January 19, 2023
OLYMPIA, Wash. — The Office of the Insurance Commissioner (OIC) recently issued a report to the state Legislature and the Governor on the liability insurance market for electrical appliances in Washington.
The OIC worked with the Commissioner of Utilities and Transportation and the Department of Commerce research 36 effective on the availability and capacity of liability sharing. Most did not report any challenges in obtaining insurance in the past five years. This type of insurance provides coverage with liability if it causes injury or damage to someone’s property.
However, those who did report subjects said they had seen significant changes in the past five years:
- Insurance rates have skyrocketed.
- Engine isolation was added.
- The number of companies willing to provide insurance decreased.
These issues have made it difficult for some vendors to purchase an appropriate level of liability sharing at a cost that does not affect operations or pass on additional costs to customers. buy. These results, which follow industry-wide trends, indicate that the development of damage claims directly affects access. and the ability of credit insurance.
The insurers that offer the insurance have put it together that Washington appears to be included in a much broader group of risks that includes other Western states – including California – with unique conditions of the price that gives rise to high risks and, ultimately, levels of liability.
The OIC report provides the Legislature with several policies to consider, including:
- Designation of the environment giving rise to a damage claim.
- Fund mitigation efforts.
- Changing standards of negligence for utility companies.
- Develop training programs to help secretaries better understand state-specific issues.