Insurance market conduct: Claims handling is biggest problem

Sat Sep 29th, 2012 on     Homeowners Insurance,    

Insurance is a highly regulated industry, and state insurance departments keep track of how well companies are complying with all those regulations. Every insurance company operating in the state of Florida is subject to a full market conduct review. The Office of Insurance Regulation determines how often the reviews are conducted, but state law dictates what the OIR reviews.

Congress considers reauthorizing terrorism insurance – again

Sun Sep 23rd, 2012 on     Insurance Law,    

Following the traumatic events of the terrorist attacks on Sept. 11, 2001, Congress created a risk-sharing program known as the Terrorism Risk Insurance Act. This law will expire at the end of December 2014 and provides for federal backup for insurance coverage, eliminating the situation where many terrorism-related risks could not be insured because of their high premium price, causing insurers and reinsurers to decline to offer policies.

Force-placed insurance companies feeling the heat

Thu Sep 20th, 2012 on     Homeowners Insurance,    

Thanks to the combined pressure of the Securities and Exchange Commission, insurance regulators from Florida and four other states, the National Association of Insurance Commissioners and consumers, Assurant Inc. recently shared sales data for its force-placed insurance line. The company said it had collected $90 million in premiums from two of the four states that have questioned force-placed rates.

Life insurance for moon shot was a long shot for astronauts

Sat Sep 8th, 2012 on     Insurance Claims,    

The death of Neil Armstrong late last month seems to have reignited interest in the space program and the lives of the Apollo astronauts. Tributes to Armstrong always included the grainy footage of his first step on the moon, and some recalled the entire Apollo 11 mission, from liftoff in Florida to splash-down and quarantine. Armstrong’s achievements may well inspire a whole new generation of explorers.

As Isaac loomed, the predictions poured in

Fri Aug 31st, 2012 on     Homeowners Insurance,    

Congress recently approved an extension for the National Flood Insurance Program. Rather than expiring this past July, the program will run through 2017. Florida residents welcomed that decision, particularly since hurricane season was underway, and they did not want to be left without the needed property insurance should any hurricane damage their homes.

HOA insurer questions coverage in Trayvon Martin’s death 3

Tue Aug 28th, 2012 on     Insurance Claims,    

Insurance companies are very careful about what they cover and what they exclude. With homeowners policies, for example, outbuildings may not be covered. If you have a shed or a playhouse, you would need to purchase additional coverage for that. Medical malpractice insurance does not cover illegal acts; if the physician is accused of assault, for example, the insurance company will not pay for the doctor’s defense attorney and will not pay any damages awarded to the victim.

HOA insurer questions coverage in Trayvon Martin’s death 2

Sun Aug 26th, 2012 on     Insurance Claims,    

At the time of his death, Trayvon Martin was staying with his father’s girlfriend in a townhouse near Orlando, Florida. He was on his way back from the store, inside the gated townhouse development, when he was shot and killed by a community resident who was also the neighborhood watch coordinator. The case has been controversial from the beginning.

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