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In the ever-evolving landscape of the Commercial Business Insurance Industry, it's crucial to note key takeaways about the current market. Demand for the following commercial coverages has increased: ✔️Cyber Insurance ✔️Commercial Property ✔️Commercial Umbrella If you're unsure whether your business is prepared to handle claims in these areas, please DM me for a policy review. Read more here: https://lnkd.in/gpqtFrvv

Hidden Conditions & Warranties in Your Commercial Insurance Policies 🕵️♂️📜 Episode 6: The Portable Heaters Condition Did you know that many conditions and warranties in your commercial insurance policies aren’t always visible on the policy quote or schedule? More often than not, they’re hidden within the dense policy wording, which many clients never read and, shockingly, some brokers never provide! 📄❌ 🔍 What is the Portable Heaters Condition? The Portable Heaters Condition regulates the use of portable heaters on your premises. This might include restrictions on the types of heaters allowed, where they can be used, and how they should be maintained. These measures are designed to reduce the risk of fire. 🔥♨️ ⚠️ Why is it Important? Non-compliance with the Portable Heaters Condition can lead to denied claims in the event of a fire. For instance, consider a client who used an unapproved portable heater and didn’t follow maintenance guidelines. When a fire broke out, their claim was rejected due to non-compliance with this condition, leaving them to bear the extensive damage costs. 🏚️💸 🔑 The Broker's Role It’s our job as brokers to point these conditions out to you, ensuring you’re fully covered and that there are no surprises when you need to make a claim. After all, that’s what insurance is for! Need a Free Review? Contact me today for a no-cost review of your commercial insurance policies. I’ll help you understand all those hidden conditions and warranties, ensuring you’re properly covered. ✉️ ryan.whybrow@konsileo.com 📲 Call, Text, or WhatsApp 07831 420802 ☎️ 01255 568790 #Insurance #CommercialInsurance #InsuranceBroker #PortableHeaters #ProtectYourBusiness #RiskManagement #FreeInsuranceReview Stay tuned for the next episode in our series on hidden conditions and warranties in commercial insurance! 📅📝

Insurance Case Study & Solution ***************************** One of the insurance companies used to give its insured customers, when their supplementary car insurance was due to be renewed, and according to the renewal notices sent to them, a grace period of 15 days, during which the insured can pay the insurance policy renewal premium and continue with the insurance coverage without interruption... One of the customers who received the renewal notices and did not pay the renewal premium yet and before the grace period expired, his car, the subject of the insurance, was stolen (the insurance coverage basically includes fire and theft) from in front of his residence at night, and the insured, the owner of the car, took all the required measures, including reporting such cases to the relevant security authorities, organizing the necessary investigation, and ensuring that a telegram or search broadcast with the full specifications of the car had been issued and circulated to all security centers and relevant authorities in all regions. The insured informed the insurance company to open a claim file and then paid the insurance premium.. The question is what is the position of the insurance company on this claim? Does the company reject the claim with the grace period and the insured not paying the premium before the theft incident?? Or does it acknowledge the claim in principle and start accounting the waiting period of 90 days??? Your comments are important to us. Dr. Mohamed Imad Eddin Khalifeh

The profile of active assailant incidents is on the rise, and so may be the need for active assailant insurance. This type of insurance has been around for roughly eight years and offers coverage for a range of exposures, including victim compensation and support, legal liability, property damage, and business interruption. If you're interested in learning more about active assailant insurance, check out the article below. 👇 #activeassailant #activeshooter #businessinsurance

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Insurance Case Study & Solution ***************************** One of the insurance companies used to give its insured customers, when their supplementary car insurance was due to be renewed, and according to the renewal notices sent to them, a grace period of 15 days, during which the insured can pay the insurance policy renewal premium and continue with the insurance coverage without interruption... One of the customers who received the renewal notices and did not pay the renewal premium yet and before the grace period expired, his car, the subject of the insurance, was stolen (the insurance coverage basically includes fire and theft) from in front of his residence at night, and the insured, the owner of the car, took all the required measures, including reporting such cases to the relevant security authorities, organizing the necessary investigation, and ensuring that a telegram or search broadcast with the full specifications of the car had been issued and circulated to all security centers and relevant authorities in all regions. The insured informed the insurance company to open a claim file and then paid the insurance premium.. The question is what is the position of the insurance company on this claim? Does the company reject the claim with the grace period and the insured not paying the premium before the theft incident?? Or does it acknowledge the claim in principle and start accounting the waiting period of 90 days??? Your comments are important to us. Dr. Mohamed Imad Eddin Khalifeh

Good data on the state of the commercial insurance market (not just Cyber). Here's your summary - average premium increases in Q4 2023 as follows: - No surprise, Property insurance rates again increased the most, up 11.8%, but at a slower pace than the 17.1% recorded in the prior quarter. - Commercial Auto up 7.3% - General Liability up 3.8% - Workers Comp down 1.8% - Umbrella up 7.6% - Med Mal up 1.7% - Cyber up 0.7% - D&O up 0.1% Article goes on to share: "By account size, small accounts saw average increases of 6.7%, premiums for medium-sized accounts were up 8.2% and large accounts were up 6.1%." Good to see that Property and Auto are not seeing quite the dramatic increases as a few quarters ago, and hope to see that number come down. How long will Cyber and D&O remain flat? #insurance Pat Mullen Kevin P. Dougher DOUGLAS J. FRIEL Rafael Haciski Michael McGuire, CPCU, ARM Matt Musilli, CPCU Conor McCabe, APRI Bruce White Tom Maahs, CFS®, APRI® Bruce F. White CPCU Michael Hnatkowsky, APRI Teresa Glass Sam Ryan

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Explore the dynamic shifts in the 2024 insurance landscape. In this comprehensive overview, we look at the reasons behind rising property insurance premiums, delves into the evolving trends of general liability, commercial umbrella, directors & officers liability, employee dishonesty, and cyber liability insurance. Gain valuable insights into the market forces shaping the industry and receive expert advice on navigating the complexities of insurance in the coming year. Click the link for a detailed analysis and stay ahead in the realm of risk management. https://lnkd.in/gXziiHke #insurance #riskmanagement #propertymanagement