Commercial property insurance News

Texas Insurance Bills on the Move; Commercial Property Measure Heads to Governor

The Insurance Council of Texas has reported several insurance bills of interest are moving in the Texas Legislature as the end of the session draws closer. SB 590/HB 1411, which addresses amendments, cancellations and renewal provisions in commercial property insurance …

Fire Severely Damages Downtown Businesses in Guthrie, Oklahoma

Multiple fire crews are responding to a blaze that has badly damaged businesses in Guthrie, north of Oklahoma City. Firefighters battled to contain a structure fire Saturday afternoon after officials say it consumed two businesses that sold flowers and musical …

4 Reasons Your Insured Wants Ordinance or Law Coverage

I am very much like other people in that I like to take time off during the holiday season. It’s a time for me to rest, relax, refresh, and reflect. OK. Who am I kidding? You know what happens during …

Why Is THAT Excluded?

Exclusions. Insurance policies are full of them. I’ve been reading some policy forms lately. Some to study, others because they’re interesting to me. It’s kind of a sick hobby, I’ll admit, but it’s not hurting anyone and I’m not asking …

Does a CPP Cover Trees Knocked Over by a Hurricane?

Last week we entered into a discussion of downed trees, in particular, trees downed by a hurricane. We spent our time dealing with the HO-3 policy and how it responds. If you didn’t catch that, take a look at last …

FM Global Includes Top 3 Business Risks in Global Resilience Index

FM Global has expanded its Global Resilience Index to include insights around three of the top risks facing businesses: cyber attack, natural hazards and supply chain failure. The interactive, online index ranks 130 countries and territories by their enterprise resilience …

Global Property Insurance Premiums Top $360 Billion: Finaccord Survey

As of the end of 2014 the worldwide property insurance market was worth $360.5 billion in gross written premiums with household (homeowners’) policies making up 54 percent of this total, according to a survey conducted by U.K. Based consultants Finaccord. …

8 Ways Katrina Changed Commercial Property Insurance

Hurricane Katrina, which devastated New Orleans 10 years ago, is responsible for a number of changes in the commercial property insurance market. According to Rick Miller, U.S. property practice leader at Aon Risk Solutions, Katrina’s impact can be seen in …

NAPCO Report: Prices Decreasing, Competition Increasing in P&C Space

Insurers have become increasingly competitive and are reducing rates for most accounts as a result of low global insured catastrophe losses and added capacity from non-traditional market sources, according to wholesale insurance broker-NAPCO’s biannual State of the Market: NAPCO Property …

Commentary: Swatch Fire Losses and Contingent Business Interruption Coverage

An oft-overlooked insurance coverage found in many commercial property policies called “contingent business interruption” coverage may provide insurance proceeds to companies throughout the watch industry to cover their economic losses suffered as a result of a fire that devastated the …