The property/casualty insurance industry suffered a $1.3 billion net loss after taxes for first-quarter 2009, which constitutes a $9.8 billion adverse swing from the industry’s $8.5 billion in net income after taxes in first-quarter 2008. And reflecting the swing to …
To start off, what exactly is a workers’ compensation group trust? Per the New York State Insurance Department Web site, it is: [A] group of employers who perform related activities in an industry who agree to be jointly and severally …
InsurBanc’s Pettinicchi on Agency Financing Options Unlike many businesses, independent insurance agencies do not need to access credit on a daily basis. But when the time comes that an independent agency needs access to credit and cash, it is usually …
Federal lawmakers once again are preparing to tackle the issue of how states can more effectively regulate the surplus lines insurance market. It’s been tried before, but legislation was recently reintroduced in the U.S. House of Representatives with the goal …
An insurer can’t cite the commonly used earth movement exclusion to deny coverage to an insured whose property was damaged by excavation to a neighboring lot, a New York Appeals Court has ruled. The case pitted the owner of condo …
$4.4 Million The southwest Kansas town of Greensburg, destroyed two years ago by a massive tornado, is due to receive $4.4 million in grants from the U.S. Department of Agriculture’s Rural Development Division to help repair streets and build a …
Florida Gov. Charlie Crist has signed legislation that will increase property insurance rates by 10 percent annually on more than one million customers of the state-backed Citizens Property Insurance Corp. and gradually reduce the exposure of the state’s hurricane insurance …
Texas lawmakers on the first day of the 2009 hurricane season and the last day of the Texas legislative session passed a bill – HB 4409 – aimed at recapitalizing the Texas Windstorm Insurance Association (TWIA). TWIA serves as the …
Philadelphia-Based Insurance Attorney Finds Rulings to be ‘Very Insurer-Friendly’ The Supreme Court almost never takes up insurance related cases. Even so, President Obama’s recent Supreme Court nominee— federal appeals Judge Sonia Sotomayor — brings a long record of decisions favoring …
Undue Stress “The pending sale could create undue stress on our workers’ compensation system. We will fight every step of the way to ensure Ohio’s self-insured employers and their workforce are protected.” —Ohio Attorney General Richard Cordray. Ohio has joined …
