commercial property News

Election Security: Retailers Board Up Stores Amid Fears Over More Civil Unrest

This time last year, shoppers on Chicago’s Magnificent Mile were waiting for Louis Vuitton to debut its whimsical holiday window decorations. Now those same windows are hidden behind a wall of wood panels painted bright orange. While still open for …

Underwriters and Insureds Taking Harder Look at Commercial Property Risks

Commercial property underwriters are adjusting to a market defined by rising catastrophe losses and dwindling profits. From increasing rates and higher deductibles to fewer classes of business and stricter underwriting, even the best in class properties are feeling the heat. …

Texas Calls for 2018 Catastrophe Data on Commercial Property, Business Insurance

The Texas Department of Insurance (TDI) has issued special data call to companies that wrote direct commercial property or businessowners insurance in Texas and to certain farm mutual insurance companies that wrote property insurance in Texas during calendar year 2018. …

Burst Sewer Pipes, Condos, and Coverage

We had an interesting question come in this week so I thought I would address it publicly. I’ve edited the question for space and to avoid disclosing any identifiable details. “I live in a condo building. A sewage pipe burst, …

Downtown Fire in Central Iowa Town Causes Extensive Damage

A major blaze damaged several buildings in a central Iowa town on Independence Day, but fire officials don’t suspect fireworks as the cause. The Des Moines Register reports that the fire started late on July 4 in downtown Melcher-Dallas and …

Officials: Kansas Apartment Blaze Caused $23M to $25M in Damage

Officials in a Kansas City suburb where a fire destroyed a multimillion-dollar apartment building under construction and spread to about two dozen homes estimate the blaze caused between $23 million and $25 million in damage. The Kansas City Star reports …

FM Global Explores Next-Generation Fire Sprinklers

Warehouses, served by increasingly powerful automated materials-handling equipment, are steadily getting taller, posing new fire risks and stressing traditional fire protection systems like heat-triggered ceiling sprinklers. That’s why Rhode Island-based FM Global, one of the world’s largest commercial property insurers, …

TWIA Files for Changes to Dwelling and Commercial Policies

The Texas Windstorm Insurance Association has submitted new mandatory endorsements for its dwelling and commercial insurance policies to the Texas Department of Insurance for approval. The endorsements add storm doors to the list of items in the “Property Not Covered” …

Austin Cracking Down on Unsafe Rental Properties

Austin code enforcement officials are trying to crack down on unsafe rental properties by adding more properties to its repeat offender list. The Austin American-Statesman reports that city officials have more than doubled the number of properties designated as repeat …

10 Business Insurance Lessons and 1 Owner’s Advice from Katrina

Nearly 10 years ago, wind and storm surges as a result of Hurricane Katrina caused $41 billion in insured losses and $108 billion in total economic losses. Many of the lawsuits filed as a result of the fifth hurricane of …