Policy - Insurance Industry Brief

Construction Defects Are Not Covered Property Damage in Commercial Liability Policy

Insurance Journal

AUGUST 15, 2024

A home builder is not covered under the property damage coverage in its commercial liability policy for construction defects for which it was responsible. A three-judge panel of the Massachusetts Appeals Court has held for the first time that “construction …

Property Damage

Property Damage Liability Commercial Damage

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

Insurance Journal

JULY 22, 2024

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

Cyber Policy Insurance Industry Insurer

State High Court Nixes Policy Cancellation Over ‘Ambiguous’ Communications

Insurance Journal

JANUARY 3, 2025

An insurer failed to properly cancel a workers’ compensation policy because its multiple notices and other conduct were not “definite, certain, and unambiguous” as to the status of the coverage. As a result, Ace America Insurance Co. is obligated to …

Policy

Policy Compensation Workers Compensation Insurer

Castle Key Nonrenewing 33,000 Policies as Florida Mulls Special Session on Condos

Insurance Journal

JULY 28, 2024

Allstate’s Florida subsidiaries are nonrenewing some 33,000 condominium unit policies over the next several months, delivering another blow for beleaguered condo owners across the state. The Palm Beach Post reported that Castle Key Indemnity and Castle Key Insurance have begun …

Policy

Policy Insurer Insured Insurance

Streamline Insurance Claims Management By Analyzing Legal Trends

Advertiser: Trellis

With customized visualizations and tailored analytics, carriers can enhance their risk assessment capabilities, optimize claims decisions, analyze outcomes, and make more informed policy and operational decisions. Download the guide now to learn about Trellis for Insurance Professionals.

Insurance Claim

Conflicting Federal Policies May Cost Residents Near Dams More on Flood Insurance

Insurance Journal

AUGUST 26, 2024

Conflicting federal policies may force thousands of residents in flood-prone areas to pay more for flood insurance or be left unaware of danger posed by dams built upstream from their homes and worksites, according to an Associated Press review of …

Policy

Policy Insurer Insured Insurance

Actuary Group Forecasts Climate Change to Have Massive GDP Hit Without Policy Action

Insurance Journal

JANUARY 16, 2025

That is if immediate policy actions on risks posed by climate change are not … Here’s stark warning in a new report from a group of actuaries: the global economy could face a 50% loss in GDP between 2070 and 2090.

Policy

Policy Risk

Louisiana Citizens Ends Assessment on Property Policies Ahead of Schedule

Insurance Journal

JANUARY 17, 2025

The Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) Board of Directors voted last week to end the 1.36% assessment it makes on all residential and commercial property insurance policies in the state in April of this year. The assessment, which …

Policy

Policy Commercial Property Property Insurance Commercial

TWIA Actuarial Committee Recommends 10% Rate Increase for 2025 Policies

Insurance Journal

JULY 16, 2024

The Texas Windstorm Insurance Association Actuarial & Underwriting Committee voted on Monday, July 15 to recommend that the TWIA Board of Directors approve a rate filing to increase rates by 10% for 2025 residential policies and by 10% for 2025 …

Policy

Policy Underwriting Underwriter Insurer

California State Fund Declaring 15% Dividend for 2024 Policy Year

Insurance Journal

JANUARY 1, 2025

State Compensation Insurance Fund in California announced that it will declare a $149 million dividend to qualifying policyholders with policies that took effect between Jan. This dividend equals roughly 15% of the estimated annual premium …

Policy

Policy Policyholder Compensation Premium

Insurance Broker Caught Pocketing $137K Commissions by Forging Policy Applications

Insurance Journal

OCTOBER 9, 2024

An insurance broker who collected nearly $137,000 in sales commissions by submitting fabricated insurance applications for end-of-life insurance policies in clients’ names without their knowledge, and used those clients’ personal and banking information to pay for those policies, was sentenced …

Insurance Broker

Insurance Broker Broker Policy Life Insurance

North Carolina Insurance Agent Charged With Forgery, ID Theft on Life Insurance Policy

