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Property Crimes Dropped in 2010

Violent crime is down 6.2% and property crimes have decreased 2.8% in the U.S., according to the latest government statistics. Also, arson offenses, which are tracked separately from other property crimes, is down 14.6 percent nationwide. The Federal Bureau of Investigation (FBI) report compares information from law enforcement agencies for the period January to June 2010 with the same period in 2009. Among the FBI’s findings for January through June, 2010: Property Crime • Property crime was down 2.8% nationwide for the first six months of 2010 compared with data for the same months of 2009. • Motor vehicle theft… Read More »Property Crimes Dropped in 2010

Record Losses from Weather

Devastating tornadoes, floods, earthquakes overseas and a busier-than-usual hurricane season have U.S. insurance companies bracing for record losses in 2011. Globally — including the major earthquakes in New Zealand and Japan — U.S. and overseas insurers could post up to $55 billion in losses, EQECAT projects. In the United States, billions of dollars in damage were the result of a rare violent weather hitting densely populated areas. Paperless advise: Check your insurance for the following coverage 1. Drain back up 2. Debris Removal 3. Flood 4.  Consequentual loss 5.  Loss of business income 6. Exterior Sign Coverage 7. Earth movement… Read More »Record Losses from Weather

Which Insurance Company Should Pay for Expenses?

A Colorado Court of Appeal has ruled that an insurer cannot file suit against another insurer for its failure to cancel a policy. According to court documents in First Comp Insurance v. Industrial Claim Appeals Office of the State of Colorado, First Comp Insurance asked the court to review the finding of an administrative law judge that it was liable for funeral expenses arising out of a workplace fatality because Pinnacol Assurance, the insurer for the decedent’s direct employer, failed to properly cancel the employer’s workers’ compensation insurance policy. According to court documents, when an employer was fatally injured in the… Read More »Which Insurance Company Should Pay for Expenses?

California workers comp rates won’t go up

How much do you pay for your Workers Comp insurance? How high did you rates go up for the past 2 years? Well, may be we’ve got a break, as the Workers’ Compensation Insurance Rating Bureau of California’s Governing Committee has decided, again, not to make a mid-year rate filing. Rates won’t go down, rated won’t go up. At its April 6, 2011 meeting, the WCIRB Governing Committee directed the WCIRB to submit to the California Department of Insurance (CDI) an informational analysis of insurer experience as of Dec. 31, 2010 in lieu of a mid-year advisory pure premium rate… Read More »California workers comp rates won’t go up

California, are Workers’ Comp Rates Too High?

Most of us would probably answer “yes” to that question. But it might help to put things in perspective by pointing out that the average rate per $100 of payroll has fallen from $6.11 in 2004 to $2.44 in 2010: Meanwhile, claims costs have increased 50% in that same period: Another summary shows the statewide insurer combined ratio year by year. You can see that the ratios have risen sharply in each of the past four years, reaching levels of significant unprofitability in 2008 and 2009 (the most recent years available): Industry combined ratios are revealing unsustainable trends. Combined ratios climbed… Read More »California, are Workers’ Comp Rates Too High?

Travelers Imporves Coverage for Educational Institutions

Our partner, Travelers Insurance Company has launched its Excess Educators Legal Liability (ELL) through its IndustryEdgeproduct for educational institutions. Travelers integrated its umbrella coverage for both casualty and ELL offerings under a single tower of capacity for private colleges and private K-12 schools that are written through Travelers’ Commercial Accounts business unit. Travelers can now provide a combined limit up to $25 million over the primary ELL and casualty coverages. ELL includes two coverages – directors and officers and educators errors and omissions liability; and employment practices liability. Together these coverages provide non-profit educational institutions protection against claims for covered… Read More »Travelers Imporves Coverage for Educational Institutions

Commercial Insurance Rates Will Go Up in Florida

Commercial insurers in Florida will have more freedom in setting rates. The Florida legislature approved CS/HB 99 that expands the list of commercial lines policies that insurers could set rates without seeking prior approval from the state’s Office of Insurance Regulation. Property Casualty Insurers Association of America assistant vice president and regional manager for Florida said: “This bill makes Florida a much more attractive place for commercial insurers to do business and create jobs. We commend the legislation and ask Gov. Scott to sign it and enact it into law.” Paperless Comment: although market should regulate itself, leaving the rates… Read More »Commercial Insurance Rates Will Go Up in Florida

New Florida Discovery Rules

How many good news from Florida have we seen lately, particularly in the area of bad faith litigation. Not too many… However, the Florida Supreme Court has declared that the liberal rules that it adopted a few years ago requiring disclosure of work product in first party bad faith cases does not apply with respect to attorney-client privileged communications. In connection with evaluating the obligation to process claims in good faith under Section 624.155, all materials, including documents, memoranda, and letters, contained in the underlying claim and related litigation file material that was created up to and including the date… Read More »New Florida Discovery Rules

Property Insurance Reform in Florida

Homeowners’ insurers in Florida are breathing a sigh of relief after succeeding in a months-long battle to obtain property insurance reforms designed to reduce costs and stabilize the market. After watching state lawmakers refuse to rewrite the state’s no-fault automobile injury law and leave by the wayside a plan to revamp the state-run property insurer Citizens Property Insurance Corp., the industry found itself in the last week of the session betting all of its chips on the property bill, hoping that the “most business friendly” legislature in decades would finally deliver. In the closing days of Florida’s legislative session, lawmakers… Read More »Property Insurance Reform in Florida

Proposed Insurance Disclosure Notice in California

California legislators are considering whether to allow certain insurance policies and  disclosures to be consolidated into one document, printed in smaller type. Currently, the  law requires an insurer, upon receiving notice of a claim, to immediately, but not more than 15 calendar days after receipt, provide the insured with a legible reproduction of the specified Insurance Code section, in at least 12-point type, detailing acts prohibited as unfair trade practices, and a written notice, as specified. SB 596 would require that the contents of the written notice be changed and be in at least 10-point type. The bill also would… Read More »Proposed Insurance Disclosure Notice in California