of iii.org Fire plays an important role in the life of a forest, clearing away dead wood and undergrowth to make way for younger trees but the risk wildfires pose to people and property is growing as more people move into forested areas once largely uninhabited. These areas, known as the Wildland-Urban Interface (WUI), contain about 44 million houses in the lower 48 states, according to the U.S. Forest Service. Rising temperatures are also believed to contribute to large, destructive blazes. Warmer weather contributes to wildfire conditions in several ways: dryer and more combustible vegetation, more frequent lightning strikes, an extended fire season; and more intense winds. Harvard School of Engineering and Applied Sciences researchers have concluded that by 2050 the number of wildfires in the West could rise by 50 percent, and across the U.S. the number would double. Insured wildfire losses Damage caused by fire and smoke are covered under standard homeowners, renters …
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Small Business Insurance and Cyberattack
Courtesy of iii.org More than half of U.S. small- and medium-sized businesses (SMBs) experienced a cyberattack within the past year, yet only 14 percent of businesses felt prepared and protected, according to a recent white paper from the Insurance Information Institute (I.I.I.). The white paper, Protecting Against #Cyberfail: Small Business and Cyber Insurance, examines how insurers are addressing the threat cyberattacks and data breaches pose to SMBs through a combination of innovative insurance products, risk management techniques and employee training. “Insurers foresee substantial growth coming from the SMB segment, as these companies become aware of the possibilities of liability, especially a breach and resulting response costs arising out of the possession of private data,” said Sean Kevelighan, chief executive officer, I.I.I. The vast majority of cyber insurance claims involved the loss, exposure, or misuse of sensitive personal data. About half (48 percent) of the …
Insurance Options for Valuable Jewelry
Courtesy of iii.org A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. However, there are special limits of liability for certain valuable items, such as the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft—generally about $1,500. This means that the insurer will not pay more than the amount specified in the policy for any given piece of jewelry or other valuable item. If you own valuable jewelry, furs, collectibles or other items that would be difficult to replace, there are two ways you can increase coverage: Raise the limit of the liability. This is the less expensive option; however, the amounts are still limited for both individual pieces and overall losses. For example, limit …