A dear friend of mine starts out coinsurance conversations (yes, we actually sit around and talk about this sort of thing, usually with a malted adult beverage) with the following disclaimer/statement/warning: "Coinsurance is evil and must be destroyed."
In this age of disruption, all those organizations that spent many years and lots of cash to dig beautiful trenches for their useless Three Lines of Defense are being seriously damaged.
In 2013, ISO introduced modifications to its standard blanket AI forms. Among several notable changes, the forms included, for the first time, a requirement that coverage for the AI would "not be broader than" the trade contract requiring AI status.
A fifth of countries worldwide are at risk from ecosystem collapse due to a decline in biodiversity, according to a new Swiss Re report. Countries around the world are reliant on services that are based on their natural ecosystems, according to the reinsurer.
Being an independent adjuster is not the same as having a job. We do not clock into work and receive a paycheck. We are INDEPENDENT. Isn’t that one of the main appeals for becoming an adjuster?
The concept of Extended Reality (XR) conjures up images of virtual computer worlds built as an escape from everything around us. Considering what 2020 has been like so far, that might seem pretty attractive, but extended reality provides us so much more than just an escape.
Wood building (including stick-build, tall timber, and mass timber) is increasing in prevalence and complexity, both in commercial and residential markets. With this boom comes a variety of claims, ranging from builder’s risk to construction defect, workers’ compensation to subcontractor default.
A little while ago, I applied for an internal position I really, really wanted. It meshed well with my skills and enthusiasm for insurance. It also would have helped me grow in ways that I would not have thought possible this early on in my career.
We have said it for years: Most of our claims are not going to trial and may never see the inside of a courtroom. Instead, in all likelihood, mediation or informal negotiations is where we’re going to get the case resolved.
Commercial insurance faces a growing claims adjuster staffing gap. On the retirement end, there’s a rising tide of experienced adjusters leaving the profession.
Insurance, as an industry has one of the lowest unemployment rates in the United States, currently hovering around 2%. This is compared to a national average of roughly 4%. Average insurance employees work about 38 hours a week, and make about $34.00 an hour.
With remote work becoming more common, there has been a rapid increase in cybersecurity incidents among small to mid-sized businesses – meaning SMBs need to take steps to guard their data, according to cybersecurity firm DIGIGUARD.
Insurance companies pay all sorts of claims that may not qualify for coverage under their reinsurance contracts. Sometimes, it is because the individual claims are too small and do not exceed the insurance company’s reinsurance retention on an individual loss basis.
Nominations are open for Insurance Business America’s Hall of Fame 2020 – a celebration of the US insurance industry’s best and brightest professionals who have developed standout careers spanning 35 years or longer.
