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Just a friendly reminder from CNC Ins. we want your comments and thoughts but we cannot bind coverage or place in affect a policy of insurance through our web blog.

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Delaware Legislature Preparing To Revisit Dram Shop Liability

Here we go again. Representative Peterson is preparing to introduce limited dram shop liability for consideration. The legislation caps the liability at $250,000 but, as is usually the case, this creates a starting point where limits are eventually increased once it's decided by the powers that be that the current limit is too low. This also puts restaurants, bars, etc, at an increased risk due to the vague wording of the legislation, specifically "reckless" sale of alcohol by the business. Also, you can be sure that if this legislation is passed, that rates will go up commensurately for not only Liquor Liability coverage, but if actual damages begin to be paid out under this law, that insurance rates on the whole will see an increase.
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Delaware Business Insurance Update " USA Insurance Market to be Affected by China Port Explosion" 9-7-15

The insurance marketplace that we deal with every day in America is directly tied to world events. So expect insurance rates to rise over the next year, especially in property. The Tianjin China port explosion will cost the world insurance market in excess of 1.5 billion dollars. This is a very big insurance event. This port was being used by most of the Fortune 500 companies in the world. As these companies make claims to their respective insurers, capital that is stored up in insurance companies will need to be replaced. So how do insurance companies replace capital?  They raise rates.  Only time will tell but it will be a sure bet that property rates will rise in 2016. Until next time be careful out there and know your risks. G. Kevin Nemith President CNC Insurance Assoc. & The Small Business Insurance Center Proudly Serving DE, MD, NJ, PA, & VA www.cncinsurance.com www.bizinsurancetv.org
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Insurance rates may go down in the future because of "auto personalization". What is this you ask? Imagine being charged insurance rates based on your personalized use of your auto. If you drive very little next week, then your rates go down. If you drive the speed limit most of the time, your rates go down. If you avoid hard braking and tailgating, your rates go down. Get the picture?  The use of telematics has given the insurance industry a chance to personalize insurance costs directly to the users' driving habits. Gone may be the days of surcharging a male driver under the age of 24 just because they are young. If the telematics show that he can drive as safe and responsible as a 40 year old, then his insurance premiums should be comparable. If you go on vacation and park the car for two weeks, telematics will inform the insurance company that there has been no risk, and your insurance premiums will reflect that. Now as good as this sounds it will work the other wa...
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