Thu.Aug 22, 2024

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Cyber Resilience Overestimation Leads to Business Continuity Issues, Ransom Payments

Insurance Journal

New research commissioned by Cohesity, an AI-powered data security firm, reveals organizations overestimate their cyber resilience capabilities and maturity, leading to significant business continuity disruptions and ransom payments.

Cyber 324
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Are Many Restoration Contracts Unenforceable Because They Lack a Specific Price and Scope of Work?

Property Insurance Coverage Law

Insurance restoration contractors have a lot on their plate. They are not building based on new plans but repairing already-built structures. Many of the damages are hidden, and the party whom everybody is counting on to finance the repair, the insurance company, is often not in a position to approve or promise any reconstruction project … The post Are Many Restoration Contracts Unenforceable Because They Lack a Specific Price and Scope of Work?

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Hiscox Confirms Chairman Bloomer Died on Sinking of Yacht Off Coast of Sicily

Insurance Journal

Hiscox Ltd. issued a statement confirming that the insurer’s chair, Jonathan Bloomer, and Bloomer’s wife, Judy, died in the tragic sinking of the Bayesian off the coast of Sicily on Monday, Aug. 19.

Insurer 297
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Does a sagging floor constitute a “collapse”? Court finds ambiguity in “collapse.”

The Property Insurance Law Observer

In Life Skills, Inc. v. Harleysville Insurance Company , 2024 WL 3792261 (D. Mass. 2024), the District Court of Massachusetts found that “collapse” provisions within a commercial property policy were ambiguous where a floor merely sagged without completely falling to the ground. Background The plaintiff-insured provided residential and day habilitation services in a property covered by a commercial package insurance policy issued by the defendant-insurer.

Building 130
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Unseasonal Winter Heat Across Australia Raises Wildfire Risks

Insurance Journal

Australia is facing elevated wildfire risks months ahead of the summer fire season, as an unusually warm winter scorches parts of the continent and threatens to set temperature records.

Risk 290
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Sea World Management ship attacked four times in 24 hours

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Sea World Management ship attacked four times in 24 hours appeared first on Insurance Marine News.

Marine 111

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Unprecedented railway strike in Canada begins

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Unprecedented railway strike in Canada begins appeared first on Insurance Marine News.

Marine 105
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Amazon Is Boss of Subcontracted Drivers, Labor Board Prosecutors Say

Insurance Journal

Amazon.com Inc. was legally the boss of a group of subcontracted delivery drivers, US labor board prosecutors have concluded, rejecting the company’s claims that workers in its sprawling delivery network aren’t its employees.

Claim 278
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Crew rescued from Sounion tanker 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 Crew rescued from Sounion tanker in Red Sea appeared first on Insurance Marine News.

Marine 105
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Two Killed in West Texas Plane Crash That Set Off a Fire

Insurance Journal

ODESSA, Texas (AP) — A small plane crashed in a West Texas neighborhood Tuesday, killing the pilot and a passenger and setting off a large fire on the ground that injured a woman, authorities said.

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Indian High Court orders sale of seized vessel: report

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Indian High Court orders sale of seized vessel: report appeared first on Insurance Marine News.

Marine 105
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Vanderbilt Plans $520 Million Palm Beach Campus, Tapping into Migration of Wealth

Insurance Journal

Vanderbilt University is asking local Florida officials to approve its proposal to build a $520 million campus in the wealthy Palm Beach area, tapping into a growing region transformed by new outposts of financial firms.

Building 269
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More than 700kg of cocaine discovered in a week at Rotterdam

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post More than 700kg of cocaine discovered in a week at Rotterdam appeared first on Insurance Marine News.

Marine 102
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Safety Regulator Closes Probe into GM’s Cruise Robotaxis

Insurance Journal

The National Highway Traffic Safety Administration said it was closing its preliminary investigation into the hard braking and immobilization issues in 1,194 autonomous ride-hailing vehicles operated by General Motors’ Cruise unit.

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A retirement checklist for small business owners.

Frankenmuth Insurance

Planning for retirement is a complex task for anyone, but it’s even trickier for business owners. In addition to the usual questions, like “How much do I need?” and “Do I have enough saved?,” entrepreneurs also need to decide what they’ll do with their businesses after they retire. To help you plan, ask yourself these two questions, then follow our retirement checklist for business owners.

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WV Volunteer Fire Official Pleads to Insurance Fraud After Burning Down His Home

Insurance Journal

A former West Virginia volunteer fire official is awaiting sentencing after he admitted to setting fire to his home, filing an insurance claim, and using the fire department’s credit card for personal gain. Donald A. Ennis, 43, of St.

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Women in Coal Mining

CDC: Workers Compensation

When thinking of mining, many picture male coal miners. This is because most miners are men, and many depictions of coal miners are of men wearing hardhats and dusty reflective coveralls. Women have been working in various capacities above ground in coal mining since coal was first commercially used in the U.S. in the early 1700s. However, it wasn’t until 1974 that women were formally recognized and included in the underground coal mining workforce.

