Sat.Sep 07, 2024 - Fri.Sep 13, 2024

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US Nuclear Verdicts Break Records and Drive Social Inflation to 7% in 2023: Report

Insurance Journal

Nuclear verdicts in the United States are breaking records with 27 court cases each awarding compensation of more than US$100 million during 2023, according to Swiss Re executives.

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Tactical Plan for Increasing Inbound Calls to an Insurance Agency Using Google Business Listings and SEO

Redbird Agents

Redbird Training - We offer live Redbird training classes for Producers every Tuesday and Thursday. Increasing inbound calls is vital for any insurance agency looking to grow its client base. By optimizing your Google Business Profile and implementing effective local SEO strategies , you can make your agency more visible to potential clients and boost the number of inquiries.

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Are Insurers Using “New Construction” Xactimate Settings Wrongfully Underpaying Claims?

Property Insurance Coverage Law

Lawsuits are starting to be filed on a more regular basis regarding State Farm’s alleged wrongful use of Xactimate to underpay claims based on “new construction” settings. A judge in a Mississippi case 1 recently ordered the parties to appraisal, noting: The lawsuit concerns only property insurance coverage for buildings, referenced as the ‘A1 coverage,’ … The post Are Insurers Using “New Construction” Xactimate Settings Wrongfully Underpaying Claims?

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Addressing Hail Damage: What You Need to Know

Central Insurance

Here's how to address hail damage on the roof of your home or business. The post Addressing Hail Damage: What You Need to Know appeared first on Central Insurance Blog.

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Florida Home Inspector Used Stock Photos 200 Times, Defrauding Citizens, DFS Says

Insurance Journal

A Florida home inspector allegedly used the same stock photographs in more than 200 home and wind-mitigation inspections, costing Citizens Property Insurance Corp. more than $88,000, the state Department of Financial Services said after the man was arrested.

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Guide to Preparing Your Medicare Book of Business for Sale

Redbird Agents

Redbird Training - We offer live Redbird training classes for Producers every Tuesday and Thursday. Selling your Medicare book of business is a major decision that can offer significant financial rewards, but only if you’ve properly prepared for the sale, and don’t worry, most agency owners aren’t. Whether you’re aiming for a high valuation or seeking the right buyer, setting your business up for success before going to market is essential.

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What Is the California FAIR Plan?

Property Insurance Coverage Law

Losses from recent wildfires in California have led many insurance carriers to scale back, and some have completely ceased writing insurance in several California regions. For homeowners who have found themselves unable to find another company that will insure their property, the California FAIR Plan remains the only option. So what is it? And how … The post What Is the California FAIR Plan?

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California Policyholders May Be On the Hook for Wildfire Losses

Insurance Journal

California homeowners could be required to pay a surcharge if the state’s insurer of last resort is unable to cover losses from a catastrophic wildfire.

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Insurance Marketing for Insurance Agency Owners

Redbird Agents

Redbird Training - We offer live Redbird training classes for Producers every Tuesday and Thursday. Insurance marketing is the driving force behind the growth of any successful insurance agency. Whether you’re an established agency owner or just starting, having a strong marketing strategy is essential to attract new clients, retain existing customers, and scale your insurance business.

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Can an Appraisal Panel Determine the Period of Restoration for a Business Interruption Dispute? Does the Panel Have to State the Period of Restoration In the Appraisal Award?

Property Insurance Coverage Law

Many property adjusters and policyholders often think of business income and interruption claims as being solely an accounting function. This is not true because there must be a determination of the “period of restoration.” A question sometimes arises whether the “period of restoration” is a coverage question reserved for courts or an issue that an … The post Can an Appraisal Panel Determine the Period of Restoration for a Business Interruption Dispute?

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Allseas pipelay barge goes aground off Mexico

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Allseas pipelay barge goes aground off Mexico appeared first on Insurance Marine News.

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Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance

Insurance Journal

An academic paper published in the Journal of Insurance Regulation seems to have rekindled the debate over how much of an impact litigation and fraud have had on property insurance losses and premiums, particularly in Florida.

