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Archive: June 2023

Sublimit Left Out of Policy, But Liberty Mutual Firm Avoids Huge Payout Anyway
Insurance Journal | June 20, 2023
Sublimit Left Out of Policy, But Liberty Mutual Firm Avoids Huge Payout Anyway
What happens when an insurance carrier, its underwriter, a broker and the insured all forget to make sure a sublimit endorsement on wind-driven rain losses is included in a multi-million dollar property policy? In the case of a Liberty Mutual …
World Insurance Acquires Assets of Bryant Agency in Upstate New York
Insurance Journal | June 20, 2023
World Insurance Acquires Assets of Bryant Agency in Upstate New York
Insurance broker World Insurance Associates LLC announced that it acquired substantially all the insurance assets of Bryant Asset Protection, Inc. of Slingerlands, Terms of the transaction were not disclosed. BAP was founded in 1951 by Charles Bryant, and today serves …
Data on California Private Self-Insureds’ 2022 Workers’ Comp Claim Experience
Insurance Journal | June 20, 2023
Data on California Private Self-Insureds’ 2022 Workers’ Comp Claim Experience
California workers’ compensation private self-insured claim frequency rose 6% last year as both medical-only and indemnity claim volume increased, but a new report suggests that many of the claims may have been low-cost COVID-19 cases. A California Workers’ Compensation Institute …
Construction Owners Accused of Submitting Fraudulent Bonds for New York Storm Projects
Insurance Journal | June 20, 2023
Construction Owners Accused of Submitting Fraudulent Bonds for New York Storm Projects
Federal officials report they have charged two construction company owners with submitting fraudulent bonds in connection with storm recovery and reconstruction projects in New York. Rawinder Dhillon and Amninder Singh allegedly defrauded the New York State Governor’s Office of Storm …
Gulf of Mexico ‘Dead Zone’ Forecasted to be Smaller Than Average
Insurance Journal | June 9, 2023
Gulf of Mexico ‘Dead Zone’ Forecasted to be Smaller Than Average
EW ORLEANS (AP) – The oxygen-depleted “dead zone” that forms each year in the Gulf of Mexico off Louisiana and Texas is forecast to cover about 4,155 square miles (10,761 square kilometers) this year. That’s about 1,200 square miles (3,107 …
People Moves: VIAA Names Von Ruden Personal Foundation Coach; Holmes Murphy Names Tanny Property Casualty VP
Insurance Journal | June 9, 2023
People Moves: VIAA Names Von Ruden Personal Foundation Coach; Holmes Murphy Names Tanny Property Casualty VP
Valley Insurance Agency Alliance Hires Von Ruden as Personal Foundation Coach Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, Missouri, recently hired Trish Von Ruden as personal foundation coach. Von Ruden will coach new and existing team members on …
New Orleans Steamboat Company Fined $100K for Violating Clean Water Act
Insurance Journal | June 9, 2023
New Orleans Steamboat Company Fined $100K for Violating Clean Water Act
The New Orleans Steamboat Company (NOSC) was charged on May 26, 2023 with violating the Clean Water Act (“CWA”) in connection with a discharge of excess ballast material into the Industrial Canal in New Orleans in 2019, according to the …
Coinbase Suit May Finally Send Crypto Debate to Supreme Court
Insurance Journal | June 9, 2023
Coinbase Suit May Finally Send Crypto Debate to Supreme Court
The SEC’s new lawsuit against Coinbase Global Inc. appears best positioned among cryptocurrency cases to let the US Supreme Court finally decide if digital assets count as securities. The crypto tokens traded by Coinbase users should be treated as unregistered …
Triple-Whammy of Cyclones, a 1-in-200-Year Event, Drove Italy’s Flooding: Scientists
Insurance Journal | June 1, 2023
Triple-Whammy of Cyclones, a 1-in-200-Year Event, Drove Italy’s Flooding: Scientists
A rare, triple-whammy of cyclones drove the deadly flooding that devastated much of northern Italy this month, but scientists said Wednesday that climate change doesn’t seem to be to blame for the intense rainfall. Using computer simulations and past observations, …
Climate Change, Wildfire Risk and State Farm’s California Decision
Insurance Journal | June 1, 2023
Climate Change, Wildfire Risk and State Farm’s California Decision
Several reasons were given within State Farm’s announcement last week the carrier was no longer writing new personal or business property/casualty policies in California – including a challenging reinsurance market, increased risks and historic increases in construction costs outpacing inflation. …