Mon.Jul 22, 2024

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Trigger Warning: Cyber Policy Wordings to Impact Coverage for Tech Outage

Insurance Journal

Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …

Cyber 299
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Nevada Auto Insurance: What to Consider When Covering Your Vehicles

Central Insurance

Nevada drivers face unique risks, from extreme weather to diverse driving conditions. Learn about essential Nevada auto insurance coverages to protect yourself on the road. The post Nevada Auto Insurance: What to Consider When Covering Your Vehicles appeared first on Central Insurance Blog.

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Allstate, State Farm Sued Over $4 Billion Maui Fire Settlement

Insurance Journal

A half-dozen Maui wildfire victims sued a group of insurers, including State Farm and Allstate, accusing them of throwing a wrench into a tentative $4 billion deal to settle their claims.

Claim 279
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Does Homeowners Insurance Cover Collectibles? 

Distinguished

To their owners, collectibles are not just objects — they’re tangible pieces of history and culture and a direct reflection of their passions.  However, the very qualities that make collectibles so precious also expose them to unique risks. Theft, damage during transport, or accidental breakage can devastate a collection that has taken years to assemble.

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FEMA Gives SW Florida a Few More Months on Flood Insurance Discounts

Insurance Journal

Communities in southwest Florida will continue to enjoy discounts on National Flood Insurance, at least for now, after federal authorities granted a temporary reprieve to punitive actions taken over inappropriate rebuilding in floodplains.

Insurance 278
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Do You Know How Your Insurance Affects Your Mortgage Payment?

Wren Insurance Agency

When you purchase your first home, if you are using a mortgage lender to finance your investment, you'll learn that your property taxes and home insurance fees are going to be included in your monthly mortgage amount. Property taxes are paid in arrears and homeowners insurance is paid in advance. So… when you first purchase your home, you will have already secured an insurance policy and that amount will be factored into your monthly payments to the mortgage company moving forward.

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Pennsylvania Shaved $98 Million Off Insurer Rate Requests in First Half of Year

Insurance Journal

The Pennsylvania Insurance Department (PID) reported that it has saved consumers $98.3 million in annual auto, home and other property/casualty insurance premiums in the first six months of 2024 through its review of insurance company rate filings.

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Treasury Warns That Anti-Woke Banking Laws Like Florida’s Are Security Risk

Insurance Journal

WASHINGTON (AP) — The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.

Risk 269
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2023 Whole Life Company Asset Yield Trend

The Insurance Pro

A number of years ago, we stopped regularly updating various analyses we performed on the insurance industry. This, of course, brought on questions. What motivated our decision to end this practice? Was there some objective we sought to accomplish by ignoring it? Perhaps the data was no longer supporting our narrative about a strong industry. Keep Reading The post 2023 Whole Life Company Asset Yield Trend appeared first on The Insurance Pro Blog.

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Fire Severe Damages Historic First Dallas Baptist Church Sanctuary

Insurance Journal

A fire all but destroyed the historic church sanctuary at First Baptist Dallas, sending smoke billowing over the city but causing no deaths or injuries, Dallas firefighters said.

Damage 262
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Bankers Insurance Helps American Red Cross with Disaster Recovery and Home Fire Prevention Services

Bankers Insurance

Westfield’s Legacy of Caring Program Partners with Westfield Insurance Agencies to Support Dozens of Nonprofits Across the Country Westfield partnered with Bankers Insurance to donate $9,500 to the American Red Cross as part of Westfield’s Legacy of Caring program. Each year, Westfield’s top independent insurance agents are invited to nominate a local nonprofit in their community to receive a donation.

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Beef Between Wholesale and Retail Agents Should Go to Trial, Court Finds

Insurance Journal

A federal judge has ruled that a wholesale insurance agent’s claim against a retail agent for allegedly misrepresenting the exposure of an insured regarding violations of the federal telemarketing law should proceed to trial.

Agents 264
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NCIGF Moves Aheadto Support Insurers

Triple-I: Workers Compensation

By Max Dorfman, Research Writer, Triple-I For the last 35 years, the National Conference of Insurance Guaranty Funds (NCIGF) – an organization dedicated to serving 55 property/casualty state guaranty funds – has provided operational support; communications, education, and outreach; as well as public policy management for these organizations. State guaranty funds make up a privately funded, nonprofit state-based national system that pays covered claims up to a state’s legally allowable limits, pr

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Vulnerabilities in Non-Banks Leave Door Open to ‘Shocks’, G20 Watchdog Says

Insurance Journal

Patchy progress on implementing reforms to make money market funds and other types of “non banks” safer has left the global financial system vulnerable to more shocks, the G20’s risk watchdog said on Monday.

Risk 264
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Partner Platform Carrier List Info Sheet

Zywave

Fewer clicks and more information at your fingertips makes it easier to respond quickly to your clients with accurate information. These are some ways independent insurance leaders describe the value of Partner Platform’s ability to effectively manage complex commercial clients.

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Buffett’s PacifiCorp Suspected of Collusion by Wildfire Victims’ Law Firms

Insurance Journal

The law firms leading class-action litigation against PacifiCorp over the 2020 Labor Day weekend wildfires in Oregon want to examine whether the utility owned by Warren Buffett’s Berkshire Hathaway is colluding with other law firms to reach lowball settlements with …

Damage 264
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How To Build a Third-Party Risk Management (TPRM) Program

Corvus

Recent incidents at Change Healthcare and CDK illustrate the significant impact third-party technologies and service providers can have on organizations when they face disruptions or failures. These events serve as reminders of the vulnerabilities inherent in an organization’s reliance on external partners. The Corvus claims team has observed an increasing trend of incidents related to third-party breaches.

