According to The Insurance Journal, dated December 4th, 2019, fifteen states have revised their laws in the past two years extending or suspending statute of limitations to allow child sex abuse claims stretching back decades, unleashing potentially thousands of new lawsuits against the U.S. Roman Catholic Church.
Click here for the full story.
GivingTuesday is a global generosity movement unleashing the power of people and organizations to transform their communities and the world on December 3, 2019 and every day.
One of the best ways to give is to get involved is in your own community. We have supplied a link to a directory to help you find organizations, events, and ways to give back in your own community.
Thank you for giving!
Because insurance carriers are experiencing higher than expected losses, a hardening insurance market is rearing its ugly head. A hardening market means increased premiums and tighter underwriting requirements for many lines of coverage, including; commercial property, E&O, D&O, Auto and EPL. The 2017 hurricane season and the 2018 California wildfires resulted in a combined insured loss of more than 212 billion dollars and are major contributors in this turn.
One area being hit particularly hard is the adoption & foster care sector. Due to increased litigation, settlements and judgments, some carriers are now reluctant to offer broad coverage with high limits. Some carriers are even exiting these markets all together, making it much harder for some brokers to have access to carriers that are willing to write these risks, let alone even to provide a quote.
In a hardening market, there are three things that can help you ride out the storm:
- Specialty Broker:Having a broker that specializes in your line of business and knows your unique risks and exposures is imperative in positively representing your best interest to the insurance carriers. Their specialty allows them stronger relationships with underwriters, greater negotiating power to lower premiums and access to more carriers than that of a generalist broker. Remember, an insurance broker (vs. an agent) works for YOU, not the insurance carrier.
- Risk Management:A clean loss history is always more favorable than a poor loss history. A poor loss history tells the carrier that you are a bad risk. This can result in even higher premiums or worse yet a non-renewal notice. By designing and implementing a strong risk management plan, your broker can paint a positive picture to the insurance carrier and show that you are proactive in helping to eliminate or reduce your risk.
- Don’t Hop Around:Believe it or not, jumping from carrier to carrier every year looking for the lowest price can cost you more in the long run. Carriers have been known not to quote simply for the fact that the insured is not loyal to any one carrier. Showing stability and loyalty (even if you have a loss and premiums increase) is a positive indicator in the eyes of the carrier.
Even in this hardening market, Hawley & Associates continues to exclusively serve the nonprofit and social service community. Our specialty allows us broad access specialty markets & programs, including programs for hard-to-place risks, such as adoption & foster care. Let our mission empower your mission!
Besides offering tailor-made insurance programs designed specifically around your unique operations and exposures, we do offer the exclusive WorldPro Insurance Program. It is the most comprehensive and cost competitive program offered to social service organizations today. Since it’s inception, WorldPro now insures some of the largest nonprofit organizations in the country.
- High Limits (including abuse)
- Stand-alone Umbrella coverage
- Program will defend a negligence, error or omissions claim brought anywhere in the world, with no limitation as to venue, change of venue or any other exclusion involving jurisdiction
- Special Defense Fund available to any employee wrongfully accused of abuse or molestation
- No territorial exclusions or restrictions
Hawley & Associates has been instrumental in introducing several new social service insurance programs to the market and we will continue to work hard to find even more markets and programs to bring down premiums for our clients and help you serve the under-served.
Contact us today for more information!