The insurer has contracted the private wildland firefighting firm to protect covered homes in California. Californian homeowners with State Farm fire insurance coverage will now be protected by private wildland firefighting services from Wildfire Defense Systems. This is positive California insurance news for policyholders in a state increasingly affected by season-long wildfires. This means that private firefighting crews may be dispatched to protect covered homes in the state. According to a Mercury News report, as of April 1 citing a letter from the insurer, Wildfire Defense Systems has been contracted…
Read MoreAuthor: H. Cutner
State Farm receives FAA green light for use of insurance drones over roads
The insurer has been operating the vehicles for claims purposes with FAA approval since 2019. State Farm’s official newsroom published a release stating that while it has been flying insurance drones with FAA approval since 2019, it has now been granted permission to do so over active streets and roads. The insurer received this approval based on Virginia Tech testing, for use to gather claims information. State Farm has been using insurance drones for various types of safety and business application testing since 2015. In May 2018, the insurer joined…
Read MoreAllstate Corporation P/C IFS Rating A+ from Fitch
As positive as the insurance news is for property and casualty, life entities are still watch rated. Fitch Ratings has affirmed the Insurer Financial Strength (IFS) A+ (strong) status of the core property and casualty insurance subsidiaries at Allstate Corporation. This is positive insurance news for the company that has faced massive natural disaster losses. Overall, the Rating Outlooks issued for the company are Stable. That said, at the same time that the insurance news was positive for Allstate Corporation P/C, Fitch maintained the Negative Watch on Allstate Life Insurance…
Read MoreWashington insurance rate calculation for property coverage cannot use credit scores
Commissioner Kriedler has banned the use of this factor for three years following the pandemic’s end. State Commissioner Mike Kreidler’s office has announced that he has issued an emergency rule banning Washington insurance rate calculation from using credit scores as a factor. This rule will remain in place for property insurers for three years following the declaration of the end of the current COVID-19 pandemic. The new emergency rule will be applicable to homeowners, renters, and auto insurance premiums. “The insurance industry’s dependency on the discriminatory practice of credit scoring…
Read More5 Hotel insurance policies you should have as the business owner
This type of business involves a substantial amount of risk, but the right coverage offers protection. When you’re first starting your new business, the right types of hotel insurance coverage are a critical component of your success. The right policies make sure you’re financially protected against what could otherwise be catastrophic. Of course, hotel insurance isn’t the only component of a successful business strategy. You will need other business essentials, too. This likely includes a hotel management system that will provide you with everything you need from the start, and…
Read MoreTesla Insurance to expand coverage into Texas, Washington and Illinois
The electric car company already covers its vehicles in California, and now it’s moving outward. Elon Musk has long promised Tesla insurance to owners of the company’s electric cars. So far, the rollout has been exclusive to California, but the coverage is now reportedly moving into three additional states. The first three states that will have the auto policies available outside California have now been announced. Tesla insurance applications have been submitted to state regulators in Texas, Washington, and Illinois. Assuming that permission is granted to the company to operate…
Read MoreInsured pandemic losses for P/C won’t be accurately tallied for years, says Fitch
Property/casualty insurance companies recorded only modest loss increases in Q4 2020. According to Fitch Ratings, insured pandemic losses in the property/casualty sector rose only slightly in last year’s fourth quarter. That said, the final tally has yet to be calculated and, according to the US credit rating agency, it will be several years before it can be. Litigation is holding up the tally for business interruption, general and professional liability, and others. P/C insurers have managed to widely keep up capital strength since the pandemic started, said Fitch. Equally, pandemic-related…
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