Insurance Journal

FEBRUARY 11, 2025

A North Carolina insurance agent is awaiting a court appearance next week after he was charged with fraudulently taking out a life insurance policy with Southern Farm Bureau Life Insurance Co. The North Carolina Department of Insurance said that Matthew …

Life Insurance

Life Insurance Insurance Agents Insurance Agent Insurance Policy

Bar Association’s Diversity and Inclusion Policy Upheld on Appeal

Insurance Journal

DECEMBER 25, 2024

A New Jersey appeals court has ruled that the state bar association’s diversity policy of setting aside a certain number of its governance seats for members of under-represented minority groups is a legal exercise of the association’s First Amendment right …

Policy

Policy Protection

University of California Purchases Sensor-Triggered Earthquake Parametric Policy

Insurance Journal

OCTOBER 2, 2024

What is being called the first sensor-triggered earthquake parametric insurance policy in the U.S. was purchased by The University of California. Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, and Safehub, a technology provider in seismic sensor and risk …

Policy

Policy Insurance Policy Risk Insurer

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

Property Insurance Coverage Law

JANUARY 4, 2025

This … The post Deeper Analysis of How to Interpret Insurance Policy LanguageWhere Insurance Coverage Nerds Go for the Weekend appeared first on Property Insurance Coverage Law Blog.

Insurance Policy

Insurance Policy Policy Property Insurance Insurer

California is Not a Valued Policy Law State—California Has a Valued Policy Law for Valued Policies

Property Insurance Coverage Law

JANUARY 19, 2025

Two public adjusters sent me articles saying California is a valued policy law state.California is not a valued policy law state. California has a valued policy law for valued policies.

Policy

Policy Property Insurance Insurer Insured

Court, Not Board, Must Decide If Insurer’s Conduct After Canceling Policy Was Negligent

Insurance Journal

AUGUST 12, 2024

Claims that a workers’ compensation insurer’s conduct after it canceled a policy were negligent are for a court, not the state’s workers’ compensation board, to decide, the Connecticut Appellate Court has ruled. Liberty Mutual Insurance Co. had succeeded before both …

Policy

Policy Compensation Claim Workers Compensation

Audit Finds Some Florida Citizens’ Policies Over Limit, Small Use of Clearinghouse

Insurance Journal

AUGUST 28, 2024

has a few issues it needs to address, including policies with coverage values above its statutory limit, not sending enough renewals to its Clearinghouse, and failing to beef up its computer security measures, according … Florida’s state-created Citizens Property Insurance Corp.,

Policy

Policy Property Insurance Insurer Insured

Michigan DIFS Urges Residents to Review Policies Amid Winter Risks

Insurance Journal

DECEMBER 11, 2024

The Michigan Department of Insurance and Financial Services (DIFS) is urging residents to review their auto, home, and renters’ insurance policies to ensure they fully understand their coverage and have a plan to pay policy deductibles in the event of …

Policy

Policy Deductible Risk Insurance Policy

What is a “Dwelling” “Structure” or Not a “Building Structure” Under Homeowners Policy? Policy Definitions and Reading the Full Policy Are Keys to Finding Coverage

Property Insurance Coverage Law

DECEMBER 11, 2024

Coverage litigation is sometimes a game of interpreting the language of a complicated document, the insurance policy. This post is a reminder to study When Words Collide: Policy Interpretation Doctrines and the 10 Commandments. Understand your Insurance Policy BetterRTFP!

Policy

Policy Building Insurance Policy Property Insurance

Progressive to Pay Policy Limits in Fatal Boat Crash That Involved Murdaugh’s Son

Insurance Journal

OCTOBER 16, 2024

Progressive Insurance will pay $500,000, the policy limits, to the family of a young woman killed in a 2019 boat crash involving Alex Murdaugh’s youngest son, essentially ending the family’s legal actions in the tragedy. Progressive, which insured the boat …

Policy

Policy Insurer Insured Insurance

Safeco to Stop Writing New Condo and Renter Policies in California

Insurance Journal

DECEMBER 20, 2024

Safeco, a Liberty subsidiary, is preparing to stop writing new condo and rental policies in California at the beginning of next year. It appears another insurance carrier is turning sour on wildfire-prone California. Liberty stopped writing new condo or rental …

Policy

Policy Insurance Carrier Insurer Insured

SURE and SageSure Launch Non-Admitted Business Owners Policy in California

Insurance Journal

SEPTEMBER 24, 2024

SureChoice Underwriters Reciprocal Exchange in partnership with SageSure launched a non-admitted business owners policy in California. The program will service more than 400 business classes across eight industries, including restaurants, offices, wholesale, habitational, lessor risks, retail, service, and artisan contractors.

