Cybercriminals have turned the internet into a virtual battlefield, but insurers are increasingly worried about the growing risks that actual war and state-sponsored attacks pose to the market. Many insurers are adding new cyber war and terrorism exclusions to their cyber policies that further complicate an already complex marketplace. Amanda and Scott are joined by Lori Wheeler , a Broker with CRC Group’s Dallas office, and Tim Graham , a Broker with CRC’s Chicago office. They’re going to fill ...
Apr 10, 2023•18 min•Ep. 70
These days utilizing only a Virtual Private Network may not be enough to qualify for a cyber insurance policy. Insurers want companies to have not only a VPN but also Multi-Factor Authentication in place for remote network access. Unfortunately, many clients don’t understand the need to use both together. Many assume a VPN is enough to protect against cyberattacks, but that could turn out to be a costly mistake. Amanda and Scott are joined by Dan Myer , a Director with CRC Group’s ExecPro Practi...
Mar 14, 2023•12 min•Ep. 69
The pandemic exacerbated healthcare staffing shortages, pushing many organizations to rely on staffing agencies for help. However, this can increase the risk of claims. Because claim severity continues to be an issue, many markets have narrowed their appetite or chosen to exit the sector entirely, creating a harder insurance landscape for healthcare staffing. We're going to talk about all this and more with our guests Jason Lewis , President of CRC Denver and National Healthcare Practice Leader ...
Feb 27, 2023•16 min•Ep. 68
From electronic logging devices (ELDs) to logistics and maintenance software, trucking companies are utilizing innovative technologies to improve efficiency and connectivity. Unfortunately, this often leads to increased cyber risk. In this episode we talk with two of CRC Group’s brokers - Chris Hunter , a Broker specializing in Transportation with CRC Group’s Houston, Texas office, and McCulle Wright , an ExecPro Broker with CRC Group’s Dallas, TX office - to explore this emerging issue in depth...
Feb 16, 2023•15 min•Ep. 67
Behavioral healthcare providers can help mitigate growing violence rates by adequately assessing the risk of violence a patient presents toward others. The right behavioral healthcare assessments can help protect people from harm and prevent professional liability claims. In this episode, we’re joined by Sue Cohen , the Executive Vice President of Negley Associates, a CRC Group company focusing on behavioral healthcare, addiction, and social services as well as Ron Zimmet , a Florida trial lawye...
Feb 14, 2023•14 min•Ep. 66
In 2021, 19-year-old Orlando student Miya Marcano was tragically killed in her apartment by a 27-year-old maintenance employee with access to her apartment complex’s master key fob. In response to this tragedy and a growing trend of violence, Florida Governor Ron DeSantis signed Senate Bill 898, known as “Miya’s Law,” at the end of June 2022. The new law took effect July 1, 2022, and seeks to strengthen renter safety measures. In this podcast episode, we discuss potential issues to watch for and...
Nov 10, 2022•13 min•Ep. 65
Hurricane Ian has proved to be a significant event for the insurance industry. In this episode, we talk with Nationally Renowned TV Meteorologist James Spann from ABC 33/40 in Birmingham, AL. Also, Chris Carlson , the property practice leader for CRC Group, joins us to talk about the damage estimates and what this means for the insurance industry. About James Spann : James has served as the Chief Meteorologist for ABC 33/40 for 25 years and can be seen on weeknights at 4, 5, 6, and 10 o'clock. I...
Oct 24, 2022•22 min•Ep. 64
Uncertainty can prove costly when it comes to purchasing property insurance. When pricing catastrophe risks, underwriters must be able to quantify them accurately. Where uncertainties arise, underwriters often adjust prices in an attempt to compensate for the unknown or decline the risk entirely. Uncertainty also tends to drive up the loss estimates produced by CAT modeling tools used to help underwrite property coverage today. To avoid paying unnecessarily high prices, insureds should provide d...
Sep 21, 2022•14 min•Ep. 63
After a year of slashed demand in 2020, global oil demand surged in 2021 as the world began to recover from the coronavirus pandemic. In 2022, energy demand and commodity prices are still up, indicating that the energy industry is strong (source 3). Refineries are operating at approximately 95% capacity, and many companies would like to expand operations conservatively. But, like other industries all across the country, energy companies are struggling to find and hire qualified employees to fill...
