IBC urges flood-homeowners to check their insurance coverage

Insurance Business America | April 25, 2019

The Insurance Bureau of Canada (IBC) has released a statement, urging residents affected by the recent flooding in New Brunswick to contact their insurance representatives if their homes have damages. IBC’s statement comes after the New Brunswick Emergency Measures Organization’s River Watch 2019 issued an advisory that water levels in the southern parts of NB will continue to rise in the following days. The water levels in Fredericton and the northern regions are stabilizing, but are expected to remain above flood level for the rest of the week, the advisory added. “We’ve seen the devastating effects that flooding can have on communities,” said IBC Atlantic vice-president Amanda Dean. Dean remarked that warming temperatures, melting snow, and heavy rain are adding to the province’s flooding problem. “IBC is emphasizing the need for everyone to be on alert and stay safe. We want to help make sure that New Brunswick residents are ready to deal with the potential damage.” The IBC is encouraging consumers to check with their insurer on what type of water damage their insurance policy covers. The IBC is encouraging consumers to check with their insurer on what type of water damage their insurance policy covers.

Spotlight

The D&O insurance market over the past decade experienced rate reductions, broadening coverage and increasing claims frequency and severity. This meant that losses outpaced premiums and the industry needed to respond. The magnitude and speed of the response that followed surprised many market participants. Significant capacity shortage led to sharp price increases and in many cases to reduced limits purchased by companies. The outlook for the D&O market remains challenging as the risk environment is more uncertain than ever.

Spotlight

The D&O insurance market over the past decade experienced rate reductions, broadening coverage and increasing claims frequency and severity. This meant that losses outpaced premiums and the industry needed to respond. The magnitude and speed of the response that followed surprised many market participants. Significant capacity shortage led to sharp price increases and in many cases to reduced limits purchased by companies. The outlook for the D&O market remains challenging as the risk environment is more uncertain than ever.

Related News

CORE INSURANCE, LIFE INSURANCE

Vouch Launches New Business Insurance Coverages for Life Science Startups

Vouch Insurance | October 13, 2022

Vouch, a commercial insurance business focused on tech companies, announced its expansion into the life science category with the introduction of new proprietary insurance solutions. For decades, life science startups have struggled to acquire business insurance. Large insurance carriers typically do not insure early stage life science companies, especially those that are pre-revenue. When they do, minimum premiums are prohibitively expensive. George Aliaga, Vouch's Health & Life Sciences Vertical Lead, sees tremendous opportunity to support this category during a technological inflection point, as life science startups digitize their business models and increase investment in artificial intelligence to accelerate R&D cycles. "We believe the most innovative medical advancements are happening right now in incubators around the country, and these startups need help protecting their business in a constantly evolving risk environment, For example, artificial intelligence techniques are being used for drug discovery, disease diagnosis and patient risk identification. AI use in life sciences is rapidly maturing, and groundbreaking startups are emerging with innovative tech as a result." -Aliaga Vouch is the insurance of the technology industry. Since 2018, Vouch has revolutionized the buying experience and quality of coverage available to tech companies with the introduction of 10 proprietary coverages and a specialty brokerage. Now, the company is offering the same expertise and proprietary capabilities to the underserved life science startup ecosystem. Life science startups face unique risks. Vouch offers a suite of exposure-driven coverages to ensure comprehensive protection from R&D through product commercialization: Change in Controlled Environment Coverage - For perishable property prone to spoilage Vivarium Coverage - For animals used in R&D, breeding or biological product harvesting Clinical Trials Coverage - When sponsoring or operating human clinical trials Medical Malpractice Coverage - When offering medical treatment or advice that may create medical malpractice exposure Specialized Contamination Coverage - For products susceptible to contamination by radiation, bacteria, mildew, mold, microorganisms, viruses or pathogens Condemnation of Undamaged Stock Insurance - For situations where product is not damaged but is deemed compromised and condemned by the FDA In addition to the new proprietary coverages launched today, Vouch also offers life science startups access to its specialty brokerage, which can procure additional policies from the broader insurance market to provide comprehensive and holistic insurance solutions. While insurance provides necessary protection, coupling an insurance program with expert advisory best positions a startup to withstand future risk. Since they operate in a fast-paced environment with complex and unique risk profiles, life science startups not only require specialized coverage, but an advisor who understands their needs, Our life science Insurance advisors are trained to provide expert guidance for startups through each of their stages and milestones,said Aliaga. About Vouch Insurance Vouch is a provider of business insurance to thousands of high-growth companies. Since its inception in 2018, the company has empowered its clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.

