Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
The U.S. Property & Casualty Crisis: How It’s Going for Insurers and the States They’ve Left
Aug 20 2024 // This post is part of a series sponsored by AgentSync. America’s home insurance crisis By now, if you haven’t heard about insurance companies (large and small) and their max exodus from the most risky states,...
Construction Defects Are Not Covered Property Damage in Commercial Liability Policy
Aug 16 2024 // A home builder is not covered under the property damage coverage in its commercial liability policy for construction defects for which it was responsible. A three-judge panel of the Massachusetts Appeals Court has held for...
North Dakota Commissioner Urges Property Damage Assessment After Flash Floods
Aug 14 2024 // In the wake of flash flooding in the Bismarck-Mandan area, North Dakota Insurance Commissioner Jon Godfread is reminding residents to take immediate steps to assess and document any property damage and to review their...
Manufacturers Hit by Soaring Property Insurance Costs
Aug 13 2024 // James Kirsh expects the cost of the property and casualty insurance for his family-owned foundry in Wisconsin that makes cast iron parts for tractors and other equipment to at least double when it’s up for renewal...
People Moves: Marsh Promotes McKay as UK Advisory Leader; BHSI Launches Surety in Spain, Led by Barbero; IQUW Promotes MacDonald to Head of Property
Jul 25 2024 // This edition of International People Moves details appointments at Marsh, Berkshire Hathaway Specialty Insurance (BHSI) and the re/insurer IQUW. A summary of these new hires follows here. Marsh Promotes McKay as UK...
Property Code Enforcement a Sore Spot in Some South Dakota Communities
Jul 23 2024 // FAITH, S.D. (AP) — A few months ago, the city council in this ranching town in remote northwestern South Dakota decided to join dozens of other communities across the state and hire an outside contractor to enforce...
Hurricane Beryl Caused Estimated $2-3B in Insured Losses to US Property: Verisk
Jul 19 2024 // Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said. Beryl made landfall...
Big Data, AI and the Rate-Making Revolution Can Mean Intellectual Property Trouble for Rating Organizations
Jul 1 2024 // The insurance industry has increasingly relied upon the use of big data to enhance its operations and core functionalities, and one way this trend has manifested is in the realms of property and casualty business, where...
Vacant Commercial Property Owners Face Sidewalk Liability in New Jersey
Jul 1 2024 // The New Jersey Supreme Court has ruled that all commercial landowners — including owners of vacant commercial lots — have a duty to maintain the public sidewalks abutting their property in reasonably good...
Vacant Commercial Property Owners Face Sidewalk Liability: New Jersey Supreme Court
Jun 17 2024 // The New Jersey Supreme Court has ruled that all commercial landowners — including owners of vacant commercial lots — have a duty to maintain the public sidewalks abutting their property in reasonably good...
Commercial Property Insurance Market Proving More Stable, Capitalized: USI
Jun 6 2024 // Following last year’s historically challenging property insurance market, 2024 is proving to be “a more stable and capitalized market,” USI Insurance Services reported in its latest Commercial Property...
Get an Education on School Liability and Property Risks
Jun 3 2024 // Discrimination, active assailants and an aging infrastructure — educational institutions today face tough liability and property risks that were uncommon in the not-too-distant past. Pair those with longtime risks...
Property-Catastrophe Reinsurance Rates Drop by 5% at June Renewals: Howden Re
May 30 2024 // Property-catastrophe rates saw some moderating trends during the June 1 reinsurance renewals, with average risk-adjusted rates-on-line decreasing by 5% within a typical range of -7.5% to -2.5%, according to Howden Re, the...
Florida’s 125% Surge in Property-Insurance Bills Sows Havoc
May 20 2024 // For Filicia Porter, the insurance bills were the final straw. They’d been climbing steeply for her assisted-living business as Florida was battered with ever more-powerful storms, and eventually, the numbers stopped...
Virginia Judge to Decide Whether Frozen Embryos Are Property With Monetary Value
May 16 2024 // A trial is underway in Virginia that will determine whether state law allows frozen embryos to be considered property that can be divided up and assigned a monetary value. Fairfax County Circuit Court Judge Dontae Bugg...
Texas Launches Compensation Program for Border Property Crime Damage
May 10 2024 // Texas landowners along the U.S.-Mexico border who have experienced damage caused by border property crime can now file for reimbursement of up to $75,000, attorney general Ken Paxton announced this week. Texas lawmakers...
Excellent Ratings for Pfizer’s Property Captive in Vermont Are Affirmed
May 10 2024 // AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Blue Whale Re Ltd. (Blue Whale) (Burlington, VT). The outlook of these Credit...
Louisiana Governor Signs Package of Property Insurance Reform Bills
May 8 2024 // Louisiana governor Jeff Landry signed a package of insurance reform bills Tuesday aimed at encouraging insurers to write more business in the state’s property market. The legislation, endorsed by Louisiana Insurance...
New $20M Coverage for California Commercial Property E&S Risks in Wildfire Areas
May 8 2024 // Wildfire Defense Insurance Services is offering a $20 million excess and surplus commercial property coverage for E&S risks in wildfire prone areas of California. The coverage is for total insured value up to $20...
Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court
May 3 2024 // Cracked steel columns are not “property damage,” but are building products that are not covered by a contractor’s general liability policy, the U.S. 7th Circuit Court of Appeals decided in an opinion that...
