Insurance

Report Accurate Property Values to your Underwriter

“We are usually aware if values are under reported and rates are adjusted upward to reach needed premium level”. – Senior Underwriter Periodically we have discussions with underwriters. Recently they indicated a ground-swell of concern over inaccurate property values. Not over or under, but inaccurate. Property values are used to set premiums and measure risk exposures, such as MFLs. When…

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Are your property limits adequate or are you mis-insured?

The hard property market for the past few years has had a huge impact on the terms and conditions of property policies.  Higher premiums generally get most of the headlines, along with larger deductibles, but behind that, insurers are examining their book of business and exposures, and hence have cut back on their capacity offerings,…

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StempleCrites article published by the CPCU in Spring 2020 issue

The CPCU Society published an article written by Mark Crites in its most recent issue. The article “A Look at How Inflation, Mergers and Acquisitions, and Location Affect Insurable Values You Report” covers what Risk Managers, Brokers and Underwriters should be aware of to produce accurate insurable values. The article can be accessed below: http://www.stemplecrites.com/wp-content/uploads/2020/03/CPCUSocietyINSIGHTS_Spring2020_SC_Article.pdf

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Insurers push back on bad property estimates

Posted On: Feb. 1, 2020 12:00 AM CST Claire Wilkinson Commercial property valuations in insurance contracts are garnering heightened scrutiny in a hardening market as insurers burned by unexpectedly large claims in recent catastrophes seek to tighten underwriting standards, according to industry experts. As part of their increased diligence around valuations, property insurers are sometimes…

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The Rates They Have Been A Changin’.

While at RIMS 2019 and since, seems like every risk manager, broker, property placement specialist, and carrier I have spoken with has brought up the fact that the market is firming, in a strong way.  Some industries harder than others, but no one is going to be immune.  Simply, everyone is going to pay more…

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Communicating with Clients, Broker and Carriers.

I don’t speak another language, but I’m fluent in many.  Who am I?  It sounds like a riddle my kids would ask me at the dinner table.  Yes, it would be helpful for me to know a foreign language or two, at least more than the customary “bathroom”, “please”, “beer”, “no” in the various local…

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