A measure recently passed in Texas will require regulatory approval of p&c certificate of insurance forms provided to insureds as evidence of coverage. Bill 425 in particular regulate how certificate of insurance should be issued and can not be ammended. Should the agent or company violate the rule, the penalty could be up to $100.
Very surprising news we got today from the Golden State: California led the nation in cargo thefts last year, with 247 of 747 thefts in the U.S. that were estimated at $171 million, according to a report released last week by the National Insurance Crime Bureau. Texas was the next most-targeted state for cargo thefts, with 91 in 2010. There also were 66 in Florida, 56 in Illinois, 40 in Tennessee and 39 in Georgia, according to the Des Plaines, Ill.-based NICB’s ForeCAST Report. Electronics were most often the target of cargo theft, with 139 incidents. There were 108 cases… Read More »Make Sure to Insure Your Cargo in California
Travelers has unveiled new property coverages through its IndustryEdge product for healthcare organizations. New coverages include: Ordinance or Law – Communicable Disease Contamination Coverage – This coverage pays the costs incurred to clean up and remove communicable disease contamination from a premise when mandated by an ordinance or law. Condemnation of Medical Property – This coverage pays for loss of visibly undamaged medical property that a government regulatory authority has condemned as a direct result of a covered cause of loss. Unintentional Errors or Omissions – Failure to Report Locations – This coverage is extended when the insured unintentionally fails to… Read More »Travelers Expands Coverage for Healthcare Organizations
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
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?
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
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
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
California leads the nation in the number of claims made and paid out by State Farm Insurance for dog bites, according to the Bloomington, Ill.-based insurer. The insurer recorded 369 claims were made, and $11.3 million was paid out in the Golden State in 2010. In 2009, only State Farm paid out $90.1 million in dog bite liability claims in the United States. That compares to $83.2 million in 2008, $84.6 million in 2007 and $78.1 million in 2006. In terms of the number of claims, it was more than 3,500 in 2009, which is similar to in previous years.… Read More »Dog Bite Claims Highest in California
California and Florida: Flood waters can cause a lot of destruction to your home, depending on how high the waters were, and how long it takes them to recede. The water can damage not only the contents of your home, but much of the building materials using in your home as well. If this is the first time you have experienced flood damage to your home, it can be overwhelming. Here is a list of ten important phone calls to make once the flooding is over. Insurance Company – This is the first call you should make. Of course, this… Read More »10 Important Calls to Make After Flood Damage