Tanker Rolls Into Salt Lake City Backyard, Spills Oil

It will take several days to clean up a big mess left behind by a runaway tanker that ended up in a resident’s backyard. But Salt Lake fire officials say they are very grateful no one was injured in the Wednesday morning incident.
July 10, 2020 Excess & Surplus Lines Utah

Two Small Planes Crash And Sink In Idaho Lake

The Kootenai County Sheriff’s Office confirmed two people died in a plane collision over Lake Coeur d’Alene on Sunday afternoon, and as many as eight people may have been onboard the two aircraft.
July 6, 2020 Excess & Surplus Lines Idaho

Straight-Line Winds In Texas Derail 86 Railcars

A severe thunderstorm that blasted through west Texas on Tuesday was so powerful that it caused dozens of freight train cars to derail, according to officials.
July 2, 2020 Excess & Surplus Lines Texas

SpaceX Is Ushering In The Era Of Space Commercialization As Insurers Prepare For Takeoff

The scenes from May 30 looked like they had been plucked out of the 1960s. News networks alternated between covering nationwide protests over the death of George Floyd, a black man who was allegedly killed by a police officer while in custody, and SpaceX’s first crewed launch to the international space station.
June 30, 2020 Excess & Surplus Lines Liability Workers' Compensation

Intact Expects To Pay Out $80M+ For Commercial COVID Claims

Intact Financial Corp. is likely to pay out more than $80 million for commercial claims arising directly from the COVID-19 pandemic, but has only seen a small fraction of that so far, CEO Charles Brindamour said Wednesday.
June 15, 2020 Excess & Surplus Lines Liability

New Cyber Threat Takes Top Spot As Number One Cause Of Loss

The key selling point for cyber insurance has evolved over recent years as cyberattacks have become more prominent. Several years ago, cyber insurance was important because of data breach concerns and protecting organizations’ liability if private data was exposed. Today, the focus is on the potentially huge losses stemming from cybercrime.
June 11, 2020 Excess & Surplus Lines Technology

Lack Of Cyber Caselaw Worked Against Insurer In $75M Data Breach Lawsuit

The lack of cyber case law worked against an insurer in the Ontario Superior Court of Justice recently, with the court deciding that The Co-operators has a duty to defend two parties named in a $75-million cyber breach class action lawsuit.
June 11, 2020 Excess & Surplus Lines Litigation

Future Is Already Here In Claims

A perfect storm of macro factors has supercharged several trends in the insurance industry, producing almost touchless processes for claims and enabling cycle times of seconds, minutes and hours instead of days and weeks.
June 10, 2020 Auto Excess & Surplus Lines Liability Property Technology

Intense Blaze Consumes Apartment Construction Site In Downtown Phoenix

Smoke continued to hang in the air Monday morning as firefighters mopped up hot spots after a huge fire destroyed a four-story apartment complex under construction in downtown Phoenix.
June 9, 2020 Excess & Surplus Lines Property Subrogation Arizona

Transport Trailer Crash On New Jersey Turnpike Was Deadly For Ten Racehorses

Ten racehorses were killed in a fiery tractor trailer crash early Sunday morning on the New Jersey Turnpike. Two of the horses identified in the crash were sired by champion horses.
June 8, 2020 Excess & Surplus Lines Subrogation New Jersey

INSIGHT: Fraudulent Transportation Insurance Claims Could Hit $200M

While the insurance industry grapples with the coming influx of Covid-19 litigation, transportation insurers would be wise to use their 2008 playbook for insight into how claims trends will unfold.
June 8, 2020 Excess & Surplus Lines Fraud

8 Firefighters Injured By Explosion While Battling Cargo Ship Fire

While battling a large fire aboard a cargo ship at Blount Island, the Jacksonville Fire and Rescue Department said an explosion occurred, injuring firefighters. According to Fire Chief Keith Powers, eight firefighters were injured in the explosion, and an additional firefighter was treated for heat exhaustion.
June 5, 2020 Excess & Surplus Lines Marine Florida

GMOs: A Primer (Of Sorts)

My purpose today is to add some clarity and remind readers that, when it comes to most of the insurance products we sell, there is little, if any, insurance coverage response. But first, let’s take a look at what a GMO is, how long they have been around, and what they mean for agriculture and the food on your table.
May 28, 2020 Education & Training Excess & Surplus Lines Liability Risk Management

Crypto.com Claims Industry Record For Insurance Coverage As Users Double

Crypto.com has secured a $100 million direct insurance policy provided by Arch Underwriting at Lloyd’s Syndicate 2012. Per a May 11 announcement, the new policy brings Crypto.com’s total coverage to $360 million — with the firm claiming to now have the largest insurance coverage within the entire cryptocurrency sector.
May 15, 2020 Excess & Surplus Lines

Crypto.com Lands Record $360M Insurance Cover For Offline Bitcoin Vaults

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.
May 11, 2020 Excess & Surplus Lines

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