Latest Property Headlines
All the headlines from our Property Topic Page, ordered by recency.
New York Court: Flood Sub-Limit in Policy Applies to Delay Loss
Jul 20 2015 // The New York Supreme Court’s Appellate Division affirmed that a $5 million flood sub-limit in a builders risk policy that Zurich American Insurance issued to a New York property developer applies to the...
Signed, Sealed, Delivered: Florida’s 2015 Insurance Legislation Takes Effect
Jul 17 2015 // Below is a list of insurance-related Florida legislation passed by lawmakers in the 2015 regular session. All legislation has been approved by Governor Rick Scott and became effective as of July 1, 2015. HB1133 –...
Cobalt Secures Major Property Portfolio for 90 North through Lockton
Jul 16 2015 // Cobalt Underwriting, the London insurance market’s first Shariah compliant underwriting agency, announced that it has secured a major property portfolio placed by Lockton’s Real Estate and Construction practice...
Chappell Joins Lockton as Property/Casualty COO in Dallas/Ft. Worth
Jul 14 2015 // Insurance broker Lockton has added Jay Chappell in its Dallas/Ft. Worth operations as chief operating officer for its property/casualty business. Chappell will provide leadership and strategic business oversight for client...
Missouri Property Owner Sued Over Man’s Elevator Death
Jul 13 2015 // The sister of a musician and photographer who fell 18 feet to his death down a downtown St. Louis building’s elevator shaft is suing the former property owner and the elevator’s manufacturer. The lawsuit filed...
N.Y. Court: Insurer’s $5M Flood Sub-Limit Applies to Delay-in-Completion Loss
Jul 9 2015 // The New York Supreme Court’s Appellate Division affirmed that a $5 million flood sub-limit in a builders risk policy that Zurich American Insurance issued to a New York property developer applies to the...
Intellectual Property: Newegg Loses Patience; Apple Wins New Damages Trial; Jawbone Targets Fitbit
Jul 9 2015 // Newegg Inc. has been waiting for almost two years for a Texas federal judge to make a final ruling on a patent lawsuit it lost. On Monday it stopped waiting and asked an appeals court to force the judge into action. Newegg...
1347 Property Insurance, Brotherhood Mutual Partner for Wind/Hail Coverage in Texas
Jul 7 2015 // Florida-based 1347 Property Insurance Holdings Inc. is partnering with Brotherhood Mutual Insurance Co. to offer wind/hail coverage in Texas. Under this partnership, 1347 Property Insurance subsidiary, Maison Insurance Co....
7 Reasons to NEVER Extend Business Auto Coverage to an Employee-Owned Auto
Jul 7 2015 // First, the Reasons to NEVER Extend BAC Protection to an Individually-Owned Auto The employee’s Personal Auto Policy (PAP) extends coverage for most business uses of a covered auto. Using a BAC rather than a PAP may...
Flooding Could Cost More Than Louisiana Property Owners Think
Jul 6 2015 // The flood plain manager for the Rapides Area Planning Commission in Louisiana said people whose homes flooded may find that repairs bring them under newer and stricter building standards. Melissa Becker told The Town Talk...
How Hurricane Katrina Changed Business Preparation Planning for Disasters
Jul 6 2015 // Nearly 10 years ago, wind and storm surges as a result of Hurricane Katrina caused $41 billion in insured losses and $108 billion in total economic losses. Many of the lawsuits filed as a result of the fifth hurricane of...
Vermont Issues Bulletin on Price Optimization in Personal Lines Ratemaking
Jul 2 2015 // Vermont regulators issued a bulletin last week addressing the issue of “price optimization” in personal lines ratemaking. The Vermont Department of Financial Regulation (DFR) noted in the bulletin that some...
New Empire Group Expands Program for Property Managers
Jul 1 2015 // New Empire Group has expanded its property managers’ portfolio to include coverage for real estate agents & brokers, real estate consulting, construction management, asset management, property preservation,...
BOPs Are Like Hospital Gowns – They Don’t Cover You Fully
Jun 30 2015 // Businessowners Policies, traditionally referred to simply as “BOPs,” were introduced in 1976 and significantly revised in 1987. The BOP evolved gradually from the 1987 revisions to include risk classification...
Berkshire Hathaway Specialty Expands in Australia, New Zealand
Jun 30 2015 // Berkshire Hathaway Specialty Insurance Co. (BHSI) said it is entering the healthcare underwriting market in Australia, and has appointed Tony Bainbridge, previously with American International Group (AIG), to lead the...
NFP Property & Casualty Acquires Texas’ AutoGroup Services
Jun 25 2015 // Insurance broker and consultant, NFP, has acquired specialty agency AutoGroup Services (AGS), based in Fort Worth, Texas. Founded in 2000, AGS consults with auto dealerships to help maximize the profitability of their...
Mississippi Mayor Wants Residents to Clean Up Left Over Katrina Debris
Jun 25 2015 // Gulfport Mayor Billy Hewes wants slabs and pilings left behind when Hurricane Katrina tore the businesses and homes removed. Hewes said the debris is “unsightly” and a “blight.” The Sun Herald...
Feds Want Proceeds from Convicted North Dakota Farmers’ Property Sale
Jun 22 2015 // Prosecutors are asking a judge to allow the government to seize money from an auction sale by two North Dakota brothers who were ordered to pay back more than $900,000 for intentionally destroying potatoes to collect...
Wharton Study Finds Disaster Aid Displaces Property Insurance
Jun 22 2015 // Federal disaster aid granted to communities hit by natural catastrophes causes demand for property insurance to fall by six times as much, according to a new issue briefing from the University of Pennsylvania’s...
Ramsey Joins Catalytic, Builds Wind Underwriting Team, Capacity
Jun 15 2015 // Specialist property catastrophe underwriting manager, Catalytic Holdings has hired industry veteran Sam Ramsey to lead its newly-formed wind underwriting business. Ramsey joins Catalytic from All-Risks Ltd. where he headed...
