2021 has been a rough year for homeowners. Annual U.S. severe weather insured losses for 2021 have surpassed $20 billion, even before the year is complete. Many are predicting that, because of these disasters and the ongoing impact of COVID-19, the losses insurers currently face may turn into insurance premium increases for homeowners next year and into the future.
We continue to see top-rated specialty insurance companies reduce or manage their exposure, with many high net worth, middle market, and E&S carriers taking rate increases and making changes to guidelines in attempts to manage their exposure and reinsurance. At Gulfshore Insurance, we continue to monitor the hardening market and work diligently on our clients’ behalf to secure competitive options.
Below is an update on the changes taking place in the market for these top-rated specialty providers:
AIG
- AM Best A Rating
- AIG has earned a reputation as one of the world’s oldest and largest insurers.
- AIG is No. 72 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
- While still a great option for clients with multiple homes, AIG continues to have limited capacity in coastal areas and especially Florida and California. In Florida, they continue to require a qualifying out-of-state residence.
Berkley One
- AM Best A+ Rating
- Berkley One is No. 372 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
- Berkley One is continuing to expand their footprint and now writing homes in 22 states and the District of Columbia. They are targeting well-balanced, multi-line accounts in Southwest Florida with a qualifying second residence.
- Berkley One is now offering Classic Auto and/or Recreational Marine in 11 states
Chubb
- AM Best A++ Rating
- The world’s largest Property & Casualty company operating in 54 countries & territories, Chubb has always been a strong performer in the marketplace.
- Chubb has a $2M minimum entry for primary residences in Charlotte, Collier, Lee, Manatee, Pinellas, and Sarasota counties. The minimum entry for primary residences outside those counties is $1M.
- Chubb requires a minimum $50,000 total account premium for Florida condos regardless of whether the condo coverage is with or without wind.
Cincinnati
- AM Best A+ Rating
- Cincinnati was added back to the Fortune 500 List in 2021. Cincinnati is No. 386 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
- Cincinnati recently revamped their Yacht program and has been systematically rolling out the changes.
- While Cincinnati continues to be a competitive solution for multistate accounts, they have broadened their appetite to include qualifying Florida accounts with no out of state balance.
PURE
- AM Best Rating was upgraded to A+ (Superior) in 2021.
- Policyholder-owned insurance offering broad and flexible policies, allowing you to tailor the coverage to meet YOUR needs.
- Named “Best Insurance Underwriter” by Family Wealth Report Awards 2021 for the sixth consecutive year and “Best High Net Worth Insurance Company” at the 2021 Private Asset Management Awards for the fourth consecutive year.
Vault
- In 2021, Vault released their Florida Automobile product.
- Vault is available in 16 states and the District of Columbia.
- Vault has tightened up their guidelines around year built and Dwelling Coverage and they are no longer allowing monoline secondary homes.
- Vault is rated A- by A.M. Best.
For individuals and families with distinctive assets, it is critical to make sure you have specialized coverage. Trust the advisors at Gulfshore Insurance to know precisely how to meet those needs.
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
The holiday season is the busiest time of the year for long-distance travel. Flights are often overbooked and highways are overcrowded, which can add stress to the season.
Keep Your Sanity
To keep travel worries from ruining your holiday plans, reduce your stress by planning ahead. Use the following tips to help you stay in control during your trip.
If you are flying:
- Do not delay purchasing tickets. Make your reservations well in advance to make sure you have many flight times, prices and seats to choose from.
- Choose your ticket wisely. Travel on off-peak days and during early morning hours whenever possible. Airports tend to be less crowded during these times, which will make it easier to get another reservation if your flight is canceled.
- Call or check online to confirm that your flight is still on time before leaving for the airport.
- Check in for your flight online, if possible, to avoid waiting in line at the airport
- Stay hydrated. Drink water frequently to avoid jet lag.
- Pack wisely. Avoid checking luggage, but if you have to, keep prescriptions, glasses and other overnight basics in your carry-on bag in case your luggage gets lost. Keep in mind that most airlines charge fees for checking luggage.
- Fight boredom. Pack activities to help pass the time, especially if traveling with children.
If you are driving:
- Be prepared. Have a mechanic examine your vehicle before your trip. Also, be sure to pack emergency and first aid supplies in case your car breaks down.
- Know your route. Plot out your route before leaving, and bring a map. Make sure your phone is fully charged if you plan on using smartphone maps or bring along a GPS.
- Save time. Try to do most of your driving during non-rush hour times to avoid the bad traffic.
- Take a break. Rest every two hours and limit yourself to eight hours of driving each day. Stop at rest areas to walk around and stretch. Make more frequent stops if traveling with small children or pets.
- Lay off the caffeine. Drink plenty of water and eat balanced meals. Drinking caffeine may make you crash a few hours later.
- Wear safety belts at all times. When used correctly, they significantly reduce the number of serious traffic injuries and fatalities.
