Insurance Journal » Features http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 20 Jun 2013 00:35:41 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Washington Public Employee Fired Over Fruit Pie Suing City http://www.insurancejournal.com/magazines/features/2013/06/17/295197.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295197 A Bridgeport, Wash., public works employee who was fired by the mayor for shoplifting a $1.69 fruit pie is filing a wrongful termination lawsuit against the city. Mayor Marilynn Lynn said the value of the theft didn’t matter, but that …

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]]> Commercial Insurance Rates Up 5% Again in May: MarketScout http://www.insurancejournal.com/magazines/features/2013/06/17/295214.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295214 The average composite rate for commercial property/casualty insurance in the U.S. was up 5 percent for May 2013. This marks the third month in a row for a 5 percent increase, according to MarketScout’s analysis. By coverage classification, business owners …

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]]> 4.2M U.S. Homes at Risk of Storm-Surge Damage: CoreLogic http://www.insurancejournal.com/magazines/features/2013/06/17/295230.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295230 More than 4.2 million homes along the U.S. Atlantic and Gulf Coasts are located within storm-surge risk zones, totaling more than $1.1 trillion in property exposure, according to residential property information and analytics firm CoreLogic’s 2013 storm surge report. “Public …

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]]> Making the Most of Mediation, Part 2 http://www.insurancejournal.com/magazines/features/2013/06/17/295200.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295200 Editor’s note: The following is the second of a two-part series on successful mediation practices. The first part appeared in the June 3, 2013, edition of Insurance Journal – South Central. More litigation is resolved by mediation than by jury …

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]]> Grow Your Independent Agency by Activating ‘Hit Teams’ http://www.insurancejournal.com/magazines/features/2013/06/17/295215.htm Mon, 17 Jun 2013 00:00:00 +0000 Alan L. Shulman http://www.insurancejournal.com/?p=295215 In many independent agencies, production is left to lone wolves who professionally prowl among neighborhoods, businesses, and the Internet. These offices encourage their producers to work alone in pursuit of fresh sales, intentionally or otherwise. Such self-reliance works out well …

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]]> N.Y. Reaches Agreements With 4 More ‘Force-Placed’ Insurers  http://www.insurancejournal.com/magazines/features/2013/06/17/295231.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295231 New York officials announced that the state’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services (DFS) reached agreements with the four remaining New York force-placed insurers …

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]]> The Value of Storm Shelters http://www.insurancejournal.com/magazines/features/2013/06/17/295201.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295201 In the past month, storm shelters in Oklahoma have meant the difference between life or death for some people. The value of a storm shelter can make a difference when selling a home. “I think we need to get out …

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]]> The Tip of the Iceberg: Environmental Damages Fines http://www.insurancejournal.com/magazines/features/2013/06/17/295216.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295216 In a recent report, the UK International Underwriting Association (IUA) provided several useful illustrations of the potential environmental exposures facing all kinds of businesses. These scenarios have one thing in common. They highlight the fact that criminal fines are really …

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]]> Regulators Examining Insurers’ Cyber Security Readiness http://www.insurancejournal.com/magazines/features/2013/06/17/295232.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295232 New York’s top financial regulator has asked some of the largest U.S. insurance companies to disclose details on their preparedness for cyber attacks, following a similar request to major banks earlier this year. The New York State Department of Financial …

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]]> Rathgeber Appointed Texas Insurance Commissioner as Kitzman Exits http://www.insurancejournal.com/magazines/features/2013/06/17/295202.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295202 On the same day that Eleanor Kitzman exited her post as state insurance commissioner, Texas Gov. Rick Perry appointed Julia Rathgeber of Austin to take over leadership at the Texas Department of Insurance. Rathgeber’s term expires Feb. 1, 2015. Kitzman, …

