The term “equilibrium” is increasingly being used within insurance circles to describe certain sectors moving toward a state of balance in terms of rates versus supply, terms and conditions. It suggests a growing opinion among industry leaders that Property and Casualty (P&C) is largely in a healthy place. This is true even after a decade-long period characterized by costly CAT incidents from hurricanes, wind, wildfires and more.
KEY TAKEAWAYS:
- The E&S market continues to be robust, and growth remains steady with carriers continuing to enter the market.
- The Property sector is experiencing a period of relative equilibrium.
- The long-tail nature of the Liability market is leading to greater scrutiny of pricing, terms and conditions as equilibrium has not yet been achieved.
- Rates are generally accurate, and capacity is widely available for most lines of business.
- Third-party litigation funding remains a significant challenge to profitability and stability, creating added uncertainty for the marketplace.
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We all know what impacts the Property sector—and market adjustments have largely been made to deal with such uncertainty. It is worthwhile to remember the Atlantic storm season recently started in June with Tropical Storm Alberto followed shortly thereafter by Beryl, which according to Axios, was “the most intense hurricane to form in the Atlantic so early in the year, validating meteorologists’ worst fears.”
Beryl devastated parts of Grenada and Jamaica while shattering records for rapid intensification and overall strength this early in the storm season, validating numerous forecasting organizations that predicted an active hurricane season. It brought winds, heavy rains and flooding to Texas and continued to dump rainfall of 4 inches or more as far north as Michigan.
The National Oceanic and Atmospheric Administration estimated 17 to 25 named storms will form through the end of this year in the U.S., up to 13 of which could become hurricanes.
While we cannot control the weather, the industry has made a number of necessary adjustments in recent years to better address the perils of wind and flood through:
- More diligent underwriting
- Increased accuracy of insurance to value
- Improved predictive modeling
- Greater reliance on both first- and third-party data/analytics
- Spread of risk or portfolio management
These steps have helped to stabilize the Property marketplace. However, as history suggests, this stabilization may not hold if the wind blows harder and seas rise faster than usual in the coming months.
So, for a portion of this report, we will turn our attention away from Property.
Caution and Liability
For these and other reasons, there is more of a focus on the Liability sector as we head into the second half of the year. Here at Burns & Wilcox we are optimistic about the long-term stability of Liability outside of certain challenging areas like auto, liquor and habitational. As we know, Casualty, by definition, changes more slowly. Therefore, we expect Casualty loss cost inflation in the coming years to stabilize as rates become better aligned with the increasing frequency and severity of losses.
While we see the possibility of continued headwinds with Liability, its long-tailed nature makes it somewhat inevitable as we do not know total claim costs until years later. Actuaries generate predictions for the future based on historical results, which, as reported earlier, are somewhat tamped due to the pandemic lull. Additionally, other trends we will discuss within this report, coupled with the “False Positive” results from COVID-19 years, give us reason for caution within the Casualty lines of business.
Another example of this cautious feeling is that Property reinsurance rates have largely moderated during the recent period of mid-year renewals, yet reinsurers remain concerned about Liability exposures, according to a July 1 article in Business Insurance. The article stated that more than $11 billion of new issuance has been brought to market so far in 2024, which is on pace to easily break the record for new issuance of $15.4 million set last year.
Beware of layer trapping
Excess insurers are increasingly issuing quotes conditioned on seeing the quotes on higher layers, to avoid a phenomenon known as “layer trapping.” This occurs when the premium amount per million for lower limits in the tower is less than that of higher excess layers. It can take multiple carriers to build the required limits needed in this scenario. Layer trapping can be a dangerous precedent, and brokers and agents should try to avoid this practice if possible.
Calming impact of non-admitted options
Part of the reason many industry experts suggest equilibrium might be realized is the continued growth of the Excess and Surplus (E&S) sector. With non-admitted options, carriers can adjust terms and rates more easily and in a timely manner. The often-used phrase associated with this sector is “freedom of rate and form.” The practicality of freedom of rate and form remains today as evidenced by the significant premium growth insurers are reporting within the E&S space. The additional latitude afforded carriers in the E&S market is creating a safe haven for capital to address the growing trends of social inflation, sympathetic juries, a well-coordinated plaintiff’s bar and heavy investment of private equity fueling litigation.
