INSURANCE NEWS
China Rejects Claim Its Spies Are Penetrating Western Critical Infrastructure
The Chinese government has rejected claims that its spies are penetrating Western infrastructure, calling the joint warning issued by the United States and its allies a “collective disinformation campaign.” Chinese foreign ministry spokesperson Mao Ning told reporters that alerts issued …
Report: Catholic Clergy Sexually Abused Illinois Kids More Often Than Church Said
CHICAGO (AP) – More than 450 Catholic clergy in Illinois sexually abused nearly 2,000 children since 1950, the state’s attorney general found in an investigation released Tuesday, revealing that the problem was far worse than the church had let on. …
Bankruptcy Judge Rules Directors of Failed SVB Can Tap D&O Insurance
A bankruptcy judge is allowing current and former officials with the parent company of Silicon Valley Bank to tap into the $210 million in insurance coverage available through directors and officers liability policies to defend themselves against litigation that followed …
Texas Cotton Farmers Seek Improvements to Crop Insurance
LUBBOCK — On the eve of another drought-ridden growing season, farmers from the High Plains are asking state and national lawmakers to provide a stronger financial safety net. In Austin and Washington, D.C., farmers from the 41-county High Plains region, …
Oklahoma Lawmakers Agree on $1M Settlement Over Inmate’s Death
OKLAHOMA CITY (AP) – Oklahoma lawmakers on Tuesday signed off on a $1.05 million settlement with the family of a state prison inmate who died of appendicitis in 2018 despite five visits to the prison’s medical staff in the week …
Insurer Aviva Says UK Demand for Private Health Jumped Amid NHS Strikes
UK insurer Aviva Plc said demand for private health care continued to surge as more individuals and companies look for alternatives to the National Health Service. Private health insurance sales grew 25% in the first quarter, the UK based insurer …
Lloyd’s of London CEO Neal Calls for Rethink of UN Climate Alliance Rules
A global climate alliance for insurers needs to make its membership rules less prescriptive or risk falling apart, the boss of Lloyd’s of London said after political pressure from some U.S. states prompted some companies to leave. The United Nations …
No Way to Police All Cryptocurrency Fraud, CFTC Commissioner Says
A top U.S. regulator said on Tuesday there is no way to police all cryptocurrency fraud because there is so much, though her agency is working on several big cases. Christy Goldsmith Romero, one of five commissioners at the Commodity …
USI Awarded Over $2M by Federal Jury in Case Against Former Employees
A federal judge in Atlanta this week awarded USI Insurance Services more than $2 million in compensatory and punitive damages to be paid by three former executives of its aviation group for breach of their employment contracts. According to court …
Actual Cash Value on Roof Claims a Fairer, Simpler Way to Pay
In the May 15, 2023 Insurance Journal, independent adjuster Ben Mandell shared an opinion that Florida insurance policies have “one glaring endorsement that is missing” – roof endorsements that could have “eliminated or greatly minimized” Florida’s insurance crises. He argues …
Crum & Forster Policy Covered Only Accidents, Not Intentional Pollution, Appeals Court Says
Greasy, toxin-laden wastewater discharges by a Mississippi animal feed maker were not accidents and thus are not covered by a Crum & Foster pollution policy, a federal appeals court decided this week in a case that stemmed from an investigation …
Firefighting Foam Contaminates Public Water for About 9,000 in Maine
WATERVILLE, Maine (AP) – Firefighting foam used in battling a fatal fire in an apartment building entered the public water system, prompting the water district to order thousands of residents not to drink the water. The do-not-drink order went into …