Catastrophe Models and Property Insurance
The insurance industry has long been concerned with the impact of catastrophes (CAT) on their financial stability. The reinsurance market exists to smooth our results when a catastrophe strikes to maintain carrier solvency and market stability. Twenty-five years ago, the CAT concerns were hurricane and earthquakes. These exposures were geographically centered and were managed by monitoring the values accumulated in given areas. Managing and reporting your exposure accurately
Water Detection and Remote Shutoff Systems
For most insurance companies, the frequency of water damage claims is the leading claim type. The costs of these events can be staggering. The level of disruption caused by the damage is often an additional source of claim dollars and lost time and revenue. The Exposure The exposure to a water damage claim is present in any building. From bathroom fixtures, kitchen appliances, laundry equipment, heating and cooling systems and host bibs in your home, any failure of these can
The Impact of Smoke Damage on Your Claim
Smoke Damage after a Fire – A potential total Loss? The insurance business is based on the law of large numbers and the use of historic data to guide its decision making. The past history of fire losses have treated smoke damage as a secondary issue. It meant smoke damage after a fire was a cleanup issue and if needed seal with a coating to make it go away. The primary issues were appearance and odor. This approach was based on a hundred years of experience with fires that w
Name Insured, Santa Claus.
We Have a Great Opportunity. With the holidays quickly closing in I have a hard deadline to meet. My client needed his insurance program put together and bound by Thanksgiving. After that he was too busy to discuss insurance. Named Insured was Santa Claus. I still need to determine the type of entity we need to insure. Is this an LLC, C Corp, or a partnership? If other entities are involved, we need all the details for the correct named insureds. Property coverage is for a w