The new sharing economy — epitomized by companies like Getaround and Airbnb — has necessitated updates and shifts in the insurance market, as insurers catch up to these new business models and the risks that come along with them. The availability of insurance for fleet companies providing vehicles to drivers for rideshare activities is one of the most recent gaps to be filled. Before I can explore this emerging need, I must discuss the current rideshare coverage landscape.
About Brian Marx
Your workers’ compensation policy may seem like one of the simplest forms of commercial insurance. After all, it covers you as an employer for the medical costs of your employees who suffer job-related injuries and pays their lost wages, as required by the workers’ compensation statutes in a particular state. In reality, however, workers’ compensation is more complicated than most employers realize — particularly when it comes to work beyond the borders of your state. Continue Reading
When it comes to workers’ compensation insurance, most companies purchase a policy from an insurance company and opt to be “fully insured.” If your company is fully insured, but you are looking to reduce your costs, your organization could be a candidate for a hybrid solution. Read on for an overview of how it works. Continue Reading
I have been working with clients to build captive insurance companies for more than 20 years in a variety of industries including banking, healthcare and manufacturing. A captive is an extraordinary tool, so don’t get me wrong when I say “you may not need a captive for that.” Continue Reading
When most people think about their insurance policies, they conjure up images of cars, homes and boats, jewelry or even healthcare. These are the typical items most insurance companies will cover. There is, however, a whole other market of insurance, which includes the iconic, the unusual and the amusing.
World-famous Lloyd’s of London has been insuring the interesting for more than 300 years—building its name and brand with each policy written. I recently wrote a post that gives a “behind the scenes” view. While my visits to Lloyd’s over the years were more mundane in nature, Lloyd’s has a well-earned reputation for providing high risk solutions for unusual and bizarre risks as well. Here are some of Lloyd’s most well-known claims to fame: Continue Reading
Lloyd’s of London has been featured in movies, in TV shows, and used as a general pop-culture reference since its inception in 1688. But do you really know what Lloyd’s is, how it works, and how it’s different from a typical insurance company? In my 25 years’ experience working in the large commercial insurance industry, I’ve had the opportunity to place risk with this famous insurance institution and to experience its culture. Continue Reading