A commentary on insurance coverage issues in Hawaii and beyond
The New York Times reported on Sunday on profession liability policies available to CIA employees through Wright and Company. The polices are becoming increasingly important while the investigation of the destruction of the interrogation videotapes heats up.
The standard policy costs $300 annually, with the government typically paying half the premiums …
Last week, we reported the Florida Insurance Commissioner had suspended Allstate from writing new policies after it failed to comply with the Commissioners’ subpoena regarding Allstate’s steep increase in property insurance premiums. Reuters reports that on Friday, the Florida Court of Appeal stayed the Commissioner’s order for ten days, allowing Allstate’s 1,100 Florida
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The Associated Press reports that Hawaii will receive a portion of a $6 million settlement against Travelers Co., Inc, to settle a suit filed in Florida, alleging Travelers conspired with brokers to submit fake bids for coverage even though the brokers had already determined which insurer would provide coverage for a policyholder. Travelers …
While not exactly an insurance coverage case per se, the Intermediate Court of Appeals just came out with a new decision on jury instructions in a criminal insurance fraud case. See State v. Watanabe, No. 26777 (December 31, 2007). In short, an individual damaged his own car and attempted to file a…
Reuters reports today that the cost of reinsurance has fallen due to another relatively disaster-free year. Rates for property catastrophe reinsurance, which typically cover hurricanes and earthquakes, are down 9 percent. The U.S. subprime mortgage market crises has not impacted reinsurers.
The lack of natural disasters have allowed reinsurers to obtain
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The Insurance Journal has identified the top ten insurance stories of 2007. We addressed some of the topics in this Blog, including climate change, hurricane coverage, and the recent passage of Terrorist Risk Insurance Program Reauthorization Act of 2007.
Today’s Honolulu Advertiser reports that Mauna Kea Beach Hotel on the Big Island has sued one of its excess carriers for failure to provide coverage for earthquake damage suffered in October 2006. The story reports that three of the Hotel’s carriers have paid policy limits amounting to $30 million. Affiliated FM Insurance Co., …
President Bush signed today H.R. 2761, the Terrorism Risk Insurance Program Reauthorization Act of 2007, preventing the expiration of the Act on December 31, 2007, and extending the federal insurance program for seven years. The Act extends coverage to catastrophic acts of not only foreign terrorism but also domestic terrorism.
In our continuing coverage of Congress’ rush to beat the December 31, 2007 expiration date of the 2002 Terrorist Risk Insurance Act, we note the House on Tuesday bowed to pressure from the Senate and the White House to pass a less ambitious extension of the Act than it had previously passed. Earlier
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Last week, we reported Congress was considering extending the Terrorism Risk Insurance Act of 2002, set to expire on December 31, 2007. Today, the House approved a bill 303-116 to extend the Act and expand coverage despite the threat of a presidential veto. While the Senate bill merely extends the existing program for …
