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In an article on its web site (http://www.lloyds.com/), Lloyd’s looks at the increasing concerns over coverage for vacant properties. “As the economy worsens it’s expected that more and more businesses will fail, leaving commercial property owners possibly struggling to fill their factory and office space,” said the article.“Empty buildings are a magnet for potentials risks such as theft, vandalism and arson, and as such, owners can struggle to find insurance coverage for their real estate if it is unoccupied. Vacant property is traditionally one of the most difficult risks to cover for the property sector.”Lloyd’s notes that one commercial underwriting… Read More »Insuring Vacant Property – Lloyd’s Analyzes

Survey: Private Firms More Exposed to Liability Risks, But Less Protected More than one-third of U.S. businesses do not purchase any type of management or professional liability insurance. Yet, two out of three U.S. private companies have experienced some type of event related to management or professional liability in the past five years.The majority of survey participants do not purchase employment practices liability (63 percent), crime (66 percent), directors and officers liability (63 percent) and cyber liability (91 percent) insurance.In 2008, one in three (31 percent) companies expect to experience a crime-related event, 26 percent a directors and officers liability… Read More »Buy Insurance for Protection

American Guarantee & Liability Insurance Co. has filed a lawsuit against Payless ShoeSource Inc. in the U.S. District Court of Kansas, seeking a declaration that the $305 million in damages the discount shoe retailer recently incurred from a legal battle with adidas Group is not covered under its policy. New York-based American Guarantee & Liability, a subsidiary of Zurich Financial Services Group, filed its suit in response to the verdict, which was handed down in May. According to court documents, the insurer claims that Payless’ policy doesn’t cover numerous aspects of the jury’s decision, including the charge that Payless “willfully… Read More »Trademark and Copyright Infringment – Covered or Not?

Tuesday’s Los Angeles-area earthquake should not result in insured property losses of more than $100 million, catastrophe modeler EQECAT said in a note to its clients. Meanwhile, Boston-based AIR Worldwide Corp. said Wednesday that the quake should not result in significant insured losses, in large part because of California’s building codes. The U.S. Geological Survey said the magnitude 5.4 earthquake was followed by nearly 50 aftershocks and was felt as far away as Las Vegas.

A suicide sufficiently connected to an industrial injury is compensable under Nevada’s workers compensation system, the state’s highest court has ruled. State law barring family members from collecting workers comp benefits if a worker’s death resulted from a “willful intention to injure himself” does not apply when a “sufficient chain of causation is established,” the Nebraska Supreme Court ruled in Sharon Vredenburg vs. Sedgwick CMA and Flamingo Hilton-Laughlin. To establish such a chain, claimants must demonstrate that the employee suffered an industrial injury that in turn caused a psychological injury severe enough to override rational judgment. Claimants must then establish… Read More »Workers Comp Benefits for Suicide

The California Insurance Guarantee Association (CIGA) operates under Articles 14 and 14.25 , Sections 106 3106 3.68 of the California Insurance Code.  CIGA provides a mechanism for the payment of covered (as defined by the insurance code and case law) property, casualty and workers compensation insurance claims of insolvent insurance companies. It is the mission of the association to pay claims on a timely basis with no excessive delays and to help relieve the financial burden placed on claimants when insurance companies fail. California Insurance Guarantee Association Reimbursed $56 Million Continental Casualty Co. has reimbursed the California Insurance Guarantee Association… Read More »California Insurance Guarantee Association (CIGA)

Small pickups aren’t providing as much protection in side crashes as many new cars and sport utility vehicles. The Toyota Tacoma was the only one of five small pickup trucks, all 2008 models, to earn the highest rating of good for occupant protection in recent side crash tests conducted by the Insurance Institute for Highway Safety. The Dodge Dakota, Ford Ranger and Nissan Frontier are rated marginal, and the Chevrolet Colorado is rated poor in the side test, which simulates a side impact from an SUV or another pickup. How Vehicles Are Evaluated The Institute’s frontal crashworthiness evaluations are based… Read More »Toyota Tacoma Safest of Small Pickups