Skip to content

Good Insurance News

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

Safe Digging Month of April

April is Safe Digging Month and a great time to – Protect their bottom line and safety – Avoid unnecessary physical risk and utility outages – Prevent avoidable losses “Calling 811 Before Your Contractor Digs” meets these goals! Share this important safety information with your construction clients. At issue: – There are miles and miles of underground utilities that link communities to energy, water/sewer and communications centers. These vital links are at risk whenever a stake, shovel, boring, or mechanized excavation device is put in the ground – Risk of personal injury as well as catastrophic explosions, not to mention… Read More »Safe Digging Month of April

Community Development Financial Institution Investments in California

California Insurance Commissioner Dave Jones is offering insurance companies $4.67 million in tax credits to invest in underserved communities. Under the program, investors place a minimum of $50,000 on deposit with a Community Development Financial Institution (CDFI) for 60 months at zero percent interest. In exchange, the investor receives a 20 percent state tax credit, with an approximately 4.5 percent annual percentage rate of return. In the recent past, CDFIs across the state have made notable investments, including: • A mortgage loan for a nonprofit residential alcohol treatment facility; • Micro-loans of $500 to $5,000 to self-employed business owners; •… Read More »Community Development Financial Institution Investments in California

You Would Have to Be High Not to Buy This Coverage

Medical cannabis dispensaries, collectives, cooperatives, cultivators and caregivers  operating within state guidelines have a new option to protect themselves. Coverage for medical marijuana operations is now available. In addition to working with one of the largest, A+ rated, international insurance carriers to develop the raid coverage program, the programs specifically designed to meet the evolving insurance needs of the medical cannabis community to protect legally operating medical cannabis businesses. The coverage provides relief to cannabis operations raided by state or local law enforcement agencies provided the operations have adhered to all specified state and local cannabis-related guidelines and are found innocent… Read More »You Would Have to Be High Not to Buy This Coverage

E&O Coverage for Small Law Firms

When it comes to the legal profession, there are two known facts: claims against lawyers tend to increase in an economic downturn; and small firms (with fewer than five attorneys) are extremely vulnerable to legal malpractice and damaging lawsuits. To address these issues, we offer a professional liability insurance program specifically tailored to the needs of small law firms. Rates are competitive because the underwriting guidelines exclude writing large firms that tend to have higher risk and greater claims severity. According to the American Bar Association, over 70% of professional liability claims are driven by firms of less than five… Read More »E&O Coverage for Small Law Firms

FBI Reports: Crime goes down in 2010

The nation experienced a 6.2% decrease in the number of violent crimes and a 2.8% decline in the number of property crimes from January to June 2010. Arson, motor vehicle theft, larceny-theft fell and burglary all decreased. That’s according to the FBI’s Preliminary Semiannual Uniform Crime Report, which is based on information from more than 12,000 law enforcement agencies that submitted three to six comparable months of data to the FBI during the first six months of both 2009 and 2010. Violent Crime From January to June 2010, all four of the offense types in the violent crime category declined… Read More »FBI Reports: Crime goes down in 2010

Workplace Injuries in 2009 Declined.

The U.S. Department of Labor’s Bureau of Labor Statistics reported Thursday that nonfatal workplace injuries declined to 3.3 million in 2009, down from 3.7 million in 2008. The rate of such injuries fell to 3.6 cases per 100 equivalent full-time workers, a decrease from 3.9 per 100 in 2008. In a statement announcing the decrease, the Labor Department did not cite a reason for the lower numbers. But Secretary of Labor Hilda L. Solis said in the statement that she is concerned about certain employers that discourage workers from reporting injuries. “Complete and accurate workplace injury records can serve as… Read More »Workplace Injuries in 2009 Declined.

Hartford Insurance Company Expands Coverage For Healthcare Providers

As the aging population and advances in medical technology fuel the healthcare industry’s rapid expansion, providers face new growth opportunities and specialized protection needs. To help healthcare administrators address these needs, The Hartford Financial Services Group, Inc., has expanded its portfolio of insurance products and services for healthcare providers with tailored coverage designed specifically for healthcare facilities. “Healthcare service providers have a broad range of insurance and risk management needs, from protecting their property, medical equipment and computer records to ensuring patient and staff safety,” said Lisa Morgan, senior vice president of The Hartford’s Middle Market commercial insurance business. The… Read More »Hartford Insurance Company Expands Coverage For Healthcare Providers

Insurance Goes Green

Insurers have new incentives to go green, thanks to a new law signed by California Governor. AB 1011 requires the state Department of Insurance to collect data from insurers on their greenhouse gas reductions and green investments as part of their community development investments. The information will be shared on the DOI Web site. Insurance companies that go green also may be eligible for a tax credit for qualified investments in low- and moderate-income urban and rural communities “It is the intent of the Legislature to provide an incentive in the form of California tax credits to attract much needed additional… Read More »Insurance Goes Green

Zurich Settles Half a Billion Claim

Zurich Financial Services Ltd. and its Farmers Group Inc. subsidiary are paying $455 million to settle a class-action lawsuit challenging management service fees paid to Farmers, Zurich said Thursday. Law suite details you can read on your own – Google is your friend. We just want to point to your attention that Zurich and Farmers Group “do not accept that there is any basis” for the claims regarding the management fees, but Zurich said it decided to settle “in order to provide certainty to its shareholders and clarity to customers as well as to avoid the risks and significant exposure of… Read More »Zurich Settles Half a Billion Claim