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Insurance Industry Paper Warns of the Hardest Property Market In a Generation

Insurance Industry Paper Warns of the Hardest Property Market In a Generation 1024 536 Dominion Risk

Insurance buyers face the hardest property insurance market in a generation, with historic inflation and skyrocketing natural disaster losses causing “significant pressure,” according to a new report from the American Property Casualty Insurance Association (APCIA). “The U.S. property casualty insurance industry is facing significant pressure from rising economic inflation, legal system abuse, supply chain constraints, increasing catastrophic weather driving up losses, and historic cost increases for reinsurance and other forms of capital,” said Karen Collins,…

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Property Market update

Property Market update 1024 536 Dominion Risk

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…

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Tips to Limit Supply Chain Exposure

Tips to Limit Supply Chain Exposure 1024 538 Dominion Risk

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…

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private property sign

Protecting Vacant Property

Protecting Vacant Property 1024 535 Dominion Risk

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…

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Nuclear Verdict Case Study

Nuclear Verdict Case Study 1024 538 Dominion Risk

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…

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Benefits of Representations and Warranties Insurance in Corporate Mergers and Acquisitions

Benefits of Representations and Warranties Insurance in Corporate Mergers and Acquisitions 1024 536 Dominion Risk

Representations and warranties insurance (RWI) is designed to cover certain breaches of representations and warranties made in business merger and acquisition (M&A) agreements. RWI has emerged as a preferred tool by executive management to reduce transactional risks.  Policies can be purchased by either the buyer or the seller in an M&A transaction. Buyer-side RWI policies provide first-party liability coverage to protect buyers from financial loss due to misrepresentations by sellers—whether intentional or accidental—such as misrepresented…

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