That is why non-admitted markets remain robust even if growth may be slowing, as shown by the fact that the E&S market experienced a 14.5 percent increase in direct premiums written in 2023, according to a recent report from S&P Global, which represents lower growth compared to 2022. The report added that Excess market premiums now account for 9.2 percent of the total U.S. insurance market, compared to 5.2 percent in 2018. Our team at Burns & Wilcox has the collective knowledge and resources in the E&S market to place hard-to-get coverage in any number of sectors.
In many ways, the pandemic created both false positives and false negatives for the Excess market. One lingering concern is that exposure is largely unquantifiable. This will be something to follow in the coming years.
Third-party rating agencies support added market security
We have not spoken enough about the importance of third-party rating agencies. They provide industry guardrails by establishing consistent measurement criteria supporting the need for the appropriate spread of risks, transparent balance sheets, policyholder surplus investment standards and reinsurance structures to name a few. Our executive team at Burns & Wilcox relies heavily on such agencies as A.M. Best, Standard & Poor’s, Moody’s and Fitch Ratings for their expertise, longevity, and objectivity.
These agencies are playing an increasingly important role with the continued development of MGAs, MGUs, program administrators, cover holders and other non-traditional providers of insurance that ultimately rely upon both traditional and hybrid or fronting carriers for risk transfer.
Clients can rest easy knowing that at Burns & Wilcox we take our obligations very seriously whenever a policy is written. Our team of experts relies heavily on various third parties to establish our best-in-class standards. These third parties and our proprietary data and analytics provide us with increasingly reliable information that helps to guide our performance and credibility for our broker and agent partners.
The ongoing dangers posed by third-party litigation funding
The insurance industry has been battered in recent years by skyrocketing jury awards for personal injury cases, class action lawsuits, and a variety of other legal activities. Now third-party litigation funding is the latest threat posed by a significantly sophisticated plaintiffs’ bar and a well-organized litigation finance industry. Combined with investors who have seemingly unlimited assets like venture capital and hedge funds, these litigators are looking to greatly profit from this system.
Yet, as we all know, the upfront money used to invest in insurance claims of individuals does not come for free. Instead, businesses, consumers, and our industry at large suffer as coverage dwindles, becomes unaffordable, or is completely unavailable. To engage in business that in a very real and practical way undermines the obligation and positive impact that insurance has on the lives of consumers and businesses is irresponsible and counter to the industry’s fundamental purpose and commitment.
Part of the challenge with litigation funding is that juries and courts tend to punish corporations, something often seen with nuclear verdicts. Additionally, the plaintiffs’ bar is growing more tactical and organized – not just with third-party litigation situations, but in general. Regardless, the threat of third-party litigation will be closely monitored by Burns & Wilcox and all industry stakeholders as trends evolve.
RATE
After numerous years of increases, rates continue to remain stable and competitively priced for insureds with clean histories operating in industries considered to be at worst moderately risky. There is an expectation that many of these policies in both P&C have the potential for profitability, so increases this year generally will not rise above high single digits.
The same cannot be said for clients operating in higher-risk sectors like restaurants or bars that serve alcohol, businesses or governmental divisions that deal with guns and other weapons, and many wind policies and habitational accounts. There, double-digit rate increases are likely.
Yet as we say often in the insurance industry, every account has its own characteristics that make it unique, so it would be unfair to broad-brush these trends. Rate increases for most policies are moderate, but geographic location, client and claim history, the industry of operation and other factors will cause rates to be customized according to market conditions. We encourage brokers and agents to collaborate with their Burns & Wilcox professionals to find the best solutions possible given the available opportunities.
CAPACITY
Generally speaking, capacity remains plentiful, absent challenging classes and high-risk profiles. Capacity could even be characertized as increasing in certain areas, giving the broader market hope for competitive rates given supply and demand principles.
Clients operating in tough classes should have the ability to get the insurance they need, albeit at higher prices.
As with rates, capacity specifics vary for every client, but there is currently no shortage of carrier options for just about any type of policy. We expect that to be true for at least the next few quarters.
Burns & Wilcox recently secured additional wind capacity in places like Texas, Louisiana, Florida and the Mid-Atlantic states throughout New England that will meet the increasing needs of many insureds for that type of coverage.
TERMS & CONDITIONS
One of the themes of this Q3 Report is that levels of equilibrium are being reached throughout the Property and Casualty sector. That is also true for Terms and Conditions (T&C), especially for those insureds with a clean loss history.
