INSURANCE NEWS
Shadow-Fleet Oil Tanker That Crashed Had Void Western Insurance
A shadow-fleet oil tanker that crashed in Denmark’s vital straits produced a set of insurance documents that weren’t valid, a stark example of how there’s little clarity about who would pay the bill if such a ship had a major …
Markets/Coverages: Marsh Expands Cyber Facility ECHO, Offering Up to $125M of Excess Insurance Capacity
Marsh, the insurance brokerage business of Marsh McLennan, announced an additional $25 million layer of capacity to its existing $100 million Cyber ECHO facility. Available to Marsh clients globally, Cyber ECHO now offers up to $125 million of excess cyber …
RBNZ Says Insurance May Become Unaffordable for High-Risk Homes
New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank. Rising premiums or the inability to insure are …
US tests show pasteurized milk safe as bird flu spreads
Additional tests of milk showed that pasteurization killed the bird flu virus, federal health officials said on Friday, as Colorado became the ninth U.S. state to report an infected dairy herd. Federal lawmakers urged the Biden administration to further contain …
30% of Business Leaders Say Global Political Risk Is Their Biggest Threat
Sixty-five percent of North American business leaders fear this election year will impact their ability to trade internationally, with 32% of U.S. leaders saying political risk is their number one threat. In January, Beazley surveyed over 3,500 business leaders in …
Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a …
People Moves: Lara Makes Appointments to California Curriculum Board and Insurance Diversity Task Force
California Insurance Commissioner Ricardo Lara made several appointments to the state’s curriculum board and insurance diversity task force. Lara named Aretha Hartley as the newest member of the curriculum board. The curriculum board oversees the development of pre-licensing and continuing …
First Full-Size Vessel Reaches Baltimore Refinery Since Bridge Collapse
A full-size vessel carrying raw sugar was able to navigate through the 20-foot deep temporary channel at the U.S. Patapsco River on Wednesday and reach the Port of Baltimore for the first time since an accident blocked access to the …
Multiple Tornadoes Hit Nebraska and Iowa, Leaving Trails of Damage
OMAHA, Neb. (AP) — A tornado plowed through suburban Omaha, Nebraska, on Friday, damaging hundreds of homes and other structures as it tore for miles along farmland and into subdivisions. Some injuries were reported but there were no immediate reports …
Higginbotham Adds South Florida Benefits Agency to Team
Texas-headquartered Higginbotham, one of the largest independent insurance and benefits firms, has added Adams Benefits of Boca Raton, Florida, to its team, the company said in a news release. The move marks an expansion into south Florida for Higginbotham, which …
US Probes Tesla Recall of 2 Million Vehicles Over Autopilot, Citing Concerns
U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it …
NC Agent, Missouri Lawyers Convicted in $4M Tax Shelter, Insurance Scheme
A federal jury on Thursday found a North Carolina insurance agent and two Missouri lawyers guilty on all counts in a $4 million tax evasion scheme that also defrauded an insurance carrier. The jury in Charlotte, said licensed agent and …