Insurance Journal

True story: An assailant entered a gated multifamily housing community through an opening in a fence and killed a resident. The deceased's family, mourning their loss, filed a premises liability lawsuit against the housing community's owners and managers, alleging that their failure to repair the fence constituted a breach of their duty to maintain a safe living environment. The parties settled for $1.2 million. As an insurance agent, you are crucial in guiding your clients toward effective and cost-efficient risk management strategies. Fortunately, several affordable security improvements can mitigate the risk of injury and crime, reduce the likelihood of claims, and help maintain stable insurance premiums. View this Interactive Report from our friends at HAI Group for actionable strategies. https://lnkd.in/gCX5RGqc #sponsored?

Progressive Insurance will pay $500,000, the policy limits, to the family of a young woman killed in a 2019 boat crash involving Alex Murdaugh’s youngest son, essentially ending the family’s legal actions in the tragedy. https://lnkd.in/gtCcZTuV

“The hurricane was a nonevent for us,” he said. “Had it not been for an F-3 tornado, the entire thing would have been a nonevent for us.” It was one of dozens of tornadoes spawned by Milton that hit South Florida far from where the storm made landfall near Sarasota. One of them killed at least six people in Spanish Lakes Country Club Village near Fort Pierce, about an hour’s drive north from Wellington. Meteorologists believe there may have been at least 38 tornadoes associated with Milton. The National Weather Service is still reviewing preliminary reports, which could take weeks, but it issued 126 tornado warnings in the state the day the hurricane hit. https://lnkd.in/gH263_E5

Oregon’s Multnomah County, home to Portland, has added the state’s largest natural gas utility to its $51.5 billion climate lawsuit against fossil fuel companies over their role in the region’s deadly 2021 heat- dome event. https://lnkd.in/gExvmEvt

A former employee of the Insurance Information Institute is suing his former boss and the organization’s owners on allegations of discrimination and retaliation. https://lnkd.in/gw644pX9

Deductibles serve several purposes. They provide some premium relief for the insured. They make insureds less likely to file smaller claims because either damage falls within the deductible, or is so close to it that the policyholder would rather not file the claim. Sometimes, deductibles help to motivate an insured to change behavior. This hurricane season, the concept of a deductible will be top of mind for Florida insureds because three hurricanes have made landfall in Florida this season and the Tampa Bay area has suffered two direct strikes. This means some people could have to deal with the prospect of multiple hurricane deductibles if their house or building was damaged twice. https://lnkd.in/grah_sgW

Property Insurance claims from Hurricane Milton had topped more than 152,180 by Tuesday, with some $1.9 billion in estimated insured losses. That’s already more than the claims and losses reported for Helene, which made landfall in Florida two weeks earlier, the Florida Office of Insurance Regulation posted. The losses, while less than some had feared, will likely trigger a spike in reinsurance prices and another wave of property insurance rate increases, just as Florida regulators have touted rate stabilization in the state, industry veterans said. https://lnkd.in/gGfiZBP5

?? New Episode Alert! ?? https://lnkd.in/gYN25K4C Tune in to the latest episode of the On Point Podcast with Peter van Aartrijk! ?? This time, Peter sits down with Ryan Hanley—a dynamic speaker, podcaster, consultant, and influential voice on LinkedIn and Instagram. With a background as a former independent agent, Ryan brings valuable insights, hard-won lessons, and sharp strategies success. Don’t miss it! ??

?? Check out the Risky Future LinkedIn Live Wrap-Up! Hosts Allen Laman and Elizabeth Blosfield will break down the most impactful moments from this year’s Risky Future virtual conference! This event is packed with insights from top risk management experts covering the biggest challenges in transportation, workplace safety, innovation risks, and more. Watch the summit on demand here to catch up on all the insightful sessions: https://riskyfuture.com/ Discussion Topics Include:? ?? ?? Transportation & Logistics: Cyber threats, weather impacts, and supply chain disruptions. ?? Workers & Workplaces: Managing risks from injuries, accidents, and compliance. ?? Innovation Risks: Addressing data security, privacy, and legal challenges. ?? Best Practices: Strategies to communicate risk and maximize insurance coverage. ??? Firsthand Accounts: Real-world experiences managing crises. #RiskManagement #RiskyFutureSummit

A web-based application that gathers crowdsourced data to identify flooding in coastal communities went live days before Hurricane Helene struck, allowing scientists to collect essential data during the storm. https://lnkd.in/grGMcg7v