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Insurance Fraud: It’s All About The Money

November 24, 2009 – 9:56 pm

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.

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Yoga Instructor Liability Insurance

November 24, 2009 – 12:34 am

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

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Climate change could risk trillions in U.S. assets: Report

November 22, 2009 – 3:49 am

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.

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How to Become a Combat Medic in the Army

November 20, 2009 – 12:41 am

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

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Beauty Shop and Salon Insurance

November 19, 2009 – 6:48 pm

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

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U.S. life reinsurance segment stable: Best

November 19, 2009 – 12:06 am

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

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