INSURANCE MARKET SOURCE | SPRING 2025
QUARTERLY INSIGHTS FOR BROKERS AND AGENTS
NEWS YOU CAN USE
E&S Solutions for Residential Property Risks
The recent wildfires and extreme weather trends are reshaping the Residential Property risk landscape, making it challenging to secure coverage.
In a webinar hosted by Larry Paulaski, Regional Vice President, Southwest, Burns & Wilcox, Scottsdale, AZ, our panel of experts unpacked key trends in Residential Property Insurance, including how to navigate high-risk areas, where E&S solutions fill critical gaps, and emerging opportunities for brokers and agents.
“We have so much capability in this space, but we can fight harder, more intelligently and faster if we know exactly the needs of the client.”
— Berri Willis, Vice President, Managing Director, Burns & Wilcox, Morehead City, NC
“Convective storms are driving significant changes in the insurance market... over $60 billion were lost last year due to convective storms, which is anything from lightning to hail to heavy rain and strong winds."
— Kate Wright, Associate Vice President, Senior Regional Practice Group Leader, Personal Insurance, Burns & Wilcox, Indianapolis, IN
“[In California] we are in the infancy of transitioning from admitted to more of a non-admitted E&S state.”
— Ian Hanson, Associate Vice President, Underwriting Director, Personal Insurance, Burns & Wilcox, San Francisco, CA
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Balcony Collapse
Underscores Importance of Risk Mitigation
Heavy rains are the suspected culprit of a third-floor balcony collapse at a residential building involving four individuals and a dog.
“Very seldomly do I see [balcony collapses] being a covered cause of loss from a property perspective. Oftentimes, the maintenance to the deck has not been taken care of or there is a faulty workmanship installation.”
— Barry Whitton, Managing Director, Broker, Property, Burns & Wilcox Brokerage, Atlanta, Georgia
Healthcare Liability Insurance
Lawsuit Alleges Assisted Living
Facility Covered Up Neglect with False Records
An assisted living facility is facing a lawsuit from the estate of a resident over concerns about the quality of care she received before her tragic passing. READ MORE
“Unfortunately, this is not an uncommon story on multiple accounts. We are seeing claims regarding different issues across the board with elder care and residential facilities.”
— Lily Chetosky, Broker, Professional Liability, Burns & Wilcox, Chicago, Illinois
2 Cranes Fall from Building, Raising Insurance Concerns
A sidewalk shed on a bustling NYC street collapsed when two mini cranes fell from the construction zone above. This type of incident could lead to reputational damage as well as costly lawsuits, which can be covered by a developer's or contractor’s Commercial General
(CGL) Insurance.
“It could cause a company to go out of business if they do not have the proper [insurance] coverage or limits in place.”
— Fernando Batista, Manager, Transportation, Burns & Wilcox, Toronto, Ontario
Cargo Theft Hits Record High, Targeting Consumer Goods, Electronics and More
Cargo theft activity in the U.S. and Canada reached a record high in 2024, with incident frequency increasing 27% from 2023 to a total of 3,625 cargo thefts last year.
“Transportation companies should make sure they have adequate limits/ coverages for the cargo they are transporting."
— Gene’ Cain, Broker, Transportation, Burns & Wilcox Brokerage, Atlanta, Georgia
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HOSPITALITY INSURANCE
What should brokers and agents prioritize when working in this space?
Hospitality risks require a high degree of attention to detail. Beyond securing coverage, brokers should act as risk advisors, helping clients understand how their decisions—such as a new promotional campaign or a large event—can impact their insurance. In some cases, clients may need a separate special event policy for activities outside of their usual operations.
— Aaron Pfister Associate Managing Director, Underwriter, Burns & Wilcox, Scottsdale, Arizona
PERSONAL LIABILITY INSURANCE
If you own or rent a property, whether it is 1 acre or 100 acres, you have a Personal Liability exposure when guests are on your property. The more properties you own or rent, the greater the exposure. As the property owner, you are responsible for the safety of your guests and therefore responsible for any injuries or property damage that occurs.
What are some of the greatest Personal Liability exposures individuals face today? READ MORE
— Kate Wright Associate Vice President, Senior Regional Practice Group Leader,
Personal Insurance, Burns & Wilcox, Indianapolis, Indiana
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