Looking Back to 2014, Ahead to 2015 at Natural Disaster Activity
Fewer tornadoes, a mild hurricane season, lower acreage lost to wildfires, overall less flood and other damage— all in all, 2014 was not as bad as it could have been for natural disasters in the U.S. That’s according to global property information and analytics firm CoreLogic, which released its annual Natural Hazard Risk Summary and Analysis detailing the most significant natural… Read More »Looking Back to 2014, Ahead to 2015 at Natural Disaster Activity
RateWatch: in 2014 Personal Auto Rates Rose 2.1%, Homeowners 3.5%
Personal auto insurance companies increased their rates by an average of 2.1% countrywide in 2014, according to California-based insurance consulting firm Perr & Knight’s RateWatch reports.
The three states with the highest overall increases were:
Rhode Island: 4.2%
Homeowners insurers increased their rates by an average of 3.5% countrywide in 2014.
The states with the highest overall rate increases were:
Montana: 7.7%Read More »RateWatch: in 2014 Personal Auto Rates Rose 2.1%, Homeowners 3.5%
Play-Doh Sold Your Child a Toy Penis
If Product Recall Insurance is something you have not heard of before, here is a good example for you. Play-Doh Penis is something that was in one of the Play-Doh sets by Hasbro sold for Christmas this year. It wasn’t a penis really, but rather a play-doh dispenser, but it was in a form of a penis. Many kids got… Read More »Play-Doh Sold Your Child a Toy Penis
Workers Compensation Rate Increase in California
We are seeing mostly rate increases and a lot of carriers filing to adopt the new California WCIRB Pure Premium Rate Filing Decision (PPRs). We’re also seeing mostly increases in the loss cost modifiers which will effect ultimate rates. The following are California rates changing in January through March. If you are looking to switch to another insurance carrier request your workers compensation insurance quote and we will provide you with a competitive offer. Preferred Professional Ins Co files a +9.8% rate increase effective January 1, 2015 Preferred Professional Insurance Company files to adopt the 1/1/15 WCIRB pure premiums.
[AMERICAN CONTRACTORS INS GROUP] ACIG Insurance Company files a 4.95% rate increase effective January 1, 2015 ACIG Insurance Company files to adopt the 1/1/15 WCIRB pure premiums.
[STATE FARM GROUP] State Farm Fire and Casualty Company files a +2.4% rate increase effective January 1, 2015 State Farm Fire and Casualty Company files to adopt the 1/1/15 WCIRB pure premiums, and revise its minimum premiums. Care West Insurance Company files a +2.3% rate increase effective January 1, 2015 Care West Insurance Company files to adopt the 1/1/15 WCIRB pure premiums.Read More »Workers Compensation Rate Increase in California
Safety Act Coverage
In today’s world, terrorist acts and the threat of violent attacks and political intimidation by domestic and international criminals is a sad reality of life in any country. With these threats comes the increased need for innovative products, equipment, devices and technology that are used to thwart and defend against these acts.
That’s why the federal government, as a means to incentivize companies that develop technology used to combat these acts, established the Support Anti-Terrorism by Fostering Effective Technologies Act of 2002 – also known as the SAFETY Act – as part of the Homeland Security Act. The SAFETY Act is intended to help encourage innovation that can save lives by mitigating the liability that could result from this innovation. SAFETY Act coverage shields qualified parties from claims that arise as a result of the technology’s use in the prevention, response to, or recovery from a terrorist act.Read More »Safety Act Coverage
Cyber Liability Coverage for Non-Profits
News of cyber-crime and instances of massive data breaches are increasing each year. The headlines have been grabbed by major data breaches at discount retail chains, restaurant chains, financial institutions, video game developers, health care providers, government agencies and more. The Pew Research Center estimated this year that 18 percent of adults who engage in online activities have been the victims of stolen information, including Social Security numbers, addresses, or banking information – an increase from 11 percent in 2013.
And with each instance comes increased awareness of the need for cyber liability coverage, a painful but important lesson in the ways 21st century crime can infiltrate a business – and its customers’ wallets. These infringements are happening with increasing regularity, breeding mistrust among consumers and wreaking havoc with companies that are left scrambling to pick up the pieces from these financial (and public relations) disasters. As a result, some estimates indicate that cyber liability insurance sales will double in 2014 from $1 billion just last year.Read More »Cyber Liability Coverage for Non-Profits
Hallmark pulls Hanukkah wrapping paper covered in swastikas
If your product is decorated with swastikas, will it be covered? This is a good question for a product liability carrier that provides coverage to Hallmark. http://nypost.com/2014/12/09/hallmark-pulls-hanukkah-wrapping-paper-covered-in-swastika/ Every holiday season, there is at least one store that beats it all with the most “innovative” product of all. This year, the “Grammy” goes to the Hallmark store. They have managed to… Read More »Hallmark pulls Hanukkah wrapping paper covered in swastikas
Product Liability Insurance for UAV (drone)
What is the one thing you expect to see the least in a restaurant? A flying drone! But not in NYC. A drone was flying in TGI Friday’s restaurant last week and cut someone’s face open. Was it a simple accident or product failure? If product failure, is there a product liability insurance in place? Sure many insurance companies provide… Read More »Product Liability Insurance for UAV (drone)
Insurance During the Course of Construction
This morning, downtown Los Angeles is on a massive fire.
The apartment tower that was under construction is burnt down to ashes. Other buildings surrounding it are heavily damaged.
When the fire department is finished, who is going to pay for damages?
First, the damage to the building under construction worth at least the cost of all the materials that are now gone. These are tens of thousands of dollars that the building owner has lost, UNLESS he had Builders Risk Policy in place. Builders risk policy, which is sometimes called Course of Construction policy will pay for the cost of materials lost due to the fire.
Second, what about the neighbor buildings that are damaged too? What if there are people injured (hopefully not)? This is the liability of the apartment building owner which could be tens of thousands of dollar too, UNLESS he had Owners and Contractor’s Protective liability Policy. This is a liability policy which pays for property damage (buildings burnt, roads and street lights damaged) and bodily injury (people injured or dead) that results because of owner-builder’s liability during the construction.Read More »Insurance During the Course of Construction