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Risk of Injuries Forces Recall of 2.2 Million Peloton Bikes


Peloton is recalling nearly 2.2 million exercise bikes after receiving 35 reports of seat posts unexpectedly breaking during use, the company announced on May 11. The voluntary recall can be remedied with a free updated seat post that users can self-install. Customers are asked to immediately stop using their affected bikes until the update is []


Ask the Expert Q&A: Construction Insurance


As cranes and scaffolding dominate skylines in major cities across the U.S., it is clear that the construction industry is bustling in many areas. To learn how Construction Insurance helps protect construction companies, Crains Content Studio spoke with Nicholas Freeman, Associate Managing Director, Broker, Casualty, Burns & Wilcox Brokerage, North Dallas, Texas. What are the []


Report: Workers’ Compensation Claims Fueled by Job Inexperience, Older Age


A recent study examined 1.2 million on-the-job injury reports to determine which populations are most vulnerable to Workers Compensation Insurance claims, Property Casualty 360 reported this month. Brand-new hires were responsible for 34% of all claims assessed; among small businesses, first-year workers made up around 43% of claims, the publication reported. The report also showed []


The Flood Insurance Market


During this webinar, Our experts discuss the current state of the Flood Insurance Market for both residential and commercial properties. They also review flood modeling, parametric coverage, tips on how brokers and agents can approach the challenges within this space, and more.


Contractors Professional Liability Market Overview


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 []


Florida Downpours Cause Airport Flood and Fuel Crunch, Signaling More Trouble Ahead


An unprecedented rainfall flooded parts of South Florida, grounding flights for two days at Fort Lauderdale-Hollywood International Airport while its tarmac looked like a lake and causing a seaport deluge that led to disruptive gas shortages. In the weeks since, officials are continuing to assess the damage and reflecting on the regions readiness for other []





Uptick in Cannabis Business Theft Underscores Need for Banking Access


A bill that would give cannabis businesses access to financial services was recently reintroduced in the U.S. House of Representatives and Senate. The Secure and Fair Enforcement (SAFE) Banking Act, which has bipartisan support, was passed in the House multiple times and could be voted on in the Senate this year, CNBC reported April 27. []


Property & Casualty Report: Q1/Q2 2023


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 []


Burns & Wilcox Opens N.C. Office


3rd Party News

Burns & Wilcox Celebrates Grand Opening of New Morehead City, North Carolina Office, Cements Commitment to Coastal Region


Company enhances reliable personal and commercial insurance expertise amid increasing severe weather impact Morehead City, N.C. (April 28, 2023) Burns & Wilcox, a globally recognized leader in wholesale insurance brokerage and underwriting, celebrated the opening of its new Morehead City, North Carolina office yesterday. The 18,000 square foot commercial building, which was purchased by Kaufman []


Earthquake Losses Skyrocketing Along with Home Values, Building Costs


A new report from the U.S. Geological Survey (USGS) indicates that the economic toll of earthquakes has reached an estimated $14.7 billion in total annualized building damages and associated losses. That figure is double previous estimates and accounts for higher property values, building improvements and other factors, Property Casualty 360 recently reported. It is pretty []


Data Insecurity: Hospital Imposter, School Cyberattacks Highlight Vulnerabilities


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 []


P&C Market Outlook: Q2 2023


During this webinar, our experts provide an outlook into Q2 2023 highlighting Personal Insurance, Commercial Property and Commercial Casualty. We discussed the challenges, emerging markets, and tips for brokers and agents.


Alert to Dog Owners: Bite Claims Getting More Expensive


While the number of dog bite claims has dipped, the cost of dog bite claims has been growing significantly, new data from the Insurance Information Institute shows. Last year, the number of claims decreased 2.2%, but claim costs grew 32% to a per-claim average of $64,555, Property Casualty 360 recently reported. These claims totaled $1.3 []