Insurance rates spike for businesses with exposures to the Russian war in Ukraine

Insurance rates skyrocket - Newspaper

Premiums have doubled or more for certain companies most affected by risks from the conflict. Insurance rates for businesses with exposures to the Russian invasion of Ukraine have doubled or more. This is particularly true of shipping firms and certain airlines. Throughout the first quarter of 2022, global commercial coverage premiums rose by 11 percent. The 11 percent insurance rates increase was announced by broker Marsh, which said that the Russian war in Ukraine was placing upward pressure on the premiums businesses are paying. That said, the overall hike in…

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Cybersecurity insurance popularity but some companies face denials

Cybersecurity insurance - Security coverage

There are a number of common reasons that are causing insurers to deny coverage to a business. While it has become clear to the majority of companies that cybersecurity insurance can provide vital protection against financial hardships caused by cybercriminals. As a result, demand for coverage has skyrocketed in recent years. Unfortunately, many interested companies have found themselves denied coverage. Despite increasing interest in cybersecurity insurance, the simultaneous rise in threats have forced insurers to be more hesitant to provide coverage. There are several common reasons that a business might…

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Amazon to sell business insurance in the United Kingdom

Business insurance - Amazon

The marketplace has announced its intentions to begin selling to small- and medium-sized companies. Amazon.com Inc. has announced that it will begin selling business insurance to small- and medium-sized companies in the United Kingdom. This represents the first step the tech giant has taken into that market in the UK. The business insurance coverage will become available to members of Amazon’s Business Prime program. Those members will be able to purchase policies from Superscript that will include coverage such as contents, professional indemnity, and cyber. According to a spokesperson from…

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When Does Your Business Need Fiduciary Liability Insurance?

Fiduciary Liability Insurance - man looking at computer in thought

This coverage provides a company with protection against certain forms of mismanagement. A fiduciary liability insurance policy is what provides a company and its employees against the claims that could arise due to mismanagement of benefits plans and the legal liability that can result from those claims. That said, while some businesses definitely need this coverage, others simply don’t require it. A fiduciary liability insurance policy protects a company against fiduciary mismanagement. That said, it will not provide protection to a company in fraudulent cases of theft. It’s important to…

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Broadway giant Jujamcyn Theatres sues insurers over pandemic payouts

Jujamcyn Theaters - Image of the interior or a theater

The company operates big-name theaters and is suing two insurers for the size of the payments. Jujamcyn Theaters, operator of the homes of top shows such as “The Book of Mormon”, “Moulin Rouge: The Musical,” “Hadestown”, and “Mean Girls,” is suing its insurance companies. The insurers named in the lawsuit include the Pacific Indemnity Company and the Federal Insurance Company. According to the Jujamcyn Theaters filing, the insurance companies paid only $250,000 for covering what it alleges should be “tens of millions of dollars” in losses associated with the pandemic…

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Severe weather damage in the US hits the $4 billion mark

Severe Weather Damage - Flooding

Hailstorms and other disasters have caused quite a bit of destruction already in 2020, says Aon. Severe weather damage from events across the United States have led to substantial costs for insurers. A sizeable portion of the $4 billion estimated economic cost is covered by insurance policies. Much or the severe weather damage caused by storms have involved hail, according to the monthly Global Catastrophe Recap report from Aon. A substantial storm outbreak struck the Plains, Midwest and Southeast on May 4 and 5. This event primarily affected parts of…

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Minnesota looting damage to generate insurance payouts of over $25 million

Looting damage

Protests over George Floyd’s death were particularly destructive to property in his home state. The looting damage and property destruction that occurred in some of the Minnesota protests over the death of George Floyd on May 25 while in police custody will bring insurance companies an estimated bill of about $25 million. This doesn’t take into consideration the destruction that happened in other places across the country. The $25 million estimate was calculated by Property Claim Services, an insurance industry company that tracks catastrophes. The firm labeled the protests as…

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