Archive for the ‘Insurance’ Category

ESG Movement Begins to Impact Insurers

November 22, 2022

In October, Munich Reinsurance Co., the world’s largest reinsurer, announced new stricter policies for investing in and underwriting oil and gas projects, drawing praise from environmental activists. Munich RE has said on its website that as of April 2023 it would not invest or insure projects involving new oil and gas fields or new midstream […]

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How to Submit a Claim

October 19, 2022

We hope it never happens, but when you suffer a loss, you’ll have to file a claim to receive payment from your insurer. Here’s how the process works, and how to handle it to your best advantage. Step One: Notify Authorities Your first priority is always to prevent further injury and to protect life and […]

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Concerned Patient

What Future Risks Worry Insurance Companies?

September 23, 2022

Here are the top five future risks troubling the reinsurance companies of the world, according to Swiss Re — reinsurers are the ones that back up the primary insurance companies who actually put their names on the policies (the retail insurers). Legal tech — is AI rendering justice?  Over the past decades, AI in law […]

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What is Environmental Liability Insurance?

August 25, 2022

Standard business general liability (GL) policies provide little coverage for pollution damage, including toxic spills like the one in West Virginia in 2014. Today most companies that store or handle potentially toxic materials purchase a separate environmental liability policy. These policies cover the exposure that the GL policy excludes. Property owners purchase environmental impairment liability […]

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Why Did I Get a “Reservation of Rights” Letter?

August 11, 2022

Your organization has just been sued, and you’ve notified your liability insurer. Then you receive a reservation of rights letter. Here’s what it means and what to do. The insurance reference resource Practical Risk Management defines a reservation of rights as “an insurer’s notification to an insured that coverage for a claim may not apply. […]

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What Do Equipment Breakdown Policies Cover?

June 28, 2022

The typical equipment breakdown insurance policy includes the following coverages: Damage to “covered property” at the location named in the policy. Expediting expenses, to cover the costs needed to get insured equipment operational as fast as possible, such as expedited shipping and making temporary repairs. Business income and extra expense. Similar to coverage you should […]

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How Litigation Is Driving Up U.S. Commercial Auto Insurance Costs

June 13, 2022

Social inflation—the impact of rising litigation on insurers’ costs—increased claim payouts for commercial auto insurance liability alone by over $20 billion between 2010 and 2019. This is according to a new paper by Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS). The Triple-I/CAS paper, Social Inflation and Loss Development confirms and […]

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Equipment Breakdown Coverage Goes Beyond Insurance

May 24, 2022

Equipment Breakdown insurance — formerly called Boiler & Machinery insurance — covers much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting property damage or bodily injury. Today, few businesses use […]

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How AI is Changing the Paradigm of Insurance

May 14, 2022

An article in the May 2022 issue of National Underwriter by Daniel Turgel outlines “How artificial intelligence [AI] is moving the insurance industry in a bold, new direction.” In the past, the expectation of an accident occurring at some point was pretty much the main reason motivating a business owner to buy insurance. Until the […]

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Why Do Insurers Need to Think Like Cybercriminals?

April 15, 2022

The short answer is, To protect insureds from cybersecurity risks. Cybersecurity is no longer the emerging risk it was just a few years ago. Rather, it is a clear and present risk for organizations of all sizes, said panelists at the Insurance Information Institute’s (Triple-I) Joint Industry Forum (JIF). This is in large part because […]

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