Intel
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Hailstorm Risks Intensify, Driving Homeowners Insurance Shifts
Inside This Article: Hailstorms are a growing threat in the U.S. and Canada, causing more frequent and severe losses for homeowners. One record-breaking hailstorm in Calgary generated 130,000 claims and nearly $2.8 billion in losses. Property damage caused by hail can be covered by Homeowners Insurance, but separate wind and hail deductibles typically apply. Percentage-based deductibles and roof settlement
Cosmetic Treatment Gone Wrong: The Rising Risks in Medspas
Inside This Article: A woman reportedly suffered multiple infections after receiving injections of a filler at a medical spa in Philadelphia. More medical spas in the U.S. and Canada are offering increasingly complex procedures, potentially heightening the risk of a malpractice claim. When a medspa is sued, the facility’s Professional Liability Insurance can cover legal defense and indemnity payments.
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Inside This Article: Heavy rains were likely to blame for a third-floor balcony collapse in Los Angeles involving four individuals and a dog. Balcony collapses are rare but can also happen when structural integrity is compromised due to age, poor construction or overloading. Such incidents at housing complexes can cause catastrophic injuries, potentially leading to lawsuits and significant repair…
Inside This Article: A $125,000 Bobcat skid steer was stolen from a plumbing and general construction business in Detroit leaving a “heartbreaking” loss for the small business. Construction thefts are on the rise and may be more likely to occur when equipment is left unattended at jobsites overnight. Insurance policies that can help construction companies recover from theft include…
INSIDE THIS ARTICLE: A couple sued a restaurant chain in Texas, claiming injury and mental anguish after a glass window shattered into their booth. Failure to properly maintain the 50-plus-year-old windows factored into $4 million in damages awarded by jury. Increasing litigiousness highlights risks of inadequate Commercial General Liability (CGL) Insurance for businesses. Ramifications of such suits can include…
Inside This Article Water damage is Canada\'s leading cause of home insurance claims, accounting for about half of all claims. Preventative measures like insulating pipes, maintaining indoor heat, and installing automatic water shutoff devices can help reduce the risk of costly damage. Homeowners should review their insurance policies and consult an experienced broker to understand coverage limitations and avoid…
Inside This Article: Cargo theft surged 27% between 2023 and 2024—which regions were hit hardest. The high-value and everyday goods criminals are targeting in record numbers. The rise of strategic cargo theft—how criminals use fake identities and deception to steal entire shipments. Why Motor Truck Cargo Insurance is more critical than ever for shippers and carriers. Smarter security strategies…
An assisted living facility in Shrewsbury, Massachusetts, is facing a lawsuit from the estate of a resident over concerns about the quality of care she received before her tragic passing. The wrongful death lawsuit, filed on January 3, alleges that the woman fell in her bedroom at The Residence at Orchard Grove and was left on the floor for at…
Other Recent Intel
Key Takeaways: Canada\'s Hospitality Insurance market is softening, but high-liquor-revenue establishments still face placement challenges. Social media marketing can significantly impact a business\'s insurability. Liquor sales exceeding 50% of revenue make coverage harder to obtain, reinforcing the need for diversified income streams. Liquor Liability insurance is not a one-size-fits-all policy and must be customized to each business\'s unique circumstances,…
Lisa Campbell, Associate Manager, Halifax, Atlantic Division, Burns & Wilcox, Halifax, NS, discusses the softening of Canada’s Hospitality Insurance market, leading to increased competition. However, coverage challenges remain in certain high-risk areas. Watch now for expert insights. https://vimeo.com/1056903385/b9710935b6?share=copy For additional intel, watch the full Hospital Insurance webinar recording here.
Bars, restaurants, and other hospitality businesses are increasingly seeking insurance coverage from Excess and Surplus (E&S) markets, particularly for Liquor Liability. Watch our latest webinar for insights on: Factors prompting admitted carriers to withdraw from the hospitality sector. Common exclusions in policies that can lead to significant coverage issues during claims. The importance of aligning a business’s social media posts…
Incidents involving vacant homes are on the rise in Terre Haute, Indiana, especially amid frigid winter weather, as empty homes in the city are increasingly being used for shelter, drugs or theft, WTWO News reported recently. The trend is mirrored in other parts of North America. For example, an uptick in fires at vacant properties in Albany, New York, is…
OVERVIEW California Wildfires While this report highlights the growth in E&S policies and other trends in the Property & Casualty (P&C) sector as we enter 2025, we must first address the devastating wildfires in southern California, which have significantly impacted the industry and local communities. Current estimates suggest these wildfires have caused $25…
The wildfires in Southern California have deeply affected countless individuals, underscoring the devastating consequences of severe weather conditions. Our thoughts are with those impacted and the first responders working tirelessly to safeguard lives and communities. In our regularly scheduled Eye on 2025: Property and Casualty (P&C) webinar, our expert panel expressed their support for those affected by the wildfires and…
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