INSURANCE NEWS
Fire a Growing Risk to Shipping Because of Lithium-ion Batteries, Allianz Says
Fire has always been a peril for shipping, but the advent of lithium-ion batteries has elevated the risk to the point that it now is the most expensive cause of loss for the industry, according to a new bulletin issued …
Bayer to Pay $40 Million Over Whistle-Blower’s Bribe Claims
Bayer AG agreed to pay $40 million to resolve US lawsuits linked to allegations that company officials bribed hospitals and physicians to use its drugs. The settlement stems from two “whistle-blower” suits filed by ex-marketing employee Laurie Simpson almost two …
Hot Spots for Hot Cars: Colorado Leads U.S. in Vehicle Theft Rate, California in Overall Thefts
Texas, California, Florida, Illinois, and Colorado are all places where your car is most likely to be gone in 60 seconds. Vehicle thefts have skyrocketed in many areas of the U.S., according to the recently released National Insurance Crime Bureau’s …
Debate Deepens After Florida OIR Seeks to Raise Citizens’ Coverage Limit on Homes
Recent developments have sparked new debate about the role that Citizens Property Insurance Corp. should play in Florida’s rapidly shifting property insurance market, with potential changes that could affect agents, other carriers and homeowners for years to come. At a …
Rescinded Policies Owe No Coverage for Lead Paint Claims, Maryland High Court Rules
Insurers that rescinded general liability policies issued to landlords who misrepresented their exposure to lead paint claims owe no coverage to 12 plaintiffs who had not yet obtained final court judgments, Maryland’s high court ruled. The Court of Appeals on …
RT Specialty to Open New Excess Cyber Facility
RT Specialty, the wholesale insurance distributor of Ryan Specialty, has announced a new and exclusive excess cyber facility. This new facility brings additional capacity and creative insurance solutions to the cyber market. The new facility offers up to $15 million …
Wrongful Death Suit Filed in Fatal Crash of Oklahoma Officer
The family of an Oklahoma police officer killed when a truck struck the motorcycle he was riding while on duty is suing the driver and his employer. The wrongful death lawsuit, dated last Friday, on behalf of Edmond Officer C.J. …
Michigan Diesel Company Fined $10 Million Over Clean Air Act Violations
On Aug. 29, the U.S. District Court in the Eastern District of Michigan awarded a default judgment, granting the proposed $10 million civil penalty against Diesel Ops LLC and Orion Diesel LLC of Waterford, Michigan. The violations the United States …
Texas Drought Decimates Cotton Production
Cotton production has been decimated by drought and extreme heat this year, costing Texas High Plains farmers and other agricultural industries at least $2 billion, according to one estimate. “There’s just not much crop out there,” said Brad Heffington, a …
Baggage Handler at New Orleans’ Airport Killed in Accident
A 26-year-old worker at Louis Armstrong New Orleans International Airport was killed after an accident while unloading baggage from a Frontier Airlines flight, authorities said. The Jefferson Parish Coroner’s Office on Wednesday identified the victim as Jermani Thompson, of Reserve, …
Veterans Seeking Earplug Damages Sue to Block 3M Healthcare Spinoff
Two U.S. military veterans on Thursday sued 3M Co. to block its planned spinoff of its healthcare business, which they called an illegal attempt to avoid compensating veterans for hearing damage caused by the company’s military-issue earplugs. The veterans said …
S. Korea Braces for Strongest Typhoon in Nation’s History With Major Damage Expected
South Korea is bracing for the strongest storm in the nation’s history with Super Typhoon Hinnamnor forecast to hammer its southern coastal areas next week. The worst of the typhoon is forecast Monday or Tuesday when the weather system is …