MXU Agency Inc

02/20/2025

Top 10 OSHA Violations.

05/04/2023

2023 US Property Market Outlook
Insights on the current and future state of the US Property Insurance market

The US property market finds itself in turbulent times, with a number of internal and external factors affecting market dynamics and adding to the pressures that all aspects of the insurance value chain are feeling. Chief among these pressures is a hardening market, in which increasing rates are seeing premiums rise north of 50% for customers in some sectors, creating problems for agents and insureds alike.

Wes Robinson, national property president at RPS, says that the recent reinsurance renewal period at the beginning of the year had a big impact on these rates at a time when direct insurers are already facing serious cost pressures.

Growing underwriting losses have also been exacerbated by the climate change that has led to an increase in the frequency and severity of catastrophes such as the California wildfires, flooding and even the giant freeze that hit Texas in 2021.

The 2023 US Property Market Outlook examines the current state of this sector and provides insights into how to help clients navigate this situation to ensure smooth renewals for the remainder of the year — and what to expect in 2023 and beyond.

Learn key insights from the 2023 US Property Market Outlook, including:

Various challenges affecting the Property insurance market, including drastic rate increases, difficult reinsurance renewal period, growing underwriting losses and reduced capacity
The effect of increased frequency and severity of catastrophic events, which led to a demand surge for materials and labor that has affected claims

05/03/2023

AUTO PART THEFT: CATALYTIC CONVERTER THEFTS ARE ON THE RISE

CLAIM ALERT: DEALERS OPEN LOT & AUTO DEALERSHIP PACKAGE PROGRAMS

According to CARFAX, thieves removed catalytic converters from as many as 153,000 vehicles in the U.S. in 2022. A catalytic
converter contains precious metals such as platinum, palladium and rhodium. Thieves can receive $50 to $250 per converter
from recycling facilities, up to $800 on a device from a hybrid vehicle and more than $1,000 each on the black-market.
Often criminals can cut the converters from a vehicle in seconds. In a recent report from Insurance Journal, a Massachusetts
organized theft crew was charged with stealing catalytic converters from more than 470 vehicles. In many instances, the thieves
were using a battery operated reciprocating saw to cut away the catalytic converters in less than a minute.
In recent months, the National Insurance Crime Bureau (NICB) has teamed up with local businesses to help protect vehicle
owners by hosting “etching” events where the Vehicle Identification Number (VIN) is etched on the converter. This allows law
enforcement to track converters and potentially lead the police to thieves.
The Dealers Open Lot (DOL) and Franchised Auto Dealer Package program teams have developed the following tips for Auto Part
Theft Prevention. This loss prevention sheet also outlines the most common vehicles targeted for catalytic converters in the
U.S., according to CARFAX.

Auto Parts Theft Prevention Tips:
• Fence areas prone to parts theft
• Recommended fencing includes chain link with barbed / razor wire installed on top, at least 6’ in height and inspected by
dealership personnel periodically to look for openings, damaged sections and overgrowth
• Look at vehicle inventory daily for any damaged vehicles or vehicles that may have had parts removed
• Discuss with management and employee meetings the importance of greeting all customers entering the lot and ensure
the customer is always within view
• Install catalytic converter anti-theft devices
• Etch the Vehicle’s Identification Number (VIN) on the converter and spray with a highly visible, high-heat paint. Doing so,
could enable law enforcement to track converters, which could lead police to the thieves.
• Provide appropriate wheel locks for vehicles equipped with expensive wheels or those wheels considered targets for theft
• Customers should not be allowed in “restricted access” lots

Vehicles targeted for catalytic converters according to the CARFAX report:
1. Ford F-Series pickup trucks
2. Honda Accord
3. Toyota Prius
4. Honda CR-V
5. Ford Explorer
6. Ford Econoline vans
7. Chevrolet Equinox
8. Chevrolet Silverado
9. Toyota Tacoma
10. Chevrolet Cruze

06/01/2022

YIMBY’s 2022 Construction Report Reveals 45,019 New Residential And Hotel Unit Filings In New York City

YIMBY’s 2022 construction report is in, providing analysis of permits filed for new buildings in New York City over the course of the year 2021.

05/31/2022

NYC Where Construction Never Sleeps: A New York Market Update
Good news ahead for the construction industry throughout the state and city, but beware of roadblocks.

