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>>>

Equipment Values Increasing Beyond Insurance Limits

Denise GillinTransportation

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

Denise GillinAgribusiness, News

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

Nina ConnerPersonal Lines

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

Denise GillinConstruction, News

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 …

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>>>

Entry Level Driving Training: New Updates

Denise GillinNews, Transportation

By Andy Engardio for AssuredPartners Starting February 7th, 2022, the new Entry Level Driver Training rules are officially in effect. First and foremost, the rule is NOT retroactive. If a driver currently holds a permit (prior to 2/7/2022) or CDL, and/or has a Passenger, School Bus, or Hazmat endorsement they are exempt from this rule. The mandate and training requirements must be met by every new driver applying for their CDL. It is important for trucking professionals to understand how this will impact the industry. For a new driver applying for their CDL, they must find and complete a training program from an approved provider. To find a provider, check out the FMCSA’s Training Provider Registry (TPR). Click for more …