Following a Hurricane’s Landfall, What Can Be Known About Insured Losses? A Primer for Insurance Executives

(Para Español – Aqui) In October 2015, a powerful Saffir-Simpson Category 5 tropical cyclone made landfall on the Pacific coast of Mexico, about 200 km south of Puerto Vallarta. That was hurricane Patricia, which caused an estimated USD 350 Million in uninsured damages, mainly to infrastructure, housing, and farms. Insured losses were even less, due … Read more

Terms & Conditions Tuesday – Policy Form Standardization (11-21-2023)

(Every Tuesday, we will discuss elements of insurance through the lens of Terms & Conditions. In this article, we go into Bill Wilson’s book, When Words Collide to look at the deeper and more profound elements of policy wording and implications for coverage and claims disputes) P&C policy forms come in three basic varieties: Standardized Proprietary Hybrid There are several “standards” … Read more

Terms & Conditions Tuesday – Entirety of Contract (10-31-2023)

(Every Tuesday, we will discuss elements of insurance through the lens of Terms & Conditions. In this article, we go into Bill Wilson’s book, When Words Collide to look at the deeper and more profound elements of policy wording and implications for coverage and claims disputes) Legendary industry author, consultant and expert witness Don Malecki, CPCU, ARM did not like to … Read more

Terms & Conditions Tuesday – More on Policy Form Edition Dates (10-24-2023)

(Every Tuesday, we will discuss elements of insurance through the lens of Terms & Conditions. In this article, we go into Bill Wilson’s book, When Words Collide to look at the deeper and more profound elements of policy wording and implications for coverage and claims disputes) More on Policy Form Edition Dates Aside from distinguishing … Read more

Profiles in Risk: E458 – Going From Unstructured to Structured (and useful) Loss Runs; Scott Knowles, CEO & Co-Founder at Loss Scan

Loss Runs have forever been and continue to be a mess. Underwriting requires them… Agents and brokers order them… They arrive at the underwriters, who look at them… And they are completely unstructured pdfs that have no standard date sets, no standard terminology. Every company is generating them in their own way and its up … Read more