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
Florida Insurance Commissioner has approved a 4.9% average decrease in workers’ compensation rates for 2022, as recommended by the National Council on Compensation Insurance. The decrease is the sixth straight for Florida. Last year, the NCCI proposed a 5.7% cut but the Florida Office of Insurance Regulation demanded more and ultimately approved a 6.6% decrease for 2021.
Rates jumped in 2017, after a landmark court ruling struck down statutory limits on attorneys’ fees. But loss costs and rates have fallen every year since then.
The latest rate decrease will take effect Jan. 1 for new and renewing policies. While changes in experience, trends and medical and indemnity benefits have declined almost 7% in recent years, loss adjustment expense, or the costs associated with handling claims, increased slightly.
The NCCI’s recommendation, filed earlier this year, did not include data or adjustments needed for the impact that the COVID-19 pandemic may have had on Florida comp insurers. Instead, the rating organization proposed a separate catastrophe fund to help manage nationwide, non-terrorism events that result in workers’ compensation losses of more than $50 million. The fund would have required extra charges to be paid by Florida employers.
The OIR announced that the NCCI has withdrawn its catastrophe provision recommendation. A Nov. 11 letter from NCCI said the provision “will be resubmitted at a future date as and when appropriate.”
Click here to download the 2022 rates.
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
The Occupational Safety and Health Administration (OSHA) released its preliminary list of the top 10 most frequently cited safety violations at this month’s National Safety Council Congress & Expo, the world’s largest gathering of safety professionals.
The OSHA list is determined following worksite inspections throughout the fiscal year and alerts employees and safety professionals about areas of frequent citations to help prevent their occurrence. OSHA violations can cost some companies more than $1 million in penalties.
Notable among the top 10 list for 2021, companies experienced an increase in respiratory protection violations and a decrease in hazard communication and powered industrial truck violations from prior years. Fall protection remains at the top of the list for the 11th year in a row.
The Top 10 for FY 2021 are:
- Fall Protection – General Requirements (1926.501): 5,295 violations
- Respiratory Protection (1910.134): 2,527
- Ladders (1926.1053): 2,026
- Scaffolding (1926.451): 1,948
- Hazard Communication (1910.1200): 1,947
- Lockout/Tagout (1910.147): 1,698
- Fall Protection – Training Requirements (1926.503): 1,666
- Personal Protective and Lifesaving Equipment – Eye and Face Protection (1926.102): 1,452
- Powered Industrial Trucks (1910.178): 1,420
- Machine Guarding (1910.212): 1,113
OSHA’s preliminary figures found 21,090 citations issued this year, down from 24,239 in 2020 and more than one-third less than the 31,816 issued in 2019. Workplace shutdowns amid the COVID-19 pandemic undoubtedly played a large part in the decrease, but there are still many areas for improvement on the list. Frequent safety training and customized risk management programs can support operational business goals while reducing risk and making the workplace safer.
Jeffrey Sanders, TRIP is Client Advisor at Gulfshore Insurance. Jeff works with a wide range of business clients to deliver strategic risk analysis, guidance, and insurance. Comments and questions are welcome at jsanders@gulfshoreinsurance.com
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
Please note: The requirement applies to businesses with 100 or more employees. These requirements may be delayed in Florida as legislative leaders and the State attorney general have vowed to challenge the rule and sue in an effort to block the initiative.
On Nov. 4, 2021, the Occupational Safety and Health Administration (OSHA) announced a federal emergency temporary standard (ETS) to address the grave danger of COVID-19 infection in the workplace. Affected employers will be required to comply with most provisions of the ETS by Dec. 5, 2021, and with its testing requirements by Jan. 4, 2022. Affected employers include private employers with 100 or more employees (firm- or company-wide count). State plans will have 30 days to adopt the federal ETS or implement their own vaccination standard.
ETS Requirements
The ETS requires employers to:
• Develop, implement and enforce a mandatory COVID-19 vaccination policy;
or
• Create a policy allowing employees to choose to get a vaccination or wear a face covering in the workplace and have weekly COVID-19 testing done.
Employers must determine the vaccination status of each employee, obtain acceptable proof of vaccination and keep a roster of each employee’s vaccinations status.
Weekly Testing Requirements
Employees who are not fully vaccinated must be tested weekly or within seven days before returning to work. The ETS does not require employers to pay for any costs associated with testing. However, employer payment for testing may be required by other laws, regulations, collective bargaining agreements or other collectively negotiated agreements.
Paid Leave
Employers are also required to allow reasonable time—including up to four hours of paid time—to receive a primary vaccination dose. Reasonable time and paid sick leave are also required to recover from any side effects of the vaccination. Employees are required to provide immediate notice of a positive COVID-19 test or diagnosis, and will be removed immediately from work until return to work criteria are met.
Click here to download the Legal Update
Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.
