Rates firm, and so does Underwriting

As the market changes to higher rates the underwriting of a hardening market is also occurring. More carrriers are changing thier underwriting standards and this does not bode well for insureds. The economy is still struggling and business owners will have a hard time paying the increased premiums. It will also be difficult for them to deal with reductions of coverage which is now trending. Insurance companies really need to understand the big picture here. This time the cycle needs to be minimized as much as possible. Business owners just do not have any room for a hard market. Until next time be careful out there and know your risks. K

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