Billy Worthington

According to Bloomberg: Grace Ocean, owner of the vessel Dali responsible for the recent damage to Baltimore’s Francis Scott Key Bridge, has announced a "General Average." This declaration indicates the expectation of significant salvage operation expenses. Consequently, companies with cargo on board the Dali will be required to share in the financial losses.     Understanding “General Average” in Ocean Cargo Insurance   Have you ever wondered what happens when a ship encounters a perilous situation like a storm or a fire during its voyage? In the world of ocean cargo insurance, the concept of "general average loss" plays a crucial role.   🔍 What is General Average? General average occurs when a deliberate sacrifice or expenditure is made to save the vessel, cargo, or both from a common peril. Think of it as a shared sacrifice for the common good of all parties involved in the voyage.   ⚓ How Does it Work? Let's say a ship faces a severe storm and to prevent sinking, some cargo containers must be jettisoned overboard. The cost of those lost containers becomes a general average loss, shared proportionately among all stakeholders—ship owners, cargo owners, and insurers.   💡 Why it Matters: Understanding general average is essential for anyone involved in international shipping. It impacts insurance coverage and can significantly affect the financial outcome of a voyage.   🛡️ Insurance Coverage: Cargo insurance typically covers general average losses, but policies vary. Ensure your coverage adequately protects against potential losses due to general average situations.   🤝 Collaboration and Preparedness: In the unpredictable world of maritime trade, collaboration and preparedness are key. Being aware of general average principles and having the right insurance coverage can help mitigate risks and ensure smoother sailing for all parties involved.

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Social engineering at the forefront of cargo losses. Stay alert and learn how to protect your business against it.

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The home insurance policy does NOT include earthquake protection. You can add an earthquake rider to your home/condo/renters insurance policy. The Andover Companies has your back, add the earthquake. #earthquakeinsurance #earthquakecoverage #theandovercompanies

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Might as well jump...... 🎸🕺🤘😅 The pressure of a hard market is tough for everyone. 😫 But there's always a silver lining.😃 It's pushing the industry to innovate and adapt in very necessary ways. 👍 Carriers are realizing that a predict & prevent approach to risk management is no longer a futuristic talking point, but is now a present imperative for sustainability. 💪💪💪 And they're jumping (or being pushed 😬) in left and right! 🙌 We're onboarding new carrier partners to our self-inspection platform at a record pace. 🤳🎉 Carriers are piloting and partnering with insurtechs across the ecosystem to implement innovative solutions and strategies that move away from the old "detect and repair" mindset. 🤝🥂 Innovation teams are firing on all cylinders, bringing solutions to production faster than ever before. 🚀🚀 Sure, the market's hard. But we're rising to the challege. 💪 Keep building. 🏗 Keep pushing. 👊 Keep jumping! 🙏 #insurance #insurtech #innovation #jump #hardmarket

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I thought it would be interesting to allow AI tell you about the bootcamp. The impact of trucking claims is multifaceted, affecting businesses, the economy, and safety regulations. Claims can lead to financial losses for trucking companies, influence insurance rates, and prompt changes in industry practices to improve safety and reduce the likelihood of accidents. For someone with your expertise in claims management understanding these dynamics could enhance your ability to serve clients in the trucking industry effectively. NOW GET SIGNED UP!

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Tom's Tuesday Tip: In the Buffalo home market, I see more & more homes sell for $1,000,000+ Even though we insure some of these homes, I often wonder, do the buyers really know the right homeowners insurance to buy? You see, there are insurance companies out there that don't advertise to this luxury home market. They stay "in-their-lane" and provide to end coverages that the TV ad insurance companies cannot. A few examples: *Diamond earrings misplaced, disappear, are lost somehow. Not covered on brand name homeowners, covered on luxury home insurance policy. *Water intrusion in basement, ruining the $30,000 theater room. Maybe $2,500 coverage on brand name policy, fully covered on the luxury homeowners insurance policy. *You have a very nice dinner party at your home, unfortunately, Kate twists her ankle and it could be broken. Medical payments on brand name insurance, $1,000 (Now Kate may be suing you). $25,000 on a luxury home policy - and no lawsuit needed. Since no one reads their homeowners insurance policy, they put their trust & guidance with the insurance agent/insurance company. But insurance companies are not a one-size-fits-all solution either. They cater to vastly different type of homeowner. I cringe when I see some of these TV insurance ads, trying to be all things to everyone. Be a smart insurance consumer. Know who you are putting your trust with. Tom

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Why 24/7 Support from Your Broker/Consulting Partner is Crucial for Your HMO Plans Managing Health Maintenance Organization (HMO) plans can be a complex and time-sensitive task, requiring quick responses to issues that arise at any hour. This is why having 24/7 support from your broker is incredibly beneficial. Here’s why round-the-clock support is a game-changer for managing your HMO plans: Immediate Assistance in Emergencies Health emergencies don’t adhere to a 9-to-5 schedule. Whether it’s a sudden medical issue or an urgent need for authorization, 24/7 broker support ensures that help is available whenever you need it. This immediate assistance can make a significant difference in the quality of care your members receive. Enhanced Member Satisfaction When your members know that their health concerns will be addressed promptly at any time, it enhances their overall satisfaction with the HMO plan. They experience peace of mind knowing that support is just a phone call away, leading to higher retention rates and positive word-of-mouth for your organization. Streamlined Claims Processing Claims issues can arise at any moment, and delays in resolution can cause significant inconvenience and stress. With 24/7 broker support, claims can be processed and resolved more quickly, ensuring that your members aren’t left waiting for reimbursements or approvals. Continuous Operational Efficiency Operational issues, such as system downtimes or network issues, can disrupt service delivery. 24/7 broker support means you have a partner who can help troubleshoot and resolve these issues quickly, ensuring your operations run smoothly without significant interruptions. Proactive Problem Solving 24/7 support allows for proactive monitoring and problem-solving. Brokers can identify and address potential issues before they escalate, ensuring continuous improvement and stability of your HMO plans. Take the step towards comprehensive, reliable support for your HMO plans today, and experience the peace of mind that comes with knowing expert help is always available. Let's discuss this additional support that we at Mason Serve PH can provide for your HMO program. Schedule an exploratory meeting now! Happy Sunday!

