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Trending Intel: June 2022

Trending Intel: June 2022

Below we highlight the top 5 trending intel topics in June 2022. 1. Flood Insurance Flood Modeling & Insurance Perspectives [lgc_column grid=\"20\" tablet_grid=\"20\" mobile_grid=\"100\" last=\"false\"][/lgc_column][lgc_column grid=\"80\" tablet_grid=\"80\" mobile_grid=\"100\" last=\"false\"]The U.S. Flood insurance market is being completely revamped with the launch of the National Flood Insurance Program’s (NFIP) risk rating 2.0, which applies risk modeling technology to evaluate exposure. Simultaneously the…

Multiple Accidents Bring Boston Construction Projects to a Halt

Multiple Accidents Bring Boston Construction Projects to a Halt

Two separate construction accidents in Boston recently caused a stoppage on projects by the region’s largest construction company. According to reports, Suffolk Construction halted work at multiple job sites on May 6 in order to “reinforce safety awareness” after multiple workers were hurt when a former power plant under construction collapsed May 4, followed by an accident at another job…

State of the Construction Insurance Market

State of the Construction Insurance Market

During this webinar, Burns & Wilcox Brokerage experts met for a discussion on the state of the construction market, including commentary on primary, excess and NY construction markets. We also discussed current challenges and available specialty solutions, as well as what is needed for a quality submission. https://vimeo.com/714499485/39061997cf

Property & Casualty Report: Q1 2022 Market Overview & Q2 Forecast

Property & Casualty Report: Q1 2022 Market Overview & Q2 Forecast

As we enter the long-awaited season of Spring which conjures up thoughts of new beginnings, I draw parallels to the Excess & Surplus (E&S) Insurance industry. Several years of disciplined underwriting, including increased rates, adjusted limit deployment, and careful tweaking of policy language, coupled with a tamping of COVID-19 restrictions is resulting in this renewed sense of optimism. Carriers are…

$80 Million Country Club Fire May Have Started With Construction Work

$80 Million Country Club Fire May Have Started With Construction Work

A fire that destroyed much of a historic country club in Bloomfield Hills, Michigan, may have been started by construction work involving a propane torch, new video footage suggests. The Feb. 17 blaze at Oakland Hills Country Club caused an estimated $80 million in damage to the clubhouse and was a near “total loss,” according to reports. Video recovered from…

Ask the Expert Q&A: Restaurant Hospitality Insurance

Ask the Expert Q&A: Restaurant Hospitality Insurance

Businesses in the hospitality industry face a variety of property and liability risks. To learn more about these challenges and the corresponding insurance solutions, Crain’s Content Studio spoke with Bonnie Steen, Vice President, Managing Director, Burns & Wilcox, New Orleans, Louisiana. What are some of the greatest risks today for restaurant hospitality businesses? B.S.: From a property standpoint, one of…

Officials Investigate Pittsburgh Bridge Collapse That Injured 10

Officials Investigate Pittsburgh Bridge Collapse That Injured 10

Cleanup and investigation efforts are underway at the site of the Forbes Avenue Bridge in Pittsburgh, Pennsylvania, after the bridge collapsed on Jan. 28. A city bus and several other vehicles were on the bridge when it came crashing down, injuring 10 individuals in a terrifying ordeal that left motorists fearing for their lives. The 447-foot bridge, which was built…

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

Property & Casualty Report: Q4 2021 Market Overview & Q1 2022 Forecast

The last two years have been among the most uncertain the world has ever experienced by any standard. The Excess and Surplus (E&S) Lines insurance marketplace has stepped up to meet the challenge experiencing strong growth and perseverance in the face of a global pandemic, extraordinary natural catastrophes, increasing cyber-attacks, excessive jury verdicts, supply chain disruptions, political unrest, labor shortages…

6 New Year’s Resolutions to Reduce Your Risks in 2022

6 New Year’s Resolutions to Reduce Your Risks in 2022

Have you made your New Year’s resolutions? About 44% of adults surveyed in a recent Medifast poll said they planned to set a resolution for 2022, compared to 50% in 2021. Top resolutions for the new year include financial health, holistic health and wellness, and focusing on self-care or body positivity, the survey found. While not everyone will make a…

Restaurant & Bar Insurance Market Overview

Restaurant & Bar Insurance Market Overview

Rising premiums, decreased capacity, an enhanced focus on details and fallout from labor shortages are the main trends facing clients requiring Restaurant & Bar Insurance more than halfway through 2021. A hard market that first began in 2018 accelerated during the first several months of the pandemic, with tens of thousands of restaurants and bars around North America closing either…

Laptop Charging on Bed Ignites Apartment Fire in Northwest Austin

Laptop Charging on Bed Ignites Apartment Fire in Northwest Austin

A bedroom fire at an apartment complex in northwest Austin, Texas, on Nov. 4 was reportedly caused by a laptop left charging on a bed. The blaze, which displaced one resident but caused no injuries, was extinguished by a sprinkler system and caused an estimated $8,000 in property damage, CBS Austin reported. Just days later in the same city, a…

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group We are pleased to share our third quarter Property & Casualty Market Overview and Forecast, prepared immediately following industry conferences and meetings that are clear bellwethers of what to anticipate. September, as we know, is Reinsurance Month which sets the stage for pivotal year-end negotiations of January 1…

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