Distinguished Blog
Market insights and industry news.
What’s the Difference between a Vacant and Unoccupied Building?
Empty properties present more risk to insurers than occupied ones. Without a homeowner, property manager, or tenant present, a property is more vulnerable to theft, vandalism, fire or flood damage, and damage caused by squatters. In everyday life, we use the words “vacant” and “unoccupied” to refer to empty properties, but this is not the…
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Distracted Driving on the Rise During the Pandemic
Despite decreased traffic, the National Safety Council found that 2020 motor vehicle deaths were up 8% from 2019 — the highest percentage increase in 13 years. Cell phones have long been the cause of deadly driving accidents, but new evidence suggests that the distracted driving epidemic has only gotten worse during the pandemic.
The Importance of Flexible Policy Terms Amid Widespread Construction Delays
Construction projects have historically been prone to delays. Now, after months of labor restrictions, material shortages, and an increase in renovations, delays are more widespread and severe than ever before.
Cannabis Industry Putting More Tax Revenue in State Coffers
As the legal use of marijuana continues to grow, the tax revenue generated by the cannabis industry has other states wanting in. In fact, according to the Institute of Taxation and Economic Policy (ITEP), tax revenue for the 10 states where the legal sale of adult-use cannabis exists exceeded $3 billion in 2020.
Insurers Backing Away from Coal Industry Amid Climate Change
Last year we looked at the impact of climate change on severe weather patterns and what insurers are doing to understand, assess and better manage natural catastrophe risks. It’s in our industry’s best interest to better understand the role of climate change on wildfires, flooding, and other events to develop better modeling and risk management…
The Rise of Ghost Kitchens
Ghost kitchens, also known as virtual restaurants; cloud, commissary, or shared kitchens; and delivery-only, shadow, and dark kitchens, are the restaurant industry’s newest attempt to feed into the ever-growing on-demand consumer culture. Don’t let the spooky name fool you, these kitchens are simply delivery-only restaurants that utilize third-party apps such as DoorDash, Grubhub, Postmates, and Uber…
It’s Hail Time, Make Sure Insureds are Risk-Ready
Hail season is upon us and we’ve already seen significant weather events this past March and April. Wicked storms that dropped large hail in Norman, Oklahoma, and San Antonio and Fort Worth, Texas, on April 28, are projected to have caused more than $3.5 billion in damages. Residents were forced to take shelter inside as…
May is Wildfire Awareness Month
Last year we saw record-breaking wildfires engulf Northern California. An estimated 8.9 million acres were burned in the 2020 wildfire season, almost double the acreage burned in the 2019 season. Wildfire season is coming, and now is the perfect time to focus on wildfire preparedness. With a few simple precautions, homeowners can better protect their…
Inside the SPAC Frenzy
It seems like every time you turn around there is another SPAC announcement making headline news. A SPAC – “special purpose acquisition company” – is a shell corporation listed on a stock exchange with the intent of buying a private business and taking it public. It’s a way of doing an initial public offering (IPO)…
FEMA Reforms Flood Insurance Program, Rates to Rise
For years, federal flood maps have underestimated flood risk across the United States. First Street Foundation publicly released flood risk data for over 142 million homes and properties across the country and found 14.6 million properties within Special Flood Hazard Areas (SFHAs) unaccounted for by FEMA. FEMA’s maps are what inform risk management decisions in the United…
Hotels and Resorts are Welcoming Guests Back Safely
People are traveling again, taking long-awaited trips after a year of stay-at-home guidelines. The spike in travel was evident over the holidays in December and then again during winter and spring breaks, and the rise in bookings for this summer. Americans are back on the move with hotels and resorts rolling out the welcome mat…