INSURANCE NEWS
Hong Kong Securities Chief Alder Named Chair of Financial Conduct Authority
The UK Treasury has announced the appointment of Ashley Alder as the new chair of the Financial Conduct Authority (FCA). Alder is currently chief executive officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has …
Agent’s Plea That Landscaping Includes Tree Removal Fails
A New Jersey insurance agency has failed to convince two courts that a landscape gardening insurance policy for a long-time client was ambiguous enough to also cover tree removal. The agency also struck out with its argument that tree removal …
California Firefighters Making Gains in Yosemite Wildfire
California firefighters were gaining ground in the battle against a wildfire that poses a threat to a grove of giant sequoias and a small community in Yosemite National Park. The Washburn Fire on the western flank of the Sierra Nevada …
Beazley: Data Exfiltration Remains Prevalent as Attack Methods Evolve
Data exfiltration, or the theft or unauthorized transfer of data from any device, is a common form of cyber crime, and specialist insurer Beazley found in a recent report that the criminals are becoming much more sophisticated. The company released …
California Insurance Commissioner Issues Year Moratorium on Cancellations, Non-Renewals Following Wildfires
California Insurance Commissioner Ricardo Lara ordered insurance companies to preserve residential insurance coverage for more than 85,000 policyholders affected by fires in Santa Barbara County and Monterey County after Gov. Gavin Newsom issued emergency declarations this month. The commissioner’s bulletin …
Signatures for Arkansas Recreational Marijuana Submitted
Supporters of initiatives to legalize recreational marijuana and scale back casino gambling submitted thousands of signatures Friday to get their proposals on the Arkansas ballot. Friday was the deadline for groups to turn in the signatures needed to qualify for …
People Moves: Accuserve Names Hanson as CCO; United Fire Group Announces Promotions
Accuserve Names Rob Hanson as CCO Accuserve Solutions announced the appointment of Rob Hanson as chief client officer. Hanson will be responsible for ensuring customer success and driving the company’s growth across multiple markets. He will lead the account management, …
Court: Colony Insurance Off the Hook for Damages for Fatal Shooting at Atlanta Store
An insurance company is not responsible for premises liability damages after a man was shot and killed outside an Atlanta grocery store in 2019, thanks to unambiguous policy exclusions, a federal judge ruled Monday. Colony Insurance Co., part of Argonaut …
Home Insurance Prices Increase Faster Than Inflation Rate: Policygenius
According to analysis by insurtech Policygenius, home insurance premiums are rising faster than inflation From May 2021 to May 2022, the price of goods and services increased 8.6% in the U.S. In the same time period, home insurance costs outpaced …
Science Offers Basis for National Climate Damage Claims: Study
A scientific basis exists to calculate how much one country’s carbon emissions have damaged the economy of another, a study said on Tuesday of a development it billed as a potential game-changer for climate litigation. The research by Dartmouth College …
Blown Tire Caused Fatal Crash at Michigan Air Show
The father of the jet engine-powered semitruck driver who died during a performance at a southwestern Michigan air show said last Tuesday that the truck burst into flames after a blown tire ruptured the fuel tank. Chris Darnell, 40, died …
Nebraska Court: Ambiguous Policy Language Requires Insurer to Pay for Renovations
An ambiguous “extra expense” provision in a commercial property insurance policy requires the insurer to pay for new equipment that a grocery store and delicatessen needed for a new location after its former home burned down, the Nebraska Supreme Court …