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]]> E&O Insights: Why Personal Umbrellas Generate Claims http://www.insurancejournal.com/magazines/features/2013/06/17/295219.htm Mon, 17 Jun 2013 04:00:00 +0000 Curtis M. Pearsall http://www.insurancejournal.com/?p=295219 How many of your personal lines accounts have an umbrella? Some recent surveys have indicated that insurance agencies write, on average, 1.6 personal lines policies per account. Based on this number, there is a good chance a personal umbrella is …

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]]> $1B Rebate to Ohio Employers Approved http://www.insurancejournal.com/magazines/features/2013/06/17/295234.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295234 The directors of Ohio’s insurance fund for injured workers unanimously approved Gov. John Kasich’s proposal to send rebate checks ranging from $5 to more than $3 million to businesses, local governments and schools. About 210,000 businesses and public employers would …

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]]> Deadly Oklahoma Tornado Widest on Record, Rare EF5 http://www.insurancejournal.com/magazines/features/2013/06/17/295204.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295204 The deadly tornado that struck near Oklahoma City at the end of May had a record-breaking width of 2.6 miles and was the second top-of-the-scale EF5 twister to hit the area in less than two weeks, the National Weather Service …

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]]> 4 Strategies to Make Producer Lifecycle Management a Priority http://www.insurancejournal.com/magazines/features/2013/06/17/295220.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295220 Maintaining a top-notch sales organization is harder than ever. One key reason is the growing challenge of keeping up with state and federal insurance regulations that focus on sales. The multiple tasks involved – changing regulations across all 50 states, …

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]]> 10 Things to Know About Entertainment, Sports & Special Events http://www.insurancejournal.com/magazines/features/2013/06/17/295235.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295235 The average cost of a wedding in 2012 was $25,656. (Travelers) The average wedding insurance premium for a $25,000 wedding ranges from $320 to $420. (Reuters, Travelers) 24 percent of wedding insurance claims in 2012 were related to vendor problems; …

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]]> Homeowners Struggle with Rising Insurance Costs http://www.insurancejournal.com/magazines/features/2013/06/17/295206.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295206 When Stan Virden moved into his 2,400-square-foot house overlooking a rock-lined canal in 1996, he paid less than $1,000 a year for homeowners insurance. Now, as he seeks to move to Atlanta to be near family, Virden says potential buyers …

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]]> Solar Storm Threats Pose Emerging Risk for Industry: Lloyd’s http://www.insurancejournal.com/magazines/features/2013/06/17/295222.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295222 A large solar storm could leave tens of millions of people in North America without electrical power for several months, if not years, potentially costing trillions of dollars. That’s according to Lloyd’s emerging risks report: “Solar Storm Risk to the …

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]]> Farmers, Safety Group Sue Monsanto Over Biotech Wheat http://www.insurancejournal.com/magazines/features/2013/06/17/295192.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295192 American wheat farmers and a food safety advocacy group filed a lawsuit earlier this month against biotech seed developer Monsanto Co., accusing the company of failing to protect the U.S. wheat market from contamination by its unauthorized wheat. The petition, …

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]]> Motorcycle Injuries Rise After Helmet Laws Weakened: Study http://www.insurancejournal.com/magazines/features/2013/06/17/295237.htm Mon, 17 Jun 2013 00:00:00 +0000 Joan Lowy http://www.insurancejournal.com/?p=295237 The average medical claim from a motorcycle crash rose by more than one-fifth last year in Michigan after the state stopped requiring all riders to wear helmets, according to an insurance industry study. For more than 40 years, Michigan required …

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]]> Insured Property Values in Coastal States Top $10 Trillion; Florida Has Most at Risk; Miami Ranks 2nd Among Metros http://www.insurancejournal.com/magazines/features/2013/06/17/295207.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295207 In separate reports AIR Worldwide and CoreLogic estimated insured property values in coastal areas of the United States reaching into the trillions of dollars. CoreLogic, focusing on residential properties exposed to storm surge, estimates $1.1 trillion at risk for more …

