Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Within the past few months, experts in all industries have analyzed the ways the coronavirus pandemic will affect their business environments. Insurance is no different.

As the pandemic’s impact on the insurance market gradually unravels, experts can turn to various indicators to determine how much the industry has been affected thus far.

Consider USI Insurance Services’ recently released “Q2-2020 Commercial Property & Casualty Insurance Market Outlook Report,” which highlights key industry trends amidst ongoing COVID-19 challenges.

“While it is too soon to determine the full impact of COVID-19 on the property & casualty insurance industry, markets are facing unique and interrelated challenges that industry insiders feel will continue through 2020 and well into 2021,” Robert Meyers, senior vice president, property & casualty leader at USI, said in the report. ”In fact, as rate increases, capacity reductions, and other negative trends continue to harden the market, the industry faces a number of challenges and uncertainties resulting from the ongoing COVID-19 pandemic. The property, umbrella/excess liability, casualty, and directors & officers (D&O) liability markets are currently dealing with the most significant issues.”

Among USI’s findings is the reveal that all segments of the property sector are experiencing higher rates, capacity restrictions/limitations, and other challenges resulting from excessive underwriting submissions, virus claims and lawsuits, and more.

Please enjoy the full article below;

https://www.propertycasualty360.com/2020/07/06/pc-insurance-market-outlook-q2-2020/?ref=insurancedailynews

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Consumer advocate calls for auto insurers to provide more premium relief

The Consumer Federation of America (CFA) has requested that auto insurers in Michigan further reduce premiums for their customers to account for reduced driving activity and accidents during the COVID-19 pandemic.

Earlier this month, Michigan Governor Gretchen Whitmer and the state’s Department of Insurance and Financial Services (DIFS) ordered all auto insurers to either issue refunds or premium waivers to consumers.

Read more: Governor, Department of Insurance mandate insurer rebates

But the CFA believes that insurers can do more to compensate drivers, especially since the pandemic-driven lockdowns have led to drastically reduced driving activity and less roadside collisions – while insurers continued to charge regular rates.

“They are sitting on this coronavirus windfall, and they need to give it back,” CFA national insurance expert Doug Heller told MLive.

Please enjoy the full article below:

https://www.insurancebusinessmag.com/us/news/breaking-news/consumer-advocate-calls-for-auto-insurers-to-provide-more-premium-relief-226272.aspx?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Most Fla. property owners will likely pay more when their policies renew, as insurers pass along increasing costs of coverage they need to pay claims after a disaster.

FORT LAUDERDALE, Fla. – Florida homeowners, already paying nearly the highest home insurance rates in the nation, should get ready for more sticker shock if and when their policies next renew.

Premiums for most Florida property owners are poised to jump again – sharply – as insurers pass along skyrocketing costs of coverage they need to pay claims after a catastrophic hurricane or other weather event.

That coverage is called reinsurance. It’s insurance that insurers must buy to prevent them from going broke – and to make sure you get paid – after a disaster.

By the June 1 start of every year’s hurricane season, insurers negotiate new reinsurance contracts for the upcoming year. Global capital firms provide the coverage, financed by investors who hope their outlay brings them a higher percentage of profit than if they had left the money in stocks, bonds or other investments.

This year, reinsurance prices increased 20% to 30% in Florida, and averaged 26.1% for companies that cover the most vulnerable catastrophe zones in the U.S., according to a report from artemis.bm, a reinsurance-focused news website.

The increases are the steepest in Florida in more than a decade and are similar to increases that drove up rates for policyholders after the 2005 hurricane season, the report stated, adding that companies hit hardest by claims and lawsuits in recent years faced increases of more than 45%.

Big hikes coming for policyholders

Industry experts say the increases soon will trickle down to Florida property owners who already pay $3,643 on average a year to insure their homes. That’s nearly $1,338 more than the national average

Please enjoy the full article below;

https://www.floridarealtors.org/news-media/news-articles/2020/06/insurance-firms-ready-charge-more-money-storm-season

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Retroactive business interruption measures could bankrupt US insurers in two months

Global pandemics like COVID-19 have been deemed uninsurable by private insurers. The sheer size and unpredictability of pandemic events makes them nigh on impossible for the industry to apply a standard underwriting practice to. For that reason, most standard insurance contracts around the world include clear policy wording that excludes coverage for pandemic and communicable diseases.

Despite common virus and bacteria exclusions, a significant number of lawsuits and class actions have been filed against US insurers for denying business interruption claims resulting from coronavirus-related losses. The industry has taken a united stance in that they cannot pay claims on insurance policies for which they collected no premiums due to the virus and bacteria exclusions, but that has not stopped some policymakers from suggesting retroactive measures that would essentially force insurers to rewrite contracts and pay out business interruption losses.

