Many wedding insurance policies are changing shape due to the pandemic crisis

Wedding insurance policies - bride and groom

Several carriers have been altering their coverage since COVID-19 lockdowns started taking place. Since the start of the pandemic crisis, claims on wedding insurance policies have been pouring in. This has had two major impacts on the market for this particular product. The first is that awareness of its existence has skyrocketed. The second is that many insurers have been working to change the coverage these products provide. Many engaged couples are seeing this type of coverage as essential for the first time. Since March 2020, when COVID-19 slammed many…

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College students are looking to tuition insurance in a year of pandemic uncertainty

Tuition insurance - College lecture

Along with masks and hand sanitizer, students headed back to the classroom are bringing coverage. As college students head back to their classrooms this year, they’re bringing tuition insurance along with the protection of their masks and hand sanitizer. The hope is that they will be able to protect their investments into their education. The uncertainty from COVID-19 and the widespread shutdowns and lockdowns faced during the last school year have made this year’s students understandably leery. At the same time that they take precautions to help protect themselves against…

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Smoke affected vineyards advised to look into their California crop insurance

California crop insurance - Vineyard

Growers impacted by the wildfires in the state should review their policies to understand coverage. Vineyards and other growers whose plants are affected by wildfire smoke are being advised to take a look at the fine points of California crop insurance coverage on their policies. Many wine grape growers have found that a loophole that has removed their smoke taint coverage. A California Association of Winegrape Growers (CAWG) online webinar placed the California crop insurance situation in the spotlight last week. As the majority of the state has been affected…

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Seek wildfire insurance reimbursement, says California’s Commissioner Lara

Wildfire insurance reimbursement - fire burning

Ricardo Lara recommends homeowners and renters carefully record their expenses. California residents who have been evacuated are being encouraged to record their expenses in order to seek wildfire insurance reimbursement regardless of whether or not their properties are ultimately damaged or destroyed. The recommendation was made by Insurance Commissioner Ricardo Lara. Commissioner Lara pointed out that homeowners’ policies will often cover relocation costs, even when not seeking direct wildfire insurance reimbursement for damage or destruction of property. Earlier this month, more than 10,000 lightning strikes over a single weekend led…

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Cyber insurance policies are rapidly producing more claims in the EU

Cyber insurance policies - cyber attacks

The number of filings insurers are receiving across Europe has seen a sharp increase. European insurers are receiving a much higher number of claims on cyber insurance policies, reflecting an increase in malicious digital attacks. Organizations are increasingly digitized and are facing growing vulnerability to attacks. This new cyber insurance policies data was a part of the findings from Marsh, Wavestone, and CMS law firm research. It involved an analysis on claims data managed by Marsh across the EU. The data showed that the claims growth rate over the last…

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State Farm Ohio auto insurance rates to see 14.3 percent reduction

Ohio auto insurance rates - cars on road

Drivers in the state will be saving a total of $174.1 million per year from the decreased premiums. State Farm recently announced that it plans to implement another Ohio auto insurance rates reduction. It will slash premiums by an average of 14.3 percent, according to the statement issued on July 29. The impact of the COVID-19 pandemic was cited as the reason for the premiums cut. According to State Farm Insurance, “Driving behaviors across the country continue to evolve during the COVID-19 pandemic. Based on current trends, State Farm is…

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NAIC to address US insurance industry racism and discrimination

Insurance industry racism - racial equality - typewriter

A special committee has been formed in order to specifically focus on Race and Insurance. The National Association of Insurance Commissioners (NAIC) has announced that it has created a special committee to address insurance industry racism and discrimination. NAIC is seeking to improve the way its systems and coverage reflect and protect society. “Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that…

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