Top Five FAQs Regarding P&C Captives

Denise GillinAlternative Risk, Captives, Risk Management

By Denise Gillin for AssuredPartners Why would an organization want to join a captive? That’s a great question, and the answer starts with understanding alternative risk management strategies outside those provided by traditional insurance programs. In simple terms, captives are member-owned insurance companies operating for the members’ benefit. For business owners who want greater control over their casualty insurance program, a captive can be a good option. It involves sharing risks with others, blending services and expenses through a custom-built program that is best for each member as well as the group. The top five frequently asked questions regarding captive membership are a good place to start exploring the possibilities of captive membership together. Tell me more>>>

Common Construction Risks and How to Manage Them

Denise GillinBusiness Insurance, Construction, Risk Management

By Sarah Licata for AssuredPartners Managing projects in the construction industry means managing risk. Every step in a project from before it has even started until after it has been completed can leave you open to potential risks. These are a few of the most common construction risks: Safety Job Site Security Project Steps you can take to mitigate potential loss>>>

Construction Delays and Limiting Policy Language Impact Policyholders’ Recovery

Denise GillinConstruction, Risk Management

By Maureen Gallagher for AssuredPartners Many property policies contain contractual limitation provisions. These policy provisions are valid and enforceable in most states. The provision limiting the amount of time policyholders have to complete the work paid for by their insurance company to one year is particularly problematic. When policy provisions like this exist, if the repair or replacement has not been completed within the time frame, the carrier only pays actual cash value (ACV). This is a fairly common provision. It should be noted that Ordinance and Law Increased Cost of Construction provision also has a time limitation to repair or replace, or there is no coverage for the increased cost of construction. Standard ISO language is two years, and other …

Risk Management Concept. Workgroup Characters Admit, Identify, Measure and Implement Business Strategy. People with Huge Spyglass, Ruler and Money Poster, Banner or Flyer Cartoon Vector Illustration

Nine Critical Commercial Property Risks to Watch

Denise GillinBusiness Insurance, Risk Management

By R&I Editorial Team for Risk & Insurance From hurricane season to protests on the street, these are the major property risks of note for businesses of all sizes. Aging Infrastructure Extreme Weather Power Grid Failure Flooding Inflation Valuation Accuracy Protests and Civil Unrest Water Damage Supply Chain Disruption Click for details>>>  

Avoiding Pitfalls in Planning a Return-To-Work Process

Denise GillinBusiness Insurance, Risk Management

By Tara Crisp for AssuredPartners Return-to-work (RTW) is a complex process and understanding it is a valuable tool in an employer’s belt. The process assists the employer with showing employees how they are valued by planning for alternative solutions that will benefit the injured worker financially and psychologically. Thoughtfully executed RTW programs will plan for worst-case scenarios that provide resources for managers to utilize while meeting the needs of the most restricted worker. Return to work programs are one of the few tools that employers have to manage their experience modification factor. For employers that rely on their experience modification factor to secure and maintain contracts, this pre-planning can be invaluable. If you work in an experience rate adjustment state …

Captive Growth Expected to Continue in 2022

Denise GillinCaptives, Risk Management

By Denise Gillin for AssuredPartners As long as COVID-19, natural catastrophes, and a hardened commercial insurance climate dominate news headlines, many sources anticipate the current captive market growth to continue through 2022. Evidence of the continued expansion is supported by Aon’s 2021 benchmarking survey results which shows captive and protected cell usage has increased across many industries in the past two years, with pronounced increases for hard-hit lines: property damage / business interruption, Directors’ and Officers’ and Cyber.* * Contents – Aon’s 2021 Captive Benchmarking Survey Read more>>>

USDA Confirms Highly Pathogenic Avian Influenza in a Commercial Poultry Flock in Delaware

Denise GillinAgribusiness, News, Risk Management

WASHINGTON, February 23, 2022 – The United States Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS) has confirmed the presence of highly pathogenic avian influenza (HPAI) in a commercial poultry flock in New Castle County, Delaware. Samples from the flock were tested at the University of Delaware’s Allen Laboratory in Newark, part of the National Animal Health Laboratory Network, and confirmed at the APHIS National Veterinary Services Laboratories (NVSL) in Ames, Iowa. APHIS is working closely with state animal health officials in Delaware on a joint incident response. State officials quarantined the affected premises, and birds on the property will be depopulated to prevent the spread of the disease. Birds from the flock will not enter the …

Cybersecurity Controls are Driving Insurance Renewal Terms and Pricing

Denise GillinNews, Risk Management

By Maureen Gallagher for AssuredPartners Cyber insurance pricing has increased significantly in the last several years. Loss frequency and severity is driving the pricing increases with ransomware as the loss leader. Underwriters are scrutinizing internal controls, and are either providing very low limits ($100K to $250K), or are no longer willing to write ransomware without multi-factor authentication (MFA). MFA is a security setting that requires users to provide more than one method of verification to gain access to websites or applications. It is also referred to as two-factor authentication. MFA is the top requirement, but underwriters will also inquire about the following>>>

New Year, New Plan: The Importance of Having the Right Policy for You

Denise GillinPersonal Lines, Risk Management

By Emilie Temple for AssuredPartners As the calendar turns to 2022, it’s a common practice to look ahead to what the new year holds. Whether it is an upcoming personal vacation or exciting work projects, there is an anticipation that awaits. While looking forward to the new year, it is also vital that you review your current personal insurance policies. There may be events that are coming up, or have just occurred, that effect what your exact coverage needs are. What are some of the reasons for you to evaluate your personal insurance policy? Life changes, new coverages, change in current coverages, and potential for additional savings are just some considerations. Click for more information>>>  

Grain Bin Safety Requires Year-Round Effort

Denise GillinAgribusiness, Risk Management

By Gina Ekstam for AssuredPartners It’s well-known that working in and around grain bins is dangerous. In 2020, there were 64 documented agricultural-confined space-related cases, including 35 grain-related entrapments and 12 equipment entanglements, according to a report by Purdue University’s Agricultural and Biological Engineering Department. Grain bin entrapment is the most often identified hazard, but equipment handling, collapsing bins, fires, toxic fumes, and ladders are among the other equally hazardous situations that pose serious risks to worker safety. Regardless of the season, grain bin safety must be a year-round effort. With any safety initiative, it’s essential to identify and understand all potential hazards. Click for safety precautions to prevent grain-related incidents>>>