Jul 27, 2011

Daily Headlines: Wednesday, July 27, 2011

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Insurance Journal Daily Headlines
July 27, 2011
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Today's Headlines

National

Chinese Drywall Supplier Told to Release Insurance Details

A South Florida judge has ruled that a Miami-based supplier of tainted Chinese drywall must disclose more details about a proposed $55 ...

Lehman Executives, Auditor Must Defend Investor Lawsuit, Judge Rules

Former Lehman Brothers Holdings Inc. executives, directors, auditors and underwriters on Wednesday lost their bid to dismiss an investor ...

Lloyd’s America President Watkins Campaigns for Broader Appeal

Hank Watkins, president of Lloyd's America Inc., smiles like he has a big secret he wants to spill. The history of Lloyd's of London is no ...

Zurich to Offer Accident Benefits for Overseas Federal Contract Workers

Zurich is now offering accident benefits to U.S. government contract workers who are employed overseas. Zurich's new Defense Base Act (DBA) ...

Death of the Treasury Benchmark: James Saft Commentary

A U.S. default or debt downgrade may set off market fireworks but the longer-term effects of the death of Treasury bonds as a universal ...

Insurers Urge Senate OK for Insurance Rep on Financial Council

The Senate Banking Committee is today considering the nomination of a key insurance member to the new federal board that deals with the ...

Chartis Expands Environmental Insurance Coverage to Chemical Industry

Chartis has expanded NextGen Protection, a suite of environmental insurance products offered through its Environmental division, to meet ...

Beecher Carlson Offers Warranty Product for Ivanpah Solar Power Plant

Beecher Carlson, an insurance brokerage and risk management consulting firm, has brokered a customized product to mitigate warranty risk ...

Moody’s: U.S. P/C Insurers’ Report Meaningful 2010 Reserve Releases

U.S. property/casualty insurers reported meaningful reserve redundancies in their 2010 earnings, Moody's Investors Service said, marking ...

From MyNewMarkets.com Ready or Not, New Surplus Lines Law Is Here

The implementation deadline for the Nonadmitted and Reinsurance Reform Act has arrived. States have been scrambling over the past year to...
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East

Pennsylvania Arson Bill Caught Up in Mandatory Sentencing Debate

A proposal to stiffen sentences for arson in Pennsylvania has run afoul of a debate over the use of mandatory minimum sentences in the ...

New York Stops Tour Bus Operators Following Crashes

New York Gov. Andrew Cuomo, following a recent rash of tour bus crashes, said he will suspend the operating licenses of eight charter and ...

Conn. Demands Unemployment Payments from Businesses

Tens of thousands of businesses in Connecticut are receiving bills from the state to pay $30 million in interest this year for state ...

Eddie Williams Joins S.H. Smith & Company in Hartford, Ct.

Eddie Williams joined S.H. Smith & Company, in Hartford, Ct., as executive vice president in the commercial property, casualty and ...

Conn. Insurance Department Recovered $2.4 Million since January

State Insurance Commissioner Thomas B. Leonardi announced the Connecticut Insurance Department (CID) helped consumers recover nearly $2.4 ...

N.Y. Attorney General Challenges Constitutionality of Defense of Marriage Act

In papers filed in the case of Windsor v. United States, Attorney General Eric T. Schneiderman challenged the constitutionality of the ...
Midwest

Home of Illinois Official Jailed in Insurance Scheme on Auction Block

For sale: House in sleepy-looking Chicago suburb steeped in mob history since the days of Al Capone where a mayor lived before moving into ...

Iowa Pays $180,000 to Working Mom Fired by State

The state has agreed to pay $180,000 to settle the claim of a state worker who was fired after her supervisor expressed skepticism that ...
Southeast

North Carolina House Joins Senate to Override Veto of Malpractice Cap

Victims of North Carolina doctors guilty of medical malpractice will be limited to $500,000 what they can collect for pain, suffering and ...

Florida’s Citizens to Seek Big Rate Hike for Sinkholes Today

Florida's largest insurer of homes and businesses, state-backed Citizens Property Insurance Corp., will ask its board to approve a sizable ...

BrickStreet Bids to Keep West Virginia Workers’ Comp Accounts

BrickStreet Mutual Insurance Co. has decided it wants to continue providing workers' compensation insurance to state agencies. BrickStreet ...
South Central

Post-Loss Assignments of Claims Under Insurance Policies in Louisiana

In the settlement of lawsuits involving insured claims, it is not uncommon that one condition of the settlement is that the defendant ...

Allstate Urging Texas Agency Owners Boost Hiring of Sales Professionals

Allstate Insurance agency owners across Texas are planning to hire at least 350 licensed sales professionals by the end of the year, the ...

Recipients Named for Louisiana's 2011 Stephen W. Cavanaugh Scholarship

Two students interested in insurance-related studies have been selected for industry-backed scholarships in Louisiana. Ian Williams of ...
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West

Idaho City Appeals Ruling over City Hall Construction Flaws

The city of Meridian has appealed a district court ruling that rejected its claims against a contractor hired to build a new $21 million ...

