Insurance For Green Commercial Buildings

A study by the U.S. Green Building Council estimated that environmentally-friendly, or “green” construction, would grow at a compound annual rate of 9.5 percent between 2014 and 2019. Traditional property insurance products do not adequately cover these innovative construction methods and materials. In recent years, the insurance industry has unveiled new coverages to help cover environmentally-friendly buildings and property. LEED Program The Insurance Services Office (ISO), which publishes standard coverage forms used by many insurance companies, developed a policy change form that covers the increased costs of green upgrades and related expenses. It defines “green” as enhanced energy efficiency or the use of “environmentally-preferable, sustainable” materials, products and methods in design, construction, manufacture or operation. Something is green only if 

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Cyber Crimes

Cyber crime has grown into a massive expense for businesses and organizations around the world. According to a recent report by Allianz Global Corporate & Specialty, it costs the global economy an estimated $445 billion annually. It costs the world’s four largest economies – the US, China, Japan and Germany – more than $200 billion. And the cost is expected to grow. Because businesses are increasingly interconnected across the globe and cyber crime has become highly profitable, the frequency and severity of attacks has grown rapidly. To combat this, Asian and European governments are following the lead of the US in implementing strict data protection laws. Proposed laws call for harsh fines for data breaches. An increasing concern is business 

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Workers Compensation Experience Rating

How does safety pay dividends to the business owner? Time and resources spent on developing a culture of safety repays the business in the long run. Safety cultures rely on reducing the number of workers compensation claims, in return, the odds of a disastrous claim are reduced. Business owners with workers’ compensation experience modifications above 1.25 need to review their safety policies with professionals. It is possible one year or even one claim causes this situation; but it should not be ignored. Discover and repair the root cause. MOD A 1.01 to 1.25 modification indicates worse than average experience. State rates can be less than adequate for a short period of time. The actuarial or mathematical calculations just incorrectly reflect 

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Caution: The Car You Want To Buy May Have Been Flooded

A car that has survived a flood can be a major repair waiting to happen. Water, particularly salt water, can have major effects on a car, depending on how deeply it was submerged and for how long. According to a new study, these cars are becoming more prevalent. The study, by vehicle history expert Carfax, found that the number of cars on the road with a reported history of flood damage rose 30 percent from 2013 to 2016, to a total of 271,000. More than a third of these vehicles are in four states – Texas, Pennsylvania, Florida and Kentucky – though every state has some. The number has been rising as powerful storms have become more frequent. The Federal 

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Errors and Omissions Insurance

Professional liability insurance funds losses caused by errors or omissions in the rendering of services. What does this mean? Professionals are human and errors do occur. In medicine and science, the client benefits from the best course of action suggested by an experienced practitioner at the time the service is rendered. The best course of action, though, has some risk of failure. It is wise to cover this potential. Professional liability claims An attorney misses a filing date for a lawsuit and the client loses the right to sue a┬ásurgeon removes too little, too much, or the wrong tissue. A hair stylist misuses chemicals and burns the client. A┬ácomputer consultant provides incompatible software, causing damage Some examples of actual, but 

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