Mon.Aug 19, 2024

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SME Broker Ardonagh Advisory to Acquire UK-Based R.K. Henshall

Insurance Journal

Ardonagh Advisory, Ardonagh Group’s SME broking platform, has agreed to acquire UK chartered insurance broker R.K. Henshall & Co. Ltd. Financial details of the transaction, which is subject to regulatory approval, were not disclosed. Established in 1976, R.K.

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Maryland’s Treatment of Appraisal and Questions About the Federal Arbitration Act Preemption of State Appraisal Law

Property Insurance Coverage Law

A trio of recent Maryland cases decided this summer involving demands for appraisal show that many courts are questioning whether property insurance appraisals are more akin to arbitrations and whether appraisal demands are proper when coverage issues arise. The trend is that federal courts are increasingly indicating that appraisal is to be treated as a … The post Maryland’s Treatment of Appraisal and Questions About the Federal Arbitration Act Preemption of State Appraisal Law appeared f

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California Commissioner Invites Input on Final Phase of Wildfire Modeling Regulation

Insurance Journal

California Insurance Commissioner Ricardo Lara has invited public input as he begins the final phase of approving a “first of its kind” catastrophe modeling and ratemaking regulation that “will help restore options for all Californians and prepare for the reality …

Insured 289
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Let’s Get Tough on Drunk Driving but Not Have Any Penalties For the Drunk Driver: Making It Difficult For Policyholders To Collect On Debts Owed By Delaying and Underpaying Insurance Companies

Property Insurance Coverage Law

Can you imagine a business industry trade group going to politicians asking for laws that prevent others from collecting valid debts from them? Most would be laughed out of town. That is exactly what the insurance industry has accomplished in Florida with recent changes in law. A local investigative news article written by Kate Cimini of the … The post Let’s Get Tough on Drunk Driving but Not Have Any Penalties For the Drunk Driver: Making It Difficult For Policyholders To Collect On Debts

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Virginia’s New Bad Faith Law: What Insurers Need to Know

Insurance Journal

On July 1, 2024, new Virginia Code § 8.01-66.1 became effective and created a new bad faith cause of action that can be significant for underinsured or uninsured (UIM) carriers. The prior Va. Code § 8.01-66.

Insurance 288
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Sumitomo buys stake in German offshore wind monopile manufacturer

Splash: Finance and Insurance

Japan’s Sumitomo Corporation has bought a stake in the family-run monopile producer EEW Offshore Wind Holding. The transaction will have a commercial effect from July 1 and will be completed at the end of December 2024, subject to legal and regulatory requirements.

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Verisk: US Reconstruction Costs Rose 5.2% From Last Year

Insurance Journal

Total reconstruction costs in the U.S. rose by 5.2% from July 2023 to July 2024. That’s a large increase from the cost growth from July 2022 to July 2023 (4.0%) and over the cost growth in the second quarter (1.

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Tri-State Region Shocked as Severe Floods Take 2 Lives, Leave Trail of Destruction

Insurance Journal

Flooding caused by heavy rains is being blamed for the deaths of two women, major damage to roads and other infrastructure, and substantial residential and vehicle flooding over the weekend and Monday in Connecticut, New York and New Jersey.

Damage 277
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Cadeler seals newbuild financing as it bolsters financial agility

Splash: Finance and Insurance

Danish offshore wind vessel pure play Cadeler has strengthened its financial capacity by securing improved terms for financing of two newbuilds of about $456m and expanding its revolving credit facility by a year, alongside doubling its uncommitted guarantee lines to €200m to capitalise on market opportunities.

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Michigan DIFS Bulletin Issues Guidance on AI Use in Insurance Industry

Insurance Journal

The Michigan Department of Insurance and Financial Services (DIFS) released a bulletin this month addressing the growing use of artificial intelligence in the insurance industry.

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Sweden to implement ban on open-loop scrubbers

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Sweden to implement ban on open-loop scrubbers appeared first on Insurance Marine News.

