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…

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

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…

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…

An architectural firm in Riverton, New Jersey, will pay $450,000 to settle a federal lawsuit over the design of eight senior living communities that allegedly did not meet accessibility requirements. According to a Sept. 28 consent order released by the Department of Justice, J. Randolph Parry Architects was accused of engaging in discrimination by failing to comply with Fair Housing…

Two daughters of the late Paul Newman have filed a lawsuit against their father’s nonprofit organization, claiming that the Newman’s Own Foundation has “lost its way” since their father’s death and is not preserving and honoring his legacy, CNN Business recently reported. Filed in Connecticut by sisters Susan and Nell Newman, the suit alleges breach of fiduciary duty by the…

Owning a home or purchasing a commercial building is no longer as affordable as it once was, which is one of the overriding trends impacting the real estate insurance market. While it has been tight the first half of 2022, rising interest rates may slow the overheated real estate sector a bit, further stabilizing it at a macro level. It…

As students head back into classrooms for the start of a new academic year, an ongoing teacher shortage in both the U.S. and Canada means many schools are operating with a high number of job vacancies — and, in some cases, turning to unusual hiring tactics to help fill the gaps. A new program in Florida will allow military veterans…