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]]> 10 Things to Know About Commercial Umbrellas http://www.insurancejournal.com/magazines/features/2013/06/17/295223.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295223 Commercial umbrellas can be an answer for business owners with significant assets or those especially vulnerable to lawsuits. Umbrellas may provide supplementary coverage for lawsuits, legal fees and settlements as well as for bodily injury and property damage claims not …

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]]> San Onofre Nuclear Power Plant in Southern California to Close http://www.insurancejournal.com/magazines/features/2013/06/17/295193.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295193 The troubled San Onofre nuclear power plant on California’s coast is closing, after a 16-month battle over whether the twin reactors could be safely restarted with millions of people living nearby. Southern California Edison, which operates the plant, said in …

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]]> Why More Are Saying ‘I Do’ to Wedding Insurance http://www.insurancejournal.com/magazines/features/2013/06/17/295208.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295208 Last year, Natalia Esparra, then 34 and a new bride, learned that something had gone wrong with her photographer’s memory card and that all of her wedding photos had disappeared. Three recovery companies looked at the memory card, the backup …

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]]> U.S., Global Natural Disasters Exact Heavy Toll in May http://www.insurancejournal.com/magazines/features/2013/06/17/295224.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295224 Severe weather in May caused an estimated $4 billion in insured damage in the U.S. alone and billions more in economic losses around the globe, according to an Aon Benfield report. The Global Catastrophe Recap by Aon Benfield’s catastrophe modeling …

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]]> Tiny Southern California Agency Earns B Corp Status http://www.insurancejournal.com/magazines/features/2013/06/17/295194.htm Mon, 17 Jun 2013 00:00:00 +0000 Don Jergler http://www.insurancejournal.com/?p=295194 Merely bringing your A-game may not be enough to entice certain companies to give you their business, especially those who are looking for environmentally or socially conscious partners. Following the challenging recession period the “green” movement seemed to take a …

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]]> Southeast Market Update: Flood, Medical Professional Liability http://www.insurancejournal.com/magazines/features/2013/06/17/295209.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295209 Frontline Homeowners Insurance, a coastal-focused insurer, is now offering wind and flood coverage to Alabama residents with coastal properties in Mobile and Baldwin Counties. As part of its program, the insurer offers a contractors assist program that manages the entire …

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]]> Property Crime Down, Violent Crime Up in 2012: FBI http://www.insurancejournal.com/magazines/features/2013/06/17/295225.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295225 The nation experienced a 1.2 percent increase in the number of violent crimes and a 0.8 percent decline in the number of property crimes in 2012 when compared with data from 2011, the FBI said. Violent crime increased in three …

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]]> Report: California Workers’ Comp Insurers’ Return on Worth Up http://www.insurancejournal.com/magazines/features/2013/06/17/295195.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295195 California workers’ compensation insurers’ average return on net worth increased for the second year in a row in 2011, according to the latest National Association of Insurance Commissioners report on insurer profitability. The report shows California insurers’ 2011 return improved …

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]]> Insurers Pay $600K in West Virginia Racism Case http://www.insurancejournal.com/magazines/features/2013/06/17/295211.htm Mon, 17 Jun 2013 00:00:00 +0000 http://www.insurancejournal.com/?p=295211 Insurance companies will pay $600,000 to a former officer who sued the Sophia (West Virginia) Police Department over claims he was harassed and fired because he is black, Mayor Danny Barr said. That payout is more than the small West …

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]]> Solar Construction: Too Hot to Handle? http://www.insurancejournal.com/magazines/features/2013/06/17/295226.htm Mon, 17 Jun 2013 00:00:00 +0000 Andrea Wells http://www.insurancejournal.com/?p=295226 The solar construction industry has been extremely hot in recent years. Perhaps, too hot. The sector’s rapid growth has led to an oversupply of solar panels, which has turned up the heat on manufacturers to lower prices. Now some experts …

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