Product Update

Insurer Insolvency Discussion Updated in Construction Risk Management


Insurer insolvency, while infrequent in the United States, creates a variety of unexpected costs for an insured. Some claims may qualify for reimbursement from a state guaranty fund, but there are numerous limitations and exclusions that apply. The best way to prevent an unpleasant surprise is to be diligent to verify the financial stability of all insurance companies with which you do business and avoid taking on unnecessary long-term risk to save a few dollars. The insurer insolvency discussion in this release of Construction Risk Management outlines the various costs of insolvency, provides a summary of state guaranty fund limitations that may be of specific interest to contractors, and examines the rating systems of various insurance company rating services that most contractors rely on to verify a carrier's financial stability.

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