Intel

Following several years of double-digit rate increases and restrictive adjustments to Terms and Conditions (T&C), the Property Insurance sector has reached a point of relative stability. Rates are largely modest as insurers secure the required premium, now applying rates against a proper exposure basis—Insurance to Value (ITV). With few exceptions of traditional CAT-prone perils in specific geographies, most carriers are…

Authorities are continuing to investigate a massive warehouse fire March 4 in Clinton Township, Michigan, that caused “hundreds, if not thousands\" of explosions and sent debris flying more than a mile from the site. Metal debris that projected from the burning warehouse — which reportedly stored combustible materials associated with vaping — lead to one tragic death of a bystander…

The liquor license of a Kelseys Original Roadhouse franchise in Huntsville, Ontario, was recently suspended over allegations that staff overserved alcohol to a customer before a fatal car crash. On Feb. 14, the Alcohol and Gaming Commission of Ontario announced the 60-day suspension based on alleged liquor license violations stemming from a Nov. 4, 2022, incident in which a customer…

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…

The Property & Casualty (P&C) market is in a hard market. Typically, the Environmental Insurance sector operates in the reverse of P&C markets—and that is what we are seeing now. Environmental Insurance is in a soft market. Key Takeaways: Environmental Insurance market remains soft, terms expected to tighten. Rates expected to increase by 3-5 percent in 2024. Burns & Wilcox…

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.…

During this webinar, our panel of experts explored the current Environmental industry challenges and provided tips for brokers and agents on how to be successful in providing solutions for their clients. Featured Experts: Gina Jones, Vice President, Director, Environmental Programs, Burns & Wilcox, Denver, CO Beth Linton, Vice President, Environmental Brokerage, Environmental Underwriting Solutions, A division of Burns & Wilcox,…

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…

A recent tanker truck accident in Fairchild, Wisconsin, raised alarms over possible wetland contamination after the truck rolled over onto the side of the road and spilled pesticide. The Sept. 17 incident occurred when the truck driver swerved to avoid a deer, WQOW reported. The Wisconsin Department of Natural Resources helped with the cleanup process and…

From altercations between patrons to overserving alcohol, bars and restaurants face a number of risks that could lead to costly liability claims. To learn more about the risks and insurance solutions in the hospitality industry, Crain’s Content Studio spoke with Connor Farquharson, Manager, Commercial Insurance, Burns & Wilcox, Dallas/Ft. Worth, Texas. What are some of the greatest risks in the…

A man is taking legal action against the popular restaurant chain Olive Garden after alleging that he found a rat\'s foot in a spoonful of his minestrone soup during a March visit to the eatery’s Warren, Michigan, location. According to the lawsuit, the foot injured the inside of the diner’s mouth and caused him to get physically ill. [lgc_column grid=\"50\"…

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…