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When P/C Insurance Carriers Can Cancel: The ‘Underwriting Period’ by State

Every state extends insurance carriers the right to cancel a newly-written policy during the first days of the policy period. This is commonly known as the new policy “underwriting period.” An underwriting period allows the insurance carrier time to inspect …

Honda: Require Car Owners to Comply with Recalls

Honda Motor Co. wants regulators to make U.S. motorists comply with carmakers’ recall notices. Amid reports of people killed because they didn’t know their cars had a defect, an executive with the Japan-based carmaker urged state and federal regulators to …

Blankenship Pleads Not Guilty to Charges Linked to Massey Mine Explosion

Former Massey Energy chief Donald Blankenship pleaded not guilty to charges linked to the West Virginia mine explosion that killed 29 workers in the worst U.S. coal industry disaster in almost 40 years. The former executive, 64, once a powerful …

XL Group Adds Fleet Safety Service to Construction Insurance

As nearly half of all construction fatalities involve a vehicle, XL Group North America Construction has added fleet safety training services to its construction insurance business in collaboration with Issaquah, Washington-based SWERVE Fleet Training. Contractors face significant vehicle risks both …

China Re to Underwrite at Lloyd’s, Syndicate to Be Managed by Catlin

China Reinsurance (Group) Corporation has received approval from Lloyd’s to transform its existing special purpose syndicate into a stand-alone syndicate that will underwrite a diversified book of business, initially focusing on reinsurance, incepting from January 1, 2015. The China Re …

How Carriers Are Handling Property Cat Renewals, Terrorism, Ebola: NAPCO

Property/catastrophe insurers have been focused on winning new business, which means new customers are seeing bigger price cuts, according to a market report from a wholesale broker specializing in catastrophe risk placements. NAPCO’s Fall 2014 State of the Market report …

Hospitals Improvise on Safety to Treat Ebola Patients

What does it take to Ebola-proof a hospital? Over the past few months, U.S. medical centers have spent millions of dollars putting together a plan to treat patients with the scary, but extremely rare disease. To a large extent, it …

Successful Brokers Put Clients Front and Center: Aon’s Dominic Christian

The brokerage industry has changed “utterly and fundamentally” over the past 30 years from a risk transfer function to much more of an advisory role, according to Dominic Christian, executive chairman, Aon Benfield, London. Christian spoke at an event this …

Arizona Joins Wave Suits in $3 Billion GM Ignition-Switch Fraud

Arizona became the first state to join the wave of litigation against General Motors Co. over faulty ignition switches, claiming the company misled consumers about the safety of its cars and defrauded them of $3 billion. Arizona Attorney General Tom …

North Carolina Approves Workers’ Compensation Rates for 2015

North Carolina Insurance Commissioner Wayne Goodwin said new workers’ compensation rates have been approved as filed and will go into effect April 1, 2015. There will be a 3.4 percent average decrease to loss costs for the voluntary market. There …

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