INSURANCE NEWS
Legal Challenges Could Hamper U.S. Rule to Limit Independent Contracting
Business groups will almost certainly file lawsuits in an attempt to delay or derail a rule proposed by the Biden administration on Tuesday that would limit companies’ use of independent contractors, experts said. The proposal by the U.S. Department of …
Florida Shrimpers Lost Boats, Homes in Surge; Hope to Get Battered Fleet Back to Sea
The seafood industry in southwest Florida is racing against time and the elements to save what’s left of a major shrimping fleet — and a lifestyle — that was battered by Hurricane Ian. The storm’s ferocious wind and powerful surge …
Search for Victims Done, Florida Coast Begins Recovery from Storm
An army of 42,000 utility workers has restored electricity to more than 2.5 million businesses and homes in Florida since Hurricane Ian’s onslaught, and Brenda Palmer’s place is among them. By the government’s count, she and her husband, Ralph, are …
Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past
The first insurance company in the U.S., The Friendly Society, was established in Charleston, South Carolina, in 1735, according to the Insurance Information Institute’s insurance handbook, meaning the industry is now nearly 300 years old. But experts at the Insuretech …
The Emerging Market for Active Assailant Insurance
So far in 2022, the U.S. has experienced multiple tragic mass shootings. One only needs to see the images on the news following the shooting at Robb Elementary School in Uvalde, Tex., or the attack during the Fourth of July …
Extreme Weather Poses as Big a Threat to Global Energy Security as Ukraine War: WMO
Energy infrastructure will become more vulnerable to extreme weather such as heatwaves and hurricanes, the World Meteorological Organization warned on Tuesday, with a senior official saying that climate change poses as big a threat to global energy security as the …
Stonybrook Capital Says Hurricane Ian Is Largest-Ever Insured Loss Event at Over $75M
According to Stonybrook Capital, the damage from Hurricane Ian will result in the largest-ever insured loss event in nominal dollars. The advisory and investment banking firm focused on the insurance industry said the all-in insured loss and loss adjustment expenses …
US Airport Websites Knocked Offline by Pro-Russia Hackers
A pro-Russian hacktivist group is claiming credit for a series of disruptions that temporarily knocked the websites of some US airports offline. The group, called Killnet, has engaged in a series of cyberattacks in recent months against Western targets, including …
People Moves: Duffey at RPS, Drumwright at Starke Agency
RPS Elevates Duffey as President of Signature Programs Risk Placement Services, a specialty insurance distributor, announced that Russell Duffey will be president of its program administration division, known as RPS Signature Programs. Duffey, based in Georgia, joined RPS in 2000 …
Virginia Healthcare Firm Ordered to Pay $703K for Overtime Pay, Retaliation, Damages
The U.S. Department of Labor reported that it has obtained a default judgment to recover $703,609 in back wages and liquidated damages for 38 employees denied overtime pay by a Chesapeake, Virginia home healthcare company and its owner who officials …
$2.5M in Underreported Payroll by California Business Owners
Karamjit Nijjar, 57, his wife Rajinder Kaur Nijjar, 55, and their daughter Mandip Nijjar, 31, were arraigned today on four felony counts each for their involvement in a workers’ compensation insurance fraud scheme after allegedly underreporting over $2.5 million in …
C3 Risk and B. Wood in California Merge Employee Benefits Practice
C3 Risk & Insurance Services and B. Wood Insurance in San Diego, California, have joined to expand employee benefits plan services. The merger went into effect on Oct. 1. The company will operate under the C3 Risk & Insurance Services …