June 2011

Hard Market – Should you wait for it?

If you have active business insurance policy, do your best to keep it, and have no cancellation, especially for non-payment’ otherwise, your policy underwriter can say that future “rewrites” after midterm cancellation may be problematic. This means that another rewrite may need to go through brokerage where rates on your class most likely will be higher and forms more restrictive,… Read More »Hard Market – Should you wait for it?

A Big Success with Ocean Express

Below is a small sample of some new Ocean Cargo accounts. Goods Shipped State Premium Auto Parts FL $5,000 Clothing UT $2,324 Computers & Hardware CA $2,686 Furniture NC $2,033 Machinery Parts IA $2,239 Office Equipment PA $1,968 Plumbing Supplies NC $3,383 Promotional Items IL $2,100

Riot Damage Coverage – What you should know

As many as 50 storefronts were damaged or destroyed in rioting and looting in Vancouver Wednesday night following the Vancouver Canucks Stanley Cup Finals loss, though not all of the riot damage will be covered by insurance. While Business Owners Policy would cover for things like theft and vandalism, and fire related losses, storefront windows are usually covered under a… Read More »Riot Damage Coverage – What you should know

ADP – Automatic Data Problem?

ADP (Automatic Data Processing Inc) the world’s largest payroll processor, todayt said it is investigating a data breach affecting one of its corporate clients. ADP said it is “taking measures to address the impact” of the breach, but it did not provide specifics. The breach occurred at a benefits administration unit ADP recently bought and was limited to a single… Read More »ADP – Automatic Data Problem?

Same Jobs, Lower Salaries

Employment in the field of third party administrators and claims adjusting is set to grow 5.7 percent annually between now and 2016, according to industry research firm IBISWorld. Insurance carriers and brokers are increasingly outsourcing risk management functions. In turn, third-party administrators and insurance claim firms will have to bolster personnel. These are not new jobs. These are transplant jobs… Read More »Same Jobs, Lower Salaries

Medical Umbrella

Markel Corp. has launched a new umbrella product for Allied Healthcare accounts. This product will serve as a lead umbrella policy over eligible Allied Healthcare lines such as hospitals, medical labs, pharmacies, surgery centers and clinical trials up to $10 million in capacity. Coverage is written on a surplus lines basis through Evanston Insurance Co. (Essex Insurance Co. in Illinois… Read More »Medical Umbrella