Inflation Reduction Act 2022

Denise GillinNews

By Jim Stevenson for AssuredPartners On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022. The Act contains more than $430 billion, which is anticipated to reduce the federal deficit over $300 billion in the next decade. The Inflation Reduction Act includes a variety of new implementations: $369 billion towards climate and energy policies Authorizes three years of Affordable Care Act subsidies Prescription drug reformation to lower prices Fifteen percent (15%) corporate minimum tax for companies that earn more than $1 billion per year Invests $80 billion in the Internal Revenue Service (IRS) to fund tax enforcement for the next ten years. The Inflation Reduction Act supports the Infrastructure and Investment Jobs Act (IIJA) by significantly …

Harvest Season Tractor Safety

Nina ConnerAgribusiness

By Gina Ekstam for AssuredPartners As harvest season picks up, more tractors and farm equipment will be on the road and in the fields – including combines and other harvesting equipment moving from one field to another. When operated correctly, tractors are generally safe, but tractor overturns are the leading cause of fatalities in the ag industry. With approximately 130 deaths per year, overturn accidents can happen in seconds. A protective structure, such as a roll bar or cage frame, and a seat belt are simple measures that can protect workers from being crushed or thrown. Safety depends on knowledge, alertness, and hazard awareness. Read more here>>>

Understanding Fine Art and other Private Client Insurance Solutions

Nina ConnerPersonal Lines

By Linda Young for AssuredPartners October 25th of every calendar year marks National Fine Art Appreciation Day. While many enjoy experiencing fine art at galleries or at their own home, it is important to have the proper protection for whatever high value assets you have. What are some of the key things to know when it comes to securing your valuable articles? For your home: Coverage for breakage is generally excluded. Items that are misplaced or lost may not be covered. A deductible will most likely apply to your loss. The loss settlement for items of rarity or antiquity may be limited. Typically, coverage for many types of valuables, is limited from $1,000 to $5,000. Read more here>>>

Best Practices for Risk Management

Nina ConnerConstruction, Risk Management

By Gary Semmer for AssuredPartners The construction industry is facing a number of “external” challenges ranging from materials price inflation, supply chain delays, and labor shortages which translates into scheduling, productivity, and profitability issues. Although we have no control over these external factors, we can help our construction clients control the following equation: Total Cost of Risk (TCOR) Premiums + Deductibles + Risk Management Expenses/Construction Revenues= .0050% to 1.5% (acceptable range) and maintain a competitive advantage. Let’s explore the “Best Practices” of a Risk Management Program to achieve these results: See these results here>>>

News Release From OSHA & U.S. Department of Labor

Denise GillinConstruction, Risk Management

By Kyp Ross for AssuredPartners On July 14th, 2022 the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) issued a press release regarding an uptick in fatalities. The press release, titled “Alarming rise in trench-related fatalities spurs US Department of Labor to announce enhanced nationwide enforcement, additional oversight” announced that during the first half of 2022, 22 workers have been victims of deadly hazards involving a trench and/or excavation work. This number is alarmingly high, as there were a total of 15 fatalities in all of 2021. With this unfortunately high number, OSHA is evaluating the tools at their disposal to protect workers and keep safe working conditions. In additional to asking employers involved in trenching and excavating activities …

Captives: Is Company Size a Factor?

Denise GillinCaptives, Risk Management

By Denise Gillin for AssuredPartners Captives have been a financial strategy for managing risk for decades. In the 1960s about 100 captives existed. Significant growth in this sector came in the 1970s as Bermuda became a leading captive domicile. Growth continued through the 1980s and 90s mostly due to the hard insurance market and increasing difficulty to find coverage for liability claims through traditional insurance. What initially started as a funding option for larger organizations’ property and casualty coverage needs has more recently changed to become more amenable to all business sizes as well as a mechanism to cover new and emerging types of risks. The most recent growth trend includes captives as a tool for employee health population management. …

Using Telematics to Improve Driver Safety

Denise GillinInsurance, Risk Management, Transportation

By Gina Ekstam for AssuredPartners The number of vehicle accidents continues to rise, putting people at risk and disrupting agribusiness operations. With the use of technology, however, it is possible to improve safety and enhance operations. As commercial ag operations have grown, telematics has become a cost-effective way to gather data about drivers, individual vehicles, or an entire fleet. Typically, data such as location tracking, driver behavior, and vehicle diagnostics are collected by GPS, dashcams, or sensors installed on the vehicle. By analyzing the data, it’s possible to prevent and resolve accidents. Addressing operator behavior, such as speed, acceleration rates, and hard braking, not only keeps drivers safe it can also help prevent vehicle damage. Safety training and safe driving …

Gavel Keeps Falling and General Liability is in the Crosshairs

Denise GillinBusiness Insurance, News

By Alex Wright for Risk&Insurance Risk managers and their brokers are restructuring their liability programs as markets shift and underwriters take a closer look at exposures. The general liability market has changed beyond recognition since the start of the COVID-19 pandemic. Ever-increasing economic and social inflation, medical expenses and litigation financing have all resulted in spiraling claim losses and legal costs, which continue to outstrip rates. Added to that, sexual harassment cases are on the rise, and decades-old general liability policies have been exposed as many states have removed limitations on financial recovery and victims have been given more time to file or proceed with claims. Click for more information>>>

PFAS Liability Exposures Are Rising. What Manufacturing Entities Need to Know

Denise GillinBusiness Insurance, Senior Living

By Autumn Demberger for Risk & Insurance “PFAS, also known as forever chemicals, are a group of widely used chemicals that serve as a coating to generally enhance or improve the durability of a product,” explained Brian Kramer, manufacturing practice lead at The Hartford. “These types of chemicals have been in use since about the 1930s, with the primary applications focusing on nonstick and waterproof coatings.” Many say PFAS are the “next asbestos,” but unlike its 1970s counterpart, PFAS are still manufactured in products overseas today, which can open companies up to liability and health-related claims. How can manufacturers mitigate the risk>>>

CEO Action for Diversity and Inclusion

Denise GillinNews

By Jim W. Henderson for AssuredPartners I am proud to announce that AssuredPartners is taking an action-oriented step alongside a group of over 2,000 businesses in a collective commitment to make progress toward advancing diversity and inclusion in our workplace, communities and country. I am excited and inspired for us to join the CEO Action for Diversity & Inclusion™, the largest CEO-driven business commitment to advance diversity and inclusion within the workplace. By joining this pledge, we underscore AP’s commitment to diversity, equity, and inclusion. We are fostering a workplace environment where our employees can be their most authentic selves, share their unique perspectives, feel that they belong, and everyone will know their contributions are valued and respected. AssuredPartners is …