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Hurricane Claim Preparation Guidelines

Hurricane Claim Preparation Guidelines

The 2020 hurricane season is upon us and scientists are already making their predictions. Scientists’ early predictions indicate an “above-average” hurricane season in 2020*. The consensus of expert forecasts indicate 17 named storms for this year’s North Atlantic hurricane season – much higher than the long-term 30-year average of 12 storms. Are you ready for this year’s hurricane season? Here is a list of hurricane claim guidelines you should consider as part of the preparation for dealing with a storm. From the first steps you should take after an event, to the different types of claims scenarios, CRC Group provides you with the information you need to adequately prepare for a storm.

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Extended Reporting Option Carries Risks

Extended Reporting Option Carries Risks

In insurance, hard markets present hard choices. Policyholders often face sharply higher rates and tighter terms and conditions at renewal, along with exclusions their expiring liability coverage did not impose. In these situations, incumbent carriers may offer an extended reporting period (ERP), which lets insureds file claims after the original policy’s expiration date. Buying an ERP, however, has significant risks that insureds and their agents should consider.

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EPLI Claim Ruling: Previously Denied Claims May Now Be Covered

EPLI Claim Ruling: Previously Denied Claims May Now Be Covered

The scope of a common exclusion in Employment Practices Liability Insurance (EPLI) policies relating to “wage-and- hour and overtime law(s)” is narrower than a trial court found and therefore EPLI coverage can apply to a wider set of employment claims, according to the California Court of Appeal in the 4th Appellate District.

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Truck Accident Frequency and Claims Severity on the Rise

Truck Accident Frequency and Claims Severity on the Rise

Commercial trucking serves as a barometer for the economy. It represented nearly 71% of the tonnage carried by all modes of domestic freight transportation in 2017, including manufactured and retail goods. With more trucks on the road, there were also more accidents, including a rise in fatalities. Trucks were involved in 59% more accidents per mile than in 2010, despite the new technologies and the best efforts of regulators, according to the American Trucking Association (ATA). Further, the number of people who died in large truck crashes was also 30% higher than in 2009, when it was the lowest it has been since the collection of fatal crash data began in 1975.

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Parametric Insurance Begins to Make an Impact

Parametric Insurance Begins to Make an Impact

Parametric insurance has made its biggest impact so far with catastrophe bonds covering large-scale risks, such as hurricanes and earthquakes, but the concept is becoming more common in commercial and residential insurance. It’s called parametric because rather than responding to a specific loss, the coverage pays out when an agreed “metric” such as wind speed or ground shaking reaches or exceeds certain intensity. Insurers are offering such coverage based on a wide variety of other metrics, including barometric pressure, rainfall, average snowfall, river water levels, storm surge as measured by tide gauges and even hotel occupancy rates.

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Representations & Warranties Coverage Protects M&A Deals
Representations & Warranties Coverage Protects M&A Deals
Possible Insurance Implications of Roe v. Wade Overturn
Possible Insurance Implications of Roe v. Wade Overturn
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2022 Energy State of the Market
Private D&O REDY® Index June 2022
Private D&O REDY® Index June 2022
Excess & Umbrella REDY® Index June 2022
Excess & Umbrella REDY® Index June 2022
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Cyber REDY® Index June 2022
Property REDY® Index June 2022
Property REDY® Index June 2022
Senior Living Market Easing but Reprieve May be Brief
Senior Living Market Easing but Reprieve May be Brief
Anti-Phishing Training Helps Employees Avoid Cyberattacks
Anti-Phishing Training Helps Employees Avoid Cyberattacks
State of the Market: Excess Trucking in 2022
State of the Market: Excess Trucking in 2022
Wildfire Risk is Growing for U.S. Homeowners
Wildfire Risk is Growing for U.S. Homeowners
Carriers Shift More Risk Onto Builders For Multi-Family Frame Projects
Carriers Shift More Risk Onto Builders For Multi-Family Frame Projects