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Supreme Court to Review Airline Imunity

Tue, 18 Jun 2013 11:30:59 +0000

The U.S. Supreme Court agreed to use a case involving an Air Wisconsin pilot upset about losing his job to consider giving airlines broader immunity from lawsuits when they report potential security threats. The justices today said they will review …

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Drug Makers Can Be Sued for ‘Pay for Delay’: Supreme Court

Tue, 18 Jun 2013 11:27:09 +0000

Drugmakers can be sued for paying rivals to delay low-cost versions of popular medicines, the U.S. Supreme Court said in a decision that rewrites the rules governing the release of generic drugs. The 5-3 ruling is largely a victory for …

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White House Threatens Veto of Farm Bill Over Food Stamp Cuts

Tue, 18 Jun 2013 11:18:05 +0000

The White House threatened to veto a five-year farm bill on Thursday because of “unacceptable deep cuts” in food stamps for the poor that could increase hunger across America. In a statement on the eve of debate in the House …

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Canada’s P&C Insurers to Expand with ‘Receivables Insurance Association’ Launch

Tue, 18 Jun 2013 10:35:13 +0000

The Canadian property and casualty insurance industry is expanding with the launch of the Receivables Insurance Association of Canada. “Less than 1 percent of Canadian companies currently utilize receivables insurance as part of their financial planning,” said the bulletin. “Canada’s …

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MAPFRE GLOBAL RISKS Aims to Strengthen European Presence

Tue, 18 Jun 2013 10:32:02 +0000

MAPFRE GLOBAL RISKS announced plans to “enter into new markets and grow in those where it has not consolidated its presence yet,” beginning with efforts to “increase its business operations in Europe.” Alfredo Castelo, MAPFRE GLOBAL RISKS’ Chairman, addressing the …

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RSA Renews Contract with Motability Operations

Tue, 18 Jun 2013 10:29:02 +0000

The UK’s RSA announced that it has renewed its contract to provide motor insurance to Motability Operations. “The new contract extends a long term relationship and provides a strong, sustainable partnership for RSA and Motability Operations,” said the bulletin. The …

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Willis Trade Credit Exec Analyzes Fallout of Turkey’s Unrest

Tue, 18 Jun 2013 10:26:23 +0000

In comments posted on the Willis website Andrew van den Born, Executive Director in Willis’ Political and Trade Credit Risks division, analyzed the potential fallout from the continued unrest in Turkey and the potential gaps in insurance coverage. “Turkey is …

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Banks Urge Cross-Selling Insurance, Loans to Wealthy But Brokers Resist

Tue, 18 Jun 2013 09:00:01 +0000

Scrambling to plug revenue holes created by crackdowns on credit card fees and falling brokerage commissions, big U.S. banks are pushing a strategy they’ve tried with limited success in the past – cross-selling products. They are inducing their stockbrokers to …

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Marsh’s U.S. Casualty Practice Leader to Join Victor O. Schinnerer as President

Mon, 17 Jun 2013 22:22:35 +0000

Chevy Chase, Md.-based underwriting manager Victor O. Schinnerer & Company Inc. has tapped senior Marsh executive Jonathan M. Zaffino to be its president.The position of president was previously held on an interim basis by Jean Laurin, current president of ENCON …

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Farmers Names Yahoo! Veteran Spagnoletto Head of Digital Strategy

Mon, 17 Jun 2013 18:12:21 +0000

Los Angeles, Calif.-based Farmers insurance named Patrizio Spagnoletto as the company’s head of digital strategy. Spagnoletto will be responsible for defining and executing on an enterprise-wide digital strategy and will oversee all consumer-facing web capabilities, including mobile. Spagnoletto has 18 years of …

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Olive Joins RiskPoint Insurance Advisors

Mon, 17 Jun 2013 16:55:25 +0000

Portland, Ore.-based RiskPoint Insurance Advisors LLC named Brian Olive director of private client services. Olive will be based in Seattle, Wash. Olive has more than 15 years of insurance experience, with a focus on risk management programs. Previously vice president …

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Freedom Specialty Launches Lease Protection for Property Owners, Managers

Mon, 17 Jun 2013 16:55:04 +0000

Freedom Specialty Insurance Co. has launched the Freedom Lease Protection Plan policy, which is designed to indemnify multifamily property owners and managers (POMs) against collection losses from tenant defaults. POMs can use the coverage as a means to eliminate traditional …

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Survey: Michigan Businesses Confident About Growth

Mon, 17 Jun 2013 16:47:19 +0000

The latest Michigan Future Business Index survey of small and midsize business leaders shows unequalled confidence in the state’s business economy and a rekindled desire to reinvest in their own future, according to Accident Fund Insurance Company of America. Business …

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Maine Cancer Patient Gets $200K for Misdiagnosis

Mon, 17 Jun 2013 16:45:30 +0000

A Maine man who was told he had only months to live because of an aggressive Stage 4 pancreatic cancer is still alive more than four years later. And a jury has awarded him $200,000 for the doctor’s misdiagnosis. It …

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Claims Pros’ Own Survival Skills Tested in Oklahoma Tornadoes

