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Insurance News 07/2016



Cleveland's Insurance Bill for GOP Convention: $9.5M
A city of Cleveland panel has authorized spending nearly $10 million to purchase $50 million in insurance to protect the city against claims during the Republican National Convention after a consultant concluded the city faces a higher risk than ...

So-Called 'Hiddleswift' Break-Up Insurance Is Shut Down
China's online marketplace Taobao had been issuing insurance policies to protect against a Taylor Swift-Tom Hiddleston split. Alibaba, which owns Taobao, put an end to the policies. (SOUNDBITE OF SONG, "WE ARE NEVER EVER GETTING BACK ...

Three reasons for rising health insurance premiums
Tennessee marketplace consumers may experience some sticker shock when they try to sign up for health insurance plans during open enrollment this year. Carriers in the state have requested premium rate increases with the Tennessee Department of ...

Global Warming Insurance Requires Reasonable Premiums
Global warming advocates are increasingly claiming carbon dioxide restrictions are a prudent and conservative insurance policy against severe global warming. Insurance policies, however, are only prudent and conservative when the price of the premiums ...

MVB Financial Announces Sale of MVB Insurance to USI Insurance Services
FAIRMONT, W.Va., July 1, 2016 /PRNewswire/ -- MVB Financial Corp. (MVB or the Company) today announced the sale of substantially all of the assets of its wholly-owned subsidiary, MVB Insurance, LLC (MVB Insurance), to USI Insurance Services LLC ...

Blue Cross will stop selling individual insurance.
It was a quiet announcement that landed with a big boom: Blue Cross Blue Shield would be pulling out of Minnesota's individual insurance market. The news last week sent insurance companies and customers alike scrambling, trying to figure out what the ...

Airbnb Offers Insurance But Coverage Is Far From Comprehensive
Airbnb hosts are covered by an insurance policy provided by the home-sharing service, but not everything is covered. The policy is hardly comprehensive and renters need to be aware of what is excluded if something were to happen that would warrant a ...

Louisiana Medicaid Expansion Brings Insurance To Many New Orleans Musicians
Hundreds of thousands of Louisiana's working poor have health insurance as of July 1 because the state has expanded its Medicaid program, as allowed under the Affordable Care Act. The new insurance benefits Kotnik and many of the other performers and ...

More homeowner insurance companies are looking at your credit
As South Florida property insurance rates climb this year, homeowners are paying more attention to everything that can affect their premiums. More and more, that includes credit scores. A good score can lead to discounts. Customers with poor scores get ...

Why Mortgage Life Insurance Isn't Ideal for Most People
When deciding whether to purchase life insurance, most consumers focus on whole life insurance vs. term life insurance. Whole life insurance is a policy that lasts as long as a policyholder is alive. Term life insurance lasts for a prearranged period ...

Protest takes place in Dublin over rising car insurance premiums
A demonstration in Dublin took place today, intended to bring traffic to a standstill in the city centre this afternoon, with thousands expected to protest the rising cost of car insurance premiums. 6,000 cars were expected to take part in a protest ...

Fireworks and Insurance
Your second thought might well be about insurance. In general, fireworks affect two different policies – your homeowner's insurance policy and your health insurance policy. Injuries to yourself or your family are going to be covered by your health care ...

UnitedHealthcare accuses dialysis firm of improperly switching patients to private insurance
In its suit, filed in the Southern District of Florida, the insurer says the American Kidney Fund, a not-for-profit patient assistance group funded by dialysis companies, paid the patients' premiums for private insurance. American Renal Associates ...

How to find the replacement cost of your home for insurance
Some insurance companies “will grab year built and square footage, and put those numbers into a software program that will spit out a figure for rebuilding cost,” said Kyle Cliff, an independent agent with Hub International Insurance Services in San ...

Everything Online Is Connected, Now There's A Growing Need For Cyber Insurance
Cyber insurance has been around for almost a decade, but only now is a popular safeguard against hackers. Almost every industry, from agriculture to healthcare, is using online data to for its services. The so-called “Internet of Things” (IoT) — the ...

Fight over insurance rates looms
The Florida Keys-based insurance watchdog group FIRM is gearing up for a fight with the insurance company that covers Monroe County, as the company is proposing another significant annual rate increase. Citizens Property Insurance Corp. is proposing a ...

Insurance claims by prior owners can raise your homeowner premiums
Question: I rented a townhouse for nearly five years before deciding to purchase it. When I originally entered into the lease, I obtained auto insurance at the rental address. The auto insurer explained my rates would be higher because this was the ...

