A COVID-19 hangover. The hard market. The movement of policies from the admitted market to excess & surplus lines. Whether a single factor or a combination is to blame, one thing is certain: Errors & omissions claims are on the rise.
The Micro-Businessowners Coverage Form—also known as the Micro-BOP—may be a good and inexpensive answer for your smaller entrepreneurs without commercial property exposures.
A contractor with an ISO commercial general liability policy experienced a property damage claim. The carrier says it owes the actual cash value (ACV) for repairs but the agent believes the carrier owes the full cost to repair.
A carrier is attaching the exclusion to every contractor policy regardless of business class. How will this exclusion apply to different types of contractors?
Roof repair and replacement cost value totaled nearly $31 billion in 2024, according to a report from Verisk.
Personal lines rate increases were driven by homeowners insurance premiums, while auto and umbrella and excess liability saw the most significant commercial lines rate hikes.
A subcontractor called the general contractor and told him he moved a water supply line, after which a leak occurred. The sub filed a claim, but now denies he ever touched the supply line. The sub’s carrier won’t follow through with the claim.
A carrier added the endorsement to a commercial general liability form and says that the endorsement adds liquor liability to the policy, as it eliminates the liquor liability exclusion.
If the insured has a claim outside the 500-mile radius, will the claim be covered? Is there a chance the carrier may wish to nonrenew or cancel?
Homeowners claims are taking longer to resolve than ever before with the average claim cycle time—from filing the claim to finished repairs—now 32.4 days, says J.D. Power.
