Insurance Journal » National News http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 21 Nov 2014 21:37:44 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 Home-Sharing Service Airbnb Offers $1M Host Liability Policy http://www.insurancejournal.com/news/national/2014/11/21/347735.htm Fri, 21 Nov 2014 18:07:11 +0000 http://www.insurancejournal.com/?p=347735 The fast-growing online residential space sharing service Airbnb has added a $1 million liability insurance policy that protects those, including landlords and homeowners associations, facing lawsuits related to the renting of their properties through the service. The new Host Protection …

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When P/C Insurance Carriers Can Cancel: The ‘Underwriting Period’ by State http://www.insurancejournal.com/news/national/2014/11/21/347749.htm Fri, 21 Nov 2014 15:54:29 +0000 http://www.insurancejournal.com/?p=347749 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 …

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Honda: Require Car Owners to Comply with Recalls http://www.insurancejournal.com/news/national/2014/11/21/347728.htm Fri, 21 Nov 2014 11:45:28 +0000 http://www.insurancejournal.com/?p=347728 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 …

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XL Group Adds Fleet Safety Service to Construction Insurance http://www.insurancejournal.com/news/national/2014/11/21/347564.htm Fri, 21 Nov 2014 11:30:39 +0000 http://www.insurancejournal.com/?p=347564 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 …

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How Carriers Are Handling Property Cat Renewals, Terrorism, Ebola: NAPCO http://www.insurancejournal.com/news/national/2014/11/21/347629.htm Fri, 21 Nov 2014 10:03:13 +0000 http://www.insurancejournal.com/?p=347629 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 …

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Hospitals Improvise on Safety to Treat Ebola Patients http://www.insurancejournal.com/news/national/2014/11/21/347641.htm Fri, 21 Nov 2014 10:01:04 +0000 http://www.insurancejournal.com/?p=347641 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 …

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Montana’s Lindeen Elected NAIC President http://www.insurancejournal.com/news/national/2014/11/20/347631.htm Thu, 20 Nov 2014 18:14:07 +0000 http://www.insurancejournal.com/?p=347631 Members of the National Association of Insurance Commissioners (NAIC) have elected 2015 officers who  will assume their duties on Jan. 1, 2015. President: Montana State Auditor and Commissioner of Securities and Insurance Monica J. Lindeen President-Elect: Pennsylvania Insurance Commissioner Michael …

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8 Million Cars Recalled for Air Bags; Only 6% Repaired: Bloomberg http://www.insurancejournal.com/news/national/2014/11/20/347656.htm Thu, 20 Nov 2014 17:11:41 +0000 http://www.insurancejournal.com/?p=347656 Honda Motor Co., Toyota Motor Corp. and other major automakers have fixed only a fraction of the almost 8 million cars called back in the last two years to replace potentially defective Takata Corp. air bags. About 6 percent of …

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Staples Still Tallying Costs of Data Breach http://www.insurancejournal.com/news/national/2014/11/20/347627.htm Thu, 20 Nov 2014 14:00:43 +0000 http://www.insurancejournal.com/?p=347627 Staples Inc., the world’s largest office-supply chain, said it can’t yet “reasonably” estimate the potential losses and expenses it will incur in connection with the possible credit-card data breach disclosed last month. While the company said it believes the malware …

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Farm Bill Costs Soar Despite Great Harvest http://www.insurancejournal.com/news/national/2014/11/20/347622.htm Thu, 20 Nov 2014 13:58:07 +0000 http://www.insurancejournal.com/?p=347622 U.S. farmers are about to reap a bumper harvest not just in corn and soybeans but also in new subsidies that could soar to $10 billion, blowing a hole in the government’s promise that its new five-year farm bill would …

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D&O Primary, Excess Layer Pricing Moving in Opposite Directions: Aon http://www.insurancejournal.com/news/national/2014/11/20/347616.htm Thu, 20 Nov 2014 13:47:01 +0000 http://www.insurancejournal.com/?p=347616 Overall price declines for directors and officers liability insurance programs of publicly traded companies continue to be driven by excess-layer price drops, Aon’s Financial Services Group said in a recent report. D&O insurance pricing fell 4.4 percent overall during second-quarter …

