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“Before the collapse, this carrier was willing to take on significant portions of coverage, sometimes assuming 40-60% of a placement on a quota-share basis,” he told Insurance Business. “However, after the incident, they have reassessed their approach. Now, they are cutting back their limits—where they once provided $250 million in coverage, they may now only offer $100 million.”
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[ad_1] Metalworking, which dates back to prehistoric times, began with shaping soft metals like gold and has since advanced into a sophisticated industry that includes techniques such as hammering, smelting, forging, and welding. Metalworking helps support nearly every facet of our lives, from essential tools and appliances to construction projects like buildings and bridges to…
[ad_1] As small business owners, staying updated with the latest regulations and compliance standards is crucial for the smooth operation of your business. A significant update that demands your attention is the change in the federal independent contractor test by the U.S. Department of Labor (DOL). Effective March 11, 2024, this new rule has far-reaching…
[ad_1] Yet, there is no doubt the attack has reinforced the value of cyber insurance, even among financially robust companies. Beyond a headline-grabbing event, such attacks reinforce the urgent need for better cyber protection, smarter underwriting, and stronger partnerships between insurers, brokers, and businesses. [ad_2] Source link
[ad_1] Currently, the federal government covers 68% of premiums for policies offering up to 80% revenue or yield coverage and 53% for policies at the 85% coverage level. Under the bill, those subsidy rates would increase to 77% and 68%, respectively, according to an analysis released by Sen. John Hoeven, R-N.D., one of the bill’s…
[ad_1] The biggest concern for underwriters like Howard isn’t just tariffs alone, it’s how they amplify existing inflationary pressures on parts, labor, and claims payouts. Aviation insurance, particularly for smaller operators such as flight schools, seaplanes, helicopters, and aerial mapping businesses, already operates on tight margins and complex risk profiles. [ad_2] Source link
[ad_1] Lok-N-Logs, Inc., which owns a warehouse in the Village of Sherburne, Chenango County, filed a claim with Leatherstocking Cooperative Insurance Company after copper and brass were stolen from the building’s electrical and plumbing systems during a break-in in April 2020. Leatherstocking denied the claim, invoking policy exclusions that bar coverage for vandalism when a…
