Articles Posted in Coverage for property damage

According to the National Oceanic and Atmospheric Administration, the United States as thus far endured a total of 12 natural disasters causing at least $1 billion in damage each in 2016. Included in that number are four major flooding events and eight severe storms.  By comparison, from 1980 through 2000, the average annual number of billion-dollar natural disasters, as measured using CPI-adjusted figures,  was merely 3.7.

NOAA’s numbers indicate that we have entered an era in which costly weather-related disasters are troublingly commonplace.  While 2016 has been a devastating year for such events, it is hardly an outlier.  In 2015, we saw 10 billion-dollar disasters; in 2011, NOAA recorded 16.  All told, from 2001 through the present, the average number of such disasters per year jumped to 7.7.

The increasing frequency of large-scale weather-related disasters is hardly a surprise. See the federal government’s 2014 National Climate Assessment, which predicted this increase in dire terms.  Insurers and their commercial clients, not to mention government agencies at all levels, will be forced to cope — through increased premiums for insurance lines, risk-mitigation measures, improved infrastructure, and disaster preparedness.

According to the Federal Aviation Administration, drones are the fastest growing segment of the aviation industry. Corporate risk managers predict that within five years, 40 percent of all businesses will be using drones as part of their operations. As commercial drone use rises, so will the need – and the demand – for commercial drone insurance.

By 2020, the FAA estimates that the skies will be filled with 30,000 commercial and civil drones providing such services as aerial photography, package delivery, crop and wildlife protection, and much more. Continue Reading

With the curfew in Baltimore now lifted, and the riots behind us, many local small businesses should now be filing insurance claims to rebuild what they have lost.

Some businesses will file claims for theft as the result of looting. Others will file claims for damage done to their property by fire or other vandalism. Still more will file claims for loss of income as the result of the protests, police barricades, closed streets and especially the mandatory curfew. Continue Reading