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3 U.S. Wholesalers Launch $25M D&O Program at Lloyd’s for North America http://www.insurancejournal.com/news/national/2014/11/20/347605.htm Thu, 20 Nov 2014 13:27:48 +0000 http://www.insurancejournal.com/?p=347605 Three of the largest U.S. wholesale firms — CRC, AmWINS Brokerage, and Swett & Crawford — have launched a $25 million public directors and officers insurance program at Lloyd’s of London called the CAS Facility. The facility, which offers excess …

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Marsh Offers Consumer Class-Action Settlement Insurance http://www.insurancejournal.com/news/national/2014/11/19/347575.htm Wed, 19 Nov 2014 22:04:32 +0000 http://www.insurancejournal.com/?p=347575 To assist companies seeking to settle consumer class-action lawsuits gain greater certainty over their potential payouts, insurance broker Marsh has launched a specialty insurance product that transfers a company’s known settlement exposure to the insurance market. Created by Class Action …

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House Subcommittee Renews Call for Private Flood Insurance http://www.insurancejournal.com/news/national/2014/11/19/347507.htm Wed, 19 Nov 2014 16:44:13 +0000 http://www.insurancejournal.com/?p=347507 A House Financial Services subcommittee scheduled a hearing for today to focus attention on encouraging flood insurance sold by private insurers as an alternative to policies sold by the National Flood Insurance Program (NFIP). The hearing called by the Subcommittee …

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State Regulators Form Cyber Issues Task Force http://www.insurancejournal.com/news/national/2014/11/19/347490.htm Wed, 19 Nov 2014 15:18:40 +0000 http://www.insurancejournal.com/?p=347490 The National Association of Insurance Commissioners (NAIC) said it has formed a special task force to help states coordinate efforts related to cyber security and insurance industry data and coverages. NAIC said the task force will make coordinate NAIC efforts …

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Lawmakers Seek Details on Financial Services Firms’ Data Breaches http://www.insurancejournal.com/news/national/2014/11/19/347482.htm Wed, 19 Nov 2014 14:04:08 +0000 http://www.insurancejournal.com/?p=347482 Leading Democrats in both houses of Congress sent letters on Tuesday to 16 major banks and other financial firms requesting detailed information about recent data breaches and briefings from corporate data security officials. Among the companies targeted in letters sent …

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U.S. Safety Regulator Wants Nationwide Recall of Air Bags http://www.insurancejournal.com/news/national/2014/11/19/347474.htm Wed, 19 Nov 2014 13:45:58 +0000 http://www.insurancejournal.com/?p=347474 The U.S. auto safety regulator has told Japanese supplier Takata Corp. and five automakers to expand nationwide a regional recall of potentially lethal air bags, increasing pressure on the industry to move faster in a growing scandal. The National Highway …

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Players, Families Urge Judge to Reject NFL Concussion Settlement http://www.insurancejournal.com/news/national/2014/11/19/347471.htm Wed, 19 Nov 2014 13:08:35 +0000 http://www.insurancejournal.com/?p=347471 Andy Miketa was known as the NFL’s lightest center during his two-year career with the Detroit Lions in the 1950s. At 6-foot-2 and 210 pounds, Miketa used his speed and toughness to stymie defensive linemen who outweighed him by 75 …

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Berkshire Hathaway Specialty Unveils New D&O Policy http://www.insurancejournal.com/news/national/2014/11/19/347163.htm Wed, 19 Nov 2014 11:35:25 +0000 http://www.insurancejournal.com/?p=347163 Berkshire Hathaway Specialty Insurance (BHSI) has unveiled its Executive First Side A Difference-in-Conditions (DIC) Directors & Officers Liability Policy, which provides protection for individual directors and officers in a concise form. “The Executive First Side A DIC D&O Liability Policy stands out for …

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U.S. Employment Discrimination Settlements, Cases Down from Last Year http://www.insurancejournal.com/news/national/2014/11/19/347358.htm Wed, 19 Nov 2014 10:00:02 +0000 http://www.insurancejournal.com/?p=347358 The U.S. Equal Employment Opportunity Commission (EEOC) says it “fought hard to overcome extraordinary fiscal constraints and operational challenges” during the 2014 fiscal year because of sequestration and the government shutdown. Yet the agency, which enforces federal laws prohibiting employment …

