They refer to it simply as ‘The Storms of 98.’ Fierce rains and high tides combined to make San Francisquito Creek overflow its banks at 1 a.m., inundating houses, cars and streets. Firefighters used boats to rescue people trapped in their homes and school buses took evacuees to the Cubberley Community Center for shelter in the predawn hours. Approximately 1,700 properties in East Palo Alto, Palo Alto and Menlo Park were damaged.
Mondelez International and Zurich American Insurance reached a settlement late last week in their multi-year legal battle over the food company’s $100 million claim regarding damage from the NotPetya cyberattack in 2017.
Settling in a new home can take months, but how long should a new homeowner have to notice big problems and sue? The Washington Supreme Court weighed in this week.
Did a toilet backup cause $35,700 worth of damage to the cell phone stock of a retail business, as argued by Gore Mutual, or $105,000, as the business owner claimed? Neither side agreed with the appraised value of the losses, which featured a controversial (but cost-efficient) sampling method to determine damage to the cell phone stock.
Late on the night of September 28, 2018, a fire broke out at billionaire financier Ronald Perelman’s East Hampton estate, known as the Creeks. Multiple firefighting teams from neighboring towns raced in to assist and, after approximately two hours, finally extinguished the blaze.
Like a growing number of people in the American West, naturalist William Simpson is intimately familiar with wildfire. He lives in California’s rural Siskiyou County where overgrown grass and brush routinely fuel hot-burning and deadly wildfires.
A man linked to one of San Joaquin County’s largest-ever insurance fraud schemes reported a Mercedes-Benz found buried at his former home stolen in 1992 and collected tens of thousands of dollars in insurance on the vehicle, according to San Mateo County authorities.
A wildfire that destroyed nearly 1,100 homes and businesses in suburban Denver last winter caused more than $2 billion in losses, making it by far the costliest in Colorado history, the state insurance commissioner said.
Breeze, a provider of insurtech products, surveyed 1,000 college-graduated and employed adult Americans between the ages of 22 and 30 and found that most in insurance are leaning toward a career in that field.<br /><br />Specifically, of current insurance professionals surveyed, 92% see themselves remaining at their current insurance job for the next year; 78% expect to remain in insurance at their next job; and 61% want to be in insurance for the next 20 years.<br /><br />Insurance professionals gave their current jobs higher ratings for ‘opportunity’ and ‘sexiness’ compared with non-insurance professionals. Both groups gave equal ratings for ‘satisfaction’ and ‘stability.’<br /><br />Among non-insurance professionals, 65% are still open to working in insurance, and 57% of that group would rather work at a traditional insurance company over a newer insurtech, according to the survey.
A decade after Sandy made landfall in New Jersey, Toms River resident Matt Rusinski has crossed more rebuilding thresholds than others displaced by the storm. He’s back in his home, the repairs complete after he meticulously tracked evaluations from adjusters, estimates from architects and receipts from local and federal financial aid.
Perhaps since the very first executive order came out ordering businesses to close amid the early stages of the Covid-19 pandemic, attorneys have been holding their breath, waiting to see how Covid-19 would play out in terms of insurance coverage, especially as it relates to various policy provisions, including but certainly not limited to business interruption coverage claims.
Modern property and casualty claims system capabilities have evolved from legacy technology that simply tracks financials, claim notes, and documents, to fully data-driven processing engines that can connect to an array of ecosystem partners. Insurers now have faster access to new features and functions as solution providers migrate to cloud/Software-as-a-Service (SaaS) solutions.
Toyota auto insurance (TAI), the automaker’s branded coverage product which launched last December, has now announced that it is moving into Texas for the first time. Texas is the second largest market in the United States and will be an important move for the insurer.
The Florida Hurricane Catastrophe Fund, a state program that provides critical backup coverage to property insurers, is estimated to have $10 billion in losses from Hurricane Ian, officials said Wednesday.
The National Insurance Crime Bureau (NICB) has issued an advisory that policyholders should be on the lookout for scammers, as the number of insurance claims filed related to Hurricane Ian hits nearly half a million.
