Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 28 Aug 2014 02:05:44 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 EFG Companies Launch Extended Vehicle Warranty Product http://www.insurancejournal.com/news/national/2014/08/27/338763.htm Wed, 27 Aug 2014 16:56:23 +0000 http://www.insurancejournal.com/?p=338763 EFG Companies has launched a vehicle service contract (VSC) called Simplicity Vehicle Protection that gives agents and brokers the ability to sell an extended warranty to clients after the purchase of the vehicle. With Simplicity Vehicle Protection, agents and managing …

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Small Commercial Lines: The Good, The Bad, The Ugly http://www.insurancejournal.com/news/national/2014/08/27/338723.htm Wed, 27 Aug 2014 16:20:59 +0000 http://www.insurancejournal.com/?p=338723 Small commercial lines is suddenly the Cinderella of the insurance industry. Previously the unwanted step child turned beauty queen being courted, pursued, and being offered dowries for marriage. Dowries and marriage are the correct metaphors because companies are clearly willing …

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U.S. Home Construction Jumps 15.7% in July http://www.insurancejournal.com/news/national/2014/08/27/338715.htm Wed, 27 Aug 2014 16:09:51 +0000 http://www.insurancejournal.com/?p=338715 U.S. home construction rebounded in July, rising to the fastest pace in eight months and offering hope that housing has regained momentum after two months of declines. Construction increased 15.7 percent in July to a seasonally adjusted annual rate of …

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‘Deep Throat’ Producers Lose ‘Lovelace’ Copyright Case http://www.insurancejournal.com/news/national/2014/08/27/338704.htm Wed, 27 Aug 2014 16:00:11 +0000 http://www.insurancejournal.com/?p=338704 The owners of the rights to the famed pornographic film “Deep Throat” have lost a lawsuit accusing the producers of the 2013 biopicture “Lovelace” of copyright infringement. U.S. District Judge Thomas Griesa in the federal court in Manhattan, in a …

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U.S. Loses Bid to Dismiss $25B Lawsuit Over AIG Bailout http://www.insurancejournal.com/news/national/2014/08/27/338700.htm Wed, 27 Aug 2014 14:39:39 +0000 http://www.insurancejournal.com/?p=338700 A federal judge has rejected the United States’ bid to dismiss a more than $25 billion lawsuit filed by Maurice “Hank” Greenberg, the former chief executive of American International Group Inc., over the insurer’s government bailout, clearing the way for …

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Insurance Journal Upgrades Magazine App http://www.insurancejournal.com/news/national/2014/08/27/338586.htm Wed, 27 Aug 2014 08:00:03 +0000 http://www.insurancejournal.com/?p=338586 Insurance Journal Magazine has updated its magazine news app for smartphones and tablets. The e-news app, which was originally launched in 2009, now offers users the ability to share and stream with others, plus improved video performance for tablets, and …

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EPIC Launches Education Protector for Student Athletes http://www.insurancejournal.com/news/national/2014/08/26/338631.htm Tue, 26 Aug 2014 16:59:44 +0000 http://www.insurancejournal.com/?p=338631 Silicon Valley-based EPIC Insurance Brokers has launched a new policy designed to protect high school athletes who have received a verbal offer for an athletic scholarship or grant from an NCAA Division I or Division II sports program. Education Protector …

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Is Your Agency a Best Place to Work? Tell Us Now! http://www.insurancejournal.com/news/national/2014/08/26/338595.htm Tue, 26 Aug 2014 16:18:31 +0000 http://www.insurancejournal.com/?p=338595 Do you love your agency? Is it a Best Place to Work? If so, don’t miss this opportunity to nominate your agency to be named as one of Insurance Journal’s Best Agencies to Work in 2014. You must be a …

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Employment Growth Leads to Workers’ Comp Benefit, Cost Uptick http://www.insurancejournal.com/news/national/2014/08/26/338577.htm Tue, 26 Aug 2014 15:51:49 +0000 http://www.insurancejournal.com/?p=338577 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 today by the National Academy of Social Insurance (the Academy). This growth in …

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Boston Is Tops When It Comes to Risky Drivers: Study http://www.insurancejournal.com/news/national/2014/08/26/338568.htm Tue, 26 Aug 2014 15:24:07 +0000 http://www.insurancejournal.com/?p=338568 Drivers in Boston and Worcester, Massachusetts, are the most accident-prone in the U.S., landing at the bottom of an annual ranking of the nation’s 200 biggest urban areas by Allstate Corp. Worcester’s drivers have a collision every 4.3 years on …