Business Owners Policy

Business Owners Policy Policy Underwriting Underwriter

State Residual Markets See Policy Count Double in 5 Years: AM Best

Insurance Journal

OCTOBER 21, 2024

According to insurance industry ratings firm AM Best, the policy counts of personal and commercial property Fair Access … State-sponsored residual property markets have seen in influx of risks come in since 2018, with some states growing by more than 200%.

Policy

Policy Commercial Property Commercial Insurance Industry

What Damages Are Covered by a CGL Policy?

Central Insurance

DECEMBER 12, 2024

Learn what damages a CGL policy covers, common exclusions, and how tailored endorsements protect contractors and builders. The post What Damages Are Covered by a CGL Policy? appeared first on Central Insurance Blog.

Damage

Damage Policy Protection Insurer

Carolina Woman Charged with Using Mom’s Name to Get Policy, Filing Bogus Claim

Insurance Journal

DECEMBER 2, 2024

A North Carolina woman is set for a court appearance later this month after she was charged with filing a claim on her deceased mom’s house – for damage that occurred before the insurance policy was purchased. Cindy Ramzi Hanna, …

Claim

Claim Policy Damage Insurance Policy

Allied World Policy Doesn’t Cover Troubled Sperm Bank’s Lawsuits, Court Says

Insurance Journal

DECEMBER 25, 2024

In the case of a Georgia-based sperm bank, it’s when the injured party sends the letter a date that came before the clearly worded policy … At what point does a demand from an injured party constitute an insurance claim?

Policy

Policy Insurance Claim Claim Insurer

Florida Citizens Policy Count Dips Below 1 Million for First Time in Two Years

Insurance Journal

DECEMBER 5, 2024

has dropped below 1 million policies in force for the first time since July 2022, a milestone that officials said reflects an ongoing depopulation program and an improving market in the state. Florida’s Citizens Property Insurance Corp. Since January of …

Policy

Policy Property Insurance Insurer Insured

Insurtech Qumis Raises $2.2M to Automate Policy Reviews With AI

Insurance Journal

JANUARY 30, 2025

Qumis, a lawyer-built AI-driven platform designed to transform insurance knowledge work, announced the close of an oversubscribed $2.2 million pre-seed funding round. The round was led by Armory Square Ventures with participation from MTech Capital, Grand Ventures, Alumni Ventures, and …

Policy

Policy Insurer Insured Insurance

Streamlining Policy Issuance and Servicing with BPO: Key Benefits for Insurance Carriers

Insurance Journal

SEPTEMBER 26, 2024

In the ever-evolving insurance industry, efficiency and accuracy in policy issuance and servicing are crucial to maintaining competitiveness and delivering a superior customer experience. This post is part of a series sponsored by Selectsys. Insurance carriers are under constant pressure …

Insurance Carrier

Insurance Carrier Policy Insurance Industry Insurer

Is terrorism covered under an Australian home and contents policy?

Prof. Allan Manning

JANUARY 29, 2025

Last week I posted an article in regard to terrorism coverage under commercial property, and/or business interruption policies. In a day or two I will address Strata and after than residential landlord policies, and finally private motor. I also touched on commercial liability coverage. ” [ emphasis mine] 1. .