Mon, 17 Jun 2013 16:42:18 +0000

Michael Pelonero came to Moore to help victims of the May 20th tornado. But he hadn’t planned on trying to outrun one. When a massive EF-5 twister cut a swath through the central Oklahoma suburb of Moore, it left 24 …

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N.J. to Offer Lifetime Benefits to Spouses of Police, Fire Personnel Killed on Duty

Mon, 17 Jun 2013 16:32:14 +0000

In New Jersey, a measure that would provide workers’ compensation benefits to spouses of certain deceased fire and police personnel for the entire period of survivorship was signed into law last Thursday. The newly signed law (S-1469/A-2756) allows surviving spouses …

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Police: 1 Dead, 7 Hurt in 2nd Louisiana Plant Blast

Mon, 17 Jun 2013 16:25:35 +0000

A second blast in two days has killed a worker at a south Louisiana chemical plant, just miles from the site where two workers were killed a day earlier. The latest explosion also injured seven people, some severely, State Police …

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More than 63K Insurance Claims so Far from St. Louis Tornadoes

Mon, 17 Jun 2013 16:22:55 +0000

The major insurance companies serving the St. Louis area have received more than 6,300 claims from residents with damage from tornadoes that struck the area on May 31, according to Missouri insurance regulators. The Missouri Department of Insurance said insurance …

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2nd Victim Dies After Blast at Geismar, Louisiana Chemical Plant

Mon, 17 Jun 2013 16:16:37 +0000

An explosion and fire at a Louisiana chemical plant claimed a second victim on June 14 as federal authorities were piecing together the cause of the blast that injured dozens more. Scott Thrower, 47, of St. Amant, died at Baton …

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Torrance in, Fouché Out as Fireman’s Fund President and CEO

Mon, 17 Jun 2013 16:14:00 +0000

Andrew Torrance has been named the new president and chief executive officer of Fireman’s Fund Insurance Co., succeeding Lori Fouché who left for Prudential Financial Inc. Torrance, Fireman’s Fund’s fifth executive at the helm since 2007, is expected to assume …

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Oklahoma Commissioner Advises Insurers to Delay Nonrenewals

Mon, 17 Jun 2013 16:13:59 +0000

Insurance Commissioner John D. Doak has issued a bulletin to all Oklahoma-licensed property and casualty insurers and insurance producers, advising them to keep customers on their current policies for at least 60 days after the completion of repairs. The move …

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Electronic Proof of Auto Insurance Coming to Indiana

Mon, 17 Jun 2013 16:12:57 +0000

Indiana drivers who have to show proof of insurance to police after an accident or traffic violation can do so electronically starting July 1 under a new law that signals an increasing use of technology in insurance laws. Indiana will …

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CFC Underwriting Upgrades Cyber Policy

Mon, 17 Jun 2013 16:06:03 +0000

Lloyd’s underwriting agency, CFC has made a major upgrade to its flagship cyber and privacy product policy in order to protect customers against the changing face of cyber crime and react to the constant changes in the legal and regulatory …

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Claims Seek Forest Service Payment For 2011 New Mexico Fire

Mon, 17 Jun 2013 15:57:11 +0000

The federal government is being asked to cough up more than $60 million for damages from the 2011 Las Conchas fire and subsequent flooding in northern New Mexico. According to the Santa Fe New Mexican, the Forest Service faces damage …

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New Maps Show Less High Ground In Oregon Tsunami

Mon, 17 Jun 2013 15:55:04 +0000

New tsunami maps being reviewed in northwest Oregon show there’s less high ground than previously thought if residents have to flee the most serious earthquake and tsunami projected. The Daily Astorian reported that Oregon officials have been showing them to …

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Jury Awards $55M To California Man in Gang Shooting

Mon, 17 Jun 2013 15:53:32 +0000

A jury has awarded $55 million to a Southern California man who lost his legs because he claims a private security firm’s guard failed to protect him from gang members who shot him at an apartment building. Jurors awarded the …

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Con Ed Installing ‘Smart Switches’ in N.Y. to Limit Power Failures

Mon, 17 Jun 2013 15:47:51 +0000

Con Edison’s chief executive said on June 14 that the company is installing hundreds of so-called smart switches that can limit the number of electric customers affected when a tree takes down a power line. Chairman and CEO Kevin Burke …

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EU, U.S. Leaders Launch Free-Trade Talks

Mon, 17 Jun 2013 15:28:05 +0000

The United States and the European Union launched negotiations for the world’s most ambitious free-trade deal on Monday, promising thousands of new jobs and accelerated growth on both sides of the Atlantic. Trade between Europe and the United States is …

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Philadelphia Building Inspector Kills Self After Deadly Collapse

Mon, 17 Jun 2013 14:17:40 +0000

A veteran Philadelphia building inspector who apparently committed suicide had inspected the site of a deadly building collapse twice in February and an adjacent, related project in mid-May. The June 5 collapse killed six people when a four-story building tumbled …

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Best Affirms Ratings of the Members of GEICO and GEICO Corp.

Mon, 17 Jun 2013 12:34:13 +0000

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and issuer credit ratings (ICR) of “aaa” of the members of Government Employees Group (GEICO), based in Chevy Chase, Maryland. Best also affirmed the ICR of “aaa” …

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