Election Day in the U.S.: Business Preparedness and Insurance Considerations

As Election Day unfolds, businesses across the U.S. may face uncertainties due to the political climate. The Council on Foreign Relations (CFR) notes that election results could lead to heightened community unrest, especially if the outcome is not immediately clear. During times like these, Skyscraper Insurance stands ready to help businesses navigate potential risks, offering insurance guidance that adapts to both the regulatory landscape and the unique concerns of each business.

Potential Risks and Insurance Coverage:
Given recent events, some businesses are evaluating their policies to ensure coverage for unexpected risks. At Skyscraper Insurance, our clients benefit from our experience in addressing varied claims, particularly in commercial property and liability coverage that includes scenarios such as riots, vandalism, and civil commotion. Many commercial property policies include protection for physical damages and even business interruption losses when caused by covered events, helping businesses to maintain operations even in uncertain times.

Preparing for Workplace Dynamics:
Election results can sometimes lead to heightened emotions within the workplace. Skyscraper Insurance emphasizes the importance of clear policies and insurance solutions like Employment Practices Liability Insurance (EPLI), which can cover specific claims related to workplace disputes, ensuring that businesses are prepared to handle any challenges professionally and equitably.

Skyscraper’s Comprehensive Approach:
As always, our mission is to be proactive and prepared. We’re committed to guiding our clients through risk assessments and policy evaluations to ensure they have the right coverage in place for any eventuality. In an unpredictable world, Skyscraper Insurance provides stability, security, and the expertise to help our clients feel covered in every season.

If you have questions about your current coverage or would like to explore new options to fit today’s changing world, reach out to our team today. At Skyscraper Insurance, We Share Your Vision for a Better Tomorrow.

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Commercial Auto

Around the P&C Insurance Industry: November 20, 2024

Porsche Auto Insurance:Launched an unlimited insurance product for high-mileage Porsche owners driving over 10,000 miles annually. This complements their pay-per-mile policies, allowing owners to choose fixed premiums or mileage-based options. Multiple vehicles on a single policy can also have mixed coverage. Safeco Insurance:Entered a book transfer agreement with Main Street America Insurance, enhancing its personal lines presence in 22 states. Main Street America is shifting focus to commercial lines, including commercial products and bonds. Resilient Cities Network & Tokio Marine Group:Partnered to bolster urban resilience projects. The collaboration supports the Resilience Finance Taskforce, helping cities globally scale investment strategies for resilience and climate adaptation. Skyward Specialty Insurance Group:Introduced life sciences liability coverage tailored for the life sciences industry, addressing risks such as medical liability, errors and omissions, and general liability. This strategic move supports the complex insurance needs of healthcare innovators. AAIS Partner Program:Welcomed Sproutr, offering AAIS members access to tools and services that streamline operations and foster growth in insurance processes. Duck Creek Technologies:Opened its second Center of Excellence in Warsaw, Poland, enhancing global customer service capabilities, particularly in Europe, the Middle East, Africa, and the Asia-Pacific regions. Liberty Mutual & Coursera:Launched an entry-level course, Insurance Sales Agent, to train learners in risk management, sales, and ethical practices, equipping them for careers in insurance sales. World Insurance Associates:Acquired United Counties Insurance Group of Old Bridge, NJ, expanding its regional operations. Previsico:Unveiled Instacasting, a flood mitigation solution using rainfall data for real-time surface water flood predictions, enabling faster and more precise response strategies.

COVID-19

Live Event Insurance: Navigating New Risks in a Post-Pandemic World

The surge in live events after COVID-19 has brought a new wave of challenges for venues. Whether hosting concerts, sports games, or festivals, ensuring adequate insurance coverage has become critical for managing increasing risks. Venue owners and operators must reevaluate their general liability and other insurance policies to safeguard against potential liabilities. The Risks Facing Entertainment Venues Imagine hosting a packed concert where pyrotechnics go awry or a brawl breaks out. These incidents can lead to lawsuits, legal fees, and insurance claims that could devastate your business if not adequately prepared. Proper coverage and legal risk management are the backbone of every successful venue. Tools for Managing Liability: Exculpatory Language To mitigate risks, venues often employ exculpatory language, such as disclaimers on tickets or websites. In New York, for example, these clauses can limit a venue’s liability for certain incidents, excluding cases of gross negligence. However, courts mandate that such language must be clear, bold, and conspicuous to be enforceable. Online ticket purchases further enhance risk management through clickwrap agreements. These agreements require customers to actively confirm their understanding of terms, adding another layer of legal protection. Understanding Assumption of Risk For recreational activities like concerts or sporting events, the doctrine of primary assumption of risk is another legal shield. It protects venues when attendees willingly accept inherent risks of the activity, such as injuries from a mosh pit. However, it does not cover negligence in venue maintenance or security lapses. Maximizing Insurance Coverage Given the complexities of live event liability, venue owners must ensure their insurance policies address all potential scenarios. Key steps include: Compliance and Risk Mitigation Under New York Insurance Law § 3420(d)(2), insurers are required to respond promptly to liability claims. Delays can result in waived defenses, placing greater responsibility on the insurer. Staying compliant with such laws is essential for efficient risk management. Preparing for the Unexpected The post-pandemic resurgence of live events highlights the importance of a robust risk management strategy. Regularly updating exculpatory language, reviewing contracts, and optimizing insurance coverage ensures venues are well-prepared to handle unforeseen challenges. At Skyscraper Insurance, we specialize in tailoring comprehensive insurance solutions for entertainment venues. From general liability to vendor contracts, our team can help you set the stage for success while managing risks effectively. Contact us today to learn more about protecting your venue and your business.

Election Day in the U.S.: Business Preparedness and Insurance Considerations