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Small Business Insurance Market Primed for Consolidation http://www.insurancejournal.com/news/national/2014/11/18/347328.htm Tue, 18 Nov 2014 16:15:32 +0000 http://www.insurancejournal.com/?p=347328 If heavy competition breeds consolidation, then the property/casualty small business insurance market is ripe for it in the coming years. Both large and small insurers devote lots of attention to the space, but no single company carries more than a …

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More Americans Retiring Later Than They Expected http://www.insurancejournal.com/news/national/2014/11/18/347338.htm Tue, 18 Nov 2014 15:32:44 +0000 http://www.insurancejournal.com/?p=347338 The “Great Recession” of 2008‒2009 took a toll on the retirement expectations of many Americans. According to new research from the Employee Benefit Research Institute (EBRI), there has been a nearly 23-percentage-point drop in workers retiring early or close to …

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Safety Board Upholds FAA Regulation of Drones http://www.insurancejournal.com/news/national/2014/11/18/347334.htm Tue, 18 Nov 2014 14:53:58 +0000 http://www.insurancejournal.com/?p=347334 The U.S. government’s ability to regulate drones was upheld today by a federal safety board, which overturned a judge’s decision that aviation regulations don’t apply to small unmanned aircraft. The National Transportation Safety Board, which decides appeals of aviation enforcement …

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Facebook Readies Workplace Version http://www.insurancejournal.com/news/national/2014/11/18/347320.htm Tue, 18 Nov 2014 13:16:26 +0000 http://www.insurancejournal.com/?p=347320 Facebook Inc. is testing a version of its social network that will let people communicate and collaborate at work, a person familiar with the matter said, taking on tools from Microsoft Corp. and Salesforce.com Inc. The product, which is in …

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Aon Web Tool Aids Contractors Working in Multiple States http://www.insurancejournal.com/news/national/2014/11/18/346528.htm Tue, 18 Nov 2014 12:50:09 +0000 http://www.insurancejournal.com/?p=346528 The Construction Services Group of Aon Risk Solutions has a new web-based tool to help clients navigate the risk challenges of pursuing work in multiple geographies. The Construction Risk Portal is a single website that currently houses two applications. The …

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Victims Stymied in Access to Others’ Air Bag Liability Settlements http://www.insurancejournal.com/news/national/2014/11/18/347322.htm Tue, 18 Nov 2014 11:38:18 +0000 http://www.insurancejournal.com/?p=347322 Confidential settlements over defective Takata Corp. air bags are sealing off relevant information that other victims could use to pursue injury claims. The accords make financial sense for the settling parties, but Takata and other defendants, including Honda Motor Co., …

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Bicyclist Fatalities Rise As More Urban Workers Pedal to Work http://www.insurancejournal.com/news/national/2014/11/18/347084.htm Tue, 18 Nov 2014 10:00:43 +0000 http://www.insurancejournal.com/?p=347084 The number of bicyclists killed on U.S. roadways is trending upward, particularly for certain subsets of the population, according to a by the Governors Highway Safety Association (GHSA). GHSA’s Spotlight on Highway Safety: Bicyclist Safety notes that yearly bicyclist deaths …

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CNA Names 2 Actuarial Vice Presidents http://www.insurancejournal.com/news/national/2014/11/17/347212.htm Mon, 17 Nov 2014 13:31:23 +0000 http://www.insurancejournal.com/?p=347212 CNA Financial Corp. has appointed two new actuarial senior vice presidents. Mark Kaufman has been appointed senior vice president of Actuarial Pricing for Specialty Insurance. Kaufman will be responsible for the overall direction and general management of specialty pricing in …

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Google Targeted in Independent Contractor Classification Dispute http://www.insurancejournal.com/news/national/2014/11/17/347203.htm Mon, 17 Nov 2014 13:22:41 +0000 http://www.insurancejournal.com/?p=347203 Google was sued last week by a worker who claimed the company did not pay overtime, improperly classified him as an independent contractor then terminated him after he asked for more hours to be covered under his contract. The case, …

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Drone Use Takes Off Despite Safety Concerns, Restrictions http://www.insurancejournal.com/news/national/2014/11/17/346974.htm Mon, 17 Nov 2014 11:00:13 +0000 http://www.insurancejournal.com/?p=346974 The government is getting near-daily reports — and sometimes two or three a day — of drones flying near airplanes and helicopters or close to airports without permission, federal and industry officials told The Associated Press. It’s a sharp increase …

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