Sat.Jan 04, 2025 - Fri.Jan 10, 2025

article thumbnail

Insured Losses From Los Angeles Wildfires Rising: $8B to $20B

Insurance Journal

With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearerlikely pushing up billion-dollar-plus insured loss estimates put forth from fires …

Damage 312
article thumbnail

Deeper Analysis of How to Interpret Insurance Policy Language—Where Insurance Coverage Nerds Go for the Weekend

Property Insurance Coverage Law

If you can interestingly hang with these concepts: [R]ecognizing that insurance policies, particularly standard form policies and especially those purchased by consumers, often operate more like a purchased product rather than a negotiated deal, can assist the court in better determining the purpose and function of the policy and intent of the contracting parties.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Audit finds more than 80% of sanctioned ships have no confirmed insurance

Splash: Finance and Insurance

The number of vessels hit by sanctions has surpassed 1,000 with data from S&P Global Market Intelligence showing that more 800 of these ships do not have confirmed insurance.

Insured 142
article thumbnail

CMS to End VBID Model in 2025: What It Means for Medicare Advantage Plans and Agents

PSM Brokerage

The Centers for Medicare & Medicaid Services (CMS) recently announced the termination of the Medicare Advantage (MA) Value-Based Insurance Design (VBID) model, set to end on December 31, 2025. While the VBID model brought innovative strategies to improve care quality and access for Medicare beneficiaries, its substantial costs to the Medicare Trust Funds ultimately led to this decision.

Agents 105
article thumbnail

Streamline Insurance Claims Management By Analyzing Legal Trends

Insurance professionals use Trellis to streamline claims management by analyzing legal trends, predicting outcomes, and strategizing effectively to serve clients better. Adjusters can evaluate claim validity, estimate settlement amounts, and identify potential litigation risks. Trellis' extensive State Trial Court Data can be leveraged to identify opposing/outside counsel and top mediators for insurance matters, evaluate the risk of new claims by viewing similar claim litigation history, and mor

article thumbnail

Re/Insurance Losses From LA Wildfires Expected to Be Significant but Manageable: S&P

Insurance Journal

Insurers are facing significant losses from the catastrophic Los Angeles wildfires — given the high value of homes and businesses in the affected communities.

Insured 328

More Trending

article thumbnail

How to pick an insurance agent: 6 questions to ask.

Frankenmuth Insurance

Your relationship with your insurance agent is an important one. Theyll be protecting your most cherished and valuable assets. Wondering how to choose an insurance agent? Here are six questions you can ask to make sure theyre the one. Are you a direct/captive agent or an independent agent? Agents who represent only one insurance company are called direct or captive agents.

article thumbnail

Finnish Court upholds detention of Eagle S

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Finnish Court upholds detention of Eagle S appeared first on Insurance Marine News.

Marine 105
article thumbnail

Los Angeles Fires Become Existential Test for California’s Stopgap Insurer

Insurance Journal

The conflagrations tearing across Los Angeles are on track to be among the most expensive wildfire disasters in U.S. history, draining insurance coffers and threatening California’s massive state-sponsored insurance program.

Insured 312
article thumbnail

Want to Win a Hailstorm Damage Lawsuit? Hire The Right Experts and Establish a Theory of Loss Before Filing a Lawsuit

Property Insurance Coverage Law

Insurance companies denying hail damage claims are repeat players in the litigation arena. The lawyers and experts they choose to defend these denials are as well. This post will provide more insight and lessons as a grand finale to Policyholders and Public Adjusters Often Need to Hire Their Own Experts, and Policyholders and Public Adjusters … The post Want to Win a Hailstorm Damage Lawsuit?

Damage 174
article thumbnail

Dynamic Retirement Income Planning with IUL

The Insurance Pro

Indexed universal life insurance has unique features that make it resilient when change becomes necessary. And a lesson all retirees will eventually learn is their plan during retirement will require adjustments. Today I want to highlight the versatility IUL retirement planning brings to a plan specifically focused on how the product accommodates changing needs over.

article thumbnail

Lock damaged on Kiel Canal

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Lock damaged on Kiel Canal appeared first on Insurance Marine News.

