LexisNexis Risk Solutions

December 14, 2018

Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week, having the “insurance talk,” restaurant delivery risks, and porch pirates on the prowl.

Having the “Insurance Talk” at the Holiday Table

Excerpted from Consumer alert: Family insurance conversations may be useful during the holidays on HiawathaWorld.com: The holiday season, when family members gather, can be a good time to have conversations about how to protect and insure relatives and property, according to Ken Selzer, CPA, Kansas Commissioner of Insurance. Know where insurance and legal papers are. Policies, phone numbers, financial statements and legal documents such as Power of Attorney and home inventory checklists should be in a safe deposit box at your financial institution or in a fire-proof location within the home. “Discussions about these points during holiday gatherings can have a positive impact on finances, future choices and insurance needs.”

Restaurant Delivery Poses Risks Beyond Just Food Safety

Perhaps the table your insureds are sitting at having the insurance conversation holds a holiday meal prepared by their favorite restaurant. More and more restaurants are offering delivery. But, these services can increase risk and affect a restaurant’s insurance policy. As Andrea Wells writes in her Insurance Journal article, How to Deliver Restaurants from Risks of Take-Out Boom, while employee and customer injuries remain a source of worry for restaurant owners, the industry also faces growing exposure from the boom in food delivery and catering.

Speaking of Holiday Deliveries…

The term “porch pirates” – thieves stealing boxes from porches – is getting more and more popular, especially with the increase in online ordering for holiday gifts. But what happens if a porch pirate strikes? Homeowners may be wondering if they’re covered under their home policy. Most basic homeowners insurance policies out there do not cover package theft. But, if your insured operates a small business out of their home, you may want to discuss how their business insurance may protect them. Read more in Does insurance cover your stolen packages? It depends, on MarketWatch.com.

News on Smoke Alarms for Your Insureds

Nighttime leaves many with feelings of vulnerability. Deaths are more likely to occur in residential fires that happen at night while people are sleeping. Smoke alarms are obviously important for preventing these deaths, yet many young children, who tend to sleep more soundly than adults, don’t wake up to traditional high-pitch tone alarms. New research suggests that a sleeping child (ages 5-12) is about three times more likely to be awaked by a voice alarm with a mother’s voice than by traditional tone alarms. Read more in Mother’s Voice More Effective in Smoke Alarm for Kids Than High-Pitch Tone on InsuranceJournal.com.

For Many in Florida, the Search for Insurance is On

Excerpted from Florida insurers drop thousands of homeowner’s policies by Sarah Hollenbeck for WFTS Tampa Bay: Thousands of Florida homeowners are scrambling to find new insurance coverage after state records show insurance companies shed 87,000 policies. Between Hurricane Irma last year and Hurricane Michael this year, Florida insurers have processed $15 billion in claims, according to Florida’s Office of Insurance Regulation. That, combined with skyrocketing water damage claims, are leading some of the biggest insurance companies to shed customers. State records show that half of the state’s top ten property insurers had fewer customers starting in October than in early 2018. In addition, some of the smaller, state-based insurance companies proposed an 8% premium increase for 2019.