The cruise ship industry sees nearly $38 billion in revenue annually around the world, with more than $15 billion invested into new cruise ships. Ferries, cruise ships, and other passenger vessels are a much different exposure than cargo ships that carry dry cargo, not people. Accidents and catastrophic mechanical failures with passenger vessels often result in…
There are more than 500,000 businesses in the U.S. apartment rental industry, accounting for $163 billion in revenue. Additionally, in Canada, consumers have been flooding back to apartments where the vacancy rate is 1.3 percent.
Insurance Market Source regularly taps into its network of experts for insight into key trends across the insurance landscape. Kim McGinty, Underwriting Manager, Environmental Center of Excellence, Burns & Wilcox, shares her thoughts on the intricacies and benefits of Environmental Storage Tank Liability insurance.
The wholesale distribution industry represents $5.6 trillion in annual sales volume. Wholesalers are intermediaries who purchase bulk quantities of goods from manufacturers and resell them to retailers at a profit. In this process, wholesalers and distributors take on great risks and need to protect themselves and their products from impending perils.
Your clients in the hospitality industry (hotels, motels, restaurants, bars and taverns) specialize in taking care of their guests. As a retail broker or agent, it’s up to you to take care of them and ensure that they’re protected from financial risk.
Consumers are projected to spend approximately $317 billion on home improvements this year. In addition, an increase of approximately 6.5% has been predicted for commercial construction in 2017.
For years, the world-renowned Ivy League school, Dartmouth College, disposed of science experiments on a farm site located on their property, which included animal carcasses and the remains of human cadavers. Nearly 30 years later, the College was tasked with cleaning up 40 tons of waste on the toxic farm site, finding hazardous and radioactive…
Seventy percent of freight moved throughout the United States occurs on commercial trucks. Delivery company UPS is adding 95,000 additional workers between Black Friday and New Year’s Eve to move their 28 million packages per day – up from 18 million on a normal day.
Each day stories arise of local building fires, small business owners being sued for $20 million, and trucking accidents. What may not be heard is that often times these individuals do not have the proper insurance to cover the entire accident or lawsuit.
The oil and natural gas industry represents 65 percent of energy consumption, supporting 9.8 million jobs. While the employment stats are staggering, not all of those employees physically work with oil and gas.
Net premiums written for Commercial Auto Liability exceeded $27.6 billion last year alone. As one of the largest areas of commercial property and casualty insurance, it is generally something that is covered in standard markets.
The automotive repair and maintenance service industry is a $58 billion market. With a total of 227,630 automotive repair shops in the U.S. alone, businesses or “garages” associated with this industry need to be properly covered.
Did you know that approximately 90 percent of all environmental losses are uninsured? That results in about $1 billion in losses across the industry.
Typically, standard carriers handle shopping center coverage with policies most often including Commercial General Liability (CGL) and Property coverages. However, there are special circumstances when a standard CGL policy will not work for a client.
In classic Hollywood westerns, fans often see stagecoaches or trains waylaid by bandits and plundered for the valuable cargo being transported. The end result: outlaws ride off into the sunset to divvy up the treasured stolen freight.
Thrill seekers can be risk takers; the recreation industry doesn’t have that luxury. This business sector is experiencing rapid growth and requires specialty insurance solutions that can keep pace. Eighteen million people annually use commercial zip lines.
While luxury boat owners may feel the bold call of the horizon, we know in the insurance industry that adventure comes with risk, and therefore, adventure should also come with a policy. Though the majority of recreational boats can be written in the standard market, craft above 27-feet in length have elevated risks and a…
Before the American housing boom ended in 2006, contractors across the country worked as fast as possible to keep up with market demand. Bursting pipes, electrical fires and other construction defects began occurring at higher rates as a side effect of speedy work.
Not all time bombs tick. In the case of underground storage tanks, they corrode.
SAN DIEGO — Merger and acquisitions continue to affect the property/casualty market in general and the excess and surplus lines market in particular, raising the question of which companies will be the next to merge. Pricing of E&S coverage is expected to remain competitive but stable over the next year as buyers and insurers focus…