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In 2021, 19-year-old Orlando student Miya Marcano was tragically killed in her apartment by a 27-year-old maintenance employee with access to her apartment complex’s master key fob. In response to this tragedy and a growing trend of violence, Florida Governor Ron DeSantis signed Senate Bill 898, known as “Miya’s Law,” at the end of June 2022. The n…
 
Hurricane Ian has proved to be a significant event for the insurance industry. In this episode, we talk with Nationally Renowned TV Meteorologist James Spann from ABC 33/40 in Birmingham, AL. Also, Chris Carlson, the property practice leader for CRC Group, joins us to talk about the damage estimates and what this means for the insurance industry. A…
 
Uncertainty can prove costly when it comes to purchasing property insurance. When pricing catastrophe risks, underwriters must be able to quantify them accurately. Where uncertainties arise, underwriters often adjust prices in an attempt to compensate for the unknown or decline the risk entirely. Uncertainty also tends to drive up the loss estimate…
 
After a year of slashed demand in 2020, global oil demand surged in 2021 as the world began to recover from the coronavirus pandemic. In 2022, energy demand and commodity prices are still up, indicating that the energy industry is strong (source 3). Refineries are operating at approximately 95% capacity, and many companies would like to expand oper…
 
Senior Living Market Easing but Reprieve May be Brief After a year or two of hardening, the insurance market for senior living facilities took another hit in 2020 due to the COVID-19 pandemic’s new wave of compounding challenges. Brokers working with these healthcare organizations were warned to keep a wary eye on increased liability and tighter un…
 
Matthew Rosencrans from the NOAA Climate Prediction Center takes us through the future of property risk, including hurricanes, climate change, and more. Is climate change causing sea levels to rise? The answer may surprise you! How many named storms will we see in 2022? According to the best data, what can we expect in the next 5 to 10 years? After…
 
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 expectatio…
 
In today's economic environment, many companies have difficulty hiring and retaining sufficient staff to operate. More small and mid-sized companies without dedicated internal administrative or HR staff partner with Professional Employer Organizations (PEOs) to help offload administrative burdens. In addition to providing HR, benefits, and payroll …
 
Over the last decade, third-party litigation funding (TPLF) has evolved into a $17 billion industry worldwide, and 52% of that money is being spent in the U.S., making TPLF a key contributor to social inflation, hiking up jury awards and claim settlements that may have a significant impact on insurance prices and coverage availability. What is it? …
 
The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise…
 
Flooding continues to be the most expensive and the most common natural disaster in the United States, resulting in billions in economic losses every year. According to the National Flood Insurance Program (NFIP), 90% percent of all U.S. natural disasters involve flooding. In October 2021, the NFIP implemented its Risk Rating 2.0 program, one of th…
 
Transitioning markets make for tougher renewals. Rising prices, carrier repositioning, and stricter underwriting are combining to make this year’s renewals more challenging. Seeking to tame natural catastrophe losses, carriers are changing appetites, scaling back capacity in some markets, and exiting others. Those changes have helped drive submissi…
 
Contractors may assume they don’t need professional liability coverage. But, as the traditional construction delivery model evolves and the lines of responsibility between contractors and design firms blur, contractors face increased exposure. Fortunately, professional liability insurance is available to help protect contractors from the risks that…
 
Following a soft market cycle characterized by marked underpricing, an excess casualty market that was hardening in 2019 is now firm. Underwriters continue to look for rate increases and cut capacity as large claims climb the tower. Three CRC Group Producers who specialize in Casualty weigh in on the current conditions of the market. Featuring: Jas…
 
Healthcare is a diverse industry, ranging from individual practitioners and home health nurses to ambulatory care centers and integrated systems with revenues in the billions of dollars. The risks along that spectrum also vary widely, but the insurance marketplace for healthcare organizations has been almost uniformly tight. Several insurance compa…
 
Costly litigation alleging violations of the Telephone Consumer Protection Act (TCPA) has made coverage hard to get for businesses that contact customers and prospects by phone or text. We explore why markets for TPCA risks are scarce and how to work with a knowledgeable wholesale broker to help insureds. Featuring: Harold Field is Office President…
 
Visit TheInsurer.com for more information about this interview. Recently, CRC Group's CEO Dave Obenauer sat down with David Bull from the Insurer to discuss the state of the E&S Marketplace. It was a great conversation, and we're happy to share it with you. "Strong growth in the E&S market shows no sign of letting up as a confluence of loss events,…
 
Featuring: Camille Knight is a Senior Broker with our CRC Indianapolis team, located in Kentucky. She has extensive experience and specializes in aviation relation risks. As the aviation industry rebounds from a massive pandemic-induced downturn, aviation insurance rates are rising as insurers seek to address prior-year losses and the industry’s ev…
 
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 expectation…
 
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, particul…
 
Americans learned just how vital the trucking industry is to daily life during the early days of the COVID-19 pandemic. Truck drivers all across the country witnessed an outpouring of public recognition and gratitude as the nation coped with shipping delays and supply shortages\. As the economy works to recover, trucking will continue to play an es…
 
The road ahead may be opening up in the primary auto market after last year’s nationwide economic dislocation brought on by the pandemic. The trucking industry, in particular, endured months of turmoil amid massive shifts in demand as people nationwide began not only working from home—but also staying at home after work. In commercial auto, the shu…
 
