Commercial

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…

Great Lakes Oil Spill Shows Need for Environmental and P&I Coverage

The U.S. Coast Guard and other authorities have completed one phase of an investigation into severed underwater cables that leaked about 600 gallons of mineral oil insulation fluid in the Straits of Mackinac. Officials suspect a boat anchor strike on April 1 damaged the cables and dented oil pipelines in the waterway that connects Lake…

Crafting Coverage for Artisan Contractors

Home and commercial property remodeling in the U.S. generates $112 billion in revenue each year, showing an eight percent increase over the last five years. This increase illustrates a greater demand for skilled trade workers, which in turn gives rise to liability claims that can bring massive losses. Should an injury or property damage occur,…

A Proactive Approach to Contractors Pollution Liability Insurance

Contractors Pollution Liability Insurance comprises approximately 20-25 percent of environmental insurance purchased worldwide1. However, market penetration of those who need environmental insurance is only around 10 percent2, leaving 90 percent uninsured. Gina Jones, Vice President and Director, Environmental Programs, Burns & Wilcox, discusses the low level of penetration, saying “More than a billion dollars in…

Outbreaks from Eggs, Romaine Lettuce Show Need for Product Recall Coverage

Major recalls of romaine lettuce and more than 200 million eggs this past week are impacting millions of U.S. consumers. As new information is made available on the causes of these food contaminations, the financial consequence to the suppliers and distributors involved is expected to be significant depending on the type of Product Recall Insurance…

Recent Motor Coach Accidents Show Potential Risk in Transporting Employees and Clients

If using a company-owned or third-party vehicle to transport employees, clients, students or any large group of people, it is important to understand what the potential financial loss could be in the event of an accident. Over the past several days, bus accidents that resulted in varying degrees of personal tragedy have occurred from Canada…

Why Every Restaurant Needs Product Recall Insurance

Every year, contaminated food causes 48 million people to become sick, putting more than 128,000 individuals in the hospital1. With more than 1 million restaurants in the United States, foodborne illness can have huge implications for people, communities, and businesses2. While a large restaurant chain like Chipotle may have their bases covered to navigate a…

Lights, camera, insurance: Feature film coverage

The global film industry is projecting healthy gains with forecasts set to increase from $38 billion in 2016 to more than $50 billion by 20201. One thing that many do not realize is that insurance is needed before any filmmaker can say ‘Lights, camera, action.’ This continues beyond box office movies and is the case…

Commercial Marine Insurance: Comparing Cruise Ships to Local Ferries

The cruise ship industry sees nearly $38 billion in revenue annually around the world, with more than $15 billion invested into new cruise ships1. Ferries, cruise ships, and other passenger vessels are a much different exposure than cargo ships that carry dry cargo, not people. Accidents and catastrophic mechanical failures with passenger vessels often result in…

Navigating Dealer’s Open Lot Insurance with Clients

With more than 45,000 used car dealerships in the U.S., more than 40 million used vehicles are sold each year.1 To protect the vehicle inventory, Dealer’s Open Lot insurance provides coverage for physical damage to a dealer’s vehicles and equipment. Car dealerships can vary from lot to lot, and are unique businesses that require tailored…