September 10
55% of Organizations Have Cyber Coverage
A new report has hit the cyber cover situation head on revealing that: just 55% of organizations currently have cyber insurance, and of those, most policies have limits far lower than the cost of the average attack.
La Plus ça change
Independent agents again shown to place the majority of all property-casualty insurance written in the U.S. Independent agents place 62% of all property-casualty insurance written in the U.S., according to the Big “I” 2022 Market Share Report. The annual Market Share Report compiles and analyzes property and casualty premium data and provides insights for agencies […]
Imua Now Offering Members All Access To Remote Education
Inland Marine Underwriters Association (IMUA) announced that the association is elevating its professional development commitment to members and will provide “all access” to remote education events at no additional cost. In making the announcement, Kevin O’Brien, IMUA President & CEO, said, “As announced at our recent 91st Annual Meeting in Savannah, the IMUA Board of Directors […]
NAIC Passes Pet Insurance Model Act
The National Association of Insurance Commissioners (NAIC) members passed a Pet Insurance Model Act to establish appropriate regulatory standards for the pet insurance industry, which has annual premiums of approximately $2.8 billion in total in-force premiums in 2021 (up over 30.5% from $2.175 billion in 2020) and over 4.41 million insured pets across North America, […]
Hagerty Acquires Broad Arrow Group
Hagerty (HGTY), an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market, has announced that it has entered into a definitive agreement to acquire all outstanding shares of Broad Arrow Group, which specializes in the transactional segments of the collector car market. Earlier this year, Hagerty acquired approximately […]
Insuring Your Online Business
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Lockdowns of the pandemic resulted in a significant and rapid increase in business being done online. Ibisworld.com estimates that 30% of business is now done over the internet. Selling online has risks and insurance considerations just as a brick and mortar store […]
No Bad Faith
Effective, Professional Arson Investigation Defeats Claims of Bad Faith Plaintiffs Donald Lemon and Candice Lemon (the Lemons) sued State Farm Fire & Casualty Company (State Farm) because it alleged it breached an insurance contract, that State Farm acted in bad faith and that the Lemons are entitled to an award of punitive damages. In Donald Lemon […]
Small Fraud Defeats Claim
Withdrawal of fraudulent portion of claim does not eliminate fraud Star Casualty Insurance Company appealed a summary final judgment and attorney fee award entered in favor of Gables Insurance Recovery, Inc., as assignee of Star Casualty’s insured, Ana Maria Correa. Star Casualty alleges that the trial court erred by granting summary judgment due to genuine […]