Policy

Policy Business Interruption Risk Commercial

Florida’s Citizens Suspends Binding on Policies as Another Storm Churns in the Gulf

Insurance Journal

NOVEMBER 6, 2024

the largest insurer in the state, has suspended binding on policies, statewide, as yet another hurricane approaches from the Carribbean Sea and Gulf of Mexico. Florida’s state-created Citizens Property Insurance Corp., As of Monday, Nov. 4, “Agents may not bind …

Policy

Policy Property Insurance Agents Insurer

Optimizing Policy Renewal and Retention with Selectsys BPO Services: Strategies for Insurance Success

Insurance Journal

OCTOBER 1, 2024

In the highly competitive insurance industry, the policy lifecycle doesn’t end with the initial sale. This post is part of a series sponsored by Selectsys. Instead, the renewal and retention phases are critical touchpoints that can significantly impact an insurer’s …

Policy

Policy Insurance Industry Insurer Insured

Furniture Store Insurance: The Five Policies You Need to Protect Your Business

Central Insurance

JULY 30, 2024

Furniture store insurance is a handful of policies designed to protect your business. Learn the right policies to protect your physical assets and ensure your operations can quickly recover after disruptions.

Protection

Protection Policy Insurer Insured

Insurance Policy Assignment Provisions: What They Are and When Insurers Have to Consent

Property Insurance Coverage Law

AUGUST 18, 2024

Many policyholders forget that their insurance policy is a contract and is subject, with exceptions, to the usual laws of contract. An issue that frequently arises is whether the named insured is able to assign insurance proceeds under the policy to another. The answer to that question is dependent on the type of coverage sought.

Insurance Policy

Insurance Policy Policy Policyholder Insurer

Does my Landlords Insurance Policy cover terrorism

Prof. Allan Manning

FEBRUARY 3, 2025

This means that no Terrorism Levy is charged by Insurers and that if the Federal Government and the Minister for Finance in particular declares some event a terrorism event, then any exclusion found within a Landlord’s policy will not be void and claims where there is an exclusion will not be paid.

Policy

Policy Insurance Policy Insurer Insured

Optimizing Policy Renewal and Retention with Selectsys BPO Services: Strategies for Insurance Success

Insurance Journal

OCTOBER 24, 2024

In the highly competitive insurance industry, the policy lifecycle doesn’t end with the initial sale. This post is part of a series sponsored by Selectsys. Instead, the renewal and retention phases are critical touchpoints that can significantly impact an insurer’s …

Policy

Policy Insurance Industry Insurer Insured

Boatowners Beware! Buy a Marine Policy Rather Than Relying Upon a Homeowners Policy For Coverage

Property Insurance Coverage Law

FEBRUARY 1, 2025

Buy a Marine Policy Rather Than Relying Upon a Homeowners Policy For Coverage appeared first on Property Insurance Coverage Law Blog. With six sailboats and a motorboat, I consider myself an enthusiast, though my insurance agent probably sees me as a … The post Boatowners Beware!

Policy

Policy Marine Insurance Agents Insurance Agent

Is the Address Correct on the Property Insurance Policy?

Property Insurance Coverage Law

SEPTEMBER 25, 2024

There is a practical aspect of this—you want to represent people and businesses … The post Is the Address Correct on the Property Insurance Policy? appeared first on Property Insurance Coverage Law Blog.

Property Insurance

Property Insurance Insurance Policy Policy Insurer

Slain UnitedHealth Executive Puts New Focus on CEO Safety Policy

Insurance Journal

DECEMBER 4, 2024

The UnitedHealth Group Inc. executive who was fatally shot in New York on Wednesday morning had no personal security detail, a circumstance that could prompt swift changes inside corporate boardrooms, especially as the global political environment grows more unstable. Brian …

Policy

Policy Risk

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

Insurance Journal

OCTOBER 18, 2024

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. The orders: Extend grace …

Policy

Policy Policyholder Protection Insurer

The Majority of Insurance Agents Do Not Read the Policies They Sell—Many Professionals in the Insurance Service Sector Fail to Read the Full Policy

Property Insurance Coverage Law

DECEMBER 30, 2024

Insurance policyholders do not read the insurance policies that are sold to them. The insurance contracts are not even provided to the policyholder until after the product is purchased.

Insurance Agents

Insurance Agents Insurance Agent Policy Agents

Can policy limitations or exclusions be disregarded as illusory?

Property Insurance Coverage Law

AUGUST 16, 2024

At least until recently, when a California appellate court thrust it front and center and applied it to a … The post Can policy limitations or exclusions be disregarded as illusory? The doctrine of “illusory” coverage comes up from time to time in discussions but rarely, if ever, in case law.