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Frequency of Deadly Hurricanes Has Jumped 300%

Insurance Journal

New research indicates that what used to be the 100-year hurricane will now happen every 25 years, according to Deep Sky Research, a Montreal-based carbon removal project developer. The new report analyzes data within the U.S.

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Blog Post: Launch of LexisNexis Protégé for Lexis+ AI Stirs Up Buzz at ILTACON 2024

LexisNexis

The 2024 edition of ILTACON , the premier educational and networking event for the legal technology sector, wrapped up in Nashville on August 15 th and attendees returned to their offices around the world with fresh insights into successful strategies for today’s transforming legal industry. During the 4.5-day conference, one announcement had industry experts and influencers excited about the personalized future of generative AI for the legal industry.

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Markets/Coverages: Hanover Enhances Work Safe Program; Berkley Adds AttorneyShield to EPL Portfolio; Encore Fiduciary Moves Into Management Liability

Insurance Journal

The Hanover Enhances Its Holistic Work Safe Program The Hanover. Insurance Group has expanded its Hanover Work Safe, a group of services promising a personalized approach to worker safety and claims handling.

Liability 264
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Are container ship fires on the rise again?

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Are container ship fires on the rise again? appeared first on Insurance Marine News.

Marine 52
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Propane Blast Levels Pennsylvania Home, Kills Woman and Injures Man

Insurance Journal

An explosion that leveled a home in northeastern Pennsylvania, killing a woman and leaving a man seriously injured, was apparently caused by a propane leak, state police said. The blast in Jefferson Township, near Scranton, was reported around 2 p.m.

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Protecting Data and Privacy for Remote Workers: Cybersecurity Tips and Best Practices

Mark Jackson Insurance Agency

Computer in a home office by Ken Tomita The shift towards remote work has introduced numerous benefits for businesses worldwide, including increased flexibility and reduced overhead costs. However, this shift also presents new challenges in data security and privacy. As remote work becomes more prevalent, protecting sensitive information against cyber threats is paramount.

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AM Best Revises Outlook for Missouri Farm Bureau Group

Insurance Journal

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of Farm Bureau Town and Country Insurance Company of …

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Grenada triggers ‘hurricane clause’ to suspend bond payments

Elmore

First-ever debt pause linked to natural disaster could spur wider adoption The post Grenada triggers ‘hurricane clause’ to suspend bond payments appeared first on Elmore Insurance Brokers.

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The Hilb Group Expands Central Region Presence With Texas Acquisition

Insurance Journal

The Hilb Group announced that it has acquired a Texas-based property and casualty agency, adding to the company’s expanding presence in the Central region of operations. The company did not name the acquired agency.

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Acting Governor Signs Legislation Increasing Counsel Fees to 25% in Workers’ Compensation Cases

New Jersey Workers' Comp

On Thursday, August 22, 2024, Acting Governor Nicholas Scutari signed legislation increasing counsel fees for petitioners’ attorneys from 20% to 25%. This change in the law is codified in N.J.S.A. 34:15-64. The statute now reads as follows: “The official conducting any hearing under this chapter may allow to the party in whose favor judgment is entered, costs of witness fees and a reasonable attorney fee, not exceeding 25 percent of the judgment.

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U.S. Transport Safety Board Opens Investigation Into Tesla Crash in California

Insurance Journal

The U.S. National Transportation Safety Board has opened an investigation into a crash and fire involving a Tesla electric semi-truck on a California highway, the agency said late Wednesday.

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CrowdStrike and contingent business interruption insurance

Elmore

A Non-Fungible Token (NFT) is a digital asset that signifies ownership or proof of the validity of a special item, work of art, photograph, or digital collectable. Unlike fungible (interchangeable) digital assets, such as Bitcoin and Ethereum, NFTs are unique. That means they cannot be traded one for the other, as each NFT has its own unique independent value.

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Is Heat Causing Branches to Fall Off Trees? Scientists Aren’t Sure

Insurance Journal

In 2003, as Paris sweltered through a heat wave that would go on to kill an estimated 15,000 people across France, one oasis of cooler air remained off limits: the city’s roughly 400 public parks.

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Blog Post: 10 Stages of Contract Lifecycle Management

LexisNexis

In the stages of contract lifecycle management (CLM) legal departments may have five, seven or more various steps in the lifecycle of contract management. In this article, we review 10 stages of contract lifecycle management and explain the importance of each for a more streamlined and systematic approach to the CLM process in the legal department. Stages of Contract Lifecycle Management The world of contracts is a dizzying maze of terms, clauses and legal terminology, which makes sense as a con

Risk 52
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Scrap Metal Dealer Pleads Guilty in Multistate Catalytic Converter Theft Conspiracy

Insurance Journal

A scrap metal dealer with a Virginia shop pled guilty this week to theft and tax charges related to his participation in a multi-state catalytic converter theft conspiracy.

Theft 264
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Marine round-up : 23rd August 2024

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Marine round-up : 23rd August 2024 appeared first on Insurance Marine News.

Marine 52
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Insurance Technology: Aon Tool Analyzes and Quantifies Potential D&O Losses

Insurance Journal

Corporate risk managers looking to gauge the likelihood that their directors and officers will be sued and how much that might cost have a new digital tool to help them.