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How Insurance Agents Can Use Fact Finders for Sales and Future Opportunities

Redbird Agents

Redbird Training - We offer live Redbird training classes for Producers every Tuesday and Thursday. A well-crafted fact finder is one of the most powerful tools an insurance agent can use to build relationships, close sales, and set the stage for future sales opportunities. It not only helps agents understand their clients’ immediate needs but also provides valuable information that can be used in the future to re-engage clients, adjust policies, and offer additional services.

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Insurance Journal Picks Up on Academic Article Exposing Fraudulent Statistics by Insurance Industry

Property Insurance Coverage Law

William Rabb of the Insurance Journal wrote an article, Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance. He noted a post on this blog, Insurance Fraud Cost Statistics Are a Fraud, and stated the following: An academic paper published in the Journal of Insurance Regulation seems to have rekindled the debate over how much … The post Insurance Journal Picks Up on Academic Article Exposing Fraudulent Statistics by Insurance Industry appeared first on Property Insur

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US Gulf energy output impacted, ports in Louisiana on high alert

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post US Gulf energy output impacted, ports in Louisiana on high alert appeared first on Insurance Marine News.

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Coastal Cities’ Growing Storm Vulnerability Fed by Climate Change and Growth

Insurance Journal

Warm water in the Atlantic Ocean and Gulf of Mexico can fuel powerful hurricanes, but how destructive a storm becomes isn’t just about the climate and weather – it also depends on the people and property in harm’s way.

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30 Day AEP Success Blueprint

PSM Brokerage

Your Step-by-Step Guide to Mastering the Medicare Annual Enrollment Period. Why AEP Success Matters Overview: The Annual Enrollment Period (AEP) is a crucial time for Medicare agents. Success during this period can significantly impact your business for the entire year. AEP runs from October 15th to December 7th, and it's essential to be well-prepared, compliant, and proactive.

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Appraising Facts Regarding Business Income Loss Much More Efficiently Than Litigating and Then Appraising Business Interruption Losses

Property Insurance Coverage Law

Resolving disputes through appraisal or arbitration may be, but is certainly not always, less costly and efficient. This is especially true when the policy calls for arbitration of a commercial dispute, where the costs of the arbitration panel can run into hundreds of thousands of dollars and discovery is conducted, with parties paying for arbitrators, … The post Appraising Facts Regarding Business Income Loss Much More Efficiently Than Litigating and Then Appraising Business Interruption

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UK sanctions 10 of Russia’s ‘shadow fleet’

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post UK sanctions 10 of Russia’s ‘shadow fleet’ appeared first on Insurance Marine News.

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Red Lobster Landlord Sues Insurer to ‘Clawback’ $1.2M Fire Claim Payment

Insurance Journal

The landlord for a fire-damaged building leased to a Red Lobster restaurant is blaming the restaurant’s insurer for causing it to lose out on $1.2 million in fire insurance claims payments to repair the property.

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MGA Hub Info Sheet

Zywave

Commercial insurance is more intricate than ever. With the nature and location of work transforming, companies face dynamic risks – particularly for Excess & Surplus (E&S) coverage. But it can be tedious for insurance brokers and Managing General Agents (MGAs) to provide these options to businesses at scale.

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Leakage and McKinsey Claims Process Handling Still at Issue

Property Insurance Coverage Law

The post “Are Insurers Using “New Construction” Xactimate Settings Wrongfully Underpaying Claims?” noted that “lawsuits are starting to be filed on a more regular basis regarding State Farm’s alleged wrongful use of Xactimate to underpay claims based on ‘new construction’ settings.” One of those cases was an unsuccessful attempt to make a class action regarding … The post Leakage and McKinsey Claims Process Handling Still at Issue appeared first on Property Insurance Coverage L

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Shipowners’ Club reports underwriting surplus at half-year point

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Shipowners’ Club reports underwriting surplus at half-year point appeared first on Insurance Marine News.

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Hospital to Pay $65M to End Suit Over Cyber Attack That Exposed Patients’ Nude Photos

Insurance Journal

Lehigh Valley Health Network has agreed to a $65 million settlement of a class action with patients and employees affected by a 2023 ransomware attack that exposed personal and medical information including nude photos of patients.

