Happy National Insurance Awareness Day from Burns & Wilcox
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Today is National Insurance Awareness Day. By sharing why insurance is important to you,?you could win a hat signed by Four-time PGA Tour Winner and Burns & Wilcox Brand Ambassador, Max Homa!?Learn how to enter here.
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We are rounding up the top 5 intel articles from June. Our experts provide their insight on numerous specialty insurance topics and industries ranging from Residential Property to Architects & Engineers, to Cyber and Transportation.
See what's trending now below:
1. Flood Insurance
The U.S. Flood insurance market is being completely revamped with the launch of the National Flood Insurance Program’s (NFIP) risk rating 2.0, which applies risk modeling technology to evaluate exposure. Simultaneously the market is challenged by double-digit inflationary percentage increases, and the adverse impact of climate change leading to warmer ocean temperatures and more severe catastrophic storms.
2. Residential Property
Two unoccupied homes in the Outer Banks collapsed into the ocean on May 10, with dramatic video footage showing one of the houses get rapidly swept away after the wooden stilts holding it up broke apart. The other home collapsed only hours earlier, spreading debris across a wide path and leading officials to close area beaches due to the risk of further collapses.
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3. Construction
Design errors & omissions and evolving technology are among the most pressing challenges faced by today’s architects, engineers, general contractors, and other design professionals. To learn more about their need for?Architects & Engineers Insurance, we spoke with Tameka Livatino, Underwriting Director, Professional Liability,?Burns & Wilcox, Chicago, Illinois.
4. Cyber & Privacy Liability
A virtual “try-on” tool for sunglasses offered by Louis Vuitton collected customers’ facial scan data without their consent, violating the Illinois Biometric Privacy Protection Act, a new lawsuit against the luxury brand alleges. The proposed class-action suit, claims the LVMH corporation’s North America unit took biometric data from online shoppers when they used their webcams to try out eyewear products.
5. Transportation
About 15,000 pounds of hot dog filler spilled onto the highway near Pittsburgh, Pennsylvania, May 20 when the driver of a semitractor-trailer lost control of the vehicle and crashed onto the shoulder. The tractor-trailer hit several trees and overturned, leaving the driver and a passenger with minor injuries and a portion of Interstate 70 covered in the pink slime.
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