Wage and Hour (W&H) exposure is an often misunderstood and frequently underinsured risk. It is commonly — and incorrectly — assumed that W&H claims are restricted to either misclassification of exempt/non-exempt employment status or failure to pay overtime. However, W&H liability also includes allegations such as underpayment of overtime, miscalcul…
 
The West Coast has its unique challenges like earthquakes and wildfires. These factors make for a property market that is diverse and ever-changing. In this episode, we check in with two CRC property specialists who have a lot of experience dealing with West Coast property. How tough are rates and capacity? How long will the challenging market last…
 
Week after week, hackers and cybercriminals launch new phishing campaigns, develop creative digital extortion threats, and expand scams with the potential to negatively impact business operations in a big way. Cyberattacks can halt online operations in only minutes and take weeks to resolve. In addition, a cyberattack that involves the loss of cust…
 
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. While mold spores are tiny in size, they can mean big trouble for hotels and resorts. Mold has consistently been a loss leader for the hospitality industry insurers, but its impact has expanded over the last few …
 
At the beginning of the COVID-19 pandemic, employers moved quickly to develop and implement remote work-from-home protocols to protect employees. Almost a year since it all began, employers are starting to develop return to work plans. Well-known finance giants, Goldman Sachs, and JPMorgan Chase, are delaying their return after initially attempting…
 
The property market remains challenging in 2021. How are agents, wholesalers, and markets dealing with the hard market? We discuss a wide range of issues surrounding the difficult Property market. Featuring: David Pagoumian is the President of the CRC Red Bank, NJ office. David specializes in property placements and is an active member of the Prope…
 
This is the state of the market for property in the northeastern United States, including trends about rates, capacity, limits, and COVID-19. 2020 was a very different year for property insurance. The industry weathered COVID-19, the elections, a record number of named storms, wildfires, and more. As we begin 2021, it's a great time to discuss the …
 
This is the state of the market for property in the central and southeastern United States, including trends about rates, capacity, limits, and COVID-19. 2020 has been a very different year for property insurance. The industry has weather COVID-19, the elections, a record number of named storms, wildfires, and more. As we approach the end of 2020, …
 
Casualty capacity is shrinking and the market remains challenging. How are agents, wholesalers, and markets dealing with the hard market? We sit down with two CRC Casualty specialists to discuss a wide range of issues surrounding the difficult Casualty market. Featuring: Vladimir Peraza Casualty and Property Broker from CRC New York Stewart Brown T…
 
A growing number of organizations are using biometric data, such as fingerprints and retinal scans, as a convenient way to improve security. From touchpads that unlock smartphones and computers, to scanners providing access to places of business, biometric data seems to be a fast, easy and secure way to authenticate individuals and unlock access. D…
 
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 payin…
 
Fifteen years into the soft market cycle, it shouldn’t come as a surprise that the Medical Professional Liability (MPL) market is turning around. Many will remember that the Long-Term Care (LTC) market began to show signs of hardening in 2017, and the Hospital segment began to follow suit in the second quarter of 2019. While the Facilities and Phys…
 
During economic slowdowns, including the global coronavirus pandemic, many insurance buyers are tempted to pare the size of their programs. With the property and casualty insurance marketplace hardening across virtually all lines, the cost of maintaining existing levels of coverage is going up. Deciding to buy less liability coverage, however, may …
 
Allegations of police officers’ excessive use of force reached a flashpoint in 2020, igniting massive protests and riots across the nation. As officers in several cities face criminal charges in fatal interactions with suspects, one might expect civil liability claims against those individuals to follow. In fact, that is not the case. For various r…
 
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…
 
Subscribe to CRC Group on Youtube As Hurricane Isaias impacts the US, coastal homeowners rely on insurance agents to find competitive coverage. We discuss how insurance agents can better serve their clients in a tough market for placing coastal homeowner insurance. The 2020 hurricane season stormed in with a record six named tropical storms by earl…
 
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 lo…
 
In this episode, we discuss personal lines flood insurance with Argenia’s Ben Tschepikow. Personal Lines Flood has a reputation of being a particularly time consuming or difficult coverage to place for agents, leading many to skip working on this type of insurance altogether. Agents should revisit this coverage due to recent updates to technology a…
 
In this special episode, we provide helpful information for behavioral healthcare providers to better mitigate the risks associated with telemedicine. 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…
 
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 underinsu…
 
Securities litigation is a hot area of insurance due to recent trends that show record numbers of lawsuits and increasing severity of settlements. In this episode, we explore trends in securities litigation with specialists in securities law, research, and E&S insurance. Featuring: Garrett Koehn, Western Regional Director, CRC Group Jason Hegland, …
 
When asked to list their most valuable assets, many people would place a home, car, or 401K at the top of the list. And they’d be wrong. While those are important - even vital - pieces of living life, a person’s most valuable asset is actually the ability to make a living, working to pay their mortgage, fuel their vehicle, and fund that retirement …
 
The first quarter of 2019 saw the excess and umbrella markets start to move toward tighter underwriting, and each quarter since has seen the market get firmer. The second half of the year brought greater capacity restrictions, higher prices, and significant challenges around program structure, due in large part to nuclear jury awards that have hit …
 
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 provid…
 
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 p…
 
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…
 
Michelle Foster Earle, CEO of Omnisure, an independent Health-care risk services consulting group, shares some advice and answers to common questions she is getting in the wake of Coronavirus. Lee McClure from CRC Birmingham updates us with the latest Healthcare Facilities insurance information; what we know and what we don't know. He tackles every…
 
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 …
 
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