commercial property News

Damage Assessment Begins After Twin Tornadoes Flatten Nebraska Town, Kill 2

A storm packing rare dual tornadoes tore through a tiny farming town in northeast Nebraska, killing two people, crumpling grain bins like discarded soda cans and flattening dozens of homes. Pilger’s 350 residents evacuated their homes after the powerful twisters slammed …

Missouri Law Bars Contractors from Paying Deductibles on Commercial Property

Missouri lawmakers have given final approval to legislation that supporters say is aimed at protecting commercial property. A 2011 Missouri law bars residential contractors who fix roofs or complete other exterior repairs on homes from offering to pay insurance deductibles …

Texas Issues Special Data Call for Commercial Property Insurance Coverage

The Texas Department of Insurance is issuing a special catastrophe areas data call to property/casualty insurers who write direct commercial property and businessowners insurance in Texas. Information collected under this data call is for 2013. The Texas Windstorm Insurance Association …

Commissioner Denies TWIA’s Request to Raise Liability Limits

The primary windstorm insurer for Texas coastal properties won’t be raising limits of liability next year for property it covers. Insurance Commissioner Julia Rathgeber has denied a request by the Texas Windstorm Insurance Association to raise the limits on both …

Texas Holds Oct. 30 Hearing on Windstorm Liability Limit Increases

The Texas Department of Insurance will hold a hearing on Oct. 30 to consider a petition by the Texas Windstorm Insurance Association to raise the maximum limits of liability for windstorm and hail insurance policies covering residential dwellings and individually-owned …

Fireman’s Fund Launches New Commercial Property Form for Highly Protected Risks

Fireman’s Fund Insurance Co. has launched Property-Gard Pinnacle, a new commercial property form that integrates new coverages and policy format with existing protection for highly protected risk (HPR) properties. The policy structure offers the following features: Flexible limits and terms …

Capital Insurance Group to Offer Premium Credits for Apartment Buildings, Condos

Capital Insurance Group (CIG), a regional property and casualty insurer serving the Western U.S., has released three new 2 percent total premium credits for commercial apartment and condominium lines. The Stovetop Fire-Prevention Credit, Automatic Water Supply Line Flood-Prevention-Device Credit, and …

Louisiana Citizens Lowering Commercial Property Rates

The state-run property insurer of last resort in Louisiana plans to lower commercial rates. The Advocate reports the bulk of those cuts would benefit the 352 commercial policyholders Louisiana Citizens Property Insurance Corp. covers in coastal areas. Those policyholders would …

Wichita, Kansas Officials Seek to Curb Thefts of Copper

In a move to curb increased thefts of copper and other metals, Wichita city officials and local police are considering revising the city’s scrap metal ordinance. Expected to be brought to the city council by early fall, the revision would …

Tornado-Related Insurance Claims Climb in Oklahoma

The total number of tornado-related insurance claims filed by Oklahomans has climbed to 32,433 since May 19, state insurance regulators report. The filings represent insured losses of nearly $250 million, including 13,938 homeowners claims, 17,492 auto claims and 724 commercial …