The past five years have seen the commercial property insurance market progressively harden, evidenced by consistent rate increases since 2017. However, according to industry data, such rate jumps showed some signs of stagnation in early 2022, with average increases staying within single digits. Going into 2023, rates are still on the rise. [Read more…]
5 General Liability Exposures to Know
Almost every organization has commercial liability loss exposures. A commercial liability loss exposure is a condition or situation that presents the possibility that an organization will be held legally or financially responsible for injury, harm or damage to another party. [Read more…]
The Importance of Insurance to Value for Commercial Property Coverage
When purchasing or renewing their commercial property insurance, it’s vital for businesses to ensure such coverage includes correct property valuations. Doing so can make all the difference in providing sufficient protection and preventing coinsurance penalties amid covered property losses. That’s where conducting accurate insurance-to-value (ITV) calculations comes into play. Generally speaking, ITV refers to an approximation of the full cost to replace or restore insured property. [Read more…]
Rising Property Replacement Costs
Commercial property losses and insurance premiums have significantly increased over the past two years due to environmental and economic factors. Undervaluation of the replacement costs for a damaged building or equipment can also be linked to commercial property insurers experiencing high loss costs. To compensate, insurers continue to increase premiums, with rates rising 8.7% in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers. [Read more…]
Commercial Automobile Policy Symbols: What Do They Mean?
Taking the time to understand the language and symbols on your commercial automobile insurance policy may seem like trying to learn a new language, but it is important to fully understand your policy so you know how you’re protected. Here are a few general guidelines that are helpful when deciphering your policy:
- Each symbol represents the type of vehicle protected by the applicable liability or physical damage limit.
- The symbol may apply to the type of vehicle covered or the vehicle’s ownership status.
- The various terms within your policy have specific definitions that you should become familiar with.
- The symbols are different on coverage for liability as compared to physical damage coverage.