Insurance is a business that promotes and demands resilience, and 2020 was a year-long case study in our industry’s ability to respond rapidly to new challenges from a firm financial foundation.
The New Jersey Supreme Court has ordered several insurance companies to pay the amount owed to a public transportation agency related to trains damaged during Hurricane Sandy in 2012.<br /><br />The insurers are on the hook for about $300 million in payments, to cover for the remaining amount owed to the train operator.<br /><br />NJ Transit, the operator of the trains, had parked 343 locomotives and rail cars from its Meadowlands Maintenance Complex in Kearny prior to Sandy hitting the region. During a previous court proceeding, the agency had argued that the facility had not flooded in the past, hence it left the trains there.
Many companies encourage forward-thinking and innovative solutions from their employees. Unfortunately, in my experience over the last decade, the insurance claims industry has lagged behind other industries.
About $55.4 million was paid out in Florida for more than 29,000 COVID-19 medical and indemnity claims in 2020, according to a report released Tuesday by the Florida Division of Workers Compensation.
California Insurance Commissioner Ricardo Lara is alerting citizens to review their insurance policies in order to protect themselves and their assets in anticipation of winter weather bringing the possibility of floods, mudslides, debris flows, and other disasters to recent wildfire burn areas throughout the state.
A recent study by the Geneva Association on the topic of ‘social inflation’ addresses the challenges of defining and quantifying the phenomenon. More important, it takes on the question of what insurers and reinsurers can actually do about it.
What used to be homes are now mangled piles of debris, with personal belongings strewn across lawns and streets. That’s the new reality near Birmingham, Alabama, after a "large and extremely dangerous" tornado late Monday night annihilated parts of Jefferson County.
More than 30 people who lived near Bethlehem Park are suing Great Lakes Industrial Development for damages related to the massive 2016 fire at the former Bethlehem Steel site that roared for four days.
In a recent decision from the United States District Court in the Northern District of Ohio, Judge Polster found that pursuant to the terms and conditions of a Commercial Business Policy, coverage existed for losses sustained by the restaurants as a result of government ordered shutdowns arising out of the COVID-19 pandemic.
In first-party breach of insurance contract actions, the parties oftentimes dispute whether the policyholder may seek damages that are not explicitly provided for in the policy, with the policyholder arguing such indirect damages flow from the alleged breach of contract.
On January 20, in a historic inauguration ceremony surrounded by U.S. soldiers guarding against domestic terrorism — before a field of 200,000 illuminated flags representing Americans who could not attend the ceremony because of the coronavirus pandemic — President Joe Biden and Vice President Kamala Harris were sworn into office.
