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Ask the Expert Q&A: Errors & Omissions Insurance
When an error is made by a real estate agent, accountant, consultant or other professional, the financial loss incurred by their client can be substantial. To learn how Errors & Omissions (E&O) Insurance can help protect professionals, we spoke with Erica Rangel, Manager, Professional Liability, Burns & Wilcox, Chicago, Illinois. What are some of the greatest risks today as it…
Engineer Under Fire After 7-Story Building Collapses During Construction Work
The engineer allegedly responsible for a partial building collapse in the Bronx in December has had their license suspended for two years by the city of New York and faces a $10,000 fine, according to reports. No one was injured but dozens of families lost their homes after the collapse of the seven-story apartment building, part of which was under…
P&C Report: 2024 Forecast
Many of the primary factors that influenced the status of the Property & Casualty (P&C) market in 2023 are likely to remain in 2024. We continue to operate in a comparatively hard environment marked by rising but moderating rates on some lines of business, where it is often necessary to layer available capacity that includes carefully worded terms and conditions…
Trucking Job Growth May Signal Recovery; Long Road Ahead for Full Rebound
Jobs in truck transportation may be showing signs of a slow comeback, according to new data from the Bureau of Labor Statistics. The latest numbers, released Jan. 5, indicate that seasonally adjusted truck transportation jobs grew by 3,300 in December to a total of 1,586,300 jobs, FreightWaves recently reported. It is the second consecutive month of growth for trucking jobs.…
Builders, Homeowners Strained as Construction Costs Continue to Rise
Home building costs are continuing to rise in the U.S. and Canada. In San Jose, California, construction costs have reached record highs as builders deal with increased costs and high interest rates, Newsweek recently reported. Many would-be homeowners are priced out of the market, while some home builders have turned to designing smaller houses so more buyers can afford them.…
Property & Casualty Report: Q3/Q4 2023
Despite the continued “flight toward profitability” for most carriers, moderation in both rate and capacity is occurring in many insurance sectors. Most rates are rising, but the level of increases is slowing. Capacity is generally available but often requires creativity. On the Casualty side, some classes remain stressed while carriers are competing for business in others. These and other trends…
Hailstorm Havoc: Auto Dealerships Count the Cost of Wrecked Cars
A powerful thunderstorm that included hail the size of tennis balls left hundreds of vehicles damaged at car dealerships in the Davison, Michigan, area earlier this summer. The entire inventory at Hank Graff Chevrolet was impacted, the owner said, as hail shattered windshields and sunroofs and dented roofs and hoods while staff inside the building watched the destruction unfold. One…
Crane Accident Causes Injuries, Strikes Nearby Building
A construction crane accident in New York City tragically injured 11 individuals and shut down traffic July 26 after the crane burst into flames 45 stories above ground. The top portion of the crane, which was lifting 16 tons of concrete at the time as it worked on a 54-story building in Midtown Manhattan, struck a neighboring building as it…
Costly Omissions: Dog Bite Claim Denied After Agent Fails to Disclose Pet
A homeowner in Connecticut is facing a dog bite claim that will not be covered by insurance after his agent allegedly failed to disclose the dog on his Homeowners Insurance application. Antonio Laires, who is being sued over an incident in which his dog reportedly bit a woman on her face, claims he did not realize that his pet was…
Property & Casualty Report: Q2/Q3 2023
The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…
Transportation Insurance Market Overview
The Transportation Insurance sector has been in a hard market for roughly a decade in the United States. It has since turned softer as a result of increased competition for business. Throughout the first six months of 2023, carriers have been more willing to write an account and offer quotes for specific risks. This has led to: Interest from carriers…
High-Profile Personal Injury Attorney Sues Accountant Over Alleged Tax Error
A well-known personal injury attorney in Colorado recently filed a malpractice lawsuit against his former accountant, claiming that tax preparation errors on a 2017 return led to severe underpayment to the IRS. The attorney, Frank Azar, is accusing Louisiana accountant Timothy McKey of mistakes that led to Azar underpaying his federal taxes by $716,000 and incurring $170,000 in legal expenses…
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