Author: H. Cutner

Protection and indemnity insurance required by oil tankers in Turkish Straits

H. Cutner
Protection and Indemnity - Turkish Flag

The coverage requirement started this week following the EU embargo on seaborne Russian oil imports. Starting this week, Turkey is now requiring oil tankers traveling through the Turkish Straits to be covered by protection and indemnity insurance, in a move following the start of the European Union’s embargo on Russian oil imports by sea. The EU also established price caps on Russian oil products alongside the start of the embargo. Not unlike the Russian crude price cap of $60 per barrel already in place, a price cap on oil products…

Read More

State Farm issues tips for Teen Driver Awareness Month

H. Cutner
Teen Driver Awareness Month - Teen in car with car keys

This January, the insurer is reminding parents that setting a good example can make a difference. State Farm is honoring January as Teen Driver Awareness Month by reminding parents that setