INSURANCE NEWS
Israel’s Ship Industry Urges Government to Help With Soaring War Risk Premiums
Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming. Israel has vowed to annihilate Islamist group Hamas after …
Texas Court: Immunity Doesn’t Protect Local Governments from Administrative Penalties
Political subdivisions in Texas can’t use governmental immunity to evade administrative penalties for failing to timely pay workers’ compensation benefits, a state appellate court ruled Tuesday. A panel of the 3rd District Court of Appeals in Austin upheld a trial …
Hub Acquires Ohio’s Overmyer Hall Associates
Hub International Limited announced the acquisition of the assets of OH-INS, LLC, d/b/a Overmyer Hall Associates. Terms of the transaction were not disclosed. Headquartered in Columbus, Ohio, Overmyer Hall Associates is one of the largest property & casualty insurance agencies …
Uber to Pay $290M, Lyft $38M to Settle New York Wage Theft Claims
Uber and Lyft will pay a combined $328 million to settle claims by New York’s attorney general that the ride-sharing companies systematically cheated drivers out of pay and benefits. Attorney General Letitia James said Uber will pay $290 million and …
New York Secures $13.75M From Title Insurer for Illegal No-Poach Agreements
New York Attorney General Letitia James announced an agreement with one of the nation’s largest title insurance companies to end its poaching agreements with competitors. The insurer, First American Financial Corp., will also pay a $4,5 million fine. The agreement …
Harvard Claims Marsh Is to Blame for Its Loss of $15M in Coverage for Admissions Fight
Having lost two bids to recover $15 million from its insurer to cover costs related to its failed defense of its admissions policy, Harvard University is now looking to hold its insurance broker, Marsh, responsible. Harvard’s excess insurer Zurich American …
California FAIR Plan Increases Commercial Coverage Limits to $20M Per Location
The California FAIR Plan Association is offering increased commercial coverage of up to $20 million per location. Prior to the adjustment, the maximum limits for commercial coverage were $8.4 million per location. Business owners policy property coverage limits will also …
Toyota Doubles Investment at North Carolina EV Battery Plant
RALEIGH, N.C. (AP) — Toyota will invest an additional $8 billion in the hybrid and electric vehicle battery factory it`s constructing in North Carolina, more than doubling its prior investments and expected number of new jobs, the company announced Tuesday. …
Storm Ciarán Batters UK and Europe With Punishing Winds and Heavy Rainfall
Storm Ciarán plowed through northwest Europe, tearing the roofs off some buildings, snarling transport networks and cutting power to more than a million people. The cyclone delivered punishing winds and heavy rainfall to an area spanning from the UK to …
One Worker Killed, Another Trapped After Kentucky Coal Tipple Collapse
One worker was killed and another was trapped under rubble Thursday morning after a unused, 11-story coal tipple collapsed while it was being dismantled to allow reclamation of the land. “Kentucky, we have some tough news out of Martin County …
Australian Companies Face New Liability for Nature-Based Risks
Australian companies and directors could face legal action if they fail to identify and account for nature-based risks, according to a new opinion backed by lawyers and environmental groups, released Thursday. Directors could be held personally liable for breaching their …
Mass London Lawsuit Against Apple Over iPhone Batteries Can Proceed, Tribunal Rules
Apple Inc. on Wednesday lost a bid to block a mass London lawsuit worth up to $2 billion which accuses the tech giant of hiding defective batteries in millions of iPhones. The lawsuit was brought by British consumer champion Justin …