Commercial Property

Unlicensed Greenhouses and Mold Prompt Extensive Recalls and Returns, Showing Cannabis Industry Risk

On August 19, CannTrust Holdings Inc. announced that the Ontario Cannabis Store (OCS) was returning its entire $2.2 million inventory of CannTrust products. The return is in response to the suspension of CannTrust’s sales and shipments last month, after a Health Canada inspection revealed the company had grown plants in several unlicensed greenhouses. Prior to…

Fire Destroys Jim Beam Warehouse, Bourbon Plume Pollutes Rivers

On July 2, lightning struck and ignited a fire at two Jim Beam distillery warehouses in Versailles, Kentucky. The fire, fueled by the 45,000 barrels—over 2 million gallons—of bourbon, burned for several days and reduced one warehouse and its contents to rubble. Bourbon from barrels destroyed in the fire flowed from the site into nearby…

Extreme Heat, Power Outages Disrupt Business and Events

Temperatures near and in the triple digits have scorched the U.S. Midwest, Northeast and parts of Canada this month, accompanied by blackouts, extreme weather and other heat-related headaches. On July 19, violent thunderstorms in Michigan cut power to a half million people in the Greater Detroit area. Earlier that day an unexplained explosion and fire…

Hurricane Barry Serves as Flood Wake-up Call for Businesses, Homeowners

Barry touched down on the Louisiana coast as a Category 1 hurricane on July 13, shutting down businesses, tearing roofs from homes, flooding streets and halting oil production across the Gulf of Mexico. Even as the country’s first hurricane of the year diminished in power and was downgraded to a tropical storm, it continued to…

California Earthquakes Prompt Homeowners, Businesses to Examine Exposures

On July 5, approximately 125 miles northeast of Los Angeles in Ridgecrest, California residents experienced a 7.1-magnitude earthquake, only 34 hours after a 6.4-magnitude earthquake shook the same location. Fortunately, there were no deaths. As homeowners and businesses evaluate damage, early estimates predict at least $100 million in losses. California is the site of more…

2019’s Record-Breaking Tornado Season Continues, Causing Billions in Damages

Shortly before 9 p.m. on June 23, a tornado with wind speeds up to 125 miles per hour cut a two-mile path of destruction through South Bend, Indiana. A potentially treacherous stovepipe tornado was reported in northern Indiana’s St. Joseph County a few minutes later, at 9:15 p.m. A day earlier, tornadoes touched down in…

Largest Living Insect Heist Sparks Risk Conversation for Museums

When thieves stole 7,000 rare insects, snakes and reptiles from a Philadelphia museum in August, they forced the closure of two entire floors of the museum while it tried to replenish its $40,000 collection. Museum officials called the theft of zebra tarantulas, rhinoceros roaches and other exotic creatures the “largest living insect heist” in history….

The Risks Your Clients Should Know About When Dealing with Cannabis

In 2017, cannabis-related cultivation and retail investments reached $718 million1. In addition, the legal cannabis industry is projected to exceed $50 billion by 2022. It may seem like cannabis is the next California Gold Rush, but while there is great opportunity, there is also great risk. On top of complex and evolving local, state and…

Prepping Restaurant and Bar Clients for New or Renewed Coverage

There are more than 700,000 restaurants throughout the United States and Canada.1,2 This growing segment represents significant opportunity for brokers and agents to further develop their book of business. However, insuring a restaurant that is safe and best positioned for attaining or renewing a policy can be more difficult than some may expect. Inspections are…