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Study: Opioid-Related Deaths Cut by 25% in Medical Marijuana States http://www.insurancejournal.com/news/national/2014/08/26/338566.htm Tue, 26 Aug 2014 15:10:08 +0000 http://www.insurancejournal.com/?p=338566 On average, states allowing the medical use of marijuana have lower rates of deaths resulting from opioid analgesic overdoses than states without such laws. That’s according to a new multi-institutional study, published in JAMA Internal Medicine and led by researchers …

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Commentary: Hopeful Outlook for Workers’ Comp http://www.insurancejournal.com/news/national/2014/08/25/338545.htm Mon, 25 Aug 2014 16:54:47 +0000 http://www.insurancejournal.com/?p=338545 As we pass the halfway point of 2014, the National Council on Compensation Insurance (NCCI) is relatively optimistic about the outlook for the workers’ compensation market in America. Industry costs remain largely contained. There is a reasonable expectation of some …

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Obama Administration Offers Birth Control Fix for Religious Groups http://www.insurancejournal.com/news/national/2014/08/25/338538.htm Mon, 25 Aug 2014 16:46:37 +0000 http://www.insurancejournal.com/?p=338538 Seeking to quell a politically charged controversy, the Obama administration announced new measures Friday to allow religious nonprofits and some companies to opt out of paying for birth control for female employees while still ensuring those employees have access to …

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U.S. Retailers Warned About Hacking Software http://www.insurancejournal.com/news/national/2014/08/25/338533.htm Mon, 25 Aug 2014 16:41:15 +0000 http://www.insurancejournal.com/?p=338533 More than 1,000 U.S. retailers could be infected with malicious software lurking in their cash register computers, allowing hackers to steal customer financial data, the Homeland Security Department said Friday. The government urged businesses of all sizes to scan their …

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Chubb Launches Crime Coverage for Payment Fraud http://www.insurancejournal.com/news/national/2014/08/25/338514.htm Mon, 25 Aug 2014 16:32:38 +0000 http://www.insurancejournal.com/?p=338514 The Chubb Group of Insurance Companies has created a crime insurance endorsement to help protect companies from an increasingly prevalent type of fraud. Chubb’s Social Engineering Fraud Endorsement provides coverage for an organization’s losses when an employee is tricked into …

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Agent Survey: Not All Carrier Training Is Created Equal http://www.insurancejournal.com/news/national/2014/08/25/338465.htm Mon, 25 Aug 2014 14:58:19 +0000 http://www.insurancejournal.com/?p=338465 Independent agents say product training (used by 50 percent) and technology systems training (used by 41 percent) were the most common types of insurance carrier-provided training they attended last year. However, when the subject turned to the types of training …

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Judge Rebukes Whistleblower’s $265B Claim Against BP Over Gulf Safety http://www.insurancejournal.com/news/national/2014/08/22/338394.htm Fri, 22 Aug 2014 12:55:54 +0000 http://www.insurancejournal.com/?p=338394 BP Plc won’t face a $256 billion lawsuit brought by a whistleblower who claimed the company’s Atlantis oil production platform in the Gulf of Mexico was unsafe. Kenneth Abbott, a former BP contractor, and Food & Water Watch Inc., an …

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Hurricane Forecasters Keeping Eye on Storm Building in Atlantic http://www.insurancejournal.com/news/national/2014/08/22/338392.htm Fri, 22 Aug 2014 12:40:30 +0000 http://www.insurancejournal.com/?p=338392 A potential tropical system became a bit ragged with poor definition late yesterday as it neared the Leeward Islands at the eastern edge of the Caribbean Sea. A U.S. Air Force Reserve Hurricane Hunter found a small area of winds …

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Ratings Recap: Continental, Nat’l. Guaranty, Westminster, Triangle, Ellington Mutual http://www.insurancejournal.com/news/national/2014/08/22/338384.htm Fri, 22 Aug 2014 10:22:46 +0000 http://www.insurancejournal.com/?p=338384 A.M. Best has upgraded the financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent) and the issuer credit rating to “a” from “a-”of Chicago-based Continental Assurance Company (CAC), and has removed the ratings from under review with developing implications and …

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Underwriting and an EICy Approach to Climate Change http://www.insurancejournal.com/news/national/2014/08/21/338345.htm Thu, 21 Aug 2014 21:42:08 +0000 http://www.insurancejournal.com/?p=338345 Floating together in a muck of alphabet soup the insurance industry, the government and the scientific community can be assured success in at least one thing amid their combined efforts to deal with climate change. It’s not an OMG revelation, …