Aug 31, 2022•16 min•Ep. 62
Senior Living Market Easing but Reprieve May be Brief After a year or two of hardening, the insurance market for senior living facilities took another hit in 2020 due to the COVID-19 pandemic’s new wave of compounding challenges. Brokers working with these healthcare organizations were warned to keep a wary eye on increased liability and tighter underwriting moving into 2021. Throughout the challenging market in 2020 and 2021, accounts of varying quality were often painted with the same brush in...
Aug 11, 2022•17 min•Ep. 61
Matthew Rosencrans from the NOAA Climate Prediction Center takes us through the future of property risk, including hurricanes, climate change, and more. Is climate change causing sea levels to rise? The answer may surprise you! How many named storms will we see in 2022? According to the best data, what can we expect in the next 5 to 10 years? After talking with Matthew, we check in with Chris Carlson , Property Leader for CRC Group, to understand the future of property insurance. Featuring: Matt...
Jul 14, 2022•18 min•Ep. 60
The REDY® Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY® Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data-driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better del...
Jun 13, 2022•4 min•Ep. 59
In today's economic environment, many companies have difficulty hiring and retaining sufficient staff to operate. More small and mid-sized companies without dedicated internal administrative or HR staff partner with Professional Employer Organizations (PEOs) to help offload administrative burdens. In addition to providing HR, benefits, and payroll administration, PEOs often offer Employment Practices Liability (EPL) coverage to protect client companies against employee claims of wrongful termina...
Jun 07, 2022•16 min•Ep. 58
Over the last decade, third-party litigation funding (TPLF) has evolved into a $17 billion industry worldwide, and 52% of that money is being spent in the U.S., making TPLF a key contributor to social inflation, hiking up jury awards and claim settlements that may have a significant impact on insurance prices and coverage availability. What is it? How does it work? What effect is it having on pricing? Where do we go from here? Featuring: Bob Greenebaum is an Executive Vice President, Central Reg...
Apr 21, 2022•11 min•Ep. 57
The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise to more than $130 million, and others are pulling back on property and liability coverage. Faced with the potential for steep losses, insurers are ra...
Apr 01, 2022•12 min•Ep. 56
Flooding continues to be the most expensive and the most common natural disaster in the United States, resulting in billions in economic losses every year. According to the National Flood Insurance Program (NFIP), 90% percent of all U.S. natural disasters involve flooding. In October 2021, the NFIP implemented its Risk Rating 2.0 program, one of the most significant changes from a rate modeling and underwriting standpoint in more than 50 years. In the past, FEMA flood zones and rates were much m...
Mar 09, 2022•17 min•Ep. 55
Transitioning markets make for tougher renewals. Rising prices, carrier repositioning, and stricter underwriting are combining to make this year’s renewals more challenging. Seeking to tame natural catastrophe losses, carriers are changing appetites, scaling back capacity in some markets, and exiting others. Those changes have helped drive submission activity to levels not seen since 2005 and are further exacerbated by new market entrants that are causing a movement of underwriting talent not se...
Jan 27, 2022•15 min•Ep. 54
Contractors may assume they don’t need professional liability coverage. But, as the traditional construction delivery model evolves and the lines of responsibility between contractors and design firms blur, contractors face increased exposure. Fortunately, professional liability insurance is available to help protect contractors from the risks that accompany industry changes. Featuring: David Finneran is an Assistant Vice President and Broker with CRC Group’s Boston, Massachusetts office where h...
Jan 12, 2022•18 min
Following a soft market cycle characterized by marked underpricing, an excess casualty market that was hardening in 2019 is now firm. Underwriters continue to look for rate increases and cut capacity as large claims climb the tower. Three CRC Group Producers who specialize in Casualty weigh in on the current conditions of the market. Featuring: Jason Howard is a Senior Vice President located in the San Francisco, CA office where he specializes in construction, environmental, life sciences, and e...
Dec 07, 2021•15 min
Healthcare is a diverse industry, ranging from individual practitioners and home health nurses to ambulatory care centers and integrated systems with revenues in the billions of dollars. The risks along that spectrum also vary widely, but the insurance marketplace for healthcare organizations has been almost uniformly tight. Several insurance companies that underwrote healthcare business for decades have withdrawn from some classes, citing high loss ratios. In their place, new sources of capacit...
