insurance coverage News

Munich Re Study Focuses on Rising ‘Cyber Crime’

“Cyber attacks are a reality and companies need to prepare themselves,” warns Munich Re in a recently released study – “Cost of Cyber Crime” – conducted by the Ponemon Institute. “Advancements in the IT sector are opening up new applications, …

Lloyd’s Report Focuses on ‘Gap’ in Disaster Costs and Insurance Coverage

A new report from Lloyd’s notes that the “the world has been battered by natural catastrophes in recent years, revealing a serious gap between the economic cost of natural catastrophes and the levels of insured risk.” Recently published research, Lloyd’s …

Africa’s Pirates Have Demands for Insurers – and a Letterhead, Too

Welcome to the Pirate Action Group. Pirate commander Jamal wishes to congratulate you on being hijacked. Kindly speak to his negotiator about your ransom, bearing in mind that his demands are similar for every vessel he seizes. This is not …

EU Agency ENISA Calls for ‘Kick-start’ in Cyber Insurance Market

Europe’s citizens and businesses could benefit from better protection for their computer systems and data if the cyber insurance market can be kick-started, according to a recently released report from the European Network and Information Security Agency (ENISA). The report …

So. Korea to Halt Iran Oil Imports as EU Insurance Ban Bites

South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil. …

Insurer to Cover Half of R.I. City’s $389K Loss Caused by Embezzlement

An insurance company has paid the city of Woonsocket, R.I., $200,000, which covers about half the money the city says it lost to embezzlement. City Finance Director Thomas Bruce III tells the Woonsocket Call the city filed the claim with …

Willis Warns Companies to ‘Wake up to Cyber Threats,’ Liabilities

Company Directors must wake up to cyber threats or they risk litigation from all sides, warned  Francis Kean of Willis Group Holdings. Speaking at a Willis-hosted cyber liability conference in London this week, the Executive Director of Willis’ FINEX Global …

ABI Reacts to London Riots; Details of Insurance Coverage

Nick Starling, Director of General Insurance and Health, of the Association of British Insurers, issued the following statement following the third night of rioting, looting and the massive destruction of property in London. “We have every sympathy for residents and …

Amy Winehouse’s European Tour in Doubt; Insurance Coverage Too

The video is painful to watch, an artistic train wreck for all to see. The question is what Amy Winehouse is going to do next. The five-time Grammy Award winner, whose battles with alcohol and drug abuse have long overshadowed …

Georgia Court Rules Commercial Liability Policy Covers Faulty Work

A general contractor can recover from its subcontractor’s insurers for the cost of repairs for damage to surrounding property resulting from the subcontractor’s faulty workmanship, the Georgia Supreme Court has held. The state’s highest court found that negligent construction is …