Declarations

Cloned food claims

“Because meat from cloned animals could be mixed with meat from hundreds of other conventionally bred animals, even if there’s no harm related to cloning, if there’s a product recall and it hurts ranchers’ sales, there’s a pure economic loss without coverage under the general liability policy or under a products recall policy.”

— Marjorie L. Segale, vice president of the Insurance Skills Center, commenting on potential insurance issues that could arise because of the Food and Drug Administration’s recent decision not to require special labeling on products derived from cloned animals. The FDA stated it doesn’t believe there are health risks because cloning is not the same as genetic engineering, which involves altering, adding or deleting DNA.

Trusted confidant

“Trust is the cornerstone of successful relationships in the insurance sector. Nothing will help build trust between agents and their clients more than showing care and sensitivity around personal, private information.”

— Todd Nunn, partner in the business litigation practice of K&L Gates, indicating why it is important for agents and brokers to be aware of personal privacy legal requirements and know how to meet them. Keeping personal client information safe is not only the right thing to do, he said, it’s also required by law.

Not ready for terrorists

The private insurance market is “simply not in a position to handle the unpredictable nature and possible immense size and scope of terrorist attacks.” If the federal role lapses, terrorism risk coverage would become “inordinately expensive and probably unavailable to many businesses.”

— The Independent Insurance Agents and Brokers of America, testifying before the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises during a field hearing in New York City. The hearing focused on the renewal of the Terrorism Risk Insurance Extension Act (TRIEA) of 2005, which is slated to expire at the end of the year.

Deadly products

“How many more Americans have to die before our government finally does the right thing and bans asbestos? We have to do the right thing, and we have to do it now.”

— Sen. Patty Murray, D-Wash., noting that asbestos fibers are still found in imported brake pads on the market today. Murray said more than 40 countries have banned asbestos. Sue Vento, widow of late Minnesota congressman Bruce Vento, who died from a rare type of cancer caused by inhaling asbestos fibers, also urged Congress to ban the substance. During her testimony before the Senate Health Committee’s employment and workplace safety subcommittee, she said, “Your bill will bring hope to all of us whose lives have been touched by this disease. It will prohibit the use of asbestos and will correct the mistaken belief held by so many that asbestos was banned decades ago.”

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