Recent events have changed the trajectory of the E&S marketplace, especially for catastrophe-exposed property accounts. While it looked as though 2023 would bring a deceleration of rate increases, factors including CAT weather events, inflation, valuations, and reinsurance renewals have changed this path and we find ourselves in a continued hard property market for the foreseeable future. 2023 Catastrophic Property Events Whether you blame climate change or bad luck, catastrophic weather events have played a major…

In recent years, factors such as the COVID-19 pandemic, labor shortages, natural disasters, and production issues have contributed to supply chain disruptions worldwide, impacting high-end consumer products as well as basic commodities, such as generic drugs and energy. Below are some suggestions for how businesses can limit their exposure to supply chain disruptions: Diversify supplier base. Using a single supplier can disrupt a business’s entire supply chain should an issue arise. Having a diverse supplier base…

In a time when layoffs and foreclosures are widespread, your firm may be forced to manage vacant property. The insurance risks and liabilities associated with owning unoccupied property can be extensive. To ensure you are adequately protected, it is important to know the risks you confront. In addition to purchasing comprehensive insurance coverage, there are numerous preventive strategies for maintaining vacant property to reduce risk and liability. Potential Risks There are a host of risks…

Nuclear verdicts refer to exceptionally high jury awards—generally, those exceeding $10 million. Such verdicts have become increasingly common in the past decade. In fact, the National Law Journal reported the average jury award among the top 100 U.S. verdicts more than tripled between 2015 and 2019, skyrocketing from $64 million to $214 million. Furthermore, 30% more verdicts surpassed the $100 million threshold in 2019 compared to 2015. A variety of factors have contributed to this…