INSURANCE NEWS
Elon Musk $258 Billion Dogecoin Lawsuit Expands
The $258 billion racketeering lawsuit accusing Elon Musk of running a pyramid scheme to support the cryptocurrency Dogecoin has expanded, adding seven new investor plaintiffs and six new defendants including his tunnel construction business Boring Co. According to an amended …
First Aerial Delivery Drone Granted Design Approval by FAA
Aviation regulators approved designs for the first flying drone built specifically for shipping packages, a major step forward for the fledgling remote delivery industry. Matternet Inc.’s Model M2, a four-rotor copter capable of carrying a 4-pound (1.8-kilogram) package, is considered …
Jackson Businesses Lost Water and Customers But Insurance Probably Won’t Cover
As they learned with the COVID-19 pandemic shutdown, establishments that lost water service in troubled Jackson, Mississippi, this month are finding that their business interruption insurance policies won’t always help pay for lost customers and lost revenue. “Most coverage is …
Maine Privacy Law Survives Challenge by Internet Service Providers
One of the strictest internet privacy laws in the United States has withstood a legal challenge, as a group of telecommunication providers has dropped its bid to overturn the Maine standard. Maine created one of the toughest rules in the …
Oregon Workers’ Comp Costs to Drop for 10th Year
Oregon employers will pay less for workers’ compensation coverage on average next year, according to the Oregon Department of Consumer and Business Services. The DCBS said the decline in costs marks 10 years of average decreases in the pure premium …
California Commissioner Wants Discounts from Insurers in New Wildfires Framework
California Insurance Commissioner Ricardo Lara on Wednesday submitted an insurance pricing regulation to the California Office of Administrative Law to recognize and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is said by Lara’s office …
Keystone Adds Allbright & Duncan in Texas
Keystone Insurers Group added Texas agency Allbright & Duncan to its growing network of agencies in the state. Based in Odessa, Allbright & Duncan’s specialties include general liability, auto, workers’ compensation, property, equipment, umbrella, builder’s risk, and more. Allbright & …
Record-High Direct Premiums Written for the U.S. Surplus Lines Segment in 2021
Total U.S. surplus lines direct premiums written (DPW) reached a record $82.6 billion in 2021, with momentum continuing through mid-year 2022, according to a new AM Best report. In the first six months of 2022, premiums topped $31 billion, and …
Flash Flooding in Southern Indiana Kills 1, Damages Several Homes
A woman was killed during weekend flash flooding in rural southeastern Indiana that damaged numerous homes and washed away several roads, officials said. Normally small creeks were overwhelmed as perhaps eight inches of rain fell Saturday night in parts of …
Cleveland to Pay $540,000 to 12 Arrested in Racial Protests
Twelve people arrested while peacefully protesting in downtown Cleveland in 2020 following the murder of George Floyd will receive a $540,000 settlement from the city, according to an attorney for the protesters. Some of the 12 also received minor injuries …
Jury Awards $48.5M to Baylor Medical College for COVID Business-Interruption Claim
A Texas jury awarded the Baylor College of Medicine in Houston $48,529,961 for damages caused by COVID-19 in what appears to be the first jury verdict in a lawsuit that sought insurance coverage for lost business income and other damages …
State Farm Invests $1.2B in ADT; Adopts ‘Predict and Prevent’ Mindset
State Farm and ADT, a smart home provider, announced that State Farm will make a $1.2 billion equity investment in ADT, a move that will give the nation’s largest insurer a 15% ownership stake in ADT. The investment also heralds …