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Most folks who buy insurance have heard the term “coinsurance”, but few understand it. Part of the reason is that the word is used in both property insurance and in health insurance, but it means different things in each.
Lost profits and revenues may also be covered under an event cancellation policy, including such things as lost advertising or broadcasting revenue, lost ticket sales, or amounts paid to reimburse individuals who had already purchased tickets.
One symptom of changing market conditions is the flow of insurance business into or out of the excess and surplus lines insurance segment. It’s worth spending a few words talking about what this segment actually is, and what it does.
Premium increases have averaged, over all lines and all regions, only mid single digits year over year since the market turned. So far there is no indication that this trend is showing any sign of accelerating; it seems to be holding to a slow and steady pattern with modest year over year rate increases.
This might at first look like an event that would have a major impact on the commercial property and casualty insurance market, but its worth taking a closer look and drilling down a little to see what’s really happening.