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The US homeowners insurance industry posted its worst underwriting results in over a decade in 2023 as its net combined ratio surpassed 110.0%. The net combined ratio for the homeowners business, excluding policyholders' dividends, was 110.5% in 2023, the highest since recording a ratio of 121.9% in 2011, according to analysis by S&P Global Market Intelligence. Over the previous 20 years, the combined ratio for the business line industrywide has surpassed 110% only one other time, and that was in 2008 when the ratio was 116.2%.

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We know that the recent earthquake had a lot of people shook but have no fear. We have earthquake insurance that is right for you. ☎️973 665 4797 📍22 Pine St Morristown, NJ 07960 #biancasellsinsurance #morristownnj #insurance #earthquake #homeownership #homeowners #earthquake

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I am standing here at the intersection of trucks and trade credit.... Many companies look for cash flow solutions that can help them stay afloat. I thought I had seen it all when I recently heard of a company that will factor invoices and provide the insurance so you can operate..... Being an insurance geek my first thought was 'I wonder how badly this contract will treat these owners when they seek to move on from this structure as they grow and can get normal financing'. Trade credit is an insurance program that you can use to get money from your bank. Factoring is where you give over receivables to the factor so the factor can collect and pay you a percentage. Young companies will go for factoring for cash flow help. Mature companies buy trade credit insurance and give it to the bank to lend against. Factoring is a multiprong commitment. Insurance pays you for what you didn't get paid for. The question is, as you grow, can you get away from the old arrangement and smoothly transition to a more mature funding arrangement? I can show you how to do that move… AssuredPartners #tradecreditinsurance #factoring #insurance

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We’re not just talking about the risk of launching a successful business. This also includes 🚨 risk associated with: - Commercial property damage - Workers’ compensation claims - Theft - Lawsuits As an Erie Insurance Group business policy customer, you could have access to assistance from a risk control consultant to help you evaluate risks and recommend measures to help reduce them. Have questions, find an Erie agent today to learn more: https://lnkd.in/dKPZJtJ #Business #Insurance #WorkComp #BusinessInsurance #CommercialInsurance

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By iterating, optimizing and tweaking.  That's how Terry Koehler and Edison Wedges have improved one of the best wedges to ever be brought to market with amateur golfers in mind. Check out the latest review from Chris Chaney SwingU, Rob Eastep, Roger Jones, Trace MacDougall

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Quick question for the insurance community: In the event of a fuel tanker rollover with 1,000 gallons spilled, which policy responds and why? Auto, GL, WC, XS, CPL? This is a throwback to my training program back in 2005 when these coverage prompts were a regular part of our days. It's interesting to see how some things never change. Take a look at this recent incident on the I-15 Cajon Pass and share your thoughts. Link to the news article: https://lnkd.in/gBuXARqA

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As we usher in the 2nd half of 2024 and search out markets for some last minute July 1 renewals, keep in mind the comprehensive insurance solutions Falvey Insurance Group. Whether it's for #marine, #logistics, or specialized risk the Falvey team of experts are ready to help. #insuranceagents #insurancebrokers

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Something that we hear pretty consistently from bigger organizations is that there's a diseconomy of scale in specialty insurance for writing big complicated risk, like an oil rig. One of the big problems in insurance is that the big organizations focus only on the big risks — they're looking for the biggest most obvious upside. We see it a bit differently, which is why we're building Accelerant so differently.

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I learned something unexpected from Scottie. "Golf has never been my whole life, it's just something I do." Sometimes the greats teach us lessons not about the sport they dominate, not about the practice, the mechanics, the planning, the tools, but about mindset and how to navigate life in general. He's talked a lot about the role of golf in his life. Obviously, it's significant. Hours of practice, travel, performance, press, repeat. But he's able to categorize it as what it is, a piece of his life story. He never downplays golf but he doesn't let it encompass him either. This balance has a lot to do with his success. I needed to hear this. I'm guilty of letting insurance become my entire identity. How silly is that?! The #1 golfer in the world sees what he does as one part of his whole identity and I'm consumed by providing solid insurance advice. My point isn't that one is more important that the other. Both golf and insurance are parts of life. But if Scottie can find balance so can I. What is your balance like? What % of your identity does work occupy? How have you addressed it when there was imbalance? #balance #golf #cre #mindset #entrepreneur #creinsurance

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It’s here.  Hurricane season.  While our area usually doesn’t have the most activity every season, it still pays to be prepared. Especially since we’ve seen the state hit in recent years with some nasty weather. Who doesn’t remember Hurricane Elsa flooding the roads and subway in 2021? Hurricane season will always be unpredictable.    That’s why I’ve attached a guide to get you prepared for the season ahead. Now is also the time to consult with your agent to make sure you have all the necessary coverage in case of a major storm.  Have any questions about hurricane coverage? Feel free to message me or comment below!    #hurricaneseason #preparenow #disasterplanning #businesscontinuity #safetyfirst #NY  #coastalflooding https://lnkd.in/eERcGRzx

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