Intel

The state of the professional liability market for contractors includes both challenges and opportunities. While the market is generally stable, there has been a recent increase in the severity of claims which has increased the costs of settling them. Today claims regularly take one year or longer to finalize. Added pressure is placed on the market in the form of…

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

Global cyberattacks grew 38% between 2021 and 2022, and experts believe the risk will only continue to escalate. In the news, a steady stream of reports detail the myriad ways that sensitive data can be exposed — and show that the risk can come from outside an organization or within it. Earlier this month, Kris 6 News reported that a…

When a business or professional’s services unintentionally lead to a third party’s financial loss, Errors & Omissions (E&O) Insurance can provide important coverage to help limit the impact. To learn more about this type of insurance and why it is important for businesses and professionals, we spoke with Steele Hutto, Senior Broker, Professional Liability, Burns & Wilcox Brokerage. Who should…

From large general contractors to small specialty contractors, the construction landscape is changing. During this webinar, we gathered to discuss how these changes in design-build and specialty areas can increase your clients\' exposures, along with tips on how to mitigate these risks. https://vimeo.com/811031674/e202360f8c

More than six years after a data breach that disclosed 2.81 million patients’ protected health information, Banner Health has agreed to pay $1.25 million to the U.S. government to settle potential violations of the Health Insurance Portability and Accountability Act (HIPAA), Campus Safety Magazine recently reported. The Arizona-based healthcare system also agreed to implement changes to better protect patient information.…

2022 was a year that few in the Property and Casualty (P&C) sector could have predicted. Instead of stability, the market remained largely volatile, especially in the Property sector and the reinsurance marketplace. Many carriers suffered through unprofitable years thanks to Hurricane Ian, inflation, and an adverse property insurance environment primarily in Florida and Gulf coast states. Above all, losses…

A candle company in Mayfield, Kentucky, is being accused of threatening to fire factory workers who wanted to leave the building before dangerous weather approached. A new lawsuit filed in December by employees of Mayfield Consumer Products claims multiple workers were prohibited from leaving the facility Dec. 10, 2021, despite the company having at least three hours of notice about…

With inflation driving up costs, increased demand for coupon codes and deals could make shoppers particularly vulnerable to cyber scams this holiday season, according to reports. Cybersecurity experts recently told news outlet Axios that hackers are using heightened interest in online discounts to target consumers for phishing and ransomware scams. Other reports also point to the…

Residents of a New York City apartment building are claiming in a lawsuit that construction on a neighboring office building caused their property to sink almost an inch into the ground, leading to cracks and separation in multiple apartment units and forcing some residents to move out, Commercial Observer recently reported. Filed in New York County Supreme Court by the…

A class-action lawsuit recently filed against Twitter Inc. alleges the company did not give employees the legally required notice before laying off 50% of its workforce. The mass layoff affected about 3,700 jobs and came days after Elon Musk acquired the company for $44 billion and began implementing various overhauls. Filed on Nov. 3 in a…

The fourth quarter began very different than how the majority of the summer months had transpired from a Natural CAT perspective; as Hurricane Ian used the final few days of Q3 to take aim at Florida’s densely populated gulf coast. Despite mandatory evacuations, fairly accurate forecasting of its path and the usual several days to prepare, its damages were devastating.…