article thumbnail

Claims From 4 Summer Weather Events in Canada Exceed Prior Year Total: IBC

Insurance Journal

Four natural catastrophes over four weeks during Canada’s summer season have resulted in about five times the amount of claims than the 20-year average, reported the Insurance Bureau of Canada. About 228,000 home, auto and business insurance claims have been …

Claim 278
article thumbnail

Fire-Damaged Cannabis Grower Loses $1.3 Million Business Income Loss Claim

Insurance Journal

A cannabis growing company has lost its bid to have its insurer cover $1.3 million in claimed business income losses after a building fire damaged almost 1,000 of its marijuana plants and shuttered one of its “flowering” rooms. A federal …

Damage 246
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Mistakes in setting sums insured / declared value where the Insured elects an Indemnity Period of less than 12 months.

Prof. Allan Manning

I recall the very first business interruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. In fact, around 75% of interruption claims by number have an Indemnity Period of less than 3 months.

article thumbnail

Vocational School Owner Arraigned in $1M Workers’ Comp Fraud Case

Insurance Journal

Los Angeles area vocational school owner, Guillermo Frias, 65, of Paramount, and the school’s accounting manager, Yesid Colon, 54, of Baldwin Park, were arraigned following a California Department of Insurance investigation into allegations they submitted fraudulent claims to receive money …

article thumbnail

Save Money on Small Business Insurance in California

Jackson & Jackson

Discover practical strategies and money-saving tips for small business insurance in California. How to Save Money on Small Business Insurance in California Running a small business in California can be both exciting and challenging. Start by conducting a detailed review of your business operations.

article thumbnail

How AI and Automation Are Changing Business Insurance Needs

Mark Jackson Insurance Agency

Robotic hand pointing to digital designs by Tara Winstead Artificial intelligence (AI) and automation are transforming industries across the board, and business insurance is no exception. The Future of AI and Business Insurance AI and automation are reshaping business operations, and with that comes new risks and opportunities.

article thumbnail

What are the most important questions to ask when choosing business insurance?

Protect Commercial Insurance

Let’s explore the pivotal questions to ask when choosing your business insurance coverage. Understanding your business needs Image courtesy: Unsplash Before diving into the vast world of business insurance, it’s essential to pause and assess your company’s unique needs.