There is no doubt that the hardest line of business to write going into 2020 is Commercial Auto. For years, insurance carriers underpriced auto premiums and it caught up to them, resulting in auto being unprofitable for many carriers.
The Florida Senate approved an overhaul of the insurance practice known as assignment of benefits, or AOB, and Gov. Ron DeSantis issued a statement saying he will sign it. AOB has been a highly controversial issue in recent years, with insurers arguing that litigation and fraud involving the practice are driving up property insurance premiums.
GC3’s penchant for expertise and innovation expanded in 2019 with the hiring of Dave Bell and Daniel Lewis. Their hires signal a dynamic approach to company growth and enhanced industry expertise.
There are significant changes in the insurance marketplace in store for restoration contractors in 2019. These changes will adversely affect many restoration firms, some a lot more than others.
You may have wondered where the phrase “a canary in a coal mine” originates. Wiktionary dictionary defines it as “something whose sensitivity to adverse conditions makes it a useful early indicator of such conditions; something which warns of the coming of great danger or trouble by a deterioration in its health or welfare.”
On a February day in Salt Lake City, Utah, representatives from major property restoration and insurance companies came together to discuss the state of the industry.
Heavy rains are causing major flooding across much of the Central U.S. and Midwest regions. Plus, an update on some Hurricane Irma restoration efforts, and other restoration industry-related headlines.
