INSURANCE NEWS
Massachusetts City Claims Ex-Employee Shut Down Police Website
Officials in a Boston suburb are investigating a former city employee they say shut down the police website during a pay dispute. Newton Mayor Ruthanne Fuller said the former employee, who was the police department information technology director, took down …
IRB Brasil Re Weighs New Share Offering After Warnings About Capital Adequacy
IRB Brasil Resseguros SA on Monday said it is considering a new capital increase to reinforce its financial structure, after market participants raised multiple alerts on the Brazilian reinsurer‘s capital sufficiency. The move would most likely be a fresh follow-on …
Rhine River Water Level Hits New Low, Forcing Some Barges to Halt Transport
The Rhine River’s water level at a key waypoint hit a new low, risking the transit of fuel and other goods as Europe’s climate crisis exacerbates its energy-supply crunch. The marker at Kaub, a particularly shallow point west of Frankfurt, …
Brazil Fines Vale $16.9M for Lack of Reliable Details About Collapsed Tailings Dam
Vale SA was fined 86.3 million real ($16.9 million) for not giving Brazil’s mining regulator accurate information on the conditions at a tailings dam that collapsed three years ago, killing 270 people in the deadliest mining disaster in the country’s …
Much of the Country to Bake Under 125-Degree Days in Coming Decades, Report Finds
In just 30 years, more than a quarter of the United States, including a large patch of the Upper Midwest, will face days with temperatures above 125 degrees and will see almost three times as many days above 103 degrees, …
Citi Sues Revlon Over Lender Status After $900 Million Mistake
Citigroup Inc. has sued Revlon Inc. in a bid to resolve a nagging legal question that emerged after the bank mistakenly wired $900 million to the cosmetics giant’s lenders and intensified after Revlon filed for bankruptcy. When Citi accidentally sent …
Insurance for Georgia Saltmarshes? Research is Underway
Conservationists and academics are researching ways to insure sensitive salt marshes in Georgia against degradation and loss, perhaps with parametric policies similar to those used to cover some coral reefs. Georgia Public Broadcasting reported that The Nature Conservancy has teamed …
Cal/OSHA Issues Heat Warning to Protect Outdoor Workers
Cal/OSHA sent out heat warning for employers this week reminding them they are required to protect outdoor workers from heat illness following excessive heat watches being issued throughout California. The temperature is forecast to exceed 105 degrees in northern and …
Oregon House Candidate Sues Massage Parlor for $450K
A Democratic candidate for the Oregon House of Representatives is suing the owner of a massage parlor in Woodburn, Oregon, after he says she tried to initiate sexual contact with him. Oregon Public Broadcasting reports that in a suit filed …
New Jersey High Court Backs Insurer’s New York Exclusion in Home Depot Injury Case
Clearly, Admiral Insurance Co. did not want to assume any risk in the New York City area. The insurance policy Admiral issued to Richfield Window Coverings excluded coverage “in any way connected with” operations or activities in the nine counties …
California Insurance Commissioner Orders Moratorium on Cancellations, Non-Renewals Following Wildfires
California Insurance Commissioner Ricardo Lara has ordered insurers to preserve residential insurance coverage for 8,500 affected homes following Gov. Gavin Newsom’s emergency declaration as wildfires in Siskiyou County continue to threaten homeowners. The commissioner’s order shields those properties within the …
Missouri Voters to Consider Recreational Marijuana Legalization
A campaign to legalize recreational marijuana in Missouri gathered enough signatures to make it on the November ballot, Republican Secretary of State Jay Ashcroft announced last week. If voters approve the constitutional amendment on marijuana, those age 21 and older …