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Bad Insurance News

Flood Insurance in California

With aging storm drains and no money in the coffers to fix them, flooding homes and businesses will become reality. Especially with 3 times the normal snowpack in the Sierras, parts of California will be affected even before next year’s rainy season. There are clients out there who have experienced downpours, flooding and mudslides wondering why they didn’t have more insurance to fix their mess. Paperless Insurance offers protection against these calamities.  But, remember, it is too late when a flood is imminent as there is a 30-Day waiting period before coverage is in effect. Even though it doesn’t normally rain much in California,… Read More »Flood Insurance in California

Hard Market – Should you wait for it?

If you have active business insurance policy, do your best to keep it, and have no cancellation, especially for non-payment’ otherwise, your policy underwriter can say that future “rewrites” after midterm cancellation may be problematic. This means that another rewrite may need to go through brokerage where rates on your class most likely will be higher and forms more restrictive, probably Claims Made. Most “experts” feel we are on the cusp (

Interesting Industry News

New York City Police Pay More in Liability Claims Than Hospitals. Meaning that NY doctors are better prepared to fight on the legal scene for their malpractice, and not police. My friend recently become an expert witness – registered nurse that can testify before the court clearing the questionable claims. And all only with 2 years of nursing school, 2 years of experience, and 6 month of special classes. May be NY policy can spend a little more time educating their officers about laws and best arresting practices? Allstate’s April-May Catastrophe Losses Top $2 Billion. Once I arrived to the… Read More »Interesting Industry News

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

MarketScout Predicts End of Soft Market in 2011

Commercial property/casualty insurance rates dropped an average of 5% in December 2010 compared with a year earlier, MarketScout said. The Dallas-based electronic insurance exchange reported Wednesday that general liability coverage was the most aggressively priced, dropping 6%, with commercial property coming in close behind with a 5% drop. In contrast, workers compensation, professional liability, commercial automobile and surety dropped only 1% while fiduciary remained flat. Despite the declines, “2010 will prove to be the beginning to the end of a six-year soft market cycle,” MarketScout CEO Richard Kerr said in a statement. “While rates were still down for all of… Read More »MarketScout Predicts End of Soft Market in 2011

Watch Your Car This New Year’s Day

You’ve got your plans for New Year’s? The list of commitments is ready, the fridge is stocked for the party. You’re ready to have the best ever yet New Year’s Celebration. And so are millions of people. Everyone is ready to relax, but vehicle thieves. New Year’s Day was once again the leading holiday for reported vehicle thefts in 2009, while Christmas Day repeated as the holiday with the fewest reported vehicle thefts. For the 11 holidays reviewed in 2009, a total of 22,991 vehicles were reported stolen compared to a total of 24,676 reported for those same days in 2008,… Read More »Watch Your Car This New Year’s Day

Insurance Ribbon News

2011 property/casualty outlook much like 2010 The U.S. property/casualty insurance market’s prospects are unlikely to improve next year as competition continues to promote inadequate pricing and there is no sign of meaningful change in underwriting capacity, Fitch Ratings (New York based rating agency) said in an analysis. Record premium volume placed in London market Insurance premium volume hit a record last year in the London market, according to an analysis released Wednesday. Texas unemployment insurance tax rates goes up in 2011 The standard minimum unemployment insurance (UI) tax rate paid by Texas employers in calendar year (CY) 2011 will be… Read More »Insurance Ribbon News

Ten Executions – Water Scarcity

Seven years ago I was working in Palo Alto private school. One hot summer day I was standing outside the school yard, talking to a stranger slash daddy of a pupil. – There are two major problems, that I see are forthcoming soon, – he said stroking his motorcycle helmet, – China becomes a supreme power – and this is the U.S. problem and the shortage of water – global disaster. I think we can deal with the first one, as long as the second one is not coming true. Now it seems like the first one hasn’t kicked off,… Read More »Ten Executions – Water Scarcity

Insurance Industry Loosing Jobs

The U.S. insurance industry shed 6,000 jobs in September compared with August, according to a report by the Insurance Information Institute based on data by the U.S. Labor Department’s Bureau of Labor Statistics. Despite upticks in insurance industry employment in June and August of this year, the III said seasonally unadjusted insurance industry employment dropped to 2.17 million in September, its lowest point in 20 years. Property/casualty insurers’ employment was down 3,200 from August and down 2.9% from September 2009. Insurance agents and brokers faired no better, shedding 3,200 jobs compared with August and declining 2.8% since September 2009. Meanwhile,… Read More »Insurance Industry Loosing Jobs