Commercial

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…

A Deeper Understanding of Environmental Storage Tanks

Insurance Market Source regularly taps into its network of experts for insight into key trends across the insurance landscape. Kim McGinty, Underwriting Manager, Environmental Center of Excellence, Burns & Wilcox, shares her thoughts on the intricacies and benefits of Environmental Storage Tank Liability insurance.   Q: What does Storage Tank Liability insurance cover? A: Storage Tank…

3 Factors That Affect Distributors & Wholesalers Insurance

The wholesale distribution industry represents $5.6 trillion in annual sales volume.1 Wholesalers are intermediaries who purchase bulk quantities of goods from manufacturers and resell them to retailers at a profit. In this process, wholesalers and distributors take on great risks and need to protect themselves and their products from impending perils. Brokers and agents can simplify…

Ask the Expert: Products Liability Coverage

Insurance Market Source regularly taps into its network of experts for insight into key trends across the insurance landscape. Tyson Peel, National Property & Casualty Manager, Burns & Wilcox Canada, shares his insight on Products Liability Coverage.  Q: Why is the location of where a product is made important to Products Liability Coverage? Tyson Peel (TP): Brokers…

Top 3: Commercial Insurance Articles

Insurance Market Source highlights this month’s top three commercial insurance articles on insurancemarketsource.com. 1. Safe Harbor As uncertainty roils marine markets, creative coverage strategies keep commercial shipping concerns buoyant. The commercial marine industry has been contending with rough waters for several years, and the waves keep getting higher, says Andrew Hills, Managing Director, Lochain Patrick Insurance Brokers, London, U.K, a subsidiary…