policy News

Silicon Valley Billionaire Buys Record $201M Life Policy

An unnamed Silicon Valley billionaire has purchased the world’s most valuable life insurance policy, worth $201 million. The man who cobbled the deal together said that it took seven months and 19 insurance companies to put together a deal that …

Wisconsin Court: No Damages in Officer Death from Insurance Company

A Wisconsin appeals court says a slain police officer’s widow can’t collect damages from the insurance company that covered his killer. James Cruckson shot Fond du Lac Police Officer Craig Birkholz during a standoff at Cruckson’s home in 2011. Cruckson …

‘SharkNado’ Impact on Los Angeles $100B!

It was a doozy. Flying, biting killer sharks literally whipped into a frenzy by freak tornadoes wreaked havoc on Los Angelenos. The catastrophe played out on the Syfy Channel on Thursday night, lighting up Twitter as the top trend all …

Great American Enhances Premises Environmental Liability Product

Great American Insurance Group’s Environmental Division has launched an enhanced premises environmental liability insurance policy. The policy speaks to many newer exposures now faced by site owners, operators, property managers and tenants, including: Contingent business interruption Emergency response costs Green …

ACE USA Updates Marine Cargo Policy

ACE USA, the U.S.-based retail operations of the ACE Group, has released an updated marine open cargo policy that consolidates multiple coverage components into one form. The updated marine open cargo policy incorporates several coverage endorsements in a single form, …

Liberty International Launches Marine Business Owner Policy

Liberty International Underwriters (LIU), part of the Global Specialty unit of Liberty Mutual Insurance, has launched a new policy designed to cover marine liability and property related risks for small and mid-size marine businesses owners and operators. The new policy, …

Snag In Montana Church Abuse Lawsuit Negotiations Over Policy Dispute

Settlement negotiations between hundreds of alleged sex abuse victims and the Roman Catholic Diocese of Helena may have hit a snag with the church’s insurers refusing to cover the claims. The insurers and the diocese are locked in a dispute …

Insurance Covers Some Of Loss Powell Hospital In Wyoming

An insurance payment of $205,000 will help compensate Powell Valley Healthcare for its loss due to the alleged embezzlement of nearly $850,000 by former chief executive officer. Current CEO Bill Patten told the Powell Valley Healthcare board that the organization’s …

Mont. Woman Awarded $34M in Insurance Lawsuit

A 90-year-old woman residing in an assisted-living facility in Billings has won a $34.2 million judgment against her Omaha, Neb.-based insurance company for suspending payments for her dementia care. Arlene Hull and her daughter sued Ability Insurance Co. in 2010 …

XL Group Launches New Umbrella Casualty Form

XL Group plc’s Excess Casualty’s North American Umbrella team has launched a new umbrella policy form. The enhanced “A/B Umbrella” form offers two insuring agreements in one policy. Insuring Agreement A follows the terms of underlying primary insurance therefore eliminating …