Policy

Policy Property Insurance Insurer Insured

History of The Valued Policy Laws—Insurers Threatening to and Leaving Markets is Nothing New

Property Insurance Coverage Law

JANUARY 20, 2025

As a follow-up to yesterdays post, California is Not a Valued Policy Law StateCalifornia Has a Valued Policy Law for Valued Policies, it is instructive to understand the underlying reasons why valued policy laws were made.

Policy

Policy Property Insurance Insurance Industry Insurer

Construction Defects Are Not Covered Property Damage in Commercial Liability Policy

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

Trending Sources

State High Court Nixes Policy Cancellation Over ‘Ambiguous’ Communications

Castle Key Nonrenewing 33,000 Policies as Florida Mulls Special Session on Condos

Streamline Insurance Claims Management By Analyzing Legal Trends

Conflicting Federal Policies May Cost Residents Near Dams More on Flood Insurance

Actuary Group Forecasts Climate Change to Have Massive GDP Hit Without Policy Action

Louisiana Citizens Ends Assessment on Property Policies Ahead of Schedule

TWIA Actuarial Committee Recommends 10% Rate Increase for 2025 Policies

California State Fund Declaring 15% Dividend for 2024 Policy Year

Insurance Broker Caught Pocketing $137K Commissions by Forging Policy Applications

North Carolina Insurance Agent Charged With Forgery, ID Theft on Life Insurance Policy

Bar Association’s Diversity and Inclusion Policy Upheld on Appeal

University of California Purchases Sensor-Triggered Earthquake Parametric Policy

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

California is Not a Valued Policy Law State—California Has a Valued Policy Law for Valued Policies

Court, Not Board, Must Decide If Insurer’s Conduct After Canceling Policy Was Negligent

Audit Finds Some Florida Citizens’ Policies Over Limit, Small Use of Clearinghouse

Michigan DIFS Urges Residents to Review Policies Amid Winter Risks

What is a “Dwelling” “Structure” or Not a “Building Structure” Under Homeowners Policy? Policy Definitions and Reading the Full Policy Are Keys to Finding Coverage

Progressive to Pay Policy Limits in Fatal Boat Crash That Involved Murdaugh’s Son

Safeco to Stop Writing New Condo and Renter Policies in California

SURE and SageSure Launch Non-Admitted Business Owners Policy in California

State Residual Markets See Policy Count Double in 5 Years: AM Best

What Damages Are Covered by a CGL Policy?

Carolina Woman Charged with Using Mom’s Name to Get Policy, Filing Bogus Claim

Allied World Policy Doesn’t Cover Troubled Sperm Bank’s Lawsuits, Court Says

Florida Citizens Policy Count Dips Below 1 Million for First Time in Two Years

Insurtech Qumis Raises $2.2M to Automate Policy Reviews With AI

Streamlining Policy Issuance and Servicing with BPO: Key Benefits for Insurance Carriers

Is terrorism covered under an Australian home and contents policy?

Florida’s Citizens Suspends Binding on Policies as Another Storm Churns in the Gulf

Optimizing Policy Renewal and Retention with Selectsys BPO Services: Strategies for Insurance Success

Furniture Store Insurance: The Five Policies You Need to Protect Your Business

Insurance Policy Assignment Provisions: What They Are and When Insurers Have to Consent

Does my Landlords Insurance Policy cover terrorism

Optimizing Policy Renewal and Retention with Selectsys BPO Services: Strategies for Insurance Success

Boatowners Beware! Buy a Marine Policy Rather Than Relying Upon a Homeowners Policy For Coverage

Is the Address Correct on the Property Insurance Policy?

Slain UnitedHealth Executive Puts New Focus on CEO Safety Policy

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

The Majority of Insurance Agents Do Not Read the Policies They Sell—Many Professionals in the Insurance Service Sector Fail to Read the Full Policy

Can policy limitations or exclusions be disregarded as illusory?

History of The Valued Policy Laws—Insurers Threatening to and Leaving Markets is Nothing New

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