$18M School Closes Amid Claims of Construction and Design Defects
A Washington state school district sued a builder and architect over alleged defects that forced the closure of a new $18 million elementary school.
Problems reported included electrical shocks, water intrusion, and floorboard gaps that led to relocating more than 500 students.
—
Steve Bartell
Senior Broker, Casualty, Burns & Wilcox Brokerage Division, Chicago, IL
“All of the companies involved in a project should be carrying their own CGLInsurancepolicy, but there is no coverage for faulty workmanship. That is where these contractors should be purchasing Errors&OmissionsInsurance. ” READ MORE
Lawsuit Alleges Medspa
Used Unapproved GLP‑1 Weight Loss Drugs
Alabama’s attorney general recently filed a lawsuit against a medical spa alleging that it administered unapproved versions of GLP-1 weight loss drugs to patients without informing them that the formulations were not authorized by the FDA.
“Medical Malpractice Insurance is very important due to the ever-changing legislation around these services.”
— Lily Chetosky Broker, Professional Liability Burns & Wilcox, Chicago, IL
LA Wildfire Losses Changing How High-Value Homes Are Built, Bought, and Insured
Inspections, valuation updates, and reviews of limits, endorsements, and home upgrades can help prevent coverage gaps.
“We frequently find that replacementcostvalues are underestimated at the time of application. Once we do an inspection, we often determine the actual rebuild cost is quite a bit higher.”
— Sylvia Ornelas Associate Vice President, Director, Personal Insurance Burns & Wilcox, Woodland Hills, CA
Gas Station Sued After Customer Trips in 1-Inch Pothole
“Trip-and-falls on potholes or uneven surfaces are unfortunately a pretty common occurrence. They are usually a storefront’s biggest liability concern.”
—Six Hernandez Underwriter, Commercial Insurance Burns & Wilcox, Las Vegas, NV
READ MORE
FLOOD INSURANCE WEBINAR
Primary, Excess & Parametric Options
Hosted by Bill Gatewood, Executive Vice President, Personal Insurance, Burns & Wilcox, Detroit/Farmington Hills, MI, this on-demand webinar features experts from the Burns & Wilcox Flood Practice Group and Floodbase, the leading AI platform for monitoring and insuring Flood risk, as they examine Primary, Excess, and Parametric Flood Insurance options.
Burns & Wilcox offers an exclusive Parametric Flood solution in partnership with Atain Insurance Companies, an “A” rated carrier, and Floodbase. Learn more.
EXPERT INSIGHTS
“Brokers and agents are really looking for more comprehensive
Flood solutions. The private market offers more options and flexibility, with coverage that can be more customized to what clients actually need.”
— Brad Turner, Vice President, National Product Manager, Flood Burns & Wilcox, Morehead City, NC
“Flood modeling has come a long way—there is a lot more precision now. We are able to look at risk on a much more granular level, which helps brokers and clients better understand exposure and make more informed decisions about coverage.”
Jacob Martin, Underwriting Director, Flood, Burns & Wilcox, Charlotte, NC
“Parametric is really about speed and certainty what triggers the payout and how much you are going to get. It is not tied to actual loss adjustment, so it can respond quickly and help fill gaps where traditional coverage may fall short.”
Bessie
Schwarz, Co-Founder and CEO, Floodbase
VIEW RELATED RESOURCES
What is a risk small business owners frequently overlook?
Small business owners really need to understand where their materials are coming from. If you get your product from a single-source supplier, and that supplier has a loss, where are you going to get your product from?
A lot of the clients we talk to do not do the research to figure out if they have a single-source supplier or if there are two or three different facilities they can get their product from.
— Barry Whitton Managing Director, Broker,
Property Burns & Wilcox, Brokerage Division Atlanta, GA
World Cup Sparks Interest in Short-Term Rentals
Kansas City is considering an ordinance that would allow residents to register their homes as short-term rentals during major events such as the World Cup.
Short-term rentals may not be covered by standard Homeowners Insurance policies, potentially leading to coverage gaps and the need for Short-Term Rental policy endorsements.
“In the landscape we are in right now, claims are just paying out a lot higher. Having the extra liabilitycoverage in case a horrible accident happens on your property is really important.”
— Jenna Zalud Associate Managing Director, Underwriter, Personal Insurance Burns & Wilcox, Milwaukee, WI
READ MORE
$30 Million Fraud Allegations Against Former Lottery Execs
Federal regulators are claiming former Lottery.com Inc. executives misled investors by falsely inflating revenues.
Directors & Officers (D&O) Insurance can respond to these types of allegations, though coverage may depend on fraud exclusions and final nonappealable adjudication language in policies.
“If a company goes bankrupt, plaintiffs often look to directorsandofficers personally, especially when corporate indemnification is unavailable. D&O Insurance can be critical then.”
— David Andreas Senior Broker, Professional Liability, Burns & Wilcox, San Francisco, CA
1M Bottles of Costco Prosecco
Recalled Over Shattering Risk
Nearly 1 million bottles of Kirkland Signature prosecco were recently recalled due to bottles breaking or shattering, including one reported injury. The large-scale beverage recall follows other recent food and drink recalls involving metal contamination and allergen risks.
“A
Product Recall Insurance policy would typically help cover the expenses associated with removing the recalled product from stores, disposing of the recalled product, replacing the recalled product, and notifying the media.”
— Saad Ali Associate Broking Commercial Manager, Commercial Insurance Burns & Wilcox, Ottawa, ON
