“There’s no doubt that the tornadoes in Joplin and Branson (Missouri), as well as flooding in the Midwest, have really impacted the overall cost of insurance for hotel property owners,” said J.C. Sparling, executive VP with Preferred Brokerage, a New York-based property and casualty company that handles a large number of hotels. “We are also seeing reinsurance treaties up.” Read More.
Stu Farber discusses the impact of the unknowns in green construction. Excerpt: “Many lenders, both mortgagees and in some cases leases, are requiring a targeted LEED rating,” Farber said. “If that is not met, where’s the breach? Where’s the damage? Who pays for it? And who’s responsible?” Read more.
According to the Federal Emergency Management Agency (FEMA), floods are the most common natural disasters in the United States. Since its inception in 1973, the National Flood Insurance Program (NFIP) has paid almost $40 billion in flood claims, and the losses keep mounting. In 2011 alone, damages from the Mississippi and Missouri River floods, Tropical Storm Lee, and Hurricane Irene were estimated at over $14 billion. Experts already have predicted losses of $3.53 billion for 2012. Read More.
New York, NY (March 1, 2012) – Preferred Concepts, LLC (www.preferredconcepts.com), a leading national program administrator and specialty insurance broker, has appointed Georgeanna Munger, Vice President, to manage the company’s ezumbrella.com business unit.
Ms. Munger will lead ezumbrella.com’s underwriting and customer service operations. She will report to Francesca D’Angelo, Executive Vice President.
“Georgi is a seasoned underwriter with keen insight,” said D’Angelo. “She’s a great asset to our organization and a terrific resource for our customers.”
Preferred Advantage’s Jay Sheehan, discusses the need for cyber liability insurance with Jennifer Duell Popovic of Medical Office Today.
“A lot of organizations don’t budget for this type of insurance and feel they don’t have the money for it, while others believe that their balance sheet can take a hit if a breach occurs,” Sheehan says. “What they don’t realize is that the cost of mitigating a breach could seriously impair their balance sheet and maybe even put them out of business.” Read More.