Most clients have access to renewal policies with language that has already been adjusted in recent cycles to a level that most carriers are now comfortable with. The E&S market offers freedom of rate and form, giving them the ability to quickly adapt to market conditions, thereby meeting client expectations. Yet brokers and agents should not assume that T&C will remain the same with all renewals.
We do not expect established carriers to relax their T&C in the near future, which should contribute to that sense of equilibrium, even if some tightening does occur. Examples of naïve capacity could challenge that notion, as less mature carriers trying to build a portfolio enter the market. Over time, we expect little to no high-level relaxing of T&C. Regardless, clients should consider policies from multiple carriers at renewal time, paying close attention to T&C, rather than automatically renewing with the same carrier.
Contributor: Paul G. Smith, Corporate Senior Vice President, H.W. Kaufman Group, New York, New York
Q3 FORECAST BY LOB
Our industry-leading subject matter experts provide valuable insights into the current insurance landscape on the Burns & Wilcox P&C Market Outlook: Q3 2024.
Click here to view the webinar.
In the below, our experts delve deeper into specific sectors within P&C, explore trends and share outlooks for this quarter and beyond.
PERSONAL INSURANCE (US)
Many Personal markets have reached a level of rate adequacy, which is resulting in typical rate increases of 5 to 10 percent in most parts of the U.S. The usual “hot spots” of higher risk remain as do areas where increases are likely to be flat.
Regardless of the geographic location of the insureds, the relevance of surplus lines in Personal insurance continues to grow. Freedom of rate and form allows the E&S market to be more aggressive even as admitted carriers continue to act conservatively.
For example, some surplus carriers are offering full replacement cost coverage, something that is highly unlikely in the admitted market.
We believe that some of the business that is being written by excess carriers now will eventually trickle back to the admitted markets, as trends always change, and adjustments are made. While a hard market persists in Personal insurance, a sense of latitude should remain for the time being with Excess carriers.
On the CAT side, while it has not been heavily publicized by the media, wildfires continue to be an issue in communities in and outside of California. Wildfires in Canada and the southwestern U.S. have been devastating in 2024, destroying around 1,400 structures as of mid-July in New Mexico alone. Higher than average temperatures are adding “fuel to the fire” to create an environment of wildfire risk. Florida, Texas and other states outside of the western U.S. are impacted as well.
Burns & Wilcox has partnered with Wildfire Defense Systems to provide professional consulting and risk intervention services
to support wildfire mitigation. These services can help limit the amount of devastation should a nearby wildfire occur.
For more information, click here to view a Personal Insurance video highlight.
Contributor: Anella Niewenhous, Associate Vice President, Regional Practice Group Leader, Personal Insurance, Burns & Wilcox, Morehead City, North Carolina
COMMERCIAL INSURANCE (US)
The early and significant impact of Hurricane Beryl remains on the minds of all Commercial lenders, especially since U.S. insured losses from Beryl are forecast to be between $2.5B to $4.5B, according to Moody’s. That longer-term impact of Beryl will partially depend on the rest of the storm season, which could serve as a predictor for the next few years of the Commercial Property market. Additional strong storms may make carriers think differently about rate moderation and capacity availability.
Regardless of storm impact, brokers and agents are encouraged to get creative on the Commercial side when writing business. There are a few reasons for this. First, we have experienced an increase in claims frequency in Commercial Liability. This in turn has made it necessary for further language restrictions on the Casualty side.
Second, the continual rise in third-party litigation funding means that plaintiffs are rarely discouraged from filing a claim anymore. In fact, there is little downside for many plaintiffs to move ahead with commercial litigation because they have nothing to lose. Funders have the money, time, and motivation to pursue action. This is an area that both reinsurers and carriers are closely watching.
It should be noted that admitted placements in the Commercial (and Personal) space can also take much longer to finalize.
Finally, Construction, Liquor, Security and Automotive Fleet related policies are among the more distressed markets in Commercial Insurance. Any large, layered package is becoming increasingly difficult to secure as well.
For more information, view video highlights about Commercial Insurance and Commercial Binding Contracts.