Damage 104
article thumbnail

California Wildfires Will Likely Lead to Large Economic and Insured Losses

Insurance Journal

Active wind-driven wildfires in Southern California that are estimated to have burned more than 1,000 properties and prompted evacuation orders for more than 80,000 residents will likely lead to what industry watchers say will be sizable insured losses.

Insured 299
article thumbnail

Delay, Deny, Defend Professor Offers Suggestions for Meaningful Insurance Claims Reform

Property Insurance Coverage Law

Jay Feinman, author of Delay, Deny, Defend, discusses the pervasive frustration Americans feel toward insurance companies, driven by claims of unjust practices, including delays, denials, and complicated claim procedures, in an article, Americans Rage at Insurers Goes Beyond Health Coverage The Author of Delay, Deny, Defend Points to 3 Reforms that Could Help. 1 … The post Delay, Deny, Defend Professor Offers Suggestions for Meaningful Insurance Claims Reform appeared first on Property In

article thumbnail

Doris Ho comes to the aid of Lorenzo Shipping

Splash: Finance and Insurance

Philippine carrier Lorenzo Shipping Corp has received a P270m ($4.6m) financial lifeline from majority shareholder, Doris Ho-led National Marine Corp. National Marine has bought 270m new shares of Lorenzo Shipping at P1 each, much of which will go to pay loss-making Lorenzos belated fuel bills.

Marine 89
article thumbnail

Hatch covers for Russian nuclear icebreaker lost through Ursa Major sinking

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Hatch covers for Russian nuclear icebreaker lost through Ursa Major sinking appeared first on Insurance Marine News.

Marine 104
article thumbnail

Did Florida Appeals Court Put the Final Nail in the AOB Coffin? Maybe

Insurance Journal

Almost five years after Florida lawmakers clamped restrictions on assignment-of-benefits agreements and two years after they effectively outlawed AOBs altogether, state appeals courts may have finally put an end to one creative way that been used in attempts to get …

Claim 306
article thumbnail

Policyholders and Public Adjusters Often Need to Hire Their Own Experts

Property Insurance Coverage Law

I often hear this question when discussing a loss with a potential client or public adjuster: Chip, isnt it an all-risk insurance policy? This question is often in response to a question I asked them: What caused the loss? To prove the point of this blogs title, in a recent trial court order finding for … The post Policyholders and Public Adjusters Often Need to Hire Their Own Experts appeared first on Property Insurance Coverage Law Blog.

article thumbnail

1/2/25 is the Best Day to FEEL the Value of Return to Work

AMAXX

Click Link to Access Free PDF Download “13 Research Studies to Prove Value of Return-to-Work Program & Gain Stakeholder Buy-In” The only way to truly understand it is to feel it. Hello, my name is Michael Stack and I’m the c e O of amax and happy New year to you. It’s January 3rd, 2023. Brand new start to a fresh and shiny year.

article thumbnail

Ruby’s ammonium nitrate cargo arrives in Africa

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Rubys ammonium nitrate cargo arrives in Africa appeared first on Insurance Marine News.

Marine 95
article thumbnail

The Most Important LA Wildfire Stories to Know About

Insurance Journal

As firefighters gain more control over what have become the most destructive wildfires in U.S. history in a matter of days, the scale of the destruction and losses is becoming clearer.

Insured 279
article thumbnail

Policyholders and Public Adjusters Often Need to Hire Their Own Experts—Part Two

Property Insurance Coverage Law

In yesterdays post, Policyholders and Public Adjusters Often Need to Hire Their Own Experts, the court found that the insurance policy did not provide coverage for the claimed damages for two primary reasons.1 First, the plaintiffs failed to demonstrate that the damage to their home occurred during the policy period or was caused by a … The post Policyholders and Public Adjusters Often Need to Hire Their Own ExpertsPart Two appeared first on Property Insurance Coverage Law Blog.

article thumbnail

Seacon agrees sale and leaseback for bulker newbuild

Splash: Finance and Insurance

Chinas Seacon Shipping has secured financing for one of its handysize bulk carriers under construction in Japan. The Hong Kong-listed company said in a filing it had agreed to a $31.38m sale and leaseback deal for a 40,000 dwt bulker with Panama-incorporated Dawn Shipping and its Japan-based parent, whose ultimate beneficial owner is Kohei Kondo.

Insured 82
article thumbnail

Get Started Building Your NEW Workers’ Comp Program in 2025

AMAXX

When embarking on the journey to master workers compensation, the road is well-traveled and marked by proven strategies. Success is not an accident; it is the outcome of following a series of deliberate steps, executed in the right sequence. Our three components to achieve workers comp mastery are: Framework , Employer Controls , and External Controls.

article thumbnail

$1.7B in Block Grants Awarded to North Carolina Governments for Helene Recovery

Insurance Journal

ASHEVILLE, N.C. (AP) North Carolina governments are receiving over $1.65 billion in federal block grant money to help address historic levels of damage caused by Hurricane Helene in western North Carolina. The money $1.

Damage 277
article thumbnail

The “Cannot Miss” 2025 Hailstorm Education Is at the Windstorm Insurance Conference in Dallas

Property Insurance Coverage Law

I studied the topics, agenda, and panelists at this years Windstorm Insurance Conference. As a past president of the organization, I am very proud to see its continued vitality and depth of education provided to those attending.I noted one presentation on the agenda: Everything is Bigger in Texas, but Was the Hail Damaging and When … The post The Cannot Miss 2025 Hailstorm Education Is at the Windstorm Insurance Conference in Dallas appeared first on Property Insurance Coverage Law Blog.

article thumbnail

Two Greek shipping companies fined $4.5m for illegal oil discharges and cover-up

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Two Greek shipping companies fined $4.5m for illegal oil discharges and cover-up appeared first on Insurance Marine News.

Marine 80
article thumbnail

West P&I acquires Nordic Marine Insurance

Splash: Finance and Insurance

West P&I Club has bought Nordic Marine Insurance, a specialist in delay insurance, primary loss of earnings, hull and machinery, loss of hire, and maritime lien solutions. West P&I initially acquired a significant stake in Nordic in 2020.

Marine 70
article thumbnail

Major Florida Citrus Grower to End Operations After Years of Hurricanes and Blight

Insurance Journal

ORLANDO, Fla. (AP) A major grower said this week it is abandoning its citrus growing operations, reflecting the headwinds Florida’s signature crops are facing following a series of hurricanes and tree diseases. Alico Inc.

article thumbnail

Time to Consider a Roof Replacement… Should I Go With Shingle or Metal?

Wren Insurance Agency

As we work our way into the New Year, many of us may be soon faced with the decision of when to replace our aging roof and what type of material is best? From an insurance perspective, having things like a secondary underlayment water barrier (also called an "SWR" or "Secondary Water Resistance" layer), can make a significant difference in your home insurance costs, but perhaps even more surprising than that is the fact that spending more money up front on a metal versus asphalt shingle roof may

article thumbnail

An Agent's Guide to Selling Final Expense Life Insurance

PSM Brokerage

Introduction to Final Expense Insurance Final Expense Insurance is a small whole life insurance policy designed to cover end-of-life costs, such as funeral expenses, medical bills, and other outstanding debts. These plans are affordable, straightforward, and a valuable addition to any insurance agent's portfolio. The Need for Final Expense Insurance Rising Funeral Costs: The average funeral in the U.S. costs between $7,000 and $10,000.

article thumbnail

Broker FAQ: How to Bind a Quote for City and New York Brick & Brownstone Programs

Distinguished

Youve submitted an application for City Insurance or New York Brick & Brownstone coverage through the Broker Connect portal now youre ready to bind a quote. So, whats next? Weve got you covered with a detailed walkthrough to guide you through the process. Scroll down for step-by-step instructions, or click here to download the PDF version. If you need further assistance, feel free to reach out to cityinsurance@distinguished.com or nybb@distinguished.com.

Broker 52
article thumbnail

Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’

Insurance Journal

Insurers saw the third most expensive year for natural catastrophe losses in 2024 reaching a total of US$140 billion as climate change “is showing its claws,” according to Munich Re.

Insured 275
article thumbnail

Building Successful Insurance Referral Partnerships: A Guide for Brokers

Protect Commercial Insurance

Introduction Navigating the world of insurance can sometimes feel like traversing a labyrinth. For brokers, establishing solid insurance referral partnerships can be the golden key to success. These partnerships not only broaden your client base but also offer a seamless solution to meet customer needs across various policy areas, such as commercial property.

Broker 52