Employers' Declaration of Independence From Traditional Health Insurance
As I pointed out in the “worst nightmare” piece, this isn't meant to bash my friends in the health insurance industry. They have been acting in a perfectly rational manner inside of a perfectly irrational set of circumstances. However, my smart health ...

50 states 50 standards It's time to standardize health insurance laws
Right now we have 50 states, 50 sets of insurance regulations and four federal insurance programs — Medicare, Medicaid, Tricare (U.S. military) and Self-Funded ERISA plans. The result is a complex tangle of regulations and policies that lead to ...

Here's why low income families struggle to pay auto insurance
“Insurance companies are penalizing good drivers by hundreds and sometimes thousands of dollars each year based on economic and social status, and the end result is that the poor pay more, much more,” said J. Robert Hunter, CFA's director of insurance, ...

Readers Corner: General Insurance
A household insurance policy is a package policy with many sections. Burglary insurance cover is one of the sections and if one has opted for that section, then in case of a loss due to burglary, the same can be claimed under the policy. Most policies ...

Insurance co-op collapse leaves millions in unpaid claims
SALT LAKE CITY (AP) — The collapse of Utah's nonprofit insurance cooperative is leaving Utah hospitals with millions in unpaid claims. The Salt Lake Tribune reports (http://bit.ly/29oYPsx) Arches Mutual Insurance Co. owes $33 million that the Utah ...

As Self-Driving Cars Hit the Road, Innovation Is Outpacing Insurance
So at least for now, coverage for cars using self-driving technology works the same way as coverage for traditional vehicles, according to the insurance industry. A recent fatality involving a Tesla Model S electric sedan using the company's Autopilot ...

Guy Hurley to offer capitive insurance company investment to midsize businesses
Troy-based Guy Hurley Insurance and Surety Services is now offering a captive insurance product that allows midsize businesses paying as little as $150,000 in general liability, automobile and workers' compensation insurance to earn back up to 55 ...

Telematics in insurance: beyond pricing
Most insurers with UBI programs are collecting data on location, routes driven, vehicle diagnostics, and other information. (Image: iStock). Sometimes it is difficult to believe that vehicle telematics for usage-based insurance is 20 years old. While ...

Waterloo, Cedar Falls among highest motorcycle insurance rates in state
The study, which was ValuePenguin's first look at motorcycle insurance rates, ranked 31 Iowa cities, from least to most expensive for motorcycle insurance. Waterloo ranked 26th in the state, with average yearly premiums of $352, and Cedar Falls, 22nd, ...

Will your insurance policy cover firework accidents?
Your second thought might well be about insurance. In general, fireworks affect two different policies – your homeowner's insurance policy and your health insurance policy. Injuries to yourself or your family are going to be covered by your health care ...

Summer vacations: Do you need travel insurance?
DETROIT - Many unexpected events can ruin the family vacation you have been looking forward to for a long time: lost luggage, medical emergencies, even a death in the family. In those instances, it may be nice to know you have a travel insurance policy ...

Insurance Basics: Life Insurance
BOSTON (CBS) – When we buy insurance we are buying financial protection in case an incident occurs that we cannot afford. We need insurance, even the wealthiest among us protect their families and their assets. Take the time to review your current ...

First responders unable to return to work after insurance companies withhold claims
According to the law, if an insurance company thinks injuries were preventable, they can withhold funds. Senate Bill 1062 replaced the court system with administrators. Because the power is taken from the court, insurance companies and employers can ...

Huguely, Love resist quick ruling on insurance
The insurance company providing coverage to George Huguely V wants a federal judge to excuse it from defending Huguely in a $29.45 million wrongful death lawsuit filed by the mother of his slain ex-girlfriend. Both Sharon Love, who filed the wrongful ...

Huguely, Love legal teams resist quick decision in insurance case
CHARLOTTESVILLE — The insurance company providing coverage to George Huguely V wants a federal judge to excuse it from defending Huguely in a $29.45 million wrongful death lawsuit filed by the mother of his slain ex-girlfriend. Both Sharon Love ...

How much do credit scores impact NJ car insurance premiums?
Every state but New Hampshire requires auto insurance, and most insurance companies take applicants' credit scores into consideration when determining their premiums. In New Jersey, a recent study reveals how your credit score has a bigger impact on ...

