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>>>
Equipment Values Increasing Beyond Insurance Limits
By Andy Engardio for AssuredPartners With an 18-24 month back log on new tractors and trailers, the used equipment market has never been this hot. According to Transportation Topics, the prices for used equipment are seeing a 66% increase in prices for a standard class 8 vehicle. This is good data when you’re looking to purchase new equipment, however it could point to insufficient equipment values in the event of a claim. Depending on how your physical damage (comp and collision) insurance is valued, you may not have enough limits to replace your unit with like kind and quality. Tell me more>>>
Insurance Supports Sustainable Agriculture
By Gina Ekstam for AssuredPartners Each year, National Ag Day recognizes and celebrates the critical role of agriculture in our country. In addition to producing the food, fiber, and renewable resources we need, agriculture has an essential role in maintaining a strong economy. As the population grows, so does the demand for food and fiber. Because of advancements in farming, America’s farmers can produce more while practicing sustainability for the future. Consider this: in the 1960s, each farmer fed 25 people. Today, each farmer feeds more than 165 people. The theme for this year’s National Ag Day (held March 22, 2022) is “Agriculture: Growing a Climate for Tomorrow.” About 22 million people are working in ag-related fields. As stewards of …
Jewelry Coverage and the Importance It Carries
By Monica Santiago for AssuredPartners On Sunday, March 13th, the jewelry industry will receive the spotlight for National Jewel Day. This is an opportunity to highlight the makers and creators of these magnificent pieces, and perhaps provide an extra reason to wear your own jewelry out. Additionally, this is a prime occasion to review your insurance coverage on your jewelry items. Click to read the issues>>>
Challenges the Construction Industry is Facing in 2022
By Blaine Allen for AssuredPartners The construction industry is one of the largest sectors in the US economy. Nearly $1.4T worth of structures are constructed each year and it employs more than seven million workers across 733,000 businesses. As 2022 kicks off, many of these construction industry professionals will be wondering what issues & challenges we will face in the next 12 months. While the PPP funds in 2020 and 2021 were life savers to many businesses, we are unlikely to see similar measures in the future. Things are slowly getting back to normal, but that doesn’t mean there still aren’t challenges to the industry in 2022. Some issues described below are unique to the construction industry, and others are …