Market Changes Post Hurricane Sandy
Having just read the article Market Changes Post Hurricane Sandy on the Business Insurance website, it caused me to wonder if this is good news or bad news for the businesses that have operations in the NY, NJ and CT. I surmised that it is neither … consumers really have to be more diligent in the effort to understand cost and coverage.
We already know the standard insurance carriers are increasing premiums and reducing coverage so this should put you on the alert already. But what about the surplus lines carriers … well it does help mitigate the increase premium the insurance industry is after to some extent but remember surplus line carriers are notorious for having exclusions that effect your business and may not make the appearance of savings worthwhile.
It is always good to have a better understanding of your insurance program … Super Storm Sandy reminded all businesses they need to be prepared.
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