It is a sure bet that lots of lawyers have not stopped working during the quarantine. Judging from the number of COVID-19-related lawsuits that have been filed, lawyers may be the most fully employed of all the occupations, excluding health care workers.
The ability to micro-census — that is, to gather granular data about individual homes and businesses and use it to inform underwriting — will lead to the biggest changes in flood insurance since the launch of the National Flood Insurance Program (NFIP) in 1968.
When it comes to so-called “nuclear verdicts”—or “social inflation” in the insurance industry—hindsight is 20/20, as a survey of the highest payouts in motor vehicle accident and premises liability cases across the Southeast U.S. reflects.
Here I sit at my house. Thanks to COVID-19, my town is pretty much locked down. Most places are closed, including the campus where I work. I am working from home for the rest of the semester. That doesn’t really bother me.
Imagine you’re a claims manager for a motor insurer who’s been given 100 potentially fraudulent first notifications of loss to review. The question you’ve been asked is a simple yet stark one: of these 100 cases, how many is the insurance company likely to successfully repudiate and how many will it have to pay?
As COVID-19 continues to challenge the nation, the workers’ compensation industry is busy grappling with its own questions regarding the impact and responsibilities surround the virus. Compensability for employees who claim they contracted the illness on the job remains a very big question.
Between the industry’s digital disruption and now the practicing of social distancing related to COVID-19, the processes of a catastrophe response, both field and desk adjusting, are undergoing significant changes.
When encountering the term “catastrophic risk”, most people will think about extreme weather, climate change, earthquakes, and other related concepts involving nature. However, Marsh’s Technology Industry Risk Study 2020 has highlighted a widely underestimated risk that could potentially lead to catastrophic results: the failure of technology to perform.
The commissioner of the Pennsylvania Insurance Department on Monday reminded businesses statewide of the importance of complying with Governor Tom Wolf’s orders for counties in the red and yellow phases of the COVID-19 outbreak.
Crypto.com has gathered a record-breaking $360 million worth of insurance to cover the potential loss of coins stored in special offline vaults. Announced Monday, the crypto finance platform accessed the cover through institutional custody provider Ledger Vault, which offers $150 million of pooled insurance cover to clients via insurance broker Marsh, and Lloyd’s of London underwriter Arch Insurance.
In case you weren’t aware, there’s a pandemic currently sweeping our nation, and the convulsions caused by COVID-19’s impact on our personal lives have only been rivaled by those felt in our professional ones.
Small businesses trying to get their state legislatures to force insurance companies to cover coronavirus losses are coming up against an opponent many might not have expected: the U.S. Chamber of Commerce.
In law firms, one might guess the graduation year of attorneys based only on the technologies employed in their practices. Lawyers graduating in the last decade may have never even seen a dictaphone in person or have experienced paper cuts from thumbing through thousands of paper documents to prepare them for production in litigation.
With the 2020 Atlantic hurricane season fast approaching, U.S. officials on Thursday said they were readying more buses, hotel rooms and shelter space for social distancing to reduce the spread of the novel coronavirus during potential evacuations.
Currently, there is a movement by some industry personnel and legislators to expand the Terrorism Risk Insurance Act (TRIA) to include pandemics. There is a discussion draft of a bill, and a summary of that bill here. So, is a federal backstop program that is part of, or similar to, TRIA feasible or advisable?
