Latest Property Headlines

N.H. audit blasts state’s anti-competitive insurance purchasing practices

Oct 9 2006 // The state of New Hampshire routinely bypasses competitive bidding for insurance contracts and awards them to incumbent producers, a state audit report that severely criticizes many of the state’s insurance practices...

Trade Group: Mich. Enacts Positive Reforms to Guaranty Fund Coverage

Oct 3 2006 // Michigan recently enacted a series of positive reforms to the Michigan Property Casualty Guaranty Association Act that among many things adds a large deductible provision which clarifies the rights of the receiver and...

P/C Insurers’ Profitability Drops in First-Half of 2006

Oct 2 2006 // The U.S. property/casualty insurance industry’s net income after taxes fell 9.3 percent to $28.3 billion in first-half 2006 from $31.2 billion in first-half 2005 as investment results deteriorated. Reflecting the...

Fireman’s Fund Offers Insurance for Wineries

Oct 2 2006 // Fireman’s Fund Insurance Co. has recently introduced a new service coverage, Insurance for Wineries. The comprehensive product has coverages specifically created for the business of growing, making and selling wine,...

Fla.’s Citizens Property Insurance President Ricker Resigns

Sep 26 2006 // Citizens Property Insurance Corp. announced the resignation of President and Executive Director Robert L. Ricker effective November 1, 2006. Ricker led Citizens for the past three years and tendered his voluntary...

Establishing ethics for insurance professionals

Sep 25 2006 // The American Institute for Chartered Property and Casualty Underwriters (AICPCU), the American College and the Society of Financial Service Professionals founded Ethics Awareness Month in 1990. While it is impossible for...

Farms need specialty breakdown coverage for critical equipment

Sep 25 2006 // In the grip of a heat wave, the owners of a fruit farm didn’t suspect a mechanical problem when a 600 hp deep well pump started producing less water. After all, the temperature had been soaring for weeks and other...

Agents signing up for Florida’s new small business JUA

Sep 25 2006 // Florida’s residual market for commercial insurance began providing coverage for small businesses on Sept. 15. More than 60 agents had signed up online for the program within hours of the official signing of a...

Establishing ethics for insurance professionals

Sep 25 2006 // The American Institute for Chartered Property and Casualty Underwriters (AICPCU), the American College and the Society of Financial Service Professionals founded Ethics Awareness Month in 1990. While it is impossible for...

Sep 25 2006 // People Miami insurance agent Alex Soto has been inaugurated as the new president of the Independent Insurance Agents & Brokers of America (the Big “I”), with Robert E. Fulwider assuming the office of...

Creating more capacity on the Texas coastline

Sep 25 2006 // Writing property insurance in Texas can be a difficult proposition, especially in a time when the frequency and severity of catastrophic coastal storms is increasing. To address this problem, the Texas Joint Committee on...

Farms need specialty breakdown coverage for critical equipment

Sep 25 2006 // Information technology plays an important part in production and a computer’s sensitive electronic circuits are susceptible to electrical damage. … Add the mechanical equipment it takes to run a farm and the...

Advisory Group Expands Valuation Service for Agents, Insurers

Sep 22 2006 // Wheaton, Ill.-based The American Association of Insurance Services (AAIS) announced this week that it is expanding the availability of property valuation services provided by e2Value, Inc. to insurers that use the...

Conn. Agents: Coastal Markets Tough But Insureds Getting Coverage

Sep 22 2006 // About three-quarters of the 21 agents writing Connecticut coastal business say homeowners insurance markets are either “worse” (43 percent) or “much worse” (33 percent) compared to one year...

N.H. Audit Blasts State Insurance Buying Practices

Sep 21 2006 // The state of New Hampshire routinely bypasses competitive bidding for insurance contracts and awards them to incumbent producers, a state audit report that severely criticizes many of the state’s insurance practices...

Fla. Gubernatorial Hopefuls Crist, Davis Can’t Escape Taxes, Insurance

Sep 20 2006 // Charlie Crist and Jim Davis have a similar message. Both candidates for governor in Florida say they want to do something about rising property taxes and homeowners insurance rates. Both also say that leading the state...

N.J.’s National Atlantic, Commerce Group of Mass. in Talks

Sep 19 2006 // New Jersey property casualty insurer National Atlantic Holdings Company has confirmed that it is engaged in preliminary discussions regarding potential transactions with The Commerce Group, Inc. of Webster, Mass. The...

Fla. Nixes Citizens’ Plan; Bans Hiring of Lawyers for Rate Appeals

Sep 19 2006 // Florida Governor Jeb Bush and his Cabinet have rejected a proposed plan of operation for Citizens Property Insurance Corporation and instead ordered the state’s insurer of last resort to hold a series of public...

Florida’s Commercial JUA Now Open for Small Business Risks

Sep 18 2006 // Originally slated for a Sept. 1 start date, Florida’s residual market for commercial insurance began providing coverage for small businesses on Sept. 15. A signing event took place midday on Sept. 15 and by...

GEICO Taps Pierce to Head Mid-Atlantic and Property Operations

Sep 13 2006 // GEICO reported that Nancy Pierce will head its Middle Atlantic operations which include Washington, D.C., Maryland, Pennsylvania, Delaware and West Virginia. Pierce will also head the company’s property insurance...