| Best Wire Services, 10-5-01, "Bermuda's
insurers and reinsurers are preparing for a radically transformed
marketplace in the wake of last month's terrorist attacks, with
buyers choosing security over price, and insurers selecting their
risks carefully and making certain they collect a premium for every
peril." |
We saw the camp insurance market hardening before September 11th. Now
we are clearly seeing the market changing. This is not a buyer's market.
The camp director is going to be faced with shrinking capacity, soaring
rates, lower limits and tighter terms of coverage this year. Wise camp
directors will NOT wait to evaluate their insurance program until just
before renewal time. Some insurance programs that packaged together certain
coverages may begin to "unbundle the covers." This could result
in some coverage being difficult to find and, in other cases, cost more.
We could also see insurers writing less. It will be of increasing importance
for camp directors to demonstrate risk management awareness particularly
as we are being forced to redefine camp safety. Call your insurer or broker
today so you can identify how your camp program may be affected.
The National Insurance Committee has been monitoring this situation.
It is anticipated an Insurance Roundtable with a number of insurance providers
will be held so we can best anticipate the insurance environment and project
how we might navigate the waters ahead.
Originally published in the 2001 Fall issue
of The CampLine.
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