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Pilgrim’s Pride Agrees to $100M Settlement Over Chicken Farmers’ Pay

Insurance Journal

Pilgrim’s Pride, one of the largest U.S. poultry processors, agreed to pay $100 million to settle claims it conspired with rivals to underpay chicken farmers, the final and by far the largest settlement in the seven-year-old antitrust case.

Claim 264
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TUI Cruises cancels 2025 Red Sea itineraries

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post TUI Cruises cancels 2025 Red Sea itineraries appeared first on Insurance Marine News.

Marine 52
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T-Mobile Fined $60 Million Over Unauthorized Data Access

Insurance Journal

A powerful U.S. committee that scrutinizes foreign investment for national security risks fined T-Mobile $60 million, its largest penalty ever, for failing to prevent and report unauthorized access to sensitive data, senior U.S. officials said on Wednesday.

Risk 264
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Poland denies links to Nord Stream sabotage

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Poland denies links to Nord Stream sabotage appeared first on Insurance Marine News.

Marine 52
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Texas Jury to Decide if a Student’s Parents are Liable in Deadly School Shooting

Insurance Journal

DALLAS (AP) — An attorney for the parents of a Texas student accused of killing 10 people in a 2018 school shooting near Houston told trial jurors Friday that they didn’t know their son would have a psychotic breakdown.

Liability 264
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Merchant vessel reports approach in Red Sea

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Merchant vessel reports approach in Red Sea appeared first on Insurance Marine News.

Marine 52
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Lawsuit: Student with Down Syndrome Subjected to Abuse in Kansas School

Insurance Journal

An employee of a rural Kansas school district repeatedly shoved a teenager with Down syndrome into a utility closet, hit the boy and once photographed him locked in a cage used to store athletic equipment, a lawsuit claims.

Claim 264
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Red Sea situation hits Oman port of Salalah

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Red Sea situation hits Oman port of Salalah appeared first on Insurance Marine News.

Marine 52
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California Pot Farmers Feel the Heat from Low Pricing, Wildfires

Insurance Journal

Small-scale cannabis farmers in California are calling it quits, crushed by crop damage from devastating wildfires and sliding prices, and industry experts expect the exodus to continue near-term in the largest pot market in the United States.

Damage 263
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Agency Revolution Welcomes Zack Yurch as New VP of Retail Sales

Agency Revolution

This strategic hire enhances Agency Revolution’s leadership team and underscores its commitment to providing top-tier digital marketing solutions for independent insurance agents. August 19, 2024 – Agency Revolution , the leading marketing and communication enablement and website provider for insurance agencies, is thrilled to announce the appointment of Zack Yurch as the new Vice President of Retail Sales.

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Rhode Island Sues 13 Firms That Worked on Troubled Washington Bridge

Insurance Journal

Rhode Island Gov. Dan McKee announced Friday that the state has filed a lawsuit against 13 companies that provided design, construction and inspection services related to the troubled Washington Bridge.

Liability 262
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Best Dental Insurance Texas: Comprehensive Coverage Options

Smart Insurance Agents

Looking for the best dental insurance Texas? This guide compares top providers, plan types, and coverage options to help you make an informed decision. Key Takeaways Texas offers a variety of dental insurance plans, including PPO and DHMO options, that provide financial protection against routine and emergency dental costs. Key dental insurance providers in Texas, such as Delta Dental, Humana Dental, and Blue Cross Blue Shield, offer flexibility and comprehensive coverage tailored to individual

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Arkansas Governor Declares Emergency After Thunderstorms Knock Out Power

Insurance Journal

LITTLE ROCK, Ark. (AP) — Arkansas Gov. Sarah Huckabee Sanders issued an emergency declaration Saturday after severe thunderstorms knocked down power lines in the northwestern part of the state.