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Premium for Most Expensive Car Close to Income for Typical American Family http://www.insurancejournal.com/news/national/2014/08/21/338330.htm Thu, 21 Aug 2014 16:52:41 +0000 http://www.insurancejournal.com/?p=338330 A Ferrari 250 GTO Berlinetta last week became easily the most expensive car sold at auction by when a bidder at a California auction agreed to buy it for $38.1 million, according to Hagerty Group LLC, a Traverse City, Michigan-based …

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Digital Beats TV and Humans Still Matter in ‘Top-of-Mind’ Insurance Advertising http://www.insurancejournal.com/news/national/2014/08/21/338286.htm Thu, 21 Aug 2014 15:07:35 +0000 http://www.insurancejournal.com/?p=338286 Insurance companies that spend their advertising dollars on digital ads can increase their brand awareness far more than they can with television. A study by the digital advertising services firm Rocket Fuel says digital advertising is nine times more effective …

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Wearable Device for Weight Loss Or Unbearable Loss of Privacy? http://www.insurancejournal.com/news/national/2014/08/21/338280.htm Thu, 21 Aug 2014 13:22:12 +0000 http://www.insurancejournal.com/?p=338280 To fight rising medical costs, oil company BP Plc last year offered Cory Slagle — a 260-pound former football lineman — an unusual way to trim $1,200 from his annual insurance bill. One option was to wear a fitness-tracking bracelet …

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ACE Group Names 3 to High-Net Personal Lines Posts http://www.insurancejournal.com/news/national/2014/08/21/338273.htm Thu, 21 Aug 2014 12:57:43 +0000 http://www.insurancejournal.com/?p=338273 ACE Group announced executive appointments in its high net worth personal lines insurance business, ACE Private Risk Services, naming Annmarie Camp as senior vice president, National Sales and Distribution leader, Shannon Detroit as vice president, Central Region, and Heather Cabra …

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Court Upholds Federal Mine Safety Rules Over Owners’ Opposition http://www.insurancejournal.com/news/national/2014/08/21/338269.htm Thu, 21 Aug 2014 12:44:25 +0000 http://www.insurancejournal.com/?p=338269 New federal rules that labor officials say could save lives at dangerous mining sites have survived a court challenge from mining industry groups. The 6th U.S. Circuit Court of Appeals this week dismissed the lawsuit brought by the National Mining …

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Early Use of MRI for Lower Back Pain Found Unnecessary, Costly http://www.insurancejournal.com/news/national/2014/08/20/338196.htm Wed, 20 Aug 2014 18:42:21 +0000 http://www.insurancejournal.com/?p=338196 Early use of Magnetic Resonance Imaging (MRI) to diagnose work-related lower back pain often leads to higher medical costs, unnecessary medical procedures and prolonged disability, according to new medical research. Claims in which MRI was used either within the first …

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Tower Group Receives Nasdaq Listing Warning http://www.insurancejournal.com/news/national/2014/08/20/338191.htm Wed, 20 Aug 2014 13:37:23 +0000 http://www.insurancejournal.com/?p=338191 Tower Group International Ltd. said it has received a notification letter from Nasdaq stating that because it has not yet filed its Form 10-Q for the period ended June 30, 2014 with the Securities and Exchange Commission (SEC), Tower is …

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Uber Hires Obama Campaign Strategist; Expands Into Courier Service http://www.insurancejournal.com/news/national/2014/08/20/338180.htm Wed, 20 Aug 2014 12:25:26 +0000 http://www.insurancejournal.com/?p=338180 Uber has enlisted David Plouffe, President Barack Obama’s 2008 campaign manager, to devise and run its global political and branding strategy, as the fast-expanding car rides-on-demand startup runs into stiff resistance in some cities. The San Francisco-based company, which is …

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Asbestos Claimants Urged to Oppose Garlock Reorganization Plan http://www.insurancejournal.com/news/national/2014/08/20/338173.htm Wed, 20 Aug 2014 10:35:53 +0000 http://www.insurancejournal.com/?p=338173 The official committee representing creditors with asbestos claims against Garlock Sealing Technologies LLC will urge its constituents to vote against the company’s reorganization plan, even though Garlock said it pays claimants in full. The official representative of future asbestos claimants, …

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No Protection for Foreign Whistleblowers at Overseas Firms: Court http://www.insurancejournal.com/news/national/2014/08/20/338171.htm Wed, 20 Aug 2014 10:31:54 +0000 http://www.insurancejournal.com/?p=338171 Foreign whistleblowers who work for overseas companies can’t be protected from retaliatory firings for disclosing conduct that happens abroad, a federal appeals court held. The U.S. Court of Appeals in Manhattan found in a case involving Siemens AG that an …

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