Cuddy & Feder LLP’s Post

If you could change one thing about the UK professional indemnity insurance market, what would it be? For Sachin Gupta ACII, our Head of UK PI, it would be an expansion of broker focus beyond policy wording technicalities and price. “With the longer tail of PI insurance, it would be great to hear more brokers making recommendations based on claims track record – on team attitude, responsiveness, access to decision makers and efficiency as well as willingness and ability to pay.” In a wide-ranging discussion, Sachin details the wider PI market dynamics, the specific challenges facing construction professionals and those that underwrite them, the risk management qualities of a good broker PI product and the advantages of having our Pen and Manchester Underwriting Management PI teams working alongside one another. Read the full interview here ➡ https://lnkd.in/eyWpiw7K #professionalindemnity #penunderwriting

The TIRSA Rate Manual changed but the rate stayed the same... so what changed? Well, affirmative language is gone for good and there are real implications for commercial real estate owners and developers. Check out this article our Chief Operating Officer, Matt McAllister, co-authored with Amy Natsoulis of Cuddy & Feder LLP to get a bit more insight. https://lnkd.in/ezAfKFiF

I’m sharing an excellent article co-authored by my colleagues, Amy Natsoulis, Partner at Cuddy & Feder LLP, and Matt McAllister, COO at Statewide Abstract Corp., about the recent changes to the TIRSA Rate Manual and its impact on title insurance in New York. If you’re navigating a deal or advising clients, this is a must-read.

The effects of the consolidation of the International Group to 12 clubs were felt “to a degree” during the 2024 P&I renewal season, according to The American Club’s chief underwriting officer, Tom Hamilton. A not-for-profit association whose member clubs provide marine liability cover for 90% of the world’s ocean-going tonnage, the International Group was reduced from 13 clubs following the merger in February last year of North of England and the Standard Club to form NorthStandard. In an interview with Insurance Day, Hamilton says the key takeaway from the consolidated International Group’s first renewal is each club has a role to fulfil in the marine insurance ecosystem and further contraction is “largely not desirable” for shipowners and their brokers. https://lnkd.in/eevvhjhE

Navigating the complexities of the Texas Uniform Condominium Act can be daunting, especially when it comes to understanding the property insurance requirements outlined in Section 82.111. Did you know that this section applies to all condominiums in Texas, regardless of whether they were formed under the TUCA or its predecessor? In this short blog post, Heath Pennington outlines the key legal requirements set by Section 82.111. Read it here: https://bit.ly/3SomV9h Subscribe to Real Estate Forward here: https://bit.ly/3xwgGbR #CondoInsurance #TexasLaw #TUCA #PropertyManagement

In my latest Schiffer on Re-Insurance Blog post, I discuss my most recent IRMI.com Expert Commentary on Reinsurance titled "Reinsurance Information Up For Grabs."

They say good things come in threes... but what happens when three major regulatory changes hit the title insurance and settlement industry all at once? ⚖️📉 With the Supreme Court’s Chevron decision, Realtor commission restructuring and the potential ban on non-compete agreements, the landscape is shifting fast. What does this mean for your business, and how can you stay ahead? Find out in our latest blog! #TitleInsurance #SupremeCourtChevron #TitleInsuranceNews #RealEstateLegislation #ExperienceAndersonBiro

CIR Quote of the Week. The developer of a part built, 40 unit site, of residential and affordable homes, contacted the CIR team to help with an issue. Having completed phase one of the build and used a Professional Consultant Certificates (PCC), previously known as an Architect's Certificate, in place of a Structural Warranty Insurance, they were deemed insufficient to satisfy the new owners lenders requirements. CIR provided the developer with a Structural Warranty Insurance quote, within 24 hours, that will resolve the problem. #FromFoundationtoFinish #BuildingProtectionwithCertainty

Speaking with Insurance Business Australia, James Rigney unpacks trends in the construction industry’s professional indemnity (PI) insurance market, which he underlines is improving. He highlights that demand from building firms for insurance-related services is also strong, and could be about to skyrocket. "This area has seen – and we are predicting – tremendous growth." James says that insurers and brokers in the construction space are seeing a shift in some of the risks facing their customers, and that regulations have tightened, with regulators becoming more proactive. Read the article here 👉 https://lnkd.in/g4-grFSa #construction #insurance #professionalindemnity #risk #brokers #insurers

ABC’s FourCorners will be interesting tonight as it lifts the lid on a long known industry issue impacting many unsuspecting strata owners. Another issue of importance nationally is where State and Territories have different regulatory requirements for building and common property insurance. Be it full replacement value or otherwise as recommended in Valuations carried out by trusted and independent #API #property professionals, this is an issue that must also be addressed. This is especially important where strata buildings have been damaged by fire or weather events, or incur costly dangerous cladding removal bills and are vastly underinsured by the Strata Managers. Who bears the ultimate cost and consequences of this shortfall.….. the owners yet again. We have many case studies where this has occurred and have been working to share these across the sector in webinars and events programmes.