Demand for new construction both in and outside New York City is robust, with renewed confidence in the aftermath of the pandemic. In 2021, builders throughout the city — Manhattan, Queens, Brooklyn, Staten Island and the Bronx — filed permits for 2,017 structures ranging from single-car garages to towering skyscrapers, a 14% increase compared to 2020.*

New York is also set to receive an infusion of federal aid from the Bipartisan Infrastructure Investment and Jobs Act to fund road and bridge repairs, water infrastructure upgrades, subway accessibility, airport expansion and other projects.

This is all good news for the construction industry throughout the state and city. However, there are also roadblocks that the industry continues to face.

Supply Chain Delays and Inflation Continue to Cause Trouble
"The industry continues to experience ongoing supply chain delays of key materials and supplies such as lumber, appliances and windows — which in turn cause project delays," says Mike Mulvey, executive vice president and leader of the Northeast Construction practice for Risk Placement Services (RPS).

"Inflation is another concern with the cost of labor and materials going up, which has a direct impact on the cost of claims and insurance."

The Impact of New York Labor Laws on Insurance Availability and Capacity

The New York labor laws make insuring the construction industry challenging. Provisions in the laws allow certain injured workers to directly sue companies (property owners) on whose land and facilities the workers are operating, even if the workers are employed by an independent contractor hired by the corporation that owns the job site. Workers can sue a property owner for contributing to their injury.

"The laws place ultimate responsibility for a safe place to work on the property owner," explains Mulvey.

"With very few exceptions, these laws impose absolute liability on property owners for breach of certain safety duties that lead to gravity-related injuries, regardless of whether the owner actually controlled or supervised the work being done by the contractor's employees while on-site."

The laws and resulting claims have driven up insurance costs and limited the number of carriers willing to write coverage in the state.

"We have seen a lot of movement in the insurance space," says Mulvey. "This movement includes new entrants as well as evolving carrier appetites from those who have been in the market for a while."

On the excess side, capacity continues to be reduced.

"Depending on the attachment points, where carriers once put up between $10 million to $25 million in limits, they are now writing $5 million. On a specific placement, today you need five carriers to reach $25 million of limits in lieu of two or three. Managing capacity and determining how best to place excess coverage is critical," Mulvey explains.

NY Construction Trends: What to Watch and How to Proceed
Mulvey notes several issues the insurance industry should keep its eye on, including how the backlog of claims will play out.

"Now that the courts have reopened post-COVID, the backlog of claims will begin to be addressed over the next one to two years, and we'll see the type of losses the industry will experience."

He's also watching the potential rise in construction defects in new residential construction, thanks to operations impacted by COVID during the last two years with reduced labor and the availability of quality materials.

The push towards "green," environmentally friendly construction is a trend to watch in terms of how the materials used will impact claims and insurance costs.

Mulvey strongly recommends keeping communications open with clients, beginning discussions and meetings early. Discuss what the insurance market looks like so that you can manage expectations. Get submissions in early and make sure they are detailed so that underwriters prioritize your accounts.*

*Source: Mike Mulvey, Executive Vice President, Northeast Construction Practice Leader

05/27/2022

Cannabis Risks in NJ & NY

Coverages include:
Commercial General Liability
Commercial Property
Equipment Breakdown
Workers' Compensation
Excess Liability
Commercial Auto
Management Liability
Motor Truck Cargo

05/12/2022

An Independent Insurance Agency in NJ & NY looking for motivated part-time or full-time individual to generate insurance sales and/or referrals.

Benefits:
- super flexible schedule, you decide how, where, and when you like to work.
- 100% Comm.

Qualification:
- P&C licensed, Life licensed preferred but not required.

09/09/2021

We now offer admitted coverage for food trucks. Standalone Businessowner Policy or attachment to an existing restaurant policy.

In order to eligible for this program:

+ Must be operational at least 9 months a year
+ As an attachment to an existing policy, seasonal rule does not apply
+ with a grill or deep fryer, a K-Type fire extinguisher must be on board
+ Availability of blanket additional insured forms
+ Smokers or wood fired cooking is not acceptable
+ Rating based on minimum 100 square feet and sales. Location is VIN, year, make and model

09/02/2021

Do you have Flood Insurance on your Homeowners or Renters Insurance?

06/25/2021

Your laptop, TV, all of your clothes—the cost of the stuff in your place adds up quickly. You can cover all of these items and more with renters insurance policy. Give us a call today! 718-218-5287

03/12/2021

Thanks to our continuous growing of partnerships, we can be your one stop shop solution.

02/10/2021

Have an insured with a youthful operator? (P.S. Youthful operators are age 16 to 20)

We’ll help you with that! Limits up to $5 MM available with 250/500/100 on the auto — and our carrier is Admitted and rated A XV by A.M. Best