Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
Fireman’s Fund Names Head of Inland Marine and Related Property
May 29 2008 // Novato, Calif.-based Fireman’s Fund Insurance Co.’Specialty Business named Michael Berg vice president/product executive for Inland Marine and Related Property. In this position, Berg will lead product strategy...
CGL Extends Coverage for Injury Arising from Defective Construction
May 28 2008 // Property damage resulting from defective construction is unquestionably excluded in the commercial general liability policy; but what about bodily injury? And is injury or damage caused by the growth and proliferation of...
Kuwait Offer $792 Million for Willis New Building; Sets Property Marker
May 27 2008 // Kuwait’s landmark offer for London’s Willis Building this week has given the prime City office market a lift, but is not the beginning of the end for Britain’s property downturn. By agreeing to buy the...
Colorado Casualty Offers Commercial Lines Products
May 21 2008 // Englewood, Colo.-based Colorado Casualty, a Liberty Mutual Agency Markets regional company, is introducing its new commercial lines product portfolio and Web-based underwriting application to agents in Colorado, Nevada,...
$3M Ohio Mold Decision Kindles Coverage Questions
May 19 2008 // Insurance professionals took note recently when a Franklin County, Ohio judge awarded $3 million plus legal costs to a family whose central-Ohio home became overrun with toxic mold, presumably caused by the...
Nine Catastrophes to Cost P/C Insurers $3 Billion in First Quarter
May 19 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses resulting from nine catastrophes. The nine events identified as catastrophes by the...
Kansas City Chartered Property Casualty Underwriters Elect Officers
May 15 2008 // In preparation for another successful chapter year, the Kansas City Chapter of the CPCU Society (Chartered Property Casualty Underwriters) recently elected its 2008-2009 officers. Beginning May 12, 2008, Bill West, CPCU,...
RMS Estimates China Quake Property Losses Could Reach $15 Billion
May 15 2008 // As the magnitude of the earthquake that struck China’s Sichuan Province on Monday, and the extent of the damage it caused, becomes more apparent, the loss estimates from the quake have escalated rapidly. Risk...
Insurance Advisory Organization, AAIS, Revises Boatowners Program
May 15 2008 // The U.S. property/casualty industry’s first standardized program for insuring small, privately owned watercraft is undergoing a comprehensive revision. Wheaton, Ill.-based the American Association of Insurance...
New Hanover Insurance Program Targets Real Estate Owners, Managers
May 14 2008 // The Hanover Insurance Group, Inc. has unveiled Real Estate Advantage, a new insurance program offering specialty coverages to for commercial real estate owners and managers. Real Estate Advantage offers coverages for...
America First Insurance Rolls out New Commercial Line Products
May 7 2008 // Richardson, Texas-based America First Insurance, a Liberty Mutual Agency Markets regional company, has introduced Custom Protector, a commercial lines product that offers additional built-in coverages with expanded...
Time to Expand Risk Retention Law to Property
May 5 2008 // The Liability Risk Retention Act of 1986 (LRRA) was enacted for the specific purpose of providing options to businesses and nonprofit organizations that were having trouble finding commercial liability insurance that...
People
May 5 2008 // Patrick G. Ryan, founder and executive chairman Aon Corp., said he intends to retire Aug. 1, 2008. Ryan said the firm’s transition to a new management team under CEO Greg Case is complete. Ryan founded Aon, which has...
Earthquakes Raise Questions of Future Shocks, Public Readiness
May 5 2008 // Just weeks after earthquakes rattled Nevada, the Midwest and the coast of Oregon, and on the heels of the 102nd anniversary of San Francisco’s 1906 earthquake, the public, government officials and insurance industry...
Risk Retention Groups Could Add Property Coverage Under Bill in Congress
May 5 2008 // Legislation designed to modernize the federal Liability Risk Retention Act (LRRA) of 1986 was introduced into Congress on April 15. HR 5792, or the “Increasing Insurance Coverage Options for Consumers Act of...
S&P Reports on the ‘Evolving World of Property/Casualty Securitizations’
May 2 2008 // A report from Standard & Poor’s Ratings Services analyzes the catastrophe bond and reinsurance sidecar markets, which, S&P concludes, have “experienced sharp surges of activity after 2005.”...
North Carolina to Start Enforcing Sandbag Ban
May 2 2008 // North Carolina officials began inspecting sandbag structures used to protect beach property from coastal erosion, searching for the roughly 150 that must be removed. As part of the process, regulators will inspect all the...
Coast Strongly Influences Louisiana, Texas Property Markets
May 1 2008 // Louisiana and Texas share a lot. Besides sharing a common border, they share the Gulf of Mexico — both its bounty and its battering, in the form of tropical storms and hurricanes. The latter greatly influences the rates...
First Estimate on Virginia Tornado Property Damage: $18 Million
Apr 30 2008 // Virginia Gov. Tim Kaine visited the city of Suffolk to comfort storm victims and to survey the damage caused by severe weather that hit central and southeastern Virginia. The governor walked through neighborhoods where...
9 Catastrophes to Cost P/C Insurers $3 Billion in 1st Quarter
Apr 29 2008 // U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $3.35 billion for first-quarter property losses resulting from nine catastrophes. The nine events identified as catastrophes by the...
