William Hazelton

A concrete #smarthome insurance opportunity 👀 “filed a subrogation lawsuit […] on behalf of Homesite Insurance for property damage stemming from a fire allegedly caused by a robotic vacuum cleaner” https://bit.ly/3UpYoB4 Some lessons learned over the years of research at the IoT Insurance Observatory, when an insurer look at the business case for scaling any IoT program must: - methodically quantify the additional costs per policy at scale - “Consider the full spectrum of potential IoT applications […] leveraging a series of use cases creates mutual reinforcement and boosts IoT’s impact on your business 👉🏻 https://bit.ly/3GwGy8B In the past weeks great insights have been shared about Ting-based (great job by my friends at Whisker Labs 🫡) both with: - State Farm 👉🏻 https://lnkd.in/dqyxMNUf - Nationwide 👉🏻 https://lnkd.in/dkVG68By This device constantly monitoring the health status of the home electrical system not only can prevent a large part of the electrical generated claims …but also have the fingerprint of the reason for the electrical issue. This gives insights to the insurer about the right to pursue a third-party liable for the electrical fire eventually happened #iotinsobs #insurtech

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"My client does NOT have a Pollution exposure" The number one request we get as Environmental Impairment Liability Underwriters is for real life claims examples that brokers can share with their clients. Thankfully Duane Pretorius and the team at Sedgwick have kindly shared their recent incident response experience with the environmental remediation of a spillage that impacted a national park. Case studies such as this provide an excellent insight into the complexities of managing an environment incident and why Environmental Impairment Liability provides access to the specialist resources your client will require. #pollution #contamination #environmentalinsurance #environmentalimpairmentliability #environmentalawareness #companydirector #environmentalregulations #company #insurancebroker #insurancecoverage #insuranceclaim #riskmanagement #riskmanagementframework #myclientdoesnothaveapollutionexposure #remediation #emergencyresponse #incidentmanagement https://lnkd.in/g3uYKR-k Liberty Specialty Markets (Asia Pacific) Liberty Specialty Markets Liberty Mutual Global Risk Solutions

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I was honored to have been asked to contribute to the American Council of Engineering Companies (ACEC)'s latest issue of Engineering, Inc. Magazine for its article on ACEC's 2023 Professional Liability Insurance Survey. The PLI Survey is just one of the many ways that ACEC advances the engineering industry by providing firms with valuable resources and information to make better #RiskManagement decisions and protect their bottom lines. #Greyling #EPICBrokers #LetsBeEPICTogether #Insurance #AECIndustry #ACECBusinessInsuranceTrust

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On April 19, 2024, the EPA announced the formal designation of two PFAS chemicals (PFOA and PFOS) as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). These regulations are expected to trigger requirements for environmental investigations at sites where these two chemicals are known or suspected to have been used and to clean up any that are detected. This could include formerly contaminated sites that were remediated and contaminated sites that are currently undergoing cleanup. Learn more in this article authored by my colleague @Matthew Kern https://lnkd.in/etpmfmXZ

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Quite a big one for Chubb! Would be interesting to see how much of this Chubb can recover against Grace Ocean and how the latter would prepare its defence to deny or at least limit its liability. Grace Ocean so far has proposed limiting its liability to $44mn if found liable. But is this amount sufficient given the damages and losses caused already running into billions of dollars. This incident highlights the importance of insurance and risk sharing. Big insurance contracts like the one underwritten by Chubb in this instance is most likely syndicated so the losses would be shared with other Syndicates and hopefully exposures are managed and underwriting profits not greatly affected. #MarineInsurance #BaltimoreBridge

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In 2024, there are notable worries about a potential decline in the industry, but there is also hope that artificial intelligence (AI) can address numerous challenges faced by the industry. Despite these concerns, the industry remains committed to innovation. In this trends update, we'll explore six trends in the Construction industry. Read now: https://lnkd.in/dSfmRrmF #Insurance #Construction #Trends