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Understanding How Ozempic Coverage Works With Medicare Plans

Smart Insurance Agents

Key Highlights Medicare Part D covers Ozempic for type 2 diabetes, but not explicitly for weight loss. Wegovy, another semaglutide-based drug, is covered by some Part D plans for adults with cardiovascular disease and obesity. Mounjaro, a tirzepatide medication for type 2 diabetes, might gain coverage if approved for sleep apnea and obesity. Coverage specifics and costs vary significantly among Medicare Part D and Medicare Advantage plans.

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Family of Carolina Woman Killed by Falling Utility Pole to Get $30M Settlement

Insurance Journal

COLUMBIA, S.C. (AP) — The family of a South Carolina woman struck in the head and killed by a rotting 70-year-old utility pole will get $30 million through a wrongful death settlement reached Thursday.

Liability 261
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Beginner’s Guide to Understanding Medicare Supplement Plans

Smart Insurance Agents

Key Highlights Medicare Supplement Plans, also known as Medigap, help cover costs that Original Medicare doesn’t. These plans are offered by private insurance companies and come in standardized options. You’ll need to be enrolled in both Medicare Part A and Part B to be eligible. The best time to enroll is during your Medigap Open Enrollment Period for guaranteed acceptance.

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UK Insurers Call for Rule Change to Establish Captive Insurance Regime

Insurance Journal

Senior figures in the insurance industry are calling on the UK to restart work on a potential new market worth billions of pounds as part of a drive to boost competitiveness.

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What is the Difference between HMO vs PPO

Smart Insurance Agents

HMO vs PPO: Choosing the Best Health Insurance Plan for You Deciding between a HMO vs PPO health insurance plan? This guide breaks down the main differences in flexibility, cost, and provider choice to help you select the best option for your healthcare needs and budget. Key Takeaways PPO plans offer flexibility in choosing providers without referrals, but come with higher premiums and out-of-pocket costs, while HMO plans are more cost-effective but restrict provider choices and require coordina

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Net Zero’s Carbon Removal Conundrum

Insurance Journal

To achieve net-zero emissions, where emissions and removals of greenhouse gas pollution balance each other out, governments and corporations must do two things: cut emissions as much as possible and remove any residual pollution from the atmosphere.

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Comparing Medicare Supplement Plans: Choosing the Right Coverage

Smart Insurance Agents

Key Highlights Comparing Medicare Supplement Plans Insurance, or Medigap, helps cover costs that Original Medicare doesn’t, like copays and deductibles. There are various Medigap plans available, each offering different coverage levels. Popular choices include Plans F, G, and N. Understanding your healthcare needs and budget is crucial in selecting the right plan.

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Neighbor Reported Gas Smell to Utility Night Before Maryland House Explosion

Insurance Journal

A neighbor reported smelling gas to a utility company the night before a home exploded in Bel Air, Maryland, killing two people, The Baltimore Sun has reported.

Liability 263
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Finding Best Medicare Supplement Dental Plans

Smart Insurance Agents

Key Highlights Original Medicare (Part A and Part B) typically doesn’t cover routine dental care. Medicare Advantage Plans (Part C) might offer dental coverage, but it varies by plan. Consider standalone Medicare Supplement dental plans for more comprehensive coverage. Look for plans that cover preventive care, basic procedures, and potentially major services.

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Skyward Specialty Launches Aviation Program

Insurance Journal

Houston’s Skyward Specialty Insurance Group announced it is launching an aviation program in partnership with Acceleration Aviation Underwriters.

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Meet Distinguished’s Community Associations Insurance Experts

Distinguished

At Distinguished, we understand the unique insurance needs of community associations. That’s why we have a team of experts dedicated to providing insurance solutions for HOAs, condos, and other types of community associations. We work with community association brokers to get the coverages their clients need. In this short video, we want to introduce you to some of our key team members who bring a wealth of knowledge and expertise to our clients.

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US Workers More Glum on Compensation and Work Prospects, New York Fed Says

Insurance Journal

U.S. workers are growing more sour with their employment compensation, according to a survey released on Monday by the New York Federal Reserve.

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Indonesian cargo vessel listed severely after leak

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Indonesian cargo vessel listed severely after leak appeared first on Insurance Marine News.

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