Risk 40
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Without Backup Plans, Global IT Outages Will Happen Again

Insurance Journal

Elements of Friday’s global IT outage, which grounded planes and hit services from banking to healthcare, have occurred before and until more contingencies are built into networks, and organizations put better back-up plans in place, it will happen again.

Cyber 261
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Jury Faults New York Railroad — Mostly — for 2015 Crossing Crash That Killed 6

Insurance Journal

A commuter railroad is mostly at fault for a fiery and deadly 2015 collision between a train and an SUV at a suburban New York crossing, a jury has found in a verdict that lays out how the bill for …

Liability 261
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Allianz Sees Damages Worth Tens of Millions for German Vineyards

Insurance Journal

Insurer Allianz SE expects to pay German winemakers tens of millions of euros in insurance claims this year after many vineyards lost their entire harvest to heavy frosts.

Damage 264
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British Insurers Propose Green Infrastructure Funding Model

Insurance Journal

Britain’s insurers set out plans on Monday on how to channel billions of pounds freed up from their safety buffers into infrastructure such as EV charging stations to boost growth.

Insurance 260
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Fire-Hit Tanker Enters Malaysia Terminal Area After Being Detained by Coast Guard

Insurance Journal

A tanker that was involved in a collision near Singapore last week entered the area of Malaysia’s Bertam floating oil terminal on Monday morning after it was intercepted by local authorities on Sunday, shipping data from LSEG and Kpler showed.

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Oil Slick Off Texas Coast Tied to Abandoned Platform in Gulf

Insurance Journal

Federal and state officials are developing plans to respond to an oil sheen in the Gulf of Mexico tied to an abandoned platform at least eight miles off the Texas coast.

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People Moves: WTW’s Risk & Broking Unit Names Marsh’s Clarke as President, Garrard Appointed Chair; Everest Names McBride, Garcia for Key Claims Roles

Insurance Journal

This edition of International People Moves details appointments at insurance broker WTW and the re/insurer Everest Group. A summary of these new hires follows here.

Risk 264
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Dark Fleet Caper Exposes Growing Risks in Crowded Malacca Strait

Insurance Journal

A collision that set two vessels ablaze off Singapore has underlined the growing risks in the crowded Straits of Malacca, as the dark fleet expands and lackluster Chinese demand leaves dozens of the tankers idling.

Risk 249
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Plane Crash Near Northeast Ohio Airport Kills 3; Authorities Investigating

Insurance Journal

VIENNA, Ohio (AP) — A plane trying to make an emergency landing at an airport in northeastern Ohio crashed, killing all three people aboard, authorities said.

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5 Tips for Becoming a Licensed Insurance Professional for Medicare

Insurance Journal

This post is part of a series sponsored by PCF Insurance Services. PCF Senior Benefits Practice Leader, Jason Milz, shares some tips to help begin your journey as a Medicare licensed insurance professional.

License 244
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US Severe Storms Continue to Drive Global Natural Disaster Losses: Gallagher Re

Insurance Journal

US severe convective storms (SCS) continued to drive global natural catastrophe losses during the first half of 2024.

Insured 306
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Delta Warns Cancellations to Stretch for Days After Outage

Insurance Journal

Delta Air Lines Inc. expects to cancel more flights this week as the carrier tries to recover from a crippling technology outage.

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Houston Utility Slammed Over Fumbled Response to Beryl Power Outages

Insurance Journal

Thousands of people in the Houston area were still without power more than a week after Hurricane Beryl tore through the fourth-largest US city.

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Taiwan’s Earthquake Proves Prevention Really Is the New Solution

Insurance Journal

This post is part of a series sponsored by AgentSync. Once in a while, a would-be major catastrophe has a less catastrophic ending than expected.

Claim 227
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People Moves: Venbrook’s Student Insurance Adds MacDonald; Conner Strong & Buckelew Names Leung

Insurance Journal

Student Insurance, a Venbrook subsidiary and part of Venbrook Benefits, headquartered in Los Angeles, named Jessica MacDonald vice president of sales. Based in Boston, MacDonald has over 20 years of experience specifically in student health.

Insurance 264
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People Moves: MGIS in Utah Names Wrage VP of Sales and Distribution

Insurance Journal

MGIS, headquartered in Salt Lake City, named Jim Wrage vice president of sales and distribution. Wrage will develop and operationalize the organization’s sales strategy and manage a team of regional sales directors and internal sales specialists.

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Wisconsin Waste Management Company Faces $367K Fine for Endangering Workers

Insurance Journal

Had John’s Disposal Service Inc. and John’s Recycling Inc.

Injury 264
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California Contractor Settles EEOC Harassment Charge

Insurance Journal

Fremont, California-based contractor Superior Automatic Sprinkler Co. agreed to provide monetary and injunctive relief to a construction worker following an investigation by the U.S. Equal Employment Opportunity Commission.

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St. Pete Approves New Rays Ballpark and Redevelopment of Current Site

Insurance Journal

ST. PETERSBURG, Fla.

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Maryland Civil Lawsuit Alleges Harassment, Sex for Rent Scheme by Landlord

Insurance Journal

Maryland’s attorney general filed a civil lawsuit on Friday against an Eastern Shore landlord and his company, alleging a pattern of gender-based housing discrimination involving sexual harassment and demands to exchange sex for rent.

Liability 255