3/1/2023 Insurance Market Update
Owner/Operator Business Education On The Changing Insurance Landscape
3/1/2023 Insurance Market Update
Owner/Operator Business Education On The Changing Insurance Landscape
Owner/Operator Business Education On The Changing Insurance Landscape
Owner/Operator Business Education On The Changing Insurance Landscape
The world is changing and we are here to help you with your upcoming insurance renewal(s).
Whether a client or not, we are here to help!
Please reach out no matter your situation or status - we will do our best to help you and your business.
The purpose of this web site is for our clients to have one location with information to help them plan for 2023 and beyond related to insurance in an unprecedented time period. We started this web site in September 2022 and will update it daily through 3/1/2023.
If you have additional questions, please contact your Dedicated Client Manager with that feedback or information so we can update this web site for the benefit of the entire system.
PROPERTY
Inflation
Supply Change and Labor Shortages
Interest Rates
Losses/Claims
Global Catastrophes
Climate
Density
LIABILITY
Judicial/Liability Hot Spots
Litigation/Attorney Fees
Nuclear Verdicts
Severe Storms/Tornado/Hail/etc.
Florida Property Insurance News
Turkey hit by M7.8 earthquake - 6 Feb. 2023
Renewals See Hardest Property-Catastrophe Insurance Rates in a Generation - 23 - Jan. 2023
Florida Homeowners Insurance Expected To Average 40% Increase - 19 - Jan. 2023
Property insurance rates to keep surging in 2023 - 10 Jan. 2023
Catastrophe exposed rates continuing to rise fast - 9 Jan. 2023
Rates now 165% higher than 2017 lows - 4 Jan. 2023
No ILS capital coming to the rescue - Steve Evans | 20 Dec. 2022
Attachment doubling, US renewals close with holes - 20 Dec. 2022
Florida Property Surplus Down 23%, Loss Ratio at 147% - Steve Evans | 12 Dec. 2022
Hurricane Ian's influence will be felt by all - Steve Evans (Swiss Re) | 9 Dec. 2022
50%+ rate rise for US Property Reinsurance - Steve Evans (Goldman Sachs) | 8 Dec. 2022
Hard insurance market will spell end for many - Fiona Robertson | 6 Dec. 2022
Inflation will make 1/1 reinsurance renewals challenging - Market Insight | 6 December 2022
Grim picture for January 1 property reinsurance renewals - Bethan Moorcraft | 30 Sept. 2022
The Property Insurance market has changed dramatically and will impact all US Owner/Operators renewal premiums. As an example, only 2 of the 5 property insurance options offered to you in 2022 will be back in the system in 2023.
Besides your claims/losses, premium are also driven by your Property Values and Sales. Even if rates were flat/same in a given year, if your Restaurants Building/Contents are worth more vs. last year and/or your Sales have risen, then you should expect that minimum % increase in your premium.
For example, lets' use your homeowners insurance as many understand this best. If
your homes value goes up 10% in a given year and thus you increased the value of
your home with your insurance company by 10%, your homeowners premium would
rise at least 10%.
Longevity of the broker and their respective insurance companies/markets is important. Leaving a long-term partner has left many over the years in tough positions. How long a Property insurance company has been supporting Owner/Operators is a great indicator of a programs abilities within the insurance marketplace and their long-term value to Owner/Operators. Remember, more than half of the brokers will be presenting a brand new insurance company/market this year.
NOIT Glossary:
Click Here or visit https://noit.com/resources/glossary/
Other Terms:
ALS: Actual Loss Sustained
BI: Bodily Injury Read More
BI Coverage: Business Interruption Coverage Read More
BINDER: A legal agreement issued by either an agent or an insurer to provide temporary evidence of insurance until a policy can be issued. Read Full Definition
CAPACITY (insurance): The largest amount of insurance/reinsurance available from a given insurance company/market. Learn More
D&O: Directors and Officers
EPLI: Employment Practices Liability Insurance
EPRMA: Employment Practices Risk Management Association
FIP: Florida Insurance Program
GL: General Liability
NOIT: National Operators Insurance Team
ORMA: Owners Risk Management Association
PML: Probable Maximum Loss Read Full Definition
PUBLIC ADJUSTER: https://noit.com/resources/report-a-claim/#PublicAdjustersFAQ
TIV: Total Insured Value (which usually includes Building, Contents, and Business Interruption)
TLPG: Tort Litigation Practice Group
Owner/Operator
Loss Prevention Review
Review Claims/Losses (at least monthly)
Plan/Budget for 2023
Submit Insurance Application
Receives Insurance Proposal(s)
Reviews Proposal With Agent
Renews with Approved Broker
Approved Broker
Begin Working on the 2023 Renewal
Partner With Clients Throughout the Year
Corp. Approval Process (Property/General Liability Only)
- solutions must meet or exceed draft insurer agreement requirement
Umbrella, D&O, EPLI, Cyber, and Earthquake
Final Negotiation of Terms, Options, Other Coverages, and Premiums
Clients Updated On Renewal, Expectations, etc.
Update Application Process, Rate, Quote Systems with the latest information, taxes, etc.
Begin Sending Proposals
Bind Coverages / Send Confirmations of Coverage to Owner/Operators
Collect Deposits/Premiums and Remaining Paperwork
Brokers Receive Policies
Broker Reviews Policies
Broker Sends Policies to Owner/Operators
Copyright © 2022 Besnard Insurance LLC and Dean Villella Agency - All Rights Reserved.
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