A federal bankruptcy court in New York ruled Tuesday that directors and officers of SVB Financial Group, parent company of the failed Silicon Valley Bank that federal regulators took over in March, can tap into their $210 million in directors and officers liability insurance.
Climate-driven floods, hurricanes, wildfires and heat waves cause billions of dollars of damage every year in the United States. Federal scientists hope that better access to climate data will help one industry adapt: property insurers.
For its third annual Contractor Fraud Awareness Week, the National Insurance Crime Bureau (NICB) has chosen to highlight the issue of post-disaster contractor fraud. According to NICB, approximately 10% of the $92 billion catastrophe losses suffered by insurers in 2021 went towards post-disaster fraud.
In an unprecedented decision, a federal judge has mandated that 3M CEO Mike Roman personally participate in mediation sessions aimed at resolving the longstanding legal battle concerning the alleged defects in the company’s military earplugs.
As most insurance professionals and litigators know, the hot new trend for plaintiffs’ attorneys is to turn whiplash cases with significant insurance limits into mild Traumatic Brain Injury (mTBI) cases. Such cases raise the stakes for insurers and litigators because they are expensive to defend and create more exposure for insureds and their indemnitors.
Nearly eight months after Hurricane Ian ravaged Southwest Florida, some homeowners say their insurance company won’t pay for the full cost of repairs and they are left with no option but to sue.
The expected annual cost from earthquake damage for California is climbing sharply amid an increase in property values and better understanding of how soft soils could result in greater damage during shaking.
A complaint filed this week in federal court by a Wynne woman whose home was destroyed March 31 by an EF-3 tornado that decimated much of the Cross County city claims that her insurance company undervalued the coverage on her home by more than $200,000.
In an emergency financial maneuver, the state-chartered insurance associations of Florida and Louisiana have been forced to borrow a combined $1.3 billion to cover insurance claims caused by worsening hurricanes.
Applying New Jersey law, the U.S. District Court for the District of New Jersey determined that issues of material fact precluded summary judgment as to whether certain companies with common ownership and operations qualified as ‘insureds.’
In response to a potential safety problem related to car seats, General Motors (GM) has issued a recall for more than 660,000 SUVs. According to an NHTSA notice, certain models of Chevrolet Equinox and GMC Terrain vehicles may have rear-seat LATCH (lower anchors and tethers for children) anchorage bars with excessive powder coating, rendering them unable to securely install car seats.
Over 90 firefighters responded to the scene of a massive fire at a construction site in Charlotte, North Carolina, Thursday morning and braved devastating conditions to rescue workers who were caught in the blaze.
