INSURANCE NEWS
Chubb: No Duty to Defend Texas Subway Franchise in Killing Case
ACE American Insurance Company (Chubb) says it has no duty to defend a Texas Subway franchise sued by the family of a former worker killed on site by an ex-boyfriend. In a complaint for declaratory relief filed last week in …
UK to Ban Cold Calls Selling Insurance and Crypto to Clamp Down on Fraud
The UK is to set to ban cold calls that sell financial products including insurance and cryptocurrencies in an effort to crack down on fraud, which costs the country around £7 billion ($8.7 billion) a year. Announcing its new fraud …
D&O Prices Plummeting: Record-Level Q1 Drop for Decade
The year-over-year decline in D&O insurance prices for the first quarter of 2023 is greater than any prior drop over a comparable period in more than a decade, historical information presented in a new Aon report reveals. Aon’s Quarterly D&O …
What to Expect: WTW Spring Commercial Insurance Forecasts Mixed
In striking contrast to last year’s double-digit rate hikes for public directors and officers liability insurance and 100-200% jumps for cyber coverage, some buyers renewing those coverages this spring won’t see their insurance bills increase at all. And many will …
Dust Storm Causes Crashes in Illinois, Leaving at Least 6 Dead
DIVERNON, Ill. (AP) – A windstorm in central Illinois kicked up dangerous clouds of blinding dust off farm fields Monday, causing numerous crashes that killed at least six people on Interstate 55, police said. The late morning crashes involved 40 …
MGAs, DUAEs Sparked Double-Digit Growth in 2022 U.S. Premiums: AM Best
Direct premium written through the delegated underwriting authority enterprises (DUAE) market in the United States continued its significant growth rate in 2022, increasing by 13.8 percent to $67.6 billion, according to a new market segment report released by AM Best. …
Firm That Employed Children to Clean Meat Plants Keeps Losing Week
OMAHA, Neb. (AP) – The slaughterhouse cleaning company that was found to be employing more than 100 children to help sanitize dangerous razor-sharp cutting equipment like bone saws has continued to lose contracts with the major meat producers since the …
Here Are Five Ways Financial Service Providers Are Trying to De-risk Heat Waves
Climate change-driven heat waves are impacting everything from nuclear reactors in France to glaciers in Pakistan. As millions of people around the world are forced to cope with more stifling temperatures, some are turning to hacks like air-conditioned clothing. Cities …
Florida Lawmakers Approve Expanded Wind-Mitigation Program
More rich and more poor residents will qualify for home-hardening grants under an expanded My Safe Florida Home measure approved by lawmakers. House Bill 881, if signed into law, will raise the wind-mitigation grant level for low-income Florida homeowners from …
Florida Legislature Sends Windshield Repair Bill to Governor, Ending AOBs
The Florida House of Representatives on Tuesday overwhelmingly approved a bill that would prohibit assignments of benefits for windshield repairs, sending it to the governor for his signature. Senate Bill 1002, passed by a vote of 103 to 16, also …
Widow Bound by Exclusive Remedy in Band-Saw Fatality, NC Court Finds
A longtime worker at a North Carolina furniture products company, described as a model employee, died in 2020 under somewhat mysterious circumstances. Co-workers described hearing a “strange noise” as Rodney Baker was cleaning around a running band saw machine. Baker …
Paltrow Won’t Recoup Attorney Fees in Utah Ski Crash Suit
Gwyneth Paltrow will not recoup the attorneys’ fees she paid to successfully defend herself against a lawsuit from a 76-year-old retired optometrist who claimed she was at fault for crashing into him at a posh Utah ski resort in 2016. …