Nov 12, 2021•22 min
Costly litigation alleging violations of the Telephone Consumer Protection Act (TCPA) has made coverage hard to get for businesses that contact customers and prospects by phone or text. We explore why markets for TPCA risks are scarce and how to work with a knowledgeable wholesale broker to help insureds. Featuring: Harold Field is Office President of CRC New York and a member of the ExecPro practice group. Subscribe to CRC Group on Youtube Subscribe to Tools & Intel (email newsletter) Read ...
Oct 06, 2021•18 min
Visit TheInsurer.com for more information about this interview. Recently, CRC Group's CEO Dave Obenauer sat down with David Bull from the Insurer to discuss the state of the E&S Marketplace. It was a great conversation, and we're happy to share it with you. "Strong growth in the E&S market shows no sign of letting up as a confluence of loss events, and a greater awareness of risk drives demand for products and solutions that are best innovated in the sector, according to CRC Group CEO Da...
Sep 16, 2021•11 min
Featuring: Camille Knight is a Senior Broker with our CRC Indianapolis team, located in Kentucky. She has extensive experience and specializes in aviation relation risks. As the aviation industry rebounds from a massive pandemic-induced downturn, aviation insurance rates are rising as insurers seek to address prior-year losses and the industry’s evolving risks. Interest in private jet purchases and rentals have surged as more business fliers and individuals avoid public carriers for health reaso...
Sep 03, 2021•18 min
The REDY Index leverages CRC Group’s collection of actionable data – the wholesale industry’s largest. It provides critical pricing analysis monthly, giving you a snapshot of the marketplace. The REDY Index generates instant intelligence on pricing trends by industry or coverage, enabling our retail partners to set accurate data- driven expectations with their clients. Removing the guesswork empowers CRC team members to negotiate competitively, consistently producing better outcomes, better deli...
Aug 20, 2021•13 min
Amid the stubborn coronavirus pandemic, institutional capital and developer investment has paused, forcing contractors to take a wait-and-see approach for their direction in 2021 and beyond. While the industry cheered the economic comeback of the third quarter after a record second-quarter slowdown, developers and builders remain cautious, particularly in sectors deeply affected by the pandemic and the associated shutdowns – namely office buildings and hospitality. Well-capitalized projects, inc...
Jul 30, 2021•16 min
Americans learned just how vital the trucking industry is to daily life during the early days of the COVID-19 pandemic. Truck drivers all across the country witnessed an outpouring of public recognition and gratitude as the nation coped with shipping delays and supply shortages\. As the economy works to recover, trucking will continue to play an essential role, making it more important than ever that trucking companies protect business operations. Often overlooked, occupational accident insuranc...
Jul 14, 2021•16 min
The road ahead may be opening up in the primary auto market after last year’s nationwide economic dislocation brought on by the pandemic. The trucking industry, in particular, endured months of turmoil amid massive shifts in demand as people nationwide began not only working from home—but also staying at home after work. In commercial auto, the shutdown-induced reduction in traffic congestion may have brought a decline in accident frequency. That would be welcome news for insurers in a market wh...
Jun 16, 2021•18 min
Wage and Hour (W&H) exposure is an often misunderstood and frequently underinsured risk. It is commonly — and incorrectly — assumed that W&H claims are restricted to either misclassification of exempt/non-exempt employment status or failure to pay overtime. However, W&H liability also includes allegations such as underpayment of overtime, miscalculation of wages, refusal to allow employee breaks, expecting off-the-clock work, not paying employees regularly, refusal to pay exempt empl...
May 12, 2021•12 min
The West Coast has its unique challenges like earthquakes and wildfires. These factors make for a property market that is diverse and ever-changing. In this episode, we check in with two CRC property specialists who have a lot of experience dealing with West Coast property. How tough are rates and capacity? How long will the challenging market last? Are there any signs of easing? Featuring two members of CRC’s Property Practice that writes over $3 billion in property premium annually: · Jim Sipi...
Apr 29, 2021•16 min
Week after week, hackers and cybercriminals launch new phishing campaigns, develop creative digital extortion threats, and expand scams with the potential to negatively impact business operations in a big way. Cyberattacks can halt online operations in only minutes and take weeks to resolve. In addition, a cyberattack that involves the loss of customer data can result in expensive litigation that seriously impacts a company’s bottom line. Featuring: Darren Valencia is a Vice President located in...
Apr 14, 2021•32 min
