Insurance Journal » National Section http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 01 Oct 2014 13:42:15 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Demand for Liability Insurance to Rise Again http://www.insurancejournal.com/magazines/features/2014/09/22/340631.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340631 Claims severity and demand for liability insurance will increase as economic growth accelerates and because of technological, social and regulatory changes, according to a new report from Swiss Re. Cyber risk, hydrofracking and autonomous cars will likely be among the …

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Helping Clients Through Home Renovations http://www.insurancejournal.com/magazines/closingquote/2014/09/22/340636.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340636 Home renovations are in high gear these days, thanks to low interest rates on second mortgages and bank loans. But, the construction process itself is typically fraught with anxiety, given longer-than-expected timeframes to complete projects and frequent cost overruns. Many …

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OSHA Revises Severe Injury Reporting Rule http://www.insurancejournal.com/magazines/features/2014/09/22/340645.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340645 The U.S. Occupational Safety and Health Administration (OSHA) has issued a final rule requiring employers to notify OSHA when an employee is killed on the job or suffers a work-related hospitalization, amputation or loss of an eye. Under the revised …

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Fighting Cybercrime http://www.insurancejournal.com/magazines/editorsnote/2014/09/22/340648.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340648 HSB, a specialty insurer that is part of Munich Re, along with Trail of Bits, a New York cybersecurity firm, recently presented a “Hacker Lab” to provide risk mitigation resources for small business owners. The event showed that cybercriminals view …

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Customer Experience Makes Bigger Impact Than Policy, Claims http://www.insurancejournal.com/magazines/techtalk/2014/09/22/340647.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340647 Many agents understand in principle that “customer experience” is the sum total of an agency’s interactions with prospects and policyholders. In practice, however, customer service often ends up focusing more on the policy transaction and claims, and less on what …

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How a ‘Middle-Aged’ Marketer Can Help Your Agency Grow http://www.insurancejournal.com/magazines/growyouragency/2014/09/22/340644.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340644 It is common knowledge that if an agency wants to employ a dedicated marketer, hire a young person. They, and only they, know what is happening in social media. By virtue of their youth, and their presumed familiarity with all …

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Insuring Products of the Mind http://www.insurancejournal.com/magazines/features/2014/09/22/340640.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340640 The rapid growth in patent infringement litigation in 2013 – almost 6,500 cases, or an increase of 25 percent over 2012, according to PricewaterhouseCoopers – might appear to be a strong motivator for at-risk businesses to buy intellectual property insurance. …

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Top 10 Causes of Business Insurance Losses http://www.insurancejournal.com/magazines/features/2014/09/22/340641.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340641 Nearly 70 percent of business financial losses arise from 10 causes of loss, with the largest single identified cause being ship groundings, reflecting the high values of modern shipping risks, followed by fires and aviation crashes, according to a report …

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Declarations http://www.insurancejournal.com/magazines/declarations/2014/09/22/340642.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340642 Stormy Relations “Storm surge and wind-driven waves flooded homes and moved them off their foundations in Kapoho, Hawaii County.”  —Hawaii Gov. Neil Abercrombie describing the damaging force of the tropical storm Iselle. His petition for disaster assistance for the storm …

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Top 5 Insurance Industry Misconceptions About Copyright http://www.insurancejournal.com/magazines/features/2014/09/22/340643.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340643 Few industries understand the concept of risk better than the insurance sector. But what about infringement risk? Sharing published information is essential to a company’s ability to thrive. Whether developing new insurance products, keeping abreast of state and legislative regulatory …

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E&O Insights: How Well Do You Know Your Workers’ Compensation Risk? http://www.insurancejournal.com/magazines/features/2014/09/22/340638.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340638 The workers’ compensation class of business results in upwards of 10 percent of all errors and omissions (E&O) claims every year. While this may not seem like a lot, it is a class agents must be sensitive to for a …

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Business Moves http://www.insurancejournal.com/magazines/business-moves/2014/09/22/340639.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340639 Arthur J. Gallagher Risk Management, Dezelan Insurance Agency Arthur J. Gallagher Risk Management Services Inc. has acquired Dezelan Insurance Agency located in Indianapolis. Founded in 1927, Dezelan Insurance Agency is a retail insurance broker providing property/casualty and risk management consulting …

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The Ever-Evolving Nature of Cyber Coverage http://www.insurancejournal.com/magazines/features/2014/09/22/340633.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340633 To understand the current state of network security and privacy (cyber) coverage, it is helpful to have an understanding of the development and some of the major milestones which helped shape the coverage. The first cyber policy was written in …

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Contractors and the CGL Policy’s ‘Your Product’ and ‘Your Work’ Exclusions http://www.insurancejournal.com/magazines/features/2014/09/22/340632.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340632 Dear Contractors: The wall you just built may not be covered by your insurance the way you think it is. This is because although the commercial general liability (CGL) policy may cover bodily injury or property damage to others resulting …

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My New Markets http://www.insurancejournal.com/magazines/newmarkets/2014/09/22/340634.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340634 My New Markets is brought to you by Insurance Journal’s sister website: www.mynewmarkets.com Need a Market? Find it. FAST. Workers’ Compensation Buffer Layer Excess Market Detail: AguTaine Underwriters LLC offers corporate and municipal self-insureds tools to manage their retention down …