Contributors: Denis Brady, President, Burns & Wilcox Brokerage, San Francisco, California; Peter Kestenbaum, Managing Director, Burns & Wilcox, Boston, Massachusetts
PROFESSIONAL LIABILITY (US)
While capacity is available and rates are largely stable in the Management and Professional Liability markets, significant challenges and opportunities exist as we enter Q3. Highlights include:
Cyber:
- Cyber remains a dynamic marketplace with the ever-expanding suite of markets trying to remain ahead of the dynamic nature of the perils. Capacity remains abundant and pricing generally soft.
- Certain markets, such as Healthcare, Higher Education and Local Government, continue to see the brunt of the rise in cyberattacks, along with scrutiny on renewals, cyber prevention measures and pricing.
Management Liability:
- In the Management Liability sector, capacity continues to increase and price competition continues unabated. In the face of pricing pressure from long-tail losses, this is an unsustainable picture.
- Directors & Officers (D&O) rates continue to be soft with “clean” risks able to secure renewal terms at same/lower prices. Loss costs continue to increase at/above the rate of inflation providing longer-term upward pricing pressure.
- Sizeable settlements are coming through on prior-year policies. This, coupled with increased litigation costs, indicates a stabilization of rates in the future.
- There is a large stress on pricing in the Employment Practices Liability Insurance (EPLI) sector. Carriers will continue to limit exposure and minimize rate increases by elevating retention levels. The market will remain competitive with higher Primary and Excess limits available through Q3.
Healthcare:
- The diversity of businesses embedded in Healthcare makes this an area of ongoing change. Social inflation and nuclear verdicts continue to place upward pressure on pricing and the rapidly evolving suite of services/procedures being offered have carriers playing “catch-up.”
- Capacity and pricing in the Long-Term Care/Senior Living Facilities space remain tight with few established players. Some admitted markets have left the space and several smaller healthcare-focused MGAs have entered to provide extra capacity.
- Medispas remain a hot market and continue to see moderate price and coverage adjustments as new treatments enter the space, such as semaglutide for weight loss. Current lawsuits by drugmakers against medispas and pharmacies may have long-term impacts on availability and pricing of coverage for such treatments.
Errors & Omissions (E&O):
- Capacity for both Primary and Excess limits is readily available, and pricing generally remains stable with favorable loss trends across most classes.
- Increased carrier competition in the small-to-medium-sized business segments will lead to a softening of rate in the near term.
The Burns & Wilcox Professional Liability Practice Group will continue to offer collaboration and expertise for our clients who need tailored coverage and additional enhancements to win business in 2024.
Contributor: Andy Wood, Vice President, Professional Liability Practice Leader, Burns & Wilcox, Chicago, Illinois
ENVIRONMENTAL (US)
Climate change and natural disasters remain the top drivers of Environmental contaminations in 2024. Changing weather patterns – such as higher temperatures, drier conditions and stronger winds – in the western United States are fueling more wildfires, which spread pollutants. Conversely, more frequent and intense flooding in other parts of the country is causing a spike in mold and Legionella claims.
Additionally, we are seeing a steady increase in claims caused by perfluoroalkyl and polyfluoroalkyl substances (PFAS) – also known as the “forever chemicals.” The Environmental Protection Agency (EPA) has linked exposure to PFAS to adverse human health risks and has set legal drinking water limits for six of the most studied and toxic PFAS compounds, which are currently the center of this ongoing man-made environmental crisis. Because of this, many carriers are adding a PFAS exclusion to their policies.
Rates remain somewhat flat. However, in some classes, we are experiencing a 3 to 5% increase. Large rate increases and limits reductions are
often seen in Environmental Excess and Umbrella, especially in Excess Auto Liability. Capacity continues to be strong in the Environmental sector, which keeps rate increases in line.
Energy:
The oil and gas industry remains stable with these conditions expected for the remainder of 2024, consistent with the first half of the year. The price per barrel for crude oil is hovering around $80, which is profitable for operators, resulting in marginal production growth for the remainder of the year. The Permian Basin, which is the highest-producing oil field in the U.S., is leading the charge.
We are in a challenging market with strong competition for primary placements on preferred upstream Energy Liability. However, less desirable risks are becoming increasingly challenging to place. Examples include first layer Excess, which has tightened considerably, but is more readily available for higher attachments, which will be heavily impacted by increased pricing from the underlying Auto exposure.