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In 2024, there are notable worries about a potential decline in the industry, but there is also hope that artificial intelligence (AI) can address numerous challenges faced by the industry. Despite these concerns, the industry remains committed to innovation. In this trends update, we'll explore six trends in the Construction industry. Read now: https://lnkd.in/dSfmRrmF #Insurance #Construction #Trends

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Unlock the potential and benefits of a member-owned group captive! With more than 25 years of knowledge and experience within the alternative insurance marketplace, we will guide you through the journey of a unique program that offers the lowest costs by way of ownership and control! Join us Wednesday, June 26th from 12 PM - 1 PM w/ 30 minutes of Q&A afterwards to learn how you too can take control and stabilize your future insurance costs while reaping numerous benefits including the potential to earn back up to 60% of your premiums plus investment income (underwriting profits), enhanced risk control and claims management, comradery amongst best in class industry and business peers who think about safety and care about safety the same way you do, and more. There's no wonder why our clients have said it's one of the best business decisions they've ever made as a company. It could be one of yours too! CPAs, Financial Advisors, Attorneys and more are all welcome to join too and learn how you can bring value to your client's business. RSVP at the link below! #CaptivatedbyLCA #captiveinsurance #contractor #construction #manufacturing #wholesale #distributor #trucking #towing #readymixconcrete #mining #dumptruck #hospitality #franchise #farm #agribusiness #agriculture #retail https://lnkd.in/ezScJDqk

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Great read for contractors preforming work in NY. Concerns surrounding the uptick of fraudulent claims have reached the state legislature. Hopefully, the outcome will lead to a meaningful and much needed reform that will deter fraudulent activity and promote a fair and sustainable construction industry in New York.  🤞 #construction #constructionindustry #developers #commercialrealestate #hospitality

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PFAS claims are complex to say the least. Here's an example of how our claims experts helped a client recover over $20m in defence costs and indemnity costs. Have you spoken to your risk advisor recently to build your searchable insurance archive? If no, what's stopping you? Kimberly Mann Corinne Dougherty Charles Moran

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Thanks for sharing this Richard E. Thonnings, PE, ARM A fire at a ~70,000-sqft “warehouse style” 250-MWh #BESS battery energy storage facility south east of San Diego in Otay Mesa which was built in 2020 and uses LG Chem cells. This is built from 5x prefab buildings which are adjoined as one. Not known if / how these communicate internally or whether they are broken into separate fire compartments using passive FR construction. From photos is looks like steel construction with spray on coating to the ceiling - likely to fire protect the steel. News reports cite #sprinklers being present and the brigade were also using separate hose streams to control the blaze. Reports cite high levels of H2 gas and other concerns about toxic gases being released meaning cordoning off the area a locking down a nearby jail. There are some old photos of the battery hall which appear to show ceiling sprinklers (wet or dual/single pre-action CMDA type…?) - it’s not clear if there is also water spray deluge heads within the racks themselves. Photos don’t seem to indicate any sort of internal zoning using bunds to control water runoff / drainage. With the fire event going on for more that 24 hours there is the high potential for direct fire / smoke damage as well as water damage and contaminated water runoff. At least this site benefits from being within an area with sizeable and reticulated public water mains to enable fire fighting. #batteryenergystorage #energystorage #lithiumion #batteryfire #reinsurance #riskengineering #underwriting #energyinsurance #propertyinsurance #fireprotection #firesafety #fireprevention #insurance #netzero

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I want to take a moment to highlight the significance of choosing a reputable and reliable insurer when it comes to protecting your assets and investments. Recent events, such as the collapse of the Baltimore bridge, serve as a reminder of the importance of having an insurance contract with a company you can trust. I am happy to see that we as Chubb, as insurer of the collapsed bridge, are swiftly stepping up and demonstrating our commitment to our policyholders. We are wasting no time in processing the claim payment, ensuring that the full coverage amount is being paid quickly rather than delaying the process. This exemplifies Chubb's unwavering dedication to fair and prompt claims handling, irrespective of the magnitude of the loss. We firmly believe in standing behind the promises we make to our valued policyholders, ensuring that they receive the support they need when it matters most. Choosing an insurer that puts your interests first and delivers on their commitments is crucial. Trust in Chubb for insurance coverage, knowing that your assets are protected by a company that prioritizes fairness, reliability, and exceptional customer service. If you have any questions or would like more information about our insurance offerings, please do not hesitate to reach out.  #Chubb #claims #service #insurance

