Emerging Risks on the Horizon

New technologies, like 3-D printing and driverless cars, are emerging on a routine basis. They’re being employed in innovative ways, changing traditional venues and, creating new risk parameters as Graeme Newman, the marketing director of London-based CFC Underwriting, points out in this short interview with MyNewMarkets.com.

Most importantly, Newman discusses why it’s a good idea to confront these risks sooner rather than later. Here’s the link to his interview in The Insurance Journal.

Pat Moore Insurance Services, we couldn’t agree more. As a leading wholesale insurance provider, we enjoy the reputation for being the experts in the field of specialty professional liability particularly for attorneys, accountants, architects, engineers and healthcare professionals.

We connect our independent agent partners with A rated carriers and pride ourselves on providing the best solutions especially when it comes to price and product coverage in a technology age. Give us a call today (800) 214-9294 x228 or email submissions@patmooreins.com. We deliver sophisticated industry expertise and prompt service in all 50 states.

Admitted or Non-Admitted? What’s the Difference?

First time insurance buyers often ask, “What’s the difference between admitted and non-admitted insurance companies.” When your clients ask you, here’s a quick explanation you can give them.

An insurance company that is “admitted” has been approved by a state’s insurance department. The wording you’ll most often read in contracts and informational materials is that an insurance company is “admitted by the state insurance department.” This means that the insurance company must comply with all state insurance regulations and that if that company becomes insolvent, the state will step in to make payments on claims if necessary.

On the flip side, a non-admitted insurance carrier has not been approved by the state’s insurance department. This means the insurance company does not necessarily comply with state insurance regulations. So if the insurance company fails financially, there’s no guarantee that claims will be paid or that the insured will be able to appeal.

At first blush the admitted carrier looks like the best choice but that might not be the case; since in addition to admitted and non-admitted status, insurance companies are given letter grades from A++ to F. So a non-admitted insurance company with a high rating might be a better bet for insuring a company, than an admitted company with a low grade.

Admitted or non-admitted? You’ll have the right solution for your clients when you call Pat Moore Insurance Services today at (800) 214-9294 x228 or email submissions@patmooreins.com. We’re a national Wholesale Broker with deep expertise in Professional Liability for lawyers, accountants, architects, engineers, real estate, healthcare and media. At Pat Moore we think you deserve a new kind of PL Broker. We deliver what you should expect; sophisticated industry expertise and service delivered personally and on-time!