Latest News

My illustrious insurance career began about a year and a half ago. The indoctrination process has involved policy review, claim work, learning the insurance language and a lot of listening in on client meetings. Normally my lack of experience is a hindrance to the day to day work I do, but it can be an unexpected advantage. My outsider’s perspective can help notice bad habits or trends in the industry, and I have noticed one in particular. Coverage in the insurance industry is shrinking. Between endorsements limiting coverage or outright exclusions, policies are covering less and less. I cannot blame…

Construction Risk Exclusion – Vacant Land Introduction The commercial insurance marketplace for real estate risks continues to see the hardest conditions (aka seller’s market) seen in decades. The property marketplace continues to get the most attention as premiums continue to increase exponentially, while locations and coverages are being drastically limited or excluded. Amid the attention-grabbing property insurance marketplace difficulties, the commercial general liability (CGL) insurance marketplace has also been inducing its own hard marketplace by subtly eroding coverages, behind less painful premium increases. Most Insureds are not going to notice, or give the attention it deserves, a new exclusion or…

Historically, insurance products have followed the road most traveled with a few detours. By tradition, insurance product development has been a slow methodical process. However, this changed with the introduction of cyber insurance; this insurance emerged and accelerated through the market after a bumpy start. It continues to evolve at a pace close to the discovery of vulnerabilities—at least in the context of insurance products. The above paragraph is the introduction to an article I had the opportunity to write for PIA. PIA Connection is the award-winning, print newsletter of PIA National – the National Association of Professional Insurance Agents.…

The Cyber Insurance Academy defines Operational Technology (OT) as “the management of machines used in heavy industries like production line management, mining operations, oil & gas monitoring, and other similar activities, as well as manufacturing process control systems and building systems.” The cyber insurance industry is taking a proactive approach to operational technology (OT) by developing new policies and adapting existing ones in response to this sector’s unique challenges. As cyber threats continue to evolve and become more complex, cyber insurers are working with OT providers to understand their risks better and create tailored solutions to meet their needs. By…

Download PDF Introduction: Navigating the Waters of Risk and Strategy in Entrepreneurship In the dynamic world of entrepreneurship, where innovation and disruption are the currencies of success, there exists an often-overlooked cornerstone that is crucial to not just launching but also sustaining and scaling a business: the strategic integration of risk management through insurance. For founders, C-level executives, and professionals in finance and risk management, understanding and implementing a comprehensive decision-making model that includes insurance as a pivotal element is not just prudent—it’s essential. At the heart of entrepreneurial ventures, whether they are breaking new ground with products or redefining…

Download PDF   New Jersey Surplus Lines Insurance Taxes & Fees   Introduction As the commercial insurance marketplace continues to evolve, one trend that has become more common, particularly in the surplus lines marketplace, is the proliferation of fees being imposed by wholesale and retail agents and brokers. Considering this, we decided to take a closer look at these fees, what they represent, and how the State of New Jersey regulates them. While each state has its own regulations for how it enforces its own insurance policy taxes or fees, state regulations regarding wholesale and retail agent fees also vary.…