Sat.Oct 12, 2024 - Fri.Oct 18, 2024

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Hurricane Milton Insured Losses in $30B-$50B Range, Says Verisk

Insurance Journal

Catastrophe modeler Verisk said it expects insured losses from Hurricane Milton will be between $30 billion and $50 billion from damages caused mostly by wind.

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Supporting the American Policyholder Association With Time and Money Is an Obligation If You Are a True Policyholder Advocate

Property Insurance Coverage Law

The American Policyholder Association (APA) has emerged as a powerful force in the fight against insurance fraud, with recent achievements highlighting the critical importance of its work. The organization’s efforts, supported by dedicated legal professionals, concerned citizens, and courageous property insurance adjusters, have led to groundbreaking exposés that are shaking the foundations of the insurance … The post Supporting the American Policyholder Association With Time and Mon

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Deconstructing Your Business Insurance Quote

Central Insurance

Securing business insurance is essential, but the quote you receive can often be dense and complex, leaving many business owners uncertain about what theyre paying for. From understanding what different coverages mean to evaluating the cost-effectiveness of various premiums, theres a lot to consider before committing. It may be tempting to compare quotes solely based […] The post Deconstructing Your Business Insurance Quote appeared first on Central Insurance Blog.

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Nuclear power for shipping pioneer CORE POWER swells funding to $500m

Splash: Finance and Insurance

Shipping nuclear propulsion start-up CORE POWER is set to reach a funding milestone of $500m, which will support the UK-based company in finishing the technology designs and building the program for the maritime industry.

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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

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Tesla ‘Full Self-Driving’ Faces Defect Probe After Fatality

Insurance Journal

The US opened a federal investigation into whether Tesla Inc.’s partial-automation system marketed as Full Self-Driving is defective after a series of crashes, one of which resulted in a fatality.

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Split Decision: Florida Districts Clash Over Insurance Coverage for Unperformed Repairs

The Property Insurance Law Observer

In the recent decision Universal Property & Casualty Insurance Co. v. Qureshi , the Florida Fourth District Court of Appeal held that homeowners cannot recover replacement cost benefits unless they have incurred expenses for repairs. The court emphasized that under both the insurance policy’s plain language and Florida Statute §627.7011(3)(a), payment of replacement cost value is contingent upon the actual completion of repairs.

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Major French owners face hefty tax bill as Paris aims to right fiscal ship

Splash: Finance and Insurance

Facing a large hole in its coffers, the French government has targeted cash-rich shipowners in its latest budget plans.

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Allstate Reports $1.7B in Q3 Pretax Catastrophe Losses, $630M From Helene

Insurance Journal

Allstate Corp. doesn’t announce third quarter earnings until Halloween but today it released some scary September pretax catastrophe losses.

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Policyholders Beware of Whom You Hire Regarding Your National Flood Insurance Claim

Property Insurance Coverage Law

Bad legal advice is to be avoided. Wrong legal advice and instruction can be disastrous. I was thinking about this while calling FAPIA Managing Director Nancy Dominguez to take down a wrong proof of loss form that some ignorant attorney had sent to a group as the proper NFIP proof of loss to be filed … The post Policyholders Beware of Whom You Hire Regarding Your National Flood Insurance Claim appeared first on Property Insurance Coverage Law Blog.

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Who Pays for Builder’s Risk Insurance?

Central Insurance

Learn who pays for Builders Risk insurance and what factors affect responsibility in construction projects. The post Who Pays for Builders Risk Insurance? appeared first on Central Insurance Blog.

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USAID provides funding to fight maritime corruption in major ports

Splash: Finance and Insurance

The Maritime Anti-Corruption Network (MACN) has received two-year project funding from the US government’s development agency USAID to help in the fight against transnational maritime sector corruption. These funds are part of USAID’s ‘Doing Business with Integrity’ activity and the collaboration will be part of its ‘Countering Transnational Corruption Grand Challenge for Development’.

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Florida Man Dies From Smoke After Golf Cart Battery Fire in Milton Flooding

Insurance Journal

The death toll from Hurricane Milton has risen to at least 25, including an elderly man who died from smoke inhalation after a golf cart battery exploded when submerged by rising floodwaters.

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Navigating Hurricane Helene and Milton NFIP Claims: Documenting Repairs and Understanding Prior Damage Requirements

Property Insurance Coverage Law

Following Hurricanes Helene and Milton, many Florida and southeast residents are left grappling with flood damage – some for the second or third time in recent years. For National Flood Insurance Program (NFIP) policyholders, especially those who have experienced prior flood losses, understanding the documentation requirements for repairs is crucial.

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4 Best Fleet Management Software & How They Protect Your Commercial Auto Rates

Central Insurance

Learn how Fleet management software enhances safety, tracks driver behavior, and can help your businesses save on auto rates. The post 4 Best Fleet Management Software & How They Protect Your Commercial Auto Rates appeared first on Central Insurance Blog.

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Bahri clinches $756m financing for Marinakis VLCCs deal

Splash: Finance and Insurance

Saudi Arabia’s flagship line Bahri has secured $756m to partially finance nine very large crude carriers it agreed to buy from Evangelos Marinakis-controlled Capital Maritime & Trading earlier this year. The Riyadh-based company has penned a murabaha financing deal with Alinma Bank.

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New York Updates Financial Services Cybersecurity Regulation to Address AI Risks

Insurance Journal

The New York Department of Financial Services (DFS) has issued new guidance to assist the more than 3,000 firms including insurers it regulates in addressing cybersecurity risks arising from artificial intelligence (AI).

