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Even before COVID-19, Healthcare organizations were already under financial pressure from the changing reimbursement system.   And now they face a hardening D&O liability insurance marketplace. In this podcast, CRC offers insights on how retail agents can help their insureds navigate the difficult environment.

Featuring:
Ed Antonucci, Director, CRC Chicago, member of ExecPro Practice Group
Bob Allen, President, Pro-Praxis, member of Healthcare Practice

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Featuring:
Jim Hamilton, CRC Denver
Trey Willams, CRC Norcross

Property

COVID-19 is likely to impact businesses both directly and indirectly, inspiring policyholders to evaluate both first-party and third-party coverages for relief from losses. With any claim, policy language, specific triggers, and loss drivers must be evaluated to determine if coverage applies. It’s expected that most property policies may not be triggered by COVID-19 losses because shutdowns caused by pandemics generally do not meet the physical damage trigger requirement inherent in standard property policies, and pandemics are often specifically excluded (source). However, there may be a property coverage extension available from some markets that includes coverage for business income losses resulting from the enforcement of a law or ordinance by an authorized governmental agency intended to mitigate the spread of communicable disease. The coverage effectively adds a communicable disease trigger to the Civil Authority coverage extension. The coverage is generally reserved for clients meeting a certain premium threshold on their all-risk policy and is typically provided with a sub-limit not to exceed $250,000. Most large company carriers’ underwriting authority caps out around $2.5 - $5M for larger entities such as hospitals or casinos. Due to increasing concerns around COVID-19, most carriers are performing internal audits to quantify their exposure to the virus whether extended through the Interruption by Communicable Disease Extensions or embedded within manuscript forms. Not only are carriers re- examining communicable disease coverages, but they are also taking a close look at other property coverage extensions that do not require a physical damage trigger. It is not unreasonable to expect a reduction in underwriting authority for these coverages, which will lend itself to additional exclusions or nominal sub-limits intended to act as a defensive cover.

Environmental

Outside of the property arena, some may begin looking to environmental insurance policies to address coronavirus related losses. So far, the environmental marketplace has been divergent in their response to COVID-19. Over the last 7-14 days, a few carriers have established that all new environmental quotes issued will contain a virus or coronavirus- specific exclusion or some form of communicable disease exclusion. On the other hand, some of CRC’s environmental carriers have taken the opposite approach and are viewing this outbreak as an opportunity to provide affirmation of varying degrees of coverage for virus/bacteria by including it in the policy’s definition of microbial matter, pollutant, or pollution condition. Some policies may cover bodily injury, property damage and clean-up costs while others may only offer coverage on a sub-limited basis for clean-up costs or disinfection expense. In either case, the bodily injury and property damage coverages are 3rd party claim tr

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Featuring:
Jason Lewis, CRC Denver
Rusty Hughes, CRC Birmingham
Truitt Taylor, CRC Birmingham

Originating in Wuhan, China, the Covid-19 virus has now been diagnosed in more than 111,000 people worldwide and resulted in over 3,800 deaths.7,8 The first U.S. case of COVID-19 was reported on January 21st, and that number has grown to 566+ U.S. infections resulting in over 20 deaths, so far.4,8 As we watch the coronavirus begin to touch communities across the country many are naturally wondering who is at risk and how to prepare.

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Featuring:  Jason Howard
The commercial cannabis industry is booming. It now employs more than 250,000 people, with legal marijuana sales reaching an estimated $9.7 billion across North America in 2018.

That number is expected to double, reaching more than $20 billion annually by 2023 (source). To date, 33 states and the District of Columbia have legalized medical marijuana and 10 states have legalized recreational use (source). Several other states that have not legalized marijuana for medicinal or recreational use, do allow use of cannabis-based products such as cannabidiol (CBD) oil (source). CBD alone is projected to earn $2.3 billion worldwide by 2025. Already the oil can be found in many places including beauty products, vaping pens, organic restaurants, pharmacies, and pet stores (source). While the cannabis business is skyrocketing, with 64% of Americans favoring legalization, issues surrounding the industry’s insurance coverage and the development of standard business practices have proven complicated due to changing regulation, lack of data, and banking restrictions (source, source).

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Featuring:  Jim Hamilton
Chemicals commonly used in fire-fighting foams and a wide range of household items, from non-stick cookware to stain-resistant carpet, are turning up more often as exclusions on insurance policies. That’s due to a growing wave of litigation over water contamination and rising concerns among insurers that the chemicals per-and polyfluoroalkyl substances, or PFAS, could expose them to the same kind of expensive, unanticipated claims as asbestos did a generation ago. While property owners may see more scrutiny over PFAS, environmental insurance can still provide effective risk transfer in many cases.

