Question: Are standard, admitted, insurance carriers relevant commercial markets? Arthur J. Gallagher stated in their 2020 10K that 50% of the total U.S.
The owners of one of the oldest insurance agencies in Texas must have felt pretty surprised when they were named in a federal lawsuit brought by an AIG
The owners of one of the oldest insurance agencies in Texas must have felt pretty surprised when they were named in a federal lawsuit brought by an AIG
The Failure and Opportunities of Insurance Done Well
The three most important commercial insurance policies to write and to write with exacting quality are applicable liability policies such as general liability and employment practices liability insurance, cyber and perhaps most important, business income. A building can burn down, an extremely rare event, and the business can be up and running fairly quickly in many cases. The loss of the building will not likely bankrupt the company. The loss of the resulting income is what will bankrupt the company.
I have been doing errors and omissions (E&O) audits and teaching insurance classes for almost 30 years. Knowledge of business income (BI) has deteriorated with the rise of selling business owners policies (BOPs) and actual loss sustained (ALS) limits, and adequate knowledge of BI was never that great from the start. Almost every business will suffer a BI-related loss at least once, if not multiple times. Less than 2% of businesses w