Spare a thought for Ferrari. Not its F1 team, repeatedly snatching defeat from the jaws of victory as rival Red Bull romps away with the championships, but the road car division, which is in the process of recalling nearly every car it has sold since 2005.
Two crashes involving Teslas apparently running on Autopilot are drawing scrutiny from federal regulators and point to a potential new hazard on U.S. freeways: The partially automated vehicles may not stop for motorcycles.
Claims management has always been a combination of art and science. The science part tends to be fairly easy to understand, at least at a conceptual level. After all, insurers base a great many of their decisions on statistics and probability.
August 10, 2022 Insurance Thought Leadership Technology
When a computed tomography (CT) scanner was destroyed as a result of two fires at a storage facility, claims were presented and suits filed against the warehouse, Blocker Storage. Associated paid its limit of liability and received a release from the insured for Associated and all of the related companies.
Have you heard that old saying, ‘Absence makes the heart grow fonder’? It definitely makes my heart go pitter-patter. I absolutely love supporting leaders and solving the nuisances in the absence and disability management space. Conversely, ask any people leader, and I’m sure that you will get a mixed bag of emotions because this is a challenging area to navigate.
When the writer of Ecclesiastes reminded us long ago that "there is nothing new under the sun," he could have foreseen today’s big data and the widespread use of various statistical programs in the valuation of totaled vehicles by third-party vendors who sell their services to insurance companies.
It’s common knowledge that texting while driving is illegal in most places. But what about tapping the screen of your cellphone to accept a faster route suggested by Google Maps? What if your phone is mounted on the dashboard? What if you’re stopped at a red light?
After Louisiana citizens endured two consecutive prolific hurricane seasons in 2020 and 2021, state lawmakers made the adjustment of property insurance claims a top priority during this year’s Regular Legislative Session. On August 1, 2022, two new bills concerning claims adjusters went into effect: Senate Bill 198 and Senate Bill 214.
Insurance claims for businesses in North America have become more severe over the past five years due to factors like higher property and asset values, more complex supply chains, and the growing concentration of exposures in natural catastrophe-prone locations.
An insurance claim for a Malaysian satellite that ran out of fuel prematurely remains unsettled more than a year after the incident. Some underwriters are disputing Malaysian satellite operator Measat’s $45 million claim to recover losses from Measat-3, an insurance source said, while others have agreed to pay out.
The general liability market has changed beyond recognition since the start of the COVID-19 pandemic. Ever-increasing economic and social inflation, medical expenses and litigation financing have all resulted in spiraling claim losses and legal costs, which continue to outstrip rates.
Weston Property & Casualty Insurance Co., a Miami-based insurer that was on the verge of financial collapse for weeks, has been taken over by Florida’s government. The firm had 10,300 Louisiana policyholders who will now be directed to the state’s industry bailout program.
As the crypto market crashes, some insurance companies are stepping up efforts to exclude coverage for crypto-related risks under a range of insurance policies. But because crypto is still new, insurers are having a hard time defining and pricing the risk.
Once again, I assembled the brain trust at Mid-America Catastrophe Services to discuss a topic of vital interest to the independent property claims adjuster. The question I posed was this: As far as intangibles or personal traits go, what do you see as absolutely essential to the successful adjuster?
If you are reading this article, chances are you are familiar with Leave of Absence and Workplace Accommodations. However, you still have some questions, right?