U.S. tort costs reached a record $246 billion in 2003, or about $845 per person, according to U.S. Tort Costs: 2004 Update from the Tillinghast business of Towers Perrin. This represents a 5.4 percent increase in tort costs from 2002–a …
The Independent Insurance Agents and Brokers of America applauded Senate Judiciary Committee Chairman Arlen Specter (R-Pa.) for moving quickly to hold hearings on proposed asbestos legislation, but says the association and other industry partners would like to see additional protections …
A flushable toilet brush that warns users, “Do not use for personal hygiene,” has been identified as the nation’s wackiest warning label in an annual contest sponsored by Michigan Lawsuit Abuse Watch. The wacky warning label contest, now in its …
Fresh from a November victory in the race for the governor’s office, Missouri Republicans are getting started with efforts to rein in workers’ compensation costs. Senate Republicans heard testimony on a proposed bill that would attempt to do so by …
New York Attorney General Eliot Spitzer is seeking a $750 million settlement from insurance broker Marsh & McLennan Cos. Inc. to settle his bid-rigging and price-fixing charges, according to a report published recently. The Wall Street Journal said Marsh & …
I fear we are entering a period of cyclical amnesia. We are once again setting aside underwriting discipline. Recent market forecasts are projecting deteriorating terms and conditions. In a collection of works titled “The Life of Reason,” the philosopher George …
Nuts & Bolts: Indemnity Excess & Surplus Agency is now offering an owners and tenants protective. This product offers premises liability coverage to an owner or tenant hiring a general contractor to perform renovations or new construction work associated with …
Insurance Commissioner John Garamendi and the California Highway Patrol (CHP) announced the bust of an alleged auto insurance fraud ring that cost insurers–and ultimately policyholders–at least $1.5 million in the past year alone. Task force investigators estimate that $1.5 million …
California Insurance Commissioner John Garamendi announced several arrests in a large, “paper collision” insurance fraud ring. He also asked the community to assist in locating three members who remain at large. On Oct. 6, 2004, seven of 10 suspects were …
Luis Roberto Diaz, of Corona, Calif., surrendered to the San Bernardino Superior Court on Nov. 22 after being charged with two counts of grand theft, three counts of insurance premium fraud, one count of insurance fraud and two counts of …