The suggestion of retroactive measures has caused major concern in the industry, with executives like Chubb CEO Evan Greenberg suggesting it would “bankrupt the industry”.

Please enjoy the full article below:

https://www.insurancebusinessmag.com/us/news/breaking-news/retroactive-business-interruption-measures-could-bankrupt-us-insurers-in-two-months-225240.aspx?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Insurers are opposing the consolidation of more than 100 federal lawsuits filed by companies arguing that they should receive business interruption coverage stemming from COVID-19 shutdowns.

The insurance industry has filed more than 24 briefs opposing multidistrict litigation, following in the footsteps of arguments posed in a brief by two Chubb affiliates that stated consolidation would complicate and prolong the litigation, according to Reuters. The insurers were joined by plaintiffs’ firms, some with MDL experience, who also don’t want their cases moved to a nationwide, multidefendant proceeding.

Please enjoy the full article below;

https://www.insurancebusinessmag.com/us/news/breaking-news/insurance-industry-rises-up-against-business-interruption-lawsuits-224651.aspx?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

On Wednesday (June 3), the U.S. Senate cleared changes to the Paycheck Protection Program that provides more flexibility to small businesses using the relief loans. The changes to the PPP include extending the eight-week period in which funds must be spent for forgiveness to 24 weeks, as well as extending the repayment period money owned from two years to up to five years.

Please enjoy the full article below;

https://www.propertycasualty360.com/2020/06/05/sp-small-businesses-still-hurting-despite-ppp-414-180242/?ref=insurancedailynews&slreturn=20200509110148#

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

It has been two months since COVID-19 began to turn the U.S. economy upside down. Suffering massive losses due to the damage caused by coronavirus, businesses have quickly turned to their insurance companies for assistance.

Unfortunately, most have been stonewalled by two party-line arguments from their insurance companies: That COVID-19 does not cause the “damage” needed to trigger coverage and that viruses like COVID-19 are excluded causes of loss anyway.

Fortunately for policyholders, the analysis is rarely so simple. The unprecedented breadth of damage caused by COVID-19 has already spawned unique fact patterns and novel policy interpretation questions.

As the pandemic develops and insurance companies refine their denial arguments, the battle lines will be drawn. At present, however, there are as many questions as there are answers.

Explicit Communicable Disease Coverage? Not So Fast

Civil Authority Coverage: Not All Closure Orders Are Created Equal

Read the Very Fine Print: State Amendatory Endorsements

Nicholas Maxwell, attorney, Anderson Kill

Even for policyholders without communicable disease coverage extensions and with contamination exclusions listing “virus,” coverage may still be available.

Please enjoy the full article below:

COVID-19 and Business Interruption: Some Losses Are Covered and Here’s Why

Please call  Lee from Calles Financial and Chaisteli Insurance  at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Unless the policy excludes pandemics, insurers should pay.

Trump spoke about the issue for a minute and a half during his daily coronavirus task force briefing after a reporter asked if he is concerned about growing credit card debt resulting from business closures. The president said that he was and that the White House has spoken to credit card companies about reducing interest rates.

Then he moved on to the subject of business-interruption insurance.

“You have people that have never asked for business-interruption insurance and they have been paying a lot of money for a lot of years for the privilege of having it and then when they finally need it, the insurance company says ‘We’re not going to give it,’” Trump said. “We can’t let that happen.”

Please enjoy the full article below!

https://www.claimsjournal.com/news/national/2020/04/10/296516.htm

Please call  Lee from Calle Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no

The climate is changing, and it has become abundantly clear that Florida is going to be badly damaged in the decades ahead.

With the state experiencing increasingly devastating effects of severe tropical weather and frequent flooding in some neighborhoods, there has never been a more important time for Floridians to have information that can inform their decisions, especially when it comes to purchasing or renting a home

cost to them.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/08/14/535443.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them,

The U.S. Treasury today issued final regulations and other guidance on a provision of the Tax Cuts and Jobs Act that allows owners of sole proprietorships, partnerships, trusts, and S corporations to deduct up to 20 percent of their qualified business income on their taxes.

Today’s final rules cleared up lingering doubts about whether insurance agents qualify for the full 20 percent deduction for their 2018 taxes and for years going forward until 2025 under President Donald Trump’s tax law. They do qualify.

Please enjoy the full article below;

https://www.insurancejournal.com/news/national/2019/01/18/515313.htm