Businesses, take cover(age): D&O policies in the Dodd-Frank era p2

Wed Nov 9th, 2011 on     Insurance Claims,    

We are continuing our discussion of the impact of the Dodd-Frank Act on business insurance. The law includes protections and incentives for whistleblowers that may very well result in internal and regulatory investigations. Even if there is no wrongdoing, the costs of these investigations will likely be steep. Companies, then, will want to review their insurance policies, particularly their directors and officers coverage.

Sinkhole swallows family vehicle as Citizens approves rate hike

Thu Oct 13th, 2011 on     Insurance Claims,    

Miami-Dade County may have its share of windstorms and hurricanes, but sinkholes are extremely rare in this part of Florida. That may be a selling point for one Marion County family looking to relocate after losing their home to two sinkholes. If there is any good news, it could be that this happened before Citizens’ new premiums go into effect — families with sinkhole insurance could be paying hundreds of dollars more in premiums after the first of the year.

The sky is falling! Will my insurance carrier pay for the damage?

Sat Oct 1st, 2011 on     Insurance Claims,    

Officials from NASA announced recently that an expired climate satellite lhad ost its orbit and would fall to Earth. People in Florida and elsewhere in the country had been wondering if their home or even their person could be hit by falling debris. It is no surprise that people question whether their insurance company will pick up the tab to repair any damage — the satellite weighs 6 tons.

Survey finds insurers aren’t planning for climate change, p. 1

Mon Sep 12th, 2011 on     Insurance Claims,    

We have talked a lot about hurricane season and the storm modeling software used by insurance companies. As insurers have evaluated the storm risks, they have proposed higher rates — Florida homeowners could be faced with huge premium increases based on the hurricane projections alone. But what would happen if actuaries factored climate change into loss projections?

Regulators impatient with bad claims-handling practices, p. 2

Wed Aug 24th, 2011 on     Insurance Claims,    

We are wrapping up our discussion of regulatory compliance in the property and casualty insurance industry. Every state has an agency that monitors insurance companies’ financial and service records. When the results are a little out of whack, the departments — in Florida, it’s the Office of Insurance Regulation — conduct a full examination of the company’s operations.

Senate bill takes aim at natural disaster risk management

Thu Aug 18th, 2011 on     Insurance Claims,    

The National Flood Insurance Program (NFIP) is set to expire at the end of September. In light of recent budget debates, the fate of the program is uncertain, adding another insurance worry to Floridians’ plates. It was hard for residents here to watch the news coverage of the windstorm that took down stage rigging at a state fair — not from a lack of empathy, but from that sense memory of living through hours of 60- to 70-mile-an-hour winds and flooding that come with a hurricane.

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