants of California’s three-year drought remain after a winter of massive storms. As of early April, the U.S. Drought Monitor reported that areas of drought covered less than 9% of the Golden State, a sharp fall from more than 99% as of October 1, 2022. Into May, the state remained roughly 92% drought-free after months of rain and snow. California’s winter was marked by multiple atmospheric rivers that dumped vast amounts of rain and blanketed mountains with an extraordinary level of snowpack. According to the National Oceanic and Atmospheric Administration (NOAA), there is a 50% - 60% chance weather in central and Northern California will be wetter than usual.

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Protecting Creativity: Why Brands & Influencers Need Media Liability Coverage
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Property REDY® Index Q4 2024
Property REDY® Index Q4 2024
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Employment Practices Liability ® Index Q4 2024
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Errors + Omissions REDY® Index Q4 2024
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Cyber REDY® Index Q4 2024
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