6 Investigates Preview: Windstorm insurance woes
There are beautiful beaches, friendly people, and of course we've also got to live with the threat of hurricanes. Though it's been a while since a big storm hit us, the damage can be devastating. The Texas Windstorm Insurance Association insures many ...

Resorts On The Mountain Corridor Still Feel The Sting Of Insurance Premiums
Data continues to show that where a person lives in Colorado plays a big role in dictating how much they pay for health insurance. That's because insurers use it to calculate premiums and in some regions it's unusually high. State lawmakers are aware ...

Auto Insurance Myths - Debunking 8 Common Misconceptions!
Auto insurance remains a poorly understood product. Consumer research data shows that many car owners do not know what type of auto insurance they needs, the differences between various policies and are not familiar with terminology. Also, many myths ...

Sheffield will address how much insurance contractors must carry
SHEFFIELD — City Council members will meet today and discuss amending the city code to require contractors to carry a certain amount of liability insurance when operating in the city. The first reading of the new ordinance was held during the June 20 ...

Collapse of Utah Insurance Co-Op Leaves Millions in Claims Unpaid
The collapse of Utah's nonprofit insurance cooperative is leaving Utah hospitals with millions in unpaid claims. Arches Mutual Insurance Co. owes $33 million that the Utah Department of Insurance says will likely remain unpaid until 2017, the Salt Lake ...

City at odds with senior center leaders over insurance, operations
To support her suspicions, Jaren refers to a June 24 letter from Mayor Fred Butler to Issaquah Valley Seniors, which manages the center. The letter points to the group's lease, calling into question its insurance status and whether the facility is ...

Guy Hurley to offer captive insurance company investment to midsize businesses
Troy-based Guy Hurley Insurance and Surety Services is now offering a captive insurance product that allows midsize businesses paying as little as $150,000 in general liability, automobile and workers' compensation insurance to earn back up to 55 ...

State deems insurance co-op, HealthyCT, financially unstable
About 40,000 people will lose their health insurance in the coming months as a result of a state evaluation that has deemed the financial health of Connecticut's nonprofit health care co-op unstable. The co-op, HealthyCT, was issued an order of ...

5 Ways To Save On Homeowners Insurance
Some basic decisions in life shouldn't demand much debate in your mind. Behind car and life insurance, homeowners insurance is one of the biggest no-brainers. When golf ball–sized hail rips your Boca Raton, FL, roof to shreds, your dog bites a clueless ...

Illinois insurance regulators try to save Obamacare co-op
The department has ordered the Chicago-based nonprofit to stop renewing policies for small and large businesses, stop selling all new plans without permission and not to pay $31.8 million it owes as part of a federal program called risk adjustment. In ...

Court Strikes Down Obama Health Care Rule on Insurance Standards
WASHINGTON — A federal appeals court has ruled that consumers must be allowed to buy certain types of health insurance that do not meet the stringent standards of the Affordable Care Act, deciding that the administration had gone beyond the terms of ...

Berkshire Hathaway Specialty Insurance Company Enters Accident & Health Market in Australia, Names Product Line ...
Berkshire Hathaway Specialty Insurance Company Enters Accident & Health Market in Australia, Names Product Line ...

Consumer groups warn about insurance company's proposed policy change
A Texas insurance company is pushing for a policy change that would include a discount for customers. But consumer groups say that discount comes with a cost. The Texas Department of Insurance said it will hear from the public on Wednesday about the ...

New partnership delivers cloud solution for the insurance industry
Insurance companies have slightly different software needs from other businesses. They need to expand accounts, drive renewals, streamline the new policy acquisition process and manage claims. Now cloud specialist Vlocity and insurance solution ...

Terrorism risk insurance: Trends, take-up & pricing
Despite high cost in lives and suffering, these attacks typically cause minimal direct damage to property, but can bring indirect costs through business interruption, notes Marsh's recently released "2016 Terrorism Risk Insurance Report." For many ...

Minnesota Commerce Department offers tips on insurance & storm damage claims
In the aftermath of Tuesday's widespread severe storms, with destructive winds and hail, Minnesota Commerce Commissioner Mike Rothman urges Minnesotans who experienced damage to their homes, businesses or vehicles to contact their insurance ...

Are there gaps in your insurance coverage?
In general, you want to have enough life insurance coverage (when coupled with savings and income) to allow your family to continue living the lifestyle to which they're accustomed. But changing circumstances may leave a gap in your life insurance ...