Read More

CORE INSURANCE

Relation Insurance Services Acquires Garrity Insurance

Relation Insurance Services | November 17, 2022

Relation Insurance Services, Inc. (“Relation”) acquired the assets of Garrity Insurance (“Garrity”). The transaction went into effect on November 1, 2022; terms of the transaction were not disclosed. “We joined Relation knowing that this partnership would enable us to better serve our customers, Partnering with Relation will allow us to tap into great resources of specialized expertise and a broad network of carrier relationships to truly offer our customers the very best coverage.” -Bill Garrity, President of Garrity Insurance Serving Massachusetts individuals and businesses for more than 100 years, Garrity has five office locations including Cambridge (headquarters,) Dedham, Marblehead, Salem and Belmont. Bill Garrity, President, will continue running the day-to-day operations at the Garrity offices as part of the Relation family of brands. Tim Hall, Executive Vice President and Head of M&A for Relation said, By partnering with such a reputable and experienced company as Garrity, Relation has greatly enhanced its footprint in the East, Garrity brings tremendous experience in risk management solutions to Relation, and we are excited to welcome their team to ours. About Relation’s Mergers & Acquisitions Relation Insurance Services is actively seeking partnerships to expand its offerings, industry expertise, and geographic footprint. Relation offers a seat at the table to insurance entrepreneurs with equity ownership opportunities and a people-first approach that optimizes outcomes for employees and clients. About Relation Insurance Services, Inc. Relation Insurance Services is an insurance brokerage that offers superior risk management and benefits consulting services across the United States. It is ranked by Insurance Journal within the top 25 largest agencies in the country by revenue and has approximately 1,350 employees across more than 137 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across financial services and technology.

Read More

CORE INSURANCE

Bluevine Expands Insurance Partnerships to Provide Small Businesses with Tailored Insurance Solutions

Bluevine and Coalition | October 18, 2022

Bluevine, the leading provider of holistic banking solutions designed for small businesses, today announced the expansion of its small business insurance offerings to include Active Cyber Insurance offered by Coalition, one of the world's leading cyber insurance providers, in addition to its existing small business insurance provider, NEXT Insurance. With the addition of Coalition's cyber insurance offerings, Bluevine is providing the small business community seamless access to explore insurance providers right from their account dashboard. Available now, Bluevine Business Checking customers can research a broad set of insurance products and complete the steps to receive a customized insurance quote from our partners. Finding the right business insurance provider remains a confusing and significant pain point for small business owners looking for reliable coverage from a trusted source. Often, small business owners rely on recommendations from the small business community to determine their insurance needs, but this can leave them with ill-fitting policies that don't address the specific needs of their small business. As many as 75% of small businesses in the U.S. are underinsured, and 40% do not have any insurance, pointing to an acute need for insurance solutions designed with this community in mind. "After the initial success of our small business insurance partnership with NEXT last year, we took a closer look at the gaps our customers might still have with their insurance policies and worked to close them, By partnering with Coalition and NEXT, Bluevine is serving the broader small business community by providing in-dashboard access to trusted insurance companies that support the small business community on their journey to grow and scale." -Eyal Lifshitz, CEO and co-founder of Bluevine Since the launch of Bluevine's insurance partner program, 28% of customers have clicked through to learn more, and thousands have continued on to receive quotes from Bluevine's licensed insurance partners. These partnerships serve the small business owner's journey by providing the tools they need to grow and scale their business from one easy-to-access platform. When we first started our business, we looked for insurance from multiple sources, but when we signed up with Bluevine and learned more about what their insurance partners offer, it made the process so much easier, They helped us learn what we need for our business and get a quote. I would recommend it to anyone who is looking for insurance. We are very happy with our policy,said Daphne Simmons, owner of Ovrtake Fitness. Overall, these partnerships serve the small business owner's journey by providing the tools they need to grow and scale their business from one easy-to-access platform. Active Cyber Insurance offered by Coalition provides a new integrated approach for companies to manage cyber risk. Coalition's offering provides small and midsize companies with cybersecurity tools, active monitoring, and anytime access to digital forensics and incident response services, combined with insurance coverage provided by well-known insurance carriers. By identifying and mitigating digital risk, policyholders that choose Coalition's offering experience 50% fewer cyber claims than the broader U.S. market, with 45% of incidents resolved at no cost. In our experience, many cyber criminals are opportunistic, particularly when it comes to small organizations. No company is too small to be an enticing financial opportunity for attackers, Choosing to go with Coalition's Active Cyber Insurance offering can help a small business avoid a potentially catastrophic cyber incident – like a ransomware attack – where financial costs could cripple a business. We are delighted to bring Coalition's product offering to Bluevine customers with the aim of increasing access to cyber insurance for organizations of all sizes and continuing to prevent digital risk before it strikes,said Catherine Lyle, Coalition's Head of Claims. By providing access to multiple insurance offerings for new and existing digital banking customers, Bluevine is providing entrepreneurs with curated partnership solutions that support their goals. Starting today, existing Bluevine Business Checking customers can log in to their account dashboard and determine the best insurance provider for the current stage of their business. This insurance dashboard expansion enables Bluevine to help solve the ongoing financial needs of small businesses by providing entrepreneurs with access to trusted and best-in-class insurance products quickly and seamlessly. About Bluevine Bluevine provides small businesses with fast and simple access to holistic banking solutions built with them in mind. Bluevine's advanced online platform offers an intuitive, convenient solution designed to meet the financial needs of today's business owners with a suite of products including Bluevine Business Checking, Bill Pay, and Line of Credit. Since launching in 2013, Bluevine has served more than 450,000 small businesses and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft's Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Banking Services provided by Coastal Community Bank, Member FDIC. About Coalition Coalition is the leading provider of Active Insurance, combining comprehensive insurance coverage and cybersecurity tools to help businesses manage and mitigate digital risks. Through its partnerships with leading global insurers, including Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, and Vantage, Coalition offers its Active Insurance products in the U.S., U.K., and Canada, and its security products to organizations worldwide. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs.

Read More