Momentum - Business to Business Online Magazine MOMENTUM May 2018 | Page 24

When Dogs Bite  By: Jan Laman Harbour Insurance Services, Inc. [email protected] According to The Insurance Journal, Dog-Related losses account for one-third of Homeowners Insurance Liability claims cost paid out in 2017, costing almost $700 million. That’s according to the Insurance Information Institute (I.I.I). According the analysis of homeowners insurance data by the I.I.I, it found that the number of dog bite claims nationwide increased to 18,522 in 2017 compared to 18,122 in 2016, which was a 2.2 percent increase. The average cost per claim increased by 11.5 percent. The average cost paid out for dog bite claims was $37,230 in 2016. This could be due to an increase of severity of injury but the average cost per claim nationally has risen more than 90 percent from 2003 to 2017 due to increased medical costs as well as the size of settlements, judgements and jury awards given to plaintiffs. Lately we have noticed that companies are completely excluding Liability claims that involve dogs or limiting them to a specific dollar amount. In some cases, specific dog breeds are not acceptable to insurance carriers resulting in a denial of coverage altogether. It is very important to advise your Insurance Agent if you have dogs and the type of breed. You can get a Homeowners Policy but divulging all the information in the beginning will help your agent select the right company to place you with. We all love animals. I LOVE my dogs. Unfortunately, our beloved animals can create a very expensive liability for us should they bite a visitor in our home. It’s very important to use restraint and safety measures to prevent this from happening. 23 MOMENTUM / May 2018