Contributors: Gina Jones, Vice President, Director, Environmental Programs, Burns & Wilcox, Denver, Colorado; Alex Krcmarik, Brokerage Manager, Energy and Environmental, Burns & Wilcox, Denver, Colorado
TRANSPORTATION (US)
High fuel prices, interest rates and ongoing inflation continue to rock the Transportation industry. Data from carrier verification firm CarrierOK showed 88,000 trucking companies closed their doors in 2023, alongside 8,000 freight brokerages – a trend not seen in the past 25 years.
Despite more trucking businesses shutting down in the first half of 2024, we have recently seen a slight uptick in new trucking venture startups, fleet sizes and equipment upgrades.
We are seeing some improvements with insurers, MGAs and providers creating a hyper-competitive Transportation marketplace.
Q3 Outlook:
- Pricing – increasing, forecasted to be in the double digits. Carrier results trends are leading to prudent underwriting of distressed risks. Additionally, rising equipment costs and higher third-party claims are driving higher liability limits and overall insurance costs.
- Coverage availability – stable. New entrants still have capacity, Insurtech is gaining momentum and there have been several programs formed to compete on certain classes of business.
- Underwriting scrutiny – will remain challenging, especially as long-term auto carriers navigate ways to improve profitability.
Q3 Opportunities:
- Cyber – Transportation risks are now the third-most vulnerable sector for cyberattacks. It is more important than ever for brokers and agents to ensure their clients have comprehensive coverage.
- Nonstandard auto market – this sector continues to grow, and traditional insurance is not always the ideal solution as brokers and agents search for innovative approaches for their clients.
Contributors: William Mills, Director, Transportation, Burns & Wilcox, Salt Lake City, Utah; Gene’ Cain, Broker, Transportation, Burns & Wilcox Brokerage, Atlanta, Georgia
PERSONAL INSURANCE (CANADA)
Although interest rates have stabilized, challenges endure when placing risks for properties with multiple mortgages or those financed by private lenders. Many insurers are still refraining from accepting new business, choosing not to renew policies, or even canceling them mid-term when an insured acquires an additional lender.
Despite interest rates being at an all-time high, insurers have not increased their capacity for handling multiple mortgages. Consequently, more people are struggling to maintain their payments. This issue is particularly acute as numerous mortgage renewals are now due, with interest rates significantly higher than they were 3 to 4 years ago.
It is important to discuss the potential implications of holding multiple mortgages and how this could affect the insured’s rates or standing with their current carrier.
When underwriting multiple mortgages consider:
- What is the loan amount of each location?
- What is the market value of the risk?
- Are private lenders registered or unregistered?
- Will Standard Mortgage Clauses apply to multiple lenders?
- Are the insured’s finances stable to afford the mortgages plus their everyday expenses?
Contributor: Alison Sanelli, Underwriter, Personal Insurance, Burns & Wilcox, Toronto, Ontario
PROPERTY & CASUALTY (CANADA)
General Liability:
- The standard market is aggressive on new business, slashing rates and premiums by half or more. It is a continued soft market.
- There are excellent opportunities within Realty and Hospitality, as these are highly sought-after classes of business. Harder-to-place risks include Contractors, Manufacturers with U.S. exposures and New Ventures.
- Open communication and strong relationships with brokers remain vital to maintain and build new business.
Construction:
- With the slight reduction in interest rates, we have seen an increase in newly purchased properties for renovation and new construction.
- We are seeing increases on all lines in construction – commercial unit renovations, new builds, and home renovations.
While premium is still a factor, we are seeing success based on our strong product offerings and high level of service.
Contributors: Patricia Sheridan, Director, Ontario Commercial Insurance, Burns & Wilcox, Toronto, Ontario; Steven Hrab, Director, Construction, Burns & Wilcox, Toronto, Ontario
PROFESSIONAL LIABILITY (CANADA)
- Renewals are being quoted on a flat-rate basis or seeing decreases in some instances. In the instances of rate increases, we continue to be fully transparent with our broking partners to advise why the increases are needed.
- The Health and Wellness sector continues to be a challenge as new and existing entrants are cutting new business premiums, in many instances significantly lower than standard minimums.
- Cyber exposures are increasing every day, yet Cyber Insurance is still not a frequent purchase. We encourage our clients to have more conversations with us around the importance of Cyber coverage to fully protect insureds.
- Strong relationships are more important than ever in 2024 to get coverage bound. We take the time to educate broking partners about how we can assist with risks of all sizes – from simple to high hazards.
