While the position of California Insurance Commissioner is elected and there are already rumblings that he’d make a good gubernatorial candidate in 2010, current California Insurance Commissioner Steve Poizner says he’s not a career politician. He spent many years running …
PCI’s new CEO plans to ‘scan the horizon’ for insurer members facing terrorism insurance, regulation concerns, politics and more The Property Casualty Insurers Association of America (PCI) represents 1,000 insurance companies that write about 40 percent of the business in …
The Senate passed the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2007, its version of legislation that will extend the federal terrorism insurance backstop. The current federal terrorism reinsurance program commonly known as the Terrorism Risk Insurance Act (TRIA) …
Lexington Insurance Company, a member company of American International Group, Inc. (AIG), has increased capacity of its BioChem Shield product from $10 million to $25 million. BioChem Shield is Lexington’s coverage for property damage losses arising from terrorist attacks using …
New York Insurance Superintendent Eric Dinallo has released a draft regulation that he says would make the New York Insurance Department the first in the nation to establish principles-based regulation. The draft includes 10 principles for the industry and is …
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Agents advised to discuss extended coverage provisions and contingent business interruption insurance Several recent and relatively recent events — the wildfires in southern California, Hurricane Katrina in August 2005 and the Sept. 11, 2001, terrorist attacks — have raised awareness …
Several recent and relatively recent events — the wildfires in southern California, Hurricane Katrina in August 2005 and the Sept. 11, 2001, terrorist attacks — have raised awareness of how, and whether, business interruption (BI) insurance applies in the context …
After the terrorist attacks of Sept. 11, 2001, the market for commercial property and liability insurance in large urban areas was in turmoil, as reinsurance for terrorism became expensive and scarce. Construction slowed or stopped, and the economy wilted. In …
The Senate today passed the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2007, legislation that will extend the federal terrorism insurance backstop. The current federal terrorism reinsurance program commonly known as the Terrorism Risk Insurance Act (TRIA) is scheduled …
