Commercial

oil spill in river

Oil Spill from Iowa Train Derailment Shows Need for Environmental Insurance

A recent train derailment spilled an estimated 230,000 gallons of crude oil into floodwaters of the Little Rock River in northwest Iowa. Reports indicate that the tracks may have collapsed due to saturation from flooding caused by heavy rains. Railroad network operator BNSF Railway has taken responsibility for the cleanup and mitigation of the incident,…

severe weather conditions

A Smart and Steady Approach to Natural Disaster Insurance

According to the National Oceanic and Atmospheric Administration (NOAA), 2017 was the most expensive year on record for natural disasters. NOAA reported that hurricanes, wildfires and other natural events resulted in an unprecedented $306 billion in damages. As a result, globally, insurers paid a record $135 billion. Despite the staggering dollar amount, the insurance industry…

Marijuana Insurance Rapidly Evolving in North America

The Canadian federal government is expected to legalize the recreational use of marijuana as early as this summer. The number of client registrations for medical marijuana in Canada reached nearly 270,000 by the end of 2017. In the U.S., marijuana remains illegal at the federal level, but 29 states and the District of Columbia have…

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…