Commercial

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…

Common Myths: Breaking Down Equipment Breakdown Insurance

A refrigeration unit breaks down in a warehouse full of frozen food. A hospital’s generator malfunctions internally and stops supplying power. A power surge burns out an integral piece of equipment in a manufacturing facility. In each of these instances, Equipment Breakdown insurance, also called Boiler and Machinery insurance, is required to cover the costs…

Manhattan Terror Incident Ignites Terrorism Insurance Discussion

The global economic impact of terrorism reached $89.6 billion two years ago.1  Following the September 11 attacks in New York, related insured losses were in excess of $40 billion and the city paid $21.8 billion to replace buildings and infrastructure.2  Acts of terror are unfortunate, devastating perils for which businesses can rarely plan, making Terrorism…

How to Protect Vacant Commercial Properties

Vacancy rates for commercial real estate in Toronto have fallen consistently since the beginning of 2014 to a record low of 3.8 percent. Currently, a construction cycle is underway in the major metropolitan area that will result in 3.2 million square feet of added new commercial space.1  To answer key questions on Commercial Vacant Property…

Experts Answer Builders Risk Coverage Questions

The construction industry continues to be a leader in the economy, accounting for more than one million jobs, $59.4 billion in wages, and $138.3 billion in economic activity in Canada.1 Property damage on a construction site can result in severe, unexpected costs that may delay the building process or halt it entirely. A properly-tailored Builder’s…

Four Inside Tips on Habitational Insurance

What your clients should know about Habitational insurance There are more than 500,000 businesses in the U.S. apartment rental industry, accounting for $163 billion in revenue.1 Additionally, in Canada, consumers have been flooding back to apartments where the vacancy rate is 1.3 percent.2 When setting out to own and operate an income property, entrepreneurs often consider…

Ask the Expert: Recreation and Leisure Coverage

Nearly 18 million people annually use commercial zip lines. Thirty million people ride horses. And the number of trampoline parks has risen from 25 to more than 350 parks in a four-year time span. The U.S. recreation industry continues to experience rapid growth. However, with more thrill-seeking experiences comes more risk. For example, trampoline park…

Checklist: 6 Cargo Questions for Your Commercial Marine Clients

The third quarter of 2017 has experienced record-breaking severe weather. This year’s hurricane season is one of only six years to feature at least two Category 5 hurricanes: Irma and Maria.1 Remediation from perils such as these and other acts of nature including floods, windstorms and earthquakes can be a costly endeavor—making Commercial Marine insurance crucial, especially for…