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Workers’ Compensation Premiums Increased By 5.1% in First Half of 2014 http://www.insurancejournal.com/magazines/features/2014/09/22/340630.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340630 Demotech’s review of second quarter 2014 data, as recently reported by insurers to the National Association of Insurance Commissioners, shows that workers’ compensation insurers reported a 5.1 percent increase in direct written premiums during the first six months of 2014 …

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Finding and Selling to Ideal Clients http://www.insurancejournal.com/magazines/mindyourbiz/2014/09/22/340635.htm Mon, 22 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=340635 When an agency is started, most new owners will be happy to sell their products or services to anyone that is willing to buy. After all, one needs to have paying clients to stay in business! However, this approach is …

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Changes in Washington http://www.insurancejournal.com/magazines/features/2014/09/08/339287.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339287 Groups that favor the legalization of marijuana say they are seeing positive developments at the federal level in Washington. U.S. Attorney General Eric Holder told lawmakers during a House Appropriations Committee hearing in April that the Obama administration is open …

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Marijuana Coverage in the Wild West http://www.insurancejournal.com/magazines/features/2014/09/08/339290.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339290 In Washington – which permits the sale and personal use of cannabis and cannabis-related products through Initiative 502 passed in 2012 – the recreational marijuana industry is regulated by the Washington State Liquor Control Board. Licensees are required to have …

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State of the Market: Surplus Lines Bounces Back http://www.insurancejournal.com/magazines/features/2014/09/08/339285.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339285 The surplus lines industry showed its subpar showing in 2012 was uncharacteristic as it outperformed the overall property/casualty industry once again in 2013. While 2013 was a good year all-round for the P/C industry, it was an even better year …

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Engaging Tomorrow’s Workforce, Today http://www.insurancejournal.com/magazines/features/2014/09/08/339292.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339292 An organization’s biggest investment is in its human capital. Employees are the key to any successful business. Properly engaging staff can make a significant difference in a company’s productivity. Given the state of the industry – with nearly half of …

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Declarations http://www.insurancejournal.com/magazines/declarations/2014/09/08/339293.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339293 Uh Oh, Yogi “The new maps show how Yellowstone has had a relative increase in the hazard.” —University of Utah geophysicist Bob Smith said a U.S. Geological Survey report indicates a slightly greater earthquake hazard in Greater Yellowstone than previously …

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Employment Growth Leads to Workers’ Comp Benefit, Cost Uptick http://www.insurancejournal.com/magazines/features/2014/09/08/339294.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339294 Workers’ compensation benefits rose by 1.3 percent to $61.9 billion in 2012, while employer costs rose by 6.9 percent to $83.2 billion, according to a report released last month by the National Academy of Social Insurance (the Academy). “This growth …

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Insurance Experts: Does It Really Take One to Know One? http://www.insurancejournal.com/magazines/features/2014/09/08/339295.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339295 When an insurance agent is sued for professional negligence, a question arises as to whether the breach of the agent’s duty of care requires the testimony of another insurance agent or broker who testifies that the agent breached the professional …

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A.M. Best Downgrades Tower Group Again http://www.insurancejournal.com/magazines/features/2014/09/08/339296.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339296 Tower Group International must deal with more ratings downgrades from A.M. Best, spurred by its soaring net losses and uncertainty over whether it can carry its debts through an intended merger with ACP Re. A.M. Best said its revised ratings …

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Take Time to Minimize Your Exposure to E&O Claims http://www.insurancejournal.com/magazines/closingquote/2014/09/08/339297.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339297 During my more than 20-year career in the insurance industry, I have spent hours working with my colleagues to prevent hard-earned, front-end revenues from leaking out the back door due to errors and omissions. When a claim is denied, we …

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Young Male vs. Young Female http://www.insurancejournal.com/magazines/editorsnote/2014/09/08/339299.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339299 When it comes to car crashes there’s a link to one’s gender – at least if you’re young. Gender is often related to what type of severe or fatal crash a young male or young female driver will be involved …

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E&O Insights: Managing Disasters from an E&O Perspective http://www.insurancejournal.com/magazines/features/2014/09/08/339300.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339300 If your agency is looking to manage disasters and catastrophes from an errors and omissions (E&O) perspective, could performing account reviews for your clients be just the answer? Absolutely. As many agencies discovered, account reviews are a tremendous tool that …

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Marijuana and Workers’ Comp http://www.insurancejournal.com/magazines/features/2014/09/08/339301.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339301 There are some who believe medical marijuana and the workplace are a potent mix just waiting to be stirred as increasingly more states approve the herb and its derivatives for medicinal use. Not only are states approving the use of …

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Surplus Carriers Search for Growth Never Ends http://www.insurancejournal.com/magazines/features/2014/09/08/339298.htm Mon, 08 Sep 2014 00:00:00 +0000 http://www.insurancejournal.com/?p=339298 In 2013, net income more than doubled from the $1.57 billion reported in 2012, according to the “2013 U.S. Surplus Lines Market Review” published by A.M. Best. Not resting on their laurels, surplus lines carriers are continuing to target traditional …

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