Comprehensive property insurance protects an owner’s assets from damage, theft, and natural disasters. We unveil the unique challenges of property owners and how a customized insurance solution preserves the value of the property.
Owning and managing any type of commercial property — hotel, office building, shopping mall, bakery — comes with its share of risks. One often overlooked risk is the sudden breakdown of essential equipment and machinery. A power surge, faulty circuit, loose bolt, or...
If you’re a retail insurance agent with a book of business in the property insurance market, you’ve no doubt had conversations with concerned clients about why their premiums are increasing and coverage is getting harder to come by. Unfortunately, this is the case...
First introduced in 2021, Risk Rating 2.0 is a new methodology created by the Federal Emergency Management Agency (FEMA) for determining flood insurance rates. Its goal is to provide fair and transparent flood insurance pricing that reflects an individual property’s...
Hurricane Ian claimed the #1 spot for the world's costliest natural disaster last year, and positioned 2022 as the third most expensive hurricane season on record (behind 2005 and 2017). All told, the storm tallied up around $100 billion in losses, with private...
The property insurance market in North America has seen staggering price increases of 20-30%. Understandably, policyholders want to know why. There isn’t a single, straightforward answer, unfortunately. The rise in prices is due to a “perfect storm” of factors,...
The past eighteen months has been a “whirlwind” for the Florida condo market. Just over a year ago, the Surfside Champlain Towers South condo outside of Miami Beach collapsed. This October we saw the devastating effects of Hurricane Ian, which pummeled the Florida...
When insuring a new commercial property, one of the first steps in the process is to carefully analyze and estimate the property’s total value. For both the insurer and the insured, it is important to get the most accurate valuation possible. On the insurance side,...
If your client’s business involves assembling, importing, exporting, manufacturing, transporting, and/or distributing goods—a Stock Throughput Policy (STP) may be needed to cover their risk exposure. What is a STP A STP is a form of marine coverage that protects a...
A new report shows that New York, Miami, Tampa and New Orleans have the highest risk of heavy property damage from hurricane storm surges. Your clients in these areas need to pay particularly close attention to their insurance policies to ensure they have the...
An average of 70,000 wildfires are set ablaze across the United States each year. What's even more steep is the rapid growth trend of the average insurance payout when a wildfire occurs. Take California for example: between the years of 1964 and 1990, the average...
Natural catastrophes broke insurance claims records in 2021. Historically, primary perils – like earthquakes – have been weather events with the highest loss potentials, but secondary perils – including wildfires, rainstorms, and floods – have become more frequent in...
Climate change has been making headlines recently, and now experts predict that global warming will lead to substantial sea level rise in the coming years. In fact, scientists are forecasting a one-foot rise in sea level over the next 30 years. To put this into...
From EPLI to Cyber, partnering with an expert professional lines broker makes the rough road much smoother. We live in a world where risks evolve rapidly, especially for businesses. Jencap’s specialized brokers share the six biggest challenges facing the Professional Lines industry today.
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