Contributor: Danion Beckford, Senior Underwriter, Professional Liability, Burns & Wilcox, Toronto, Ontario
ENVIRONMENTAL (CANADA)
- The Q2 Environmental space reflected the soft state of the greater Commercial insurance market. Premium and binding rates were adversely impacted, and renewal retention rates fell. However, there were few changes to the product line, which is traditionally less responsive to market fluctuations.
- New business was somewhat impacted by the market climate in Q2, in that target rates fell while competition heated up. However, in many cases, clients were mandated – by regulation or contract – to acquire the product.
- The trend of clients opting out of Environmental Insurance continues. Underwriters should emphasize the value of the product, irrespective of contractual obligations and/or price considerations.
- There was noted Mergers and Acquisitions (M&A) activity on the client side, with many small and midsize enterprises, particularly contractors, being consolidated or acquired by larger groups.
- Rates are expected to remain low and stable.
Contributor: Karim Jaroudi, Manager, Environmental, Burns & Wilcox, Toronto, Ontario
TRANSPORTATION (CANADA)
- The trucking industry’s challenges persist as consumer spending declines and debt service levels rise. Additionally, many trucking companies are leaving the space as a result of an oversaturated post-pandemic carrier market.
- The Canadian Trucking insurance market remains soft, with a tremendous of amount of domestic capacity available, which puts more downward pressure on rates.
Burns & Wilcox will continue to assist brokers and their clients during this challenging time with creative solutions such as our Loadsure online cargo portal and our new APD
(Automobile Physical Damage) Facility.
FORWARD FORECAST (LONDON MARKET)
We did not experience a significant change in the London marketplace during Q2, and market conditions are stable.
As we progress into hurricane season, we anticipate the expected above-average level of storm activity will allow the marketplace to maintain price adequacy, and we will not see any significant softening.
We continue to see opportunities for profitable growth in the E&S sector, particularly in Personal Lines, and new business growth is strong, including business flowing from the admitted marketplace. Prudent underwriting and risk selection are still a key focus. Our Lloyd’s syndicate partners are seeking cautious, profitable growth at adequate pricing.
Following two years of rate increases, the June 1 reinsurance renewal season saw rate reductions of approximately 5% with an average range of 2.5% to 7.5% reductions being reported. This was quite a
change from the challenging renewals of prior years, driven by additional capacity being available, including increased insurance-linked securities (ILS) activity and subsequently increased appetite of reinsurers.
The aforementioned above-average expected hurricane and convective storm activity and the continued loss creep from prior-year storms will likely counteract any significant downward rate pressure or rate softening.
In summary, we fully expect Property rates to remain stable into Q3, albeit with some flattening off in certain regional areas.
Contributor: Laura Bates, Corporate Senior Vice President, H.W, Kaufman Group and London Market Practice Leader, Burns & Wilcox, Detroit/Farmington HIlls, Michigan
CONCLUSION
We are always searching for a level of equilibrium in the P&C market, and despite the various challenges that exist, the midyear point of 2024 appears to be a healthy time for the industry. Market adjustments and the proliferation of technology and data are supporting all areas, providing more certainty to Property in particular.
Liability is also stable; however, as we know, we often cannot judge the effects of industry trends for years, given the long-tail nature of claims. We are paying close attention to existential threats such as third-party litigation funding and nuclear verdicts. Additionally, we are tracking the ongoing evolution of the excess market and are constantly aware of the sensitivity of rate and capacity trends.
The second half of 2024 will provide more context to market trends and will serve as a precursor of what to expect in 2025. Commercial binding contracts continue to strengthen. Property rates will likely increase but those increases should decelerate, with the impact of casualty yet to be determined as some level of rate adequacy may have been reached.
As we know, market conditions can change quickly based on many external factors, whether those be losses from CAT events, sudden turns in economic forecasts or the volatile nature of the geopolitical environment. Rest assured, Burns & Wilcox through its global footprint, with teams around the world, is prepared to immediately adapt to these changes to address your specialty P&C needs.
Contributor: Paul G. Smith, Corporate Senior Vice President, H.W. Kaufman Group, New York, New York
Disclaimer: The above information has been prepared solely for the purpose of sharing general information regarding insurance and business practice management issues. These are just our opinions and are not intended to constitute legal advice or a determination on issues of coverage.
