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Hartford Posted Profit

Insurer Hartford Financial Services Group Inc. reported a first-quarter net profit, but the company lost money on a per-share basis after repurchasing preferred shares from the government. The company reported net income of $319 million for the quarter, compared with a loss of $1.2 billion a year ago. On a per-share basis, the company lost 42 cents, after including a $440 million charge for repurchasing the U.S. government’s preferred share stake which was granted through the Troubled Asset Relief Program. The company’s shares have risen 27% so far this year, outpacing the S&P 500 Index’s 8.4% increase. The stock was… Read More »Hartford Posted Profit

Tax Free Children

Employers can amend their health care plans immediately to provide tax-free coverage to employees’ adult children, the Internal Revenue Service said Tuesday. IRS Notice 2010-38—eagerly awaited by employers and insurers—involves a provision in the new health care reform law that will require health care plans to extend coverage to employees’ adult children up to age 26 and allows tax-favored coverage through the end of the calendar year in which the child turned 26. That provision takes effect on the first day of a plan year starting six months after the March 23 enactment of the law. For employers with calendar-year… Read More »Tax Free Children

Calif. Workers’ Comp Premiums Not Affected By Experience Rating Formula Changes

A recent report by the Workers Compensation Insurance Rating Bureau of California indicates that total statewide pure premium generated after application of 2010 workers’ compensation experience modifications has not been affected by changes in the experience rating formula that was implemented in late 2009. However, the analysis says “approximately 64 percent of experience-rated policyholders are receiving a lower experience modification than would otherwise be the case as a result.” On Nov.9, 2009, California Insurance Commissioner Steve Poizner issued a decision approving several changes to the experience rating formula including updated credibility values (“B” and “W” values) and a revised mechanism… Read More »Calif. Workers’ Comp Premiums Not Affected By Experience Rating Formula Changes

Liability for ADA Violation

[ADA-signs.jpg] Companies can be found liable for discrimination against disabled people under state civil rights law even if the discrimination is unintentional.

And in most cases your liability insurance DOES NOT provide coverage for ADA violations. Most claims involving ADA discrimination are to be paid out of your own pocket. The range of the claim could be found anywhere from $5,000 to $500,000. So we hereby suggest you review the accessibility of your business premises and operations and improve anything and everything that may limit the ability of a disable person to access your business.

Here is an example of the case involved Kenneth Munson, who has a physical disability that requires the use of a wheelchair. Mr. Munson charged that when he visited the San Bernardino, Calif., restaurant operated by Lake Forest, Calif.-based Del Taco Inc., he “encountered architectural barriers that denied him legally required access to the parking area and rest rooms,” according to the opinion.

Mr. Munson sued the company under the federal Americans with Disabilities Act and California’s Unruh Civil Rights Act. The 9th U.S. Circuit Court of Appeals in San Francisco asked the state Supreme Court to consider the case.
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Liability for “Blast” Faxes

Recently Business Insurance had an article on court decision on “blast” faxes triggering liability coverage. In short, the sending of unsolicited “blast” faxes, which violate the Telephone Consumer Protection Act, triggers coverage under a commercial general liability insurance policy that provides coverage for advertising injuries, the Florida Supreme Court ruled.

Workers Comp. for Corporate Officers

Corporate officers (including partners and LLC managers and members) may choose to be covered (or not) when you obtain your policy. If they are excluded from coverage, you don’t need to report their payroll. The payroll of covered officers is assigned to the classification that best describes their job duties. Their payroll may be placed in the Clerical or Outside Sales classes only if their duties meet the proper qualifications. If officers directly supervise any employee, their payroll is assigned to the classification supervised. Officer payroll is subject to a maximum and minimum figure. Your audit may make adjustments if… Read More »Workers Comp. for Corporate Officers

Volcanic Ash – Frequently Asked Questions

The below questions and answers apply to policies purchased through Travel Guard Group, Inc. USA (Travel Guard). Question One: “I am scheduled for future travel and purchased my insurance policy prior to this volcanic event. If this volcano subsides and then erupts again, causing my future travel plans to be disrupted, will this be considered unforeseen and could coverage apply?” Answer: Under most of our US products, you would be covered based on your purchase date being prior to April 14, 2010, subject to policy terms and conditions. We encourage you to contact our 24/7 Service Center or your Travel… Read More »Volcanic Ash – Frequently Asked Questions

Workers Comp. for Farming Operations

You may allocate payroll among applicable classifications according to the kinds of commercial crops grown. Keep track of payroll accrued per crop. You may also elect to allocate total payroll on the basis of crop acreage. If employees sort and pack fruits and vegetables in a building, you must use a separate classification for this work and allocate payroll accordingly. The fair-market value of lodging provided to employees counts as payroll.