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Important discussion. "Chubb's Evan Greenberg and Aon's Eric Andersen discussed climate change, noting the urgency in California, a state that grapples with extreme heat, wildfires and floods. They underscored the pivotal role of climate change in shaping insurance markets. They emphasised the imperative integration of environmental, social and governance considerations into decision-making processes. Further, Mr Greenberg said that actions are ultimately what drive insurance rates. He said the cost of climate change is leading to much more volatility, adding: “I think certain jurisdictions are not adopting policies that are sustainable. This is not a short-term thing that will go away.” #insurance #reinsurance #climatechange #climaterisk #adaptation #mitigation https://lnkd.in/e4fXJJvg

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Nuclear verdicts—jury awards over $10M—are increasingly impacting property brokers in the US. These massive awards can result from severe accidents involving carriers hired by brokers that tragically result in bodily injury or death. Key Impacts: • 📈 Rising Insurance Costs • 🛠️ Stricter Vetting Processes • ⚖️ Increased Settlements • 📉 Market Consolidation Preventative Measures: • ✅ Enhanced carrier vetting and safety compliance • 📄 Strong contractual protections and sufficient carrier insurance • 🔧 Robust risk management and operational audits • 📊 Tech integration for real-time tracking and compliance Despite the increased risk environment, many brokers/3PLs still do not carry Contingent Auto Liability Insurance. Speak to your insurance broker about securing a quote. Proactive measures are crucial to navigating these challenges and ensuring the protection of your organization. #NuclearVerdicts #RiskManagement #Logistics #3PL

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This coming Tuesday, May 14, 2024, beginning at 12:30 pm, the Massachusetts Insurance and Reinsurance Bar Association (“MIReBA”) will be holding its 13th Annual Arbitrator Roundtable. The Roundtable is being hosted in person by the law firm Mintz, One Financial Center, Boston, Massachusetts. The Roundtable will also be presented live by Zoom as well. I have the distinct honor of being the Moderator of this year’s Arbitrator Roundtable. The MIReBA Arbitrator Roundtable discussion this year is entitled: “Threading the Arbitration Needle: The Use of Governing Law v. The Discretion of the Panel in Reinsurance Arbitrations.” The panel members for this lively roundtable discussion will be arbitrators Cindy Koehler, Cindy Koehler Consulting, and Diane Nergaard, Eriksen LLC. The Roundtable panelists will be leading a discussion about the what it means for an arbitration panel to interpret a reinsurance contract as an “honorable engagement,” where the panel is not obligated to follow the strict rules of law or evidence, and instead, can apply the custom and practice of the insurance and reinsurance industry in coming to a resolution of the matter. If the panel is not obligated to follow the rules of law or evidence, are there any “best practices” that should be followed to ensure a just result? Does an arbitration panel have any “moral obligation” to make a decision based on the law? Can an arbitration award be challenged if it “manifestly disregards to the law?” Should it be? Kindly RSVP whether you will be able to attend in person or by Zoom by day’s end on May 13, 2024 by emailing KCLeonard@mintz.com. Thanks very much!

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Construction Safety Week and the National Stand-Down to Prevent Falls in Construction kicked off today. Falls from elevation remain a leading cause of serious injury and fatality in the construction industry. Liberty Mutual, in collaboration with OSHA, CPWR, NORA, NIOSH, ASSP, NSC, and other national organizations, is helping to raise fall-hazard awareness and encouraging companies to participate by holding fall protection-related stand-downs. For more information, visit National Safety Stand-Down to Prevent Falls in Construction | Occupational Safety and Health Administration. https://lnkd.in/e3uGd7EFk

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