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Construction Defects Are Not Covered Property Damage in Commercial Liability Policy

Insurance Journal

A home builder is not covered under the property damage coverage in its commercial liability policy for construction defects for which it was responsible. A three-judge panel of the Massachusetts Appeals Court has held for the first time that “construction …

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Insurance Broker Caught Pocketing $137K Commissions by Forging Policy Applications

Insurance Journal

An insurance broker who collected nearly $137,000 in sales commissions by submitting fabricated insurance applications for end-of-life insurance policies in clients’ names without their knowledge, and used those clients’ personal and banking information to pay for those policies, was sentenced …

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Trigger Warning: Cyber Policy Wordings to Impact Coverage for Tech Outage

Insurance Journal

Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …

Cyber 284
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University of California Purchases Sensor-Triggered Earthquake Parametric Policy

Insurance Journal

What is being called the first sensor-triggered earthquake parametric insurance policy in the U.S. was purchased by The University of California. Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, and Safehub, a technology provider in seismic sensor and risk …

Policy 196
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Conflicting Federal Policies May Cost Residents Near Dams More on Flood Insurance

Insurance Journal

Conflicting federal policies may force thousands of residents in flood-prone areas to pay more for flood insurance or be left unaware of danger posed by dams built upstream from their homes and worksites, according to an Associated Press review of …

Policy 268
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SURE and SageSure Launch Non-Admitted Business Owners Policy in California

Insurance Journal

SureChoice Underwriters Reciprocal Exchange in partnership with SageSure launched a non-admitted business owners policy in California. The program will service more than 400 business classes across eight industries, including restaurants, offices, wholesale, habitational, lessor risks, retail, service, and artisan contractors.

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Audit Finds Some Florida Citizens’ Policies Over Limit, Small Use of Clearinghouse

Insurance Journal

has a few issues it needs to address, including policies with coverage values above its statutory limit, not sending enough renewals to its Clearinghouse, and failing to beef up its computer security measures, according … Florida’s state-created Citizens Property Insurance Corp.,

Policy 250