cost of business insurance Archives

The cost of insurance is driving US chemical makers and refiners to lower coverage

February 4, 2020February 3, 2020 Marc

These American companies have watched premiums rise sharply due to several severe accidents. U.S. petrochemical plants and refineries have experienced considerable hikes in the cost of insurance. As a result, these companies have started cutting back on the coverage they carry to protect themselves. Many years of sizeable accidents sent coverage prices skyward, said industry sources. As the cost of insurance rises and the amount of coverage drops for business interruption and physical damage, energy companies may become responsible for their own liability issues. This could land them with millions…

Business insurance costs are on the rise from class action suits

February 26, 2013April 30, 2013

These Australian lawsuits are starting to increase the expenses associated with this form of coverage. The business insurance industry is facing considerably higher costs due to the rising number of payouts being made in shareholder class action lawsuits, and this trend is causing the premiums for directors’ and officers’ coverage to rise. In 2012, there was an estimated total of $506 million in class action settlements made. This was an increase of approximately $200 million over the total payouts that were made in 2007. This, according to a report by…