Leaders in the surety industry recognize that to stay relevant, surety professionals must adopt technological solutions to enhance the issuance, delivery and security of surety guarantees, which are a vital part of commerce and regulation. As one of the most conservative business sectors, the surety industry has been slow to evolve its business practices. Even in today’s technology-dominated business place, almost all surety bonds are still printed on paper with an attached power of attorney and a raised, crimped corporate seal to signify it’s an official act of the surety issuing the guaranty ..read more

Over the past few years, nearly every homeowner in the U.S. has seen an increase in their homeowners insurance premium. According to Money.com, an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024. Although individual rates are based on specific factors such as location, credit score, claims history, age of dwelling and deductible, some general trends are leading to higher rates across the board. Increased Replacement costs Most homeowners policies are designed to completely pay for replac ..read more

At Scott Insurance, we are proud to be continually recognized as an industry leader and employer of choice.  So far this year, we have been recognized by multiple industry publications and included on lists among the top agencies and brokers in the U.S. Our recent accolades include: Best Place to Work in Insurance – Business Insurance Scott Insurance was named to the 2023 Best Places to Work in Insurance list. The annual list published by Business Insurance magazine recognizes insurance industry employers for their outstanding performance in establishing workplaces where e ..read more

For many middle-market companies, health insurance plan years begin either December 1 or January 1.  This means that many employers will soon be gearing up for renewals and shift their focus to guiding their employees through the open enrollment process. Annual health plan renewals and open enrollments often bring up many questions for employers and employees alike: Does the health plan provide good value? Are the benefits offered competitive in today’s market? Are there sufficient options offered? Are employees carrying the right amount of the plan cost? While decisions for 2024 plans ..read more

The affordable housing community, specifically HUD Section 202 for elderly housing, is experiencing an avoidable crisis. This crisis originates from the expanded scope of service and responsibility placed upon affordable housing organizations by the U.S. Department of Housing and Urban Development (HUD). HUD Section 202 for elderly subsidized housing specifically states that the program provides options to allow seniors to age in their community by providing independent elderly living in an environment that offers support for community-based services, such as cleaning, cooking, and transportat ..read more

As we have reached the year’s midpoint, employers are increasingly focusing on their upcoming 2024 health plan renewals. Numerous factors contribute to the renewal rates and overall costs of health plans, and this year, employers may experience higher premiums than in the recent past due to ongoing COVID-19-related impacts and general inflation, among other factors. Employers may also consider changing their health plan’s carrier or administrator, weighing the potential cost savings against the impact it might have on their employees. Our partners with Assurex Global conducted a poll duri ..read more

The Biden Administration has announced its plan to end the COVID-19 national emergency and public health emergency (PHE) on May 11, 2023. Employer-sponsored health plans have been required to comply with certain coverage requirements during the COVID-19 emergency periods, including the following: Health plans must cover COVID-19 diagnostic tests and related services without imposing any cost sharing (such as deductibles, copayments or coinsurance) during the PHE; and Non-grandfathered health plans must cover certain preventive services, including recommended COVID-19 vaccines and boosters, wi ..read more

With an extremely competitive labor market, it is important for employers to recognize the challenges of the current employee benefits market and understand how to take advantage of opportunities to attract and retain talented individuals. According to Microsoft’s 2022 Work Trend Index, 39% of all workers are considering changing employers this year, while 52% of Gen Z and Millennial workers are considering a change. Another trend identified by this study is that 53% of workers prioritize their health and well-being over work more than they did prior to the COVID-19 pandemic. Given this landsc ..read more

Businesses in every industry are facing cyber threats with increasing frequency and severity.  It is no longer a question of if your organization will experience a cyber incident, but when.  From employment/HR data breaches to operations disruptions to wire transfer fraud and more, today’s landscape is brimming with real threats promising real and costly business impacts. Earlier this month, our team in Nashville pulled together a group of industry experts for a panel discussion to discuss the current cybersecurity environment and best practices for businesses to prepare for and resp ..read more

FEMA has introduced the largest reform to the National Flood Insurance Program (NFIP) rating system since its inception in 1968. The NFIP program premium will now be determined by the risk assessment at individual property levels versus the current more standardized, one-size-fits-all approach. Factors that Determine the Updated Insurance Premium Factors that will determine the updated insurance premium are: Property’s elevations within a flood zone Foundation type Height of the lowest floor of the structure in relation to the base flood elevation Property’s distance from sources of flooding ..read more