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As the year draws to a close, the property market continues to change amid decreased capacity and increased caution among carriers. There is little capacity left among many Lloyds syndicates, and domestic markets are more selective overall—particularly on tougher classes of business. While the first quarter of 2020 may bring some relief on capacity, insureds should expect increased rates, higher deductibles and greater scrutiny from underwriters. Valuations are particularly important along with better data on construction, especially for roofs. In this transitioning market, experienced brokers show their worth in finding the best solutions for clients.

Read the Companion Article on CRC Group's Tools & Intel Blog

Featured on this Episode:  

• Natalie Sienkiewicz, the CRC Bothell, WA Office President, and Property Broker
• Clay Dudley, a Property Broker in the CRC Atlanta/Norcross office.

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The marketplace for directors' and officers’ liability insurance is changing, but what those changes ultimately will mean is not yet clear. In a classic case of cause and effect, litigation and losses that have been pressuring D&O insurers for some time are prompting underwriters to raise rates, tighten terms and conditions, and cut capacity. D&O for public companies has changed dramatically, and financial pressures are now forcing changes to coverage for private and nonprofit organizations as well.

We explore the current trends and issues in Private D&O with Ed Antonucci and Mike Robison.

On this Podcast:

• Ed Antonucci is a Director in CRC’s Chicago office and member of the ExecPro Practice Advisory Committee.
• Mike Robison is a Senior Broker in CRC’s Dallas office and ExecPro National Practice Leader.

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Read the Article that Inspired this Podcast

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Significant Challenges Facing the Construction Insurance Marketplace
The construction industry has seen significant growth over the last several years. However, emerging trends such as large rate increases and reductions in excess capacity are posing challenges for construction insureds as the insurance market hardens. An increase in high-value claim payments and settlements, labor shortages, and more careful deployment of underwriting capacity are all factors adding difficulty to in the state of the market across the country.  Discussion with Jeff Dunn from CRC Atlanta, GA, Andy Horan from CRC Woodland Hills, CA.

CRC Group's Benchmarking Tools Provides Retail Agent with a Winning Renewal Strategy
Agents are facing a difficult renewal environment for transportation accounts and data can make all the difference. By leveraging CRC Group's proprietary trucking benchmarking report, this agent delivered a winning renewal strategy for the insured, a growing trucking firm. Discussion with Brian Pickford from CRC Redondo Beach, CA and Mary Wright from CRC's Corporate Marketing Team.

EPLI Claim Ruling May Shake Marketplace
A recent California appeals court ruling in an Employment Practices Liability Insurance (EPLI) coverage case appears to let claimants resubmit denied claims - which could accelerate a market hardening. The court found the wage-and-hour exclusion in EPLI policies does not apply to some types of claims. Retail agents are advised to discuss this development with their insureds and seek advice from coverage counsel.  Discussion with Jason White from CRC Los Angeles, CA.

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We talk to Neil Kessler, Chief Operating Officer of CRC Group, about REDY Search.
REDY® Search Delivers Data-Driven Market Selection
The Excess & Surplus (E&S) insurance market is in a state of change as we experience multi-billion-dollar catastrophe losses, increasing claim severity and frequency, the market is responding with rising rates, decreased capacity, and some insurers exiting certain types of business entirely. In this fast-paced, ever-changing market, how can clients ensure their wholesale broker is staying on top of the changing market conditions? Learn how CRC Group's new REDY.Search uses data-driven market recommendations to find the right market for any risk.

We talk to Terry Winkler and Jenny Kosoff, producers in our CRC Chicago office about Concussion Risks.
Awareness of Concussion Risk Impacting the Insurance Industry
Concussion is a leading cause of disability in the U.S., affecting millions each year. The issue has taken center stage as the NFL and NCAA continue to face litigation around concussion's long-term effect on players. Greater awareness of concussion liability is now trickling down to impact recreational sports, universities, and public entities as the insurance industry grapples with how to handle this massive risk.

We talk to Brent Treadway from CRC Houston and David Pagoumian from CRC Red Bank about the State of the Habitational Market.
Habitational Market Takes a Hard Turn: State of the Market
Rates and deductibles are rising in the habitational property and casualty market as carriers cut back on capacity or exit the market altogether. After years of losses, insurers are focused on profitability and emphasizing detailed data to identify the risks they are willing to write.

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Do you want to take your career to the next level? Join #TeamCRC to get access to best-in-class tools, data, exclusive programs, and more! Send your resume to [email protected] today!