Archive for the ‘Insurance General’ Category
Insurance Institute Picks Safest Cars for 2010
November 28th, 2009
Every year the Insurance Institute for Highway Safety (IIHS) picks the top safe cars in various categories and identifies overall winners in each category of vehicle.
The winners for 2010 have been posted to the IIHS website. The top manufacturers for 2010 are:
- Ford (including Volvo) – Six awards.
- Subaru – Five awards.
- Volkswagen – Five awards.
The full list of awards can be reviewed at the IIHS website. IIHS awards can be an indicator of which model cars will result in lower premiums for commercial and personal auto insurance. Often the choice of a “safer” vehicle fleet can produce substantial premium cost savings.
Tags: 2010, Insurance Institute
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AIG, Greenberg agree to settle all legal disputes
November 26th, 2009
New York-based AIG said Wednesday that the agreement resolves all current disputes between the company and Mr. Greenberg—who was the insurer’s longtime chairman and chief executive officer—and Mr. Smith, who served as chief financial officer. The agreement also encompasses claims from and against C.V. Starr & Co. Inc. and Starr International Inc., two former AIG affiliates now controlled by Mr. Greenberg.
Under terms of the settlement, the parties agreed to release each other from all claims, including any made by Messrs. Greenberg and Smith for indemnification of future legal fees and expenses or settlement costs, AIG said. Amo
Tags: Disputes
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Insurance Fraud: It’s All About The Money
November 24th, 2009
Two stories caught my interest this morning. Two stories about insurance fraud that illustrate the fraud can be perpetrated by insureds, insurers, third-parties, regulators, and just about anyone where there is money involved.
In Florida, insurer, QBE Insurance Corporation, is facing a $500 million bad faith lawsuit by a condominium association. The association’s towers were seriously damaged in a hurricane. The allegation is that the insurer, knowing the two condominium towers faced demolition and condemnation without insurance settlement money, “[took] advantage of the socioeconomic conditions of residents and the inability of residents to raise the money to make the repairs.” In other words, the insurer is accused of delaying claim settlement to force a more advantageous settlement.
Tags: Fraud, Insurance Fraud
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Yoga Instructor Liability Insurance
November 24th, 2009
Starting out as a very niche activity located in mainly major cities, yoga has been a way of exercise for millions of people across the US. Whether you live in a big city or the suburbs, chances are there’s a yoga studio near you. While yoga is a great way to get healthy and stay in shape, it does come with problems. Not only can people pull a muscle like in all other exercise activities, but the magnitude of stretching and body contortioning can easily lead to long-term injuries. As a yoga instructor, you should be sure to have all students sign injury waivers, but you should not stop there to protect yourself from potential lawsuits.
Yoga Instructor Liability Insurance can help give you a peace of mind by protecting you in the event of a student getting injured and seeking monetary damages. A
Tags: Yoga, Yoga Instructor
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Climate change could risk trillions in U.S. assets: Report
November 22nd, 2009
The joint report, released by German insurer Allianz S.E. and the World Wildlife Fund, said the planet’s atmosphere is close to dangerous temperature thresholds, or “tipping points,” that could cause devastating environmental and economic consequences.
According to the report, a sea level rise of 20 inches by 2050, as predicted by climate scientists, could jeopardize roughly $7.4 trillion of U.S. assets. About $1.4 trillion worth of U.S. coastal-area assets are at risk due to storm surge from a one-in-100-year event, the report said.
The report ranked Miami, New York, New Orleans and Boston among the U.S. cities with the greatest asset exposure by mid-century due to global warming effects.
Tags: Report
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How to Become a Combat Medic in the Army
November 20th, 2009
Becoming a combat medic in the Army is something that is widely misunderstood. Many people visualize something like an EMT or nurse stationed at some hospital somewhere around the world. While certainly there are those types of positions, your chances of landing those are slim during a time of war. Also, those positions often go to the soldiers who have been serving for quite some time. New soldiers rarely are put in hospitals during war time. Becoming a combat medic or 91Bravo in today’s military is relatively easy if you qualify for the Army and you are an intelligent person.
The first step to becoming a combat medic is to sign up for the Army. A
Tags: Army, Combat Medic
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Beauty Shop and Salon Insurance
November 19th, 2009
Beauty Shop and Salon owner / operators should talk to an agent about a business owners policy to cover their business. Commercial Insurance can design a salon insurance package for hair salons, barber shops, day spas, nail salons, tanning salons and more. Business Insurance plans can be designed to cover business property, general liability and more. A salon insurance package for a beauty shop and/or salon should at least cover all property, equipment and protect the owner from small and major disasters such as fire or sewer / drain backup. T
Tags: Beauty Shop, Insurance, Salon Insurance
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U.S. life reinsurance segment stable: Best
November 19th, 2009
The report by Oldwick, N.J.-based Best, which is dated Nov. 23, states that while reinsurers “certainly were not insulated from the fallout of the economic downturn, direct writers generally were impacted more severely.”
“Direct writers maintain significant exposure to separate-account risks through variable product platforms,” according to the report. “U.S. life reinsurers deliberately have avoided underwriting these products because of their complexity, tail risk related to market exposure and pricing considerations, including the costs of hedging.”
Life reinsurers also are less dependent on investment income and achieving higher yields because they have less exposure to interest-sensitive lines of business, according to the report.
However, life reinsurers do “need to remain vigilant in their own capital management practices,” says the report. And their balan
Tags: Best, Stable Best
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