Commercial property insurance News

NC Town That Produces Quartz for Tech Products is Devastated by Helene

SPRUCE PINE, N.C. (AP) — Two North Carolina facilities that manufacture the high-purity quartz used for making semiconductors, solar panels and fiber-optic cables have been shut down by Hurricane Helene with no reopening date in sight. Sibelco and The Quartz …

Jewelers Mutual Expands to NC Office Tower, Warns About Store Break-ins Nationwide

Jewelers Mutual Insurance, one of the largest and oldest jeweler-focused insurers in the country, plans to lease a full floor of a new officer tower in downtown Raleigh, North Carolina, a move that will create about 200 jobs, according to …

WV Governor Scrambles to Halt Foreclosure of His Greenbrier Hotel

CHARLESTON, W.Va. (AP) — West Virginia Gov. Jim Justice, deep in the middle of a U.S. Senate race, is also in a mad-dash legal fight to keep a historic West Virginia hotel at his luxury resort before it’s auctioned off …

California FAIR Plan Clearinghouse Will Include Commercial Policies Starting July 1

The California FAIR Plan Association will expand its clearinghouse to include commercial policies, such as those covering farms and condos, beginning July 1. The move follows the passage of Senate Bill 505 in 2023. California Insurance Commissioner Ricardo Lara in …

New York Issues Guidance for Insurers on Insuring Affordable Housing

New York has issued guidance to commercial insurers that they are prohibited from inquiring about or making coverage decisions based on a property’s status as an affordable housing development or a tenant’s source of income. The guidance is in a …

Markets/Coverages: Falvey Launches Commercial Output Insurance

Falvey Insurance Group announced the launch of Commercial Output insurance – coverage designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial, and commercial sectors. Crafted by Falvey’s inland marine managing general agency (MGA), the …

FM Global Clients to Get Share of $350M ‘Resilience Credit’

Eligible commercial property insurance clients of FM Global will receive a share of what the insurer calls a “resilience credit” to be put toward climate mitigation solutions. Collectively worth $350 million, the initiative follows the allocation of a $300 million …

Pfizer Taking More Steps to Manage Inventory After NC Tornado Destroyed Warehouse

Pfizer Inc. said on Thursday it will begin making some products available only through its emergency ordering process, as part of steps to manage inventory at its North Carolina facility that was struck by a tornado last month. The drugmaker …

Commercial Property Loans Are So Unappealing Banks Trying to Dump Them

Banks seeking to sell commercial-property loans are encountering a dried-up market with few options for an easy exit. Lenders including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been trying to sell debt backed by offices, hotels and …

Gallagher’s June Insurance Market Report: Key Highlights and Implications for Buyers

How does the 2023 insurance market look so far? It depends on where you stand. Property is facing its most challenging market in 20 years. But D&O rates are down after spiking in 2020. Cyber is evolving to limit exposure. …