U.S. commercial insurance prices again grew significantly in the fourth quarter of 2020. Again, except for workers’ compensation. According to Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS), prices charged on policies underwritten during the fourth quarter of 2020 were 10% above those charged for the same coverage and quarter in […]
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California Woman Sentenced in $135K Staged Collision Ring
Zandra Monterrozo, 44, of Corona, Calif., pleaded guilty and was sentenced for her involvement in an organized ring that intentionally staged vehicle collisions to collect more than $135,000 in insurance payouts. Eleven other suspects have been either charged or prosecuted. Monterrozo was sentenced on Feb. 19 to one felony count […]
Greensill Capital Collapse Exposes Less-Than-Adequate Technological Capabilities
Lex Greensill promoted his business as the future of finance, talking up a technology superior to Wall Street rivals that allowed him to lend at super-low rates based on real-time information. But former staff at Greensill Capital, as well as others familiar with its computer systems, paint a very different […]
New Mexico Court Upheld Damages Cap in Medical Malpractice
New Mexico’s highest court has ruled that monetary limits on some types of damages due to medical malpractice are not unconstitutional. The New Mexico Supreme Court on Monday unanimously upheld the Medical Malpractice Act, which maintains non-medical and non-punitive damages at $600,000. The limit does not extend to punitive damages […]
What is covered by a basic auto insurance policy?
While different states have different mandates for auto insurance, most basic car policies consist of six types of coverage. Here’s what you need to know about each. While different states mandate different types of insurance and there are several additional options (such as gap insurance) available, most basic auto policies […]
Here’s a Rundown of How Greensill Unraveled, the Key Players, and What Could Be Next
Lex Greensill’s business has unraveled at a blistering pace, leaving a tangled trail of destruction all around it. On Monday, Greensill Capital filed for administration in the UK, capping a stunning collapse for its founder. The bank that he owns in Germany has been shut down by regulators, the funds he […]
Lawmakers Look to Spruce Up Gig Work Rather Than Replace It
Last week in Washington, the Democratic-controlled U.S. House passed a sweeping labor law overhaul that would make it much easier for gig workers to prove they’re actually employees with full-fledged union rights, rather than contractors as their bosses claim. Two days later in Democratic-ruled Connecticut, state lawmakers met by video […]
Apple Says It Will Appeal $309M Jury Verdict Over Patent Infringement
A federal jury in Texas said Apple Inc must pay about $308.5 million to Personalized Media Communications LLC (PMC) for infringing a patent associated with digital rights management. The jurors late on Friday directed Apple to pay a running royalty to PMC, which is generally based on the amount of […]
Citizens’ CEO: Florida Property Insurance Market is Shutting Down
Florida’s insurer of last resort, Citizens Property Insurance Corp., has become the insurer of first resort as thousands of new policies flood into it each week and the private homeowners insurance market continues its downward spiral. “The reality is the marketplace in Florida is shutting down,” Citizens President and CEO […]
Why Its Bid for The Hartford Is a Personal Lines ‘Chess’ Move by Chubb
While Chubb’s $23.2 billion opening bid for The Hartford appears to be mostly a commercial lines play to many observers, one experienced industry observer has a different take on it. Chubb CEO Evan Greenberg would certainly welcome what The Hartford has to offer in commercial lines, especially its $2.2 billion in small commercial […]