In the world of risk management, we are often like the captain of the Titanic trying to spot menacing icebergs even as we move forward, full speed ahead.<br />COVID-19 was an iceberg. The visible portion appeared to be a minor risk. Hidden below the surface lay an ominous catastrophe in the making.
When Deb Smallwood and I wrote A Recipe for Commercial Lines Underwriting Transformation, we articulated the need to break free of the traditional paradigm of siloed and incremental evolution being viewed on a quarter-by-quarter and year-by-year basis.
When an owner seeks the appraisal of a property insurance claim, insurers commonly object by demanding that the trial court must first rule on defenses to coverage before allowing appraisal panel to value the total claim submitted by the owner.
Yesterday insurance blockchain consortium The Institutes RiskStream Collaborative announced a new working group for Surety Bonds, which are usually required by government and construction contractors to ensure they fulfill their obligations to their client.
Swiss Re has estimated that insurance industry losses from natural catastrophes and man-made disasters amounted to a total of $83 billion in 2020, making it the fifth-costliest year since 1970.
Cleanup started after Wednesday’s tornadoes left a trail of destruction between Pinellas Park and Polk County, with residents and business owners having to continue to assess the damage and all that was lost.
There is a growing trend across the nation of state courts in “Judicial Hellholes” rejecting U.S. Supreme Court precedent and improperly expanding personal jurisdiction for those courts.
None of us could have predicted the events of 2020 and their impact on the automotive industry. A disruption in the export of Chinese parts, manufacturing delays in Europe, the short-term closure of U.S. assembly plants and a significant drop in sales volume can all be blamed on COVID-19.
The family of a Tyson Foods employee are alleging in a lawsuit that he died from COVID-19 after the meat processing giant failed to implement safety protocols to guard against the coronavirus at the Iowa plant where he worked.
When The Co-operators quickly notified a third-party insurer, AIG Inc., upfront of its intention to pursue a subrogation claim against AIG’s client in an oil spill case, little did The Co-operators know the move would later backfire when it came time to accessing the notes of AIG’s claims adjuster.
Trucking officials and tort reform advocates in Texas have introduced legislation seeking to end schemes between plaintiff attorneys and doctors under which medical costs related to truck accidents are overstated in court litigation, a practice that critics charge is contributing to a rise in large jury verdicts and lawsuit settlements against trucking companies.
If you live in the western United States, the 2020 wildfire season has probably felt even more intense than the previous record-breaking seasons of 2017 or 2018. The sheer scale of the events this year has broken new records.
