Insurance Market Source highlights this month’s top three commercial insurance articles on insurancemarketsource.com.
1. Safe Harbor
As uncertainty roils marine markets, creative coverage strategies keep commercial shipping concerns buoyant. The commercial marine industry has been contending with rough waters for several years, and the waves keep getting higher, says Andrew Hills, Managing Director, Lochain Patrick Insurance Brokers, London, U.K, a subsidiary of H.W. Kaufman Financial Group. “The financial state of shipping continues to decline. Most marine sectors are doing poorly,” he explains.
For entities that insure commercial marine, though, the coverage issues are complex, but not insurmountable. “Brokers, agents and insurance markets that are up to the challenge do well with it,” says Patrick Barco, National Product Leader, Marine, Burns & Wilcox Canada, Toronto, Ont…
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2. Three Key Concepts Brokers Should Consider When Insuring Artisan Contractors
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. An increase in improvements, means a greater need for artisan contractors. An Artisan Contractor is one that is specific to a trade, for example a plumber, carpenter, painter, roofer, tree trimmer, water or fire restoration expert, or other contractor who provides a specialized service.
Insurance Market Source tapped into its network of experts for insight into key trends across the insurance landscape. After speaking with Jessalynn Suda, Corporate Associate Vice President, Burns & Wilcox, and Tyson Peel, National Property & Casualty Manager, Burns & Wilcox Canada, it is evident that while many brokers and agents find writing these policies straightforward, there are three key concepts that may assist in better preparing for the process of placing an Artisan Contractors policy…
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3. Why All Businesses Need Environmental Site Pollution Liability Insurance
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 materials that had leaked into the groundwater. Neighbors to the College had been drinking contaminated well water causing rashes, hair and skin loss, and dizziness. Dartmouth is now supplying bottled water for drinking and cooking and is constructing a system to clean the local groundwater. Thus far, the contamination from this site has cost $8.4 million.
A school is not the first place you think a Site Pollution Liability policy is needed. In fact, many businesses think they do not have any environmental pollution concerns. Gina Jones, Director, Environmental Programs, Burns & Wilcox, and Jude Sutton, Senior Broker, Environmental Center of Excellence, Burns & Wilcox, explain the need for Site Pollution Liability insurance and reveal how brokers and agents can educate clients while increasing their book of business…
