Insurance companies pay all sorts of claims that may not qualify for coverage under their reinsurance contracts. Sometimes, it is because the individual claims are too small and do not exceed the insurance company’s reinsurance retention on an individual loss basis.
The Cordish Cos., operator of Live! Casino in Hanover and entertainment centers, casinos, malls and hotels across the United States, is suing its insurer for failing to cover hundreds of millions of dollars in business losses amid pandemic closures.<br /><br />The Baltimore-based developer filed a breach-of-contract lawsuit against Affiliated FM Insurance Co., arguing that business interruption losses associated with communicable disease are covered in its policy.
Hurricane Laura was expected to rapidly strengthen to a Category 4 hurricane on Wednesday on a steady track to hit the Texas-Louisiana Gulf Coast after dark, causing catastrophic damage, the National Hurricane Center said.
At the onset of the COVID-19 pandemic, many large car insurers realized that their policyholders were not driving to work, school, practices, shops and more as social distancing and shelter-in-place became the norm.
Residents in Galveston and Port Arthur, Texas, were ordered to evacuate as Hurricane Laura strengthens in the Gulf of Mexico. The storm is forecast to make landfall Wednesday night as a major Category 3 hurricane with winds of up to 115 mph in eastern Texas.
A Kenosha car dealership that was targeted Monday night during protests-turned-riots in the Wisconsin city reportedly incurred an estimated $1.5 million in damage as a result of the fires set during the first night of unrest while local business owners continue to grapple with the ongoing destruction.
The COVID-19 pandemic shows no signs of slowing, with infection resurgences apparent in southern and midwestern states and economic losses affecting virtually every part of the global economy.
In a major expansion of an already sprawling FBI investigation, a federal grand jury Friday indicted 11 more people on a variety of fraud and conspiracy charges, accusing them of participating in staged accidents with 18-wheelers then filing bogus lawsuits to defraud trucking and insurance companies.
Nominations are open for Insurance Business America’s Hall of Fame 2020 – a celebration of the US insurance industry’s best and brightest professionals who have developed standout careers spanning 35 years or longer.
Heavy rains from Tropical Storm Marco soaked portions of the Gulf Coast on Monday, one of two systems threatening a historic one-two punch in the region.
Firefighters battling three massive wildfires in Northern California got a break from the weather early Monday as humidity rose and there was no return of the onslaught of lightning strikes that ignited the infernos a week earlier.
On July 4, 2019, Californians were preparing for a typical festivity — fireworks, barbeques, pool parties — when their homes started to shake. Stress on fault lines near Ridgecrest, Calif. had become too much, and the fault slipped.
