Creating a Safer America
The Consumer Product Safety Commission plans to go public on March 11 with a searchable database of consumer complaints about specific products. The Public Database will be available at http://www.saferproducts.gov/ website.
Good Insurance News
Technology That Belongs to You
The Texas Department of Public Safety announced that Texas drivers can now order their driving records online and print them out immediately instead of waiting to have the record mailed to them. “We are pleased to offer this new service, which is available 24/7 to our customers. The convenience of ordering your driver record online and then printing it out yourself will save everyone time and money,” said Rebecca Davio, the DPS Assistant Director for Driver License. Previously, drivers could order their driver record online but had to wait to receive their record via the U.S. Postal Service. Now, drivers… Read More »Technology That Belongs to You
Invest in Security Cameras
Authorities say a central New York convenience store’s surveillance cameras caught a man purposely pouring soda on the floor and then faking a fall so he could file an insurance claim against the business. Insurance fraud investigators say the store’s security videotape shows Barnes pouring soda on the floor. Officials say “injured” filed a claim with the stores insurer and later withdrew the claim. Paperless Comment: all business owners, are encouraged to install security cameras, and it doesn’t cost much these days. Those cameras can be setup to record only when there is movement detected. With development of technology, 24/7 access via internet… Read More »Invest in Security Cameras
Business Owners Guide on Cyberthreats
The U.S. Chamber of Commerce on Wednesday released a guide to help business owners and managers identify cyberthreats, as well as adopt solutions to reduce threats and increase network security. “Internet Security Essentials for Business,” released by the chamber at its National Cybersecurity Awareness Month meeting in Washington, is aimed at educating businesses about common threats they face online, specifically cybercrimes such as stealing intelligence, identity theft and trade secrets. The guide was put together to stress that taking care of a business’ cybersecurity should be a “team sport” involving multiple players outside of the IT department. This includes educating… Read More »Business Owners Guide on Cyberthreats
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.
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
Insurance Cancellation Fees Must Be Disclosed in Calif.
Insurers in California will now be required to disclose cancellation penalties —prior to or concurrent with an application for insurance — thanks to legislation recently signed by Gov. Arnold Schwarzenegger. Previously, the law stated that an insured was entitled to return of his or her premium if the policy is canceled, rejected, surrendered or rescinded. But the new law, AB 2404, which takes effect Jan. 1, 2012, would require that any insurance policy that includes a provision to refund a premium other than on a pro rata basis, including the assessment and cancellation fees, disclose that fact in writing, including… Read More »Insurance Cancellation Fees Must Be Disclosed in Calif.
Hartford Launches Renewable Energy Unit
With the U.S. energy industry on the verge of a “renewable revolution,” fueled by state-level renewable portfolio standards and significant investments by public and private entities, companies engaged in renewable energy will need to protect their assets and investments while seeking ways to capitalize on the industry’s tremendous growth potential. The Hartford Financial Services Group, Inc. today announced the formation of its Renewable Energy Unit to address the unique and evolving needs of the rapidly growing renewable energy industry. The new unit will provide specialized underwriting and a full suite of property and casualty insurance products and services for makers,… Read More »Hartford Launches Renewable Energy Unit
Auto accidents with fatalities are on decline
Newly released by Department of Transportation report celebrates decrease of the fatalities to the lowest number since 1950 – 33,808 in the U.S. for the year 2009. The decline in traffic deaths occurred even while estimated vehicle miles traveled in 2009 increased by 0.2% over 2008 levels. Moreover, 2009 saw the lowest fatality and injury rates ever recorded: 1.13 deaths per 100 million vehicle miles traveled in 2009, compared to 1.26 deaths for 2008. Fatalities declined in all categories of vehicles including motorcycles, which saw fatalities fall by 850 from 2008, breaking an 11-year cycle of annual increases. By the… Read More »Auto accidents with fatalities are on decline
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