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Are you game day ready? Your tailgating safety tips playbook.

Frankenmuth Insurance

You see your team colors around you, the food is on the grill, you hear cheers and excitement in the air. It can only mean one thing … it’s game day. The only thing better than gathering with friends to cheer on your favorite team is the pre-game tailgate. To ensure a safer event, we have some ideas to add to your playbook. So, cheer hard, be smart, and follow our nine tailgating safety tips all season long.

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What Is the Deadline to File a Lawsuit?

Property Insurance Coverage Law

One item that every policyholder and public adjuster should know is the late date when a lawsuit must be filed, or rights to recovery are lost. This statute of limitations date is extremely important and sometimes confusing to determine. Each state has its own laws. A pending case where a decision is awaiting from a … The post What Is the Deadline to File a Lawsuit?

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Russian missile strikes civilian grain ship in western Black Sea

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Russian missile strikes civilian grain ship in western Black Sea appeared first on Insurance Marine News.

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Lloyd’s of London Plans to Overhaul ‘Unclear’ Rules on Dealing With Poor Conduct

Insurance Journal

Lloyd’s of London said on Thursday it plans to overhaul its rules on dealing with poor conduct in the commercial insurance market as its current processes for dealing with bad behavior could be “unclear.

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15 Customer Retention Strategies In The Insurance Industry | EverQuote

EverQuote

Is it your insurance agency’s goal to grow your business (and in turn, make more money)? If you’re like 99% of agents out there, you’re nodding yes.

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Eleven Considerations for Selecting Your Workers’ Comp Company Doctor

AMAXX

When selecting a company doctor or a preferred occupational medicine clinic for your workforce, it is crucial to keep several key factors in mind. Ensuring that your employees receive top-notch care, while also focusing on reducing downtime, improving recovery, and fostering a positive working relationship between employer, employee, and medical provider, is essential.

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Gulf of Mexico offshore platforms evacuated ahead of Storm Francine

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Gulf of Mexico offshore platforms evacuated ahead of Storm Francine appeared first on Insurance Marine News.

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Hurricane Debby Florida Losses Top $121M; 60% of Claims Closed

Insurance Journal

A month after Hurricane Debby made landfall in northern Florida, the number of property insurance claims has reached almost 20,000, and total estimated insured losses are more than $121.5 million, the Florida Office of Insurance Regulation reported this week.

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NTRC Marks 20 Years of Studying Nanotoxicology: Highlights from the Toxicology and Internal Dose Team

CDC: Workers Compensation

Where It Started As the Nanotechnology Research Center (NTRC) marks its 20th anniversary, we reflect on our achievements in the field of nanotoxicology. Within the National Institute for Occupational Safety and Health (NIOSH), one NTRC goal is to understand possible harm from nanomaterials in workplaces. Our work has its origins in earlier research.

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5 Proven Strategies for Physician Oversight to Contain Workers’ Comp Medical Costs

AMAXX

Medical cost containment is an essential aspect of managing workers’ compensation claims effectively. Employers and insurance companies face the challenge of controlling medical costs while ensuring that injured employees receive the care they need. Various medical cost containment strategies play a pivotal role in managing these claims efficiently.

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Turkish cargo ship abandoned after collision off Iran

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Turkish cargo ship abandoned after collision off Iran appeared first on Insurance Marine News.

Marine 101
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Sentry Buys Nonstandard Auto Insurer The General From American Family for $1.7B

Insurance Journal

Sentry Insurance said it is buying nonstandard auto insurer The General from American Family Insurance for about $1.7 billion to mark the largest acquisition in the company’s 120-year history. Sentry will pay $1.

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Exploring Approaches to Keep an AI-Enabled Workplace Safe for Workers

CDC: Workers Compensation

Artificial intelligence (AI)—the field of computer science that designs machines to perform tasks that typically require human intelligence—has seen rapid advances leading to cutting‐edge innovations in language, vision, reasoning, and human‐machine collaboration across industries, economies, and labor markets.[1] [2] In the workplace, the adoption of AI technologies can result in a broad range of hazards and risks to workers, as illustrated by the recent growth in industrial robotics and algori

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