N.M. Snowstorm Cost $55 Million in Gas Claims

SANTA FE, N.M. (AP) _ The natural gas shortage that slammed the state last winter cost insurance companies $55 million in claims. A memo ...

Western Insurance Agents Association Names New Chair

Carol Connors of Ck Specialty Insurance Associates based in San Jose, Calif., was installed as chairman of Western Insurance Agents ...

All Risks’ Quick Quoting Division Adds Western Contractor Market

The Quick Quoting Division of All Risks, Ltd. will offer 15% commission with a new A. M. Best "A" rated market, which provides general ...

Alaska Joins State Surplus Lines Coalition

Members of the Non-Admitted Insurance Multi-State Agreement coalition are proud to welcome Alaska to the NIMA group. Insurance Director ...

Oregon Class held on Workers’ Comp for Harbor Workers

The Chartered Property Casualty Underwriters Society Oregon Chapter in partnership with SAIF Corporation is hosting a Four Hour Continuing ...

Sacramento NAIW Group Names Award Winners

Insurance Professionals of Sacramento, Inc. affiliated with National Association of Insurance Women International announced the 2011 ...
International

Season’s First Major Storm Threatens Gulf of Mexico, Texas

The first major Gulf of Mexico storm of the year is brewing over the northwestern Caribbean Sea, with an 80 percent chance of becoming a ...

Aon Benfield Guide: All You Need to Know on Volcanoes, Landslides, Tsunamis

The Aon Benfield UCL Hazard Centre has launched an introductory guide -"Getting to Grips with Non-Modelled Perils" - on volcanoes, ...

EU Doesn’t Need More Corporate Governance Rules Say Risk Managers

The Federation of European Risk Management Associations (FERMA) has told the European Commission that it should start with ...

WTO’s Lamy Sees Paralysis in Global Trade Talks

The head of the World Trade Organization castigated its 153 members on Tuesday for failing to agree a watered-down global trade deal by ...

Ratings Recap: Lemma, Adamjee, CCR (Algeria), Bosna Re

A.M. Best Europe – Rating Services Limited has removed from under review with negative implications and affirmed the financial strength ...
Sponsored Content

Tower President and CEO to speak at MarketScout's Entrepreneurial Insurance Symposium

Lee to profile growth explosion at Tower DALLAS, TX, July 27, 2011 – Michael Lee, President and CEO of Tower Group Companies, will ...

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New Discussions in the Forums

CA-Guaranteed Replacement Cost
Posted: Wed Jul 27 -- I could NOT AGREE more with your statement!!! d's, you hit the nail on the head. Even today after all we've learned about appropriate... RKunz2
National Agents Alliance? Legit or Keep Away?
Posted: Wed Jul 27 -- you can cash flow with NAA but look out.... you will be shelling out money and getting charge backs within 6 months to a year.... it will... dont do it
Continuing Education ... Masters Degree in Insurance?
Posted: Wed Jul 27 -- The Master Degree in Insurance and Risk Management is the business card for those who wish to advance their career in the Insurance Industry... martinsteve97
CA-Cell Phone Towers
Posted: Wed Jul 27 -- Maybe a "land leased to others" policy with BI/EE? Does the lease specify whehter the rent will continue be paid if the tower is damaged. wariline
San Fran/Sacramento Agencies
Posted: Wed Jul 27 -- Does anyone know the private insurance agencies in this general area that they would recommend? Any to stay away from? I understand this is... marty202
Agency Management Systems
Posted: Tue Jul 26 -- So why are we answering a question that was asked back in '08! Either way, its good to know that ezy lynx was a good rater even back then. I... Brand
Oil drilling Insurance Texas
Posted: Mon Jul 25 -- Oil Drilling in TX. While it's not all encompassing and work comp is not mandatory in TX, the below might be a good indication of where to... kmccarth11
Selling An Agency
Posted: Mon Jul 25 -- If your independant, contact your market rep. They should be able to sniff out a buyer quickly. FFA

Reader Comments

Connecticut Teen Injured in Gym Class Sues Town
Posted: Thu Jul 21 -- Maybe she should just wear a helmet everywhere she goes, shopping, grocery store, movies etc. It's a rough world out there, you should be... secretagentman
Poll Says Washington Drivers Do Not Know Left-Lane Law
Posted: Thu Jul 21 -- They don't know it in NJ or PA either. Of course they also don't know what YIELD means or a solid single or double line on the roadway, or... Wayne
UK Minister Compares Inaction on Climate Change to Hitler Appeasement
Posted: Sun Jul 24 -- In the true analogy it's the climate change establishment that are behaving like a nazi dictatorship and it's Chris Huhne who is calling for... Pete
Allstate Agents Hope Unionization Sparks Changes at Insurer
Posted: Tue Jul 26 -- I think I got it figured out.. what they appear to be doing is getting rid of the smaller agencies and trying to form a "mega" agency and... chuck

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