A new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be purchased as “add-ons” were shown to be of use in the aftermath of Charley. For example, businesses could have purchased coverage for business interruption due to external power outages, something many businesses experienced as a result of Charley.While standard business coverage generally includes loss to the building, fixtures and permanently installed equipment, it may not include building foundations, land, pilings and docks. Commercial vehicle coverage is also separate.The Insurance Services Office (ISO) estimates that commercial claims will account for about 40% of the estimated insurance price tag for Hurricane Charley, which hit Florida and the Carolinas in mid-August.
A different type of auto fraud
Although preliminary reports suggest auto theft in Canada is decreasing in 2024, another issue of concern is emerging for auto insurers: a surge in fraudulent credit applications. Automotive application fraud is up 54% year-over-year in Canada, largely driven by falsified credit applications and the continued prevalence of identity theft, consumer credit reporting agency Equifax Canada […]
By Jason Contant | September 24, 2024
2 min read
