Measures to protect retail businesses in New York
New York’s business landscape faces a growing threat: organized retail theft. This issue not only impacts the profitability of businesses but also undermines the sense of security for both employees and customers. In response to this concern, Governor Hochul has proposed concrete measures to address this crisis and protect retail merchants. New measures to deter […]
Impact of the Francis Scott Key Bridge collapse in Baltimore on insurance costs
In the early hours of March 26, 2024, the MV Dali container ship collided with the Francis Scott Key Bridge in Baltimore, Maryland. The bridge collapsed in less than a minute, sending cars, machinery, cargo, and even people into the cold depths of the Patapsco River. Beyond the human cost of the collapse, the economic […]
A new type of insurance: parametric disaster coverage
In our ever-changing world, traditional insurance products sometimes struggle to keep up with the pace of risk. In response to these new challenges, a new type of insurance has emerged: parametric insurance. Let’s explore what it is, how it works, and its potential benefits through real-world examples. What is parametric insurance? Parametric insurance is a […]
Study reveals that New York faces a higher risk of hurricane disasters.
A recent study has revealed that New York faces more risks of storm and hurricane disasters than any other city in the U.S. due to climate change. Areas like Lower Manhattan, Coney Island, JFK International Airport, and the Queens Midtown Tunnel are particularly under threat. Climate change is affecting the hurricane season in New York, […]
The Importance of Insurance for Recovery After Flooding
President Joe Biden has declared a state of emergency in Vermont and ordered federal assistance to complement state and local response efforts due to the emergency conditions in areas affected by flooding that began on July 9, 2023, and continue. The President’s action authorizes the Department of Homeland Security and the Federal Emergency Management Agency […]
Restaurants – Catering to Their Insurance Needs.
Regardless of the type of food they serve or the atmosphere they create, restaurants need certain basic insurance coverages to protect their businesses and operations. General Liability, business property coverage, and business interruption are all fundamental coverages for any business. Fortunately, these coverages are usually bound together in the business owner policy or a commercial […]
How to Handle the Increase in Commercial Insurance Premiums: Practical Tips for Business Owners
In recent years, we have witnessed a significant increase in commercial insurance premiums. This rise in costs can generate concern and uncertainty among business owners as it directly impacts their operating expenses. How clients can confront this challenge and take steps to manage the increase in commercial insurance premiums? Evaluate Coverage Needs: The first crucial […]
Common exclusions in natural disaster insurance policies in New York: Is your property or business protected?
Insurance policies may have specific exclusions related to natural disasters such as floods, hurricanes, earthquakes, tornadoes, and whirlwinds. These exclusions are included in the policy to limit the insurer’s liability and reduce the risk of financial loss. Some common exclusions that can be found in insurance policies include: The most common exclusions in New York […]
The Rise of Coastal Areas Insurance: A Direct Effect of Climate Change?
Global warming and climate change have been responsible for the increase in insurance premiums in coastal areas due to the increase in the frequency and intensity of extreme weather events, such as hurricanes, storms, floods, and droughts. This has resulted in large losses and claims for insurance and reinsurance companies, which has led to an […]
COVID-19 and the future: Are we prepared for the next pandemic?
The COVID-19 pandemic is a historic event that has affected millions of people worldwide. Caused by the SARS-CoV-2 virus, symptoms can range from mild to severe. It spread rapidly worldwide and preventive measures such as social distancing, wearing masks and practicing good personal hygiene were implemented to combat its spread. Several vaccines have been developed […]
