US storm causes widespread destruction, leaving at least 40 dead

All-risk  Also referred to as open perils, all-risk coverage insures against all types of losses, except for those that are specifically excluded from the policy. This applies to several property and casualty (P&C) categories, including homeowners, auto, and commercial insurance.  Source link

On April 24, 2025, the Alabama Legislature formally adopted House Joint Resolution 220 (HJR220), emphasizing the critical need to address the growing instability and affordability challenges in commercial property insurance along Alabama’s coastal regions. Initially introduced on April 8, 2025, the resolution acknowledges the significant economic impact of coastal areas, including over $10 billion annually…

“Rather, it is the total economic value of the property that declines as the property’s physical condition deteriorates over time through wear, tear and obsolescence. Therefore, applying depreciation to the total economic value (i.e., the materials and the embedded labor) accurately restores the insured to the position they were in prior to the loss,” Egan…

Foster testified that, following six years of research, he believes only the Mennonite church would qualify under the bill’s conditions. He noted that other states, including Kentucky, have similar allowances in place, although the Maine proposal featured more restrictive requirements.  Source link

Industry now faces tougher reporting and faces criminal sanctions Source link

New rules aim to protect buyers by aligning with SEC and NAIC guidelines Source link