Risk 289
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Modernizing the National Flood Insurance Program: A Call for Higher Coverage Limits

Property Insurance Coverage Law

In an era of rising sea levels, intensifying and more frequent storms, and escalating construction values, the National Flood Insurance Program (NFIP) stands as a critical bulwark against the financial devastation wrought by flooding. Yet, as we approach the program’s 60th anniversary, it’s become increasingly clear that the NFIP’s coverage limits have failed to keep … The post Modernizing the National Flood Insurance Program: A Call for Higher Coverage Limits appeared fi

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ACA open enrollment: what’s new for 2025

Healthinsurance.org

In this article DACA recipients may be eligible to use the Marketplace Georgia switches to state-run Marketplace platform State-funded health insurance subsidies change in several states Some Oregon enrollees may switch to Basic Health Program Individual and family premium increases average 6-7% At least 11 states will see carrier entries and exits New short-term health insurance rules affect access to coverage Rules prevent unauthorized enrollments and plan changes Open enrollment for 2025 ACA

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Blog Post: The “Activator” Approach to Business Development: How to Use Legal News Resources to Win New Business

LexisNexis

By Madison Johnson, Esq. | Marketing Manager The competitive landscape for legal services has changed significantly over the past two decades. An industry that was once characterized by long-term loyalty between law firms and corporate clients has been transformed by the creation of panels of preferred firms, law firm convergence initiatives and intensifying competition in a global marketplace.

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Jury Awards $30 Million to Woman Injured During C-Section

Insurance Journal

A Connecticut jury has awarded $30 million to a woman who suffered permanent injuries due to an improper caesarean section surgery 10 years ago.

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Amy Bach and United Policyholders Raise Issues About Insurance Executives Insurance Taking Monies Through Excessive Payouts

Property Insurance Coverage Law

Amy Bach‘s recent LinkedIn post yesterday highlighting concerns about excessive compensation in the insurance industry has struck a chord with many policyholders and consumer advocates. Bach raised these issues in a panel discussion at the American Academy of Actuaries. Her observations are particularly pertinent to the ongoing challenges faced by consumers in the insurance market, … The post Amy Bach and United Policyholders Raise Issues About Insurance Executives Insurance Taking M

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Florida InsurersCan Weather AnotherBig Storm This Season

Triple-I: Homeowners Insurance

Despite warnings from two leading insurance rating agencies that Hurricane Milton weakened or threatened Florida’s recovering home insurance market, the market “can manage losses” from the Category 4 storm “and are ready to cover yet another hurricane,” if one should come this season, according to industry experts who spoke with the South Florida Sun Sentinel.

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Two Main Reasons Why Workers’ Compensation Costs Skyrocket

AMAXX

One of the most significant challenges for employers today is managing the rising costs of workers’ compensation claims. The price tag associated with these claims can severely impact a company’s bottom line if not controlled effectively. This post will dive into the two primary reasons why workers’ compensation costs are often higher than they should be, and how employers can take charge of the process to reduce those expenses.

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Milton’s 123,000 Claims So Far to Mean New Pressure on Reinsurance, Rate Hikes

Insurance Journal

Property Insurance claims from Hurricane Milton had topped more than 123,000 by Sunday, with some $1.5 billion in estimated insured losses.

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Russian attacks on Ukraine’s ports push up insurance rates

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Russian attacks on Ukraine’s ports push up insurance rates appeared first on Insurance Marine News.

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Roofing Contractor Challenges Iowa’s Public Adjusting Laws on Constitutional Grounds

Property Insurance Coverage Law

In a case that could have far-reaching implications for contractors and public adjusting laws, Shamrock Hills LLC, dba Shamrock Roofing and Construction, has filed a federal lawsuit against Iowa insurance regulators. The suit, filed on September 25, 2024, in Iowa federal court, challenges the constitutionality of Iowa’s laws regulating public adjusting and contractor conduct.

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Part 3 of 3 – Expediting Medical Settlements Through Professional Administration: Optimize Settlement Agreements

AMAXX

by Andrea Mills, Chief Client Officer, Ametros Strategies to streamline efficiency and effectiveness in medical settlement processes The settlement of a workers’ compensation or liability claim should ideally benefit both the injured individual and the payer. However, numerous obstacles and confusion surrounding the intricacies of both systems and the management of medical funds post-settlement can hinder or even prevent the closure of medical cases.

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Honda Recalling 2 Million Vehicles Over Steering Issue

Insurance Journal

Honda Motor said it is recalling 2 million cars and SUVs in North America over an issue that can make steering more difficult and increase the risk of a crash.

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Drought blocks shipping in northern Brazil grains corridor

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Drought blocks shipping in northern Brazil grains corridor appeared first on Insurance Marine News.

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15 Tips For Recruiting Insurance Agents (From Industry Experts)

EverQuote

Recruiting insurance agents is always a challenge. Finding great ones is even more difficult, especially when you’re short-staffed and need someone to follow up with all the qualified leads you’re getting. You might be tempted to hire from the first batch of decent candidates, but you know that probably won’t bode well for the long-term success of your business.

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The Prudential Advantage: Insights From A licensed Life Insurance Agent

RiskQuoter

Prudential is one of the most competitive life insurance companies for high risk health issues such as HIV, cancer, heart disease, diabetes, as well as for tobacco users, private pilots and much more. The post The Prudential Advantage: Insights From A licensed Life Insurance Agent appeared first on RiskQuoter.com.

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Florida OIR Extends Order, Barring Policy Cancels or Nonrenews Until Dec. 10

Insurance Journal

Florida’s insurance commissioner this week issued emergency orders, extending some policyholder cancellation protections in the wake of Hurricanes Helene and Milton. The orders, seen here and here, are in line with similar actions taken after hurricanes.

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Explosion and fire on tanker off Germany’s Baltic coast

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Explosion and fire on tanker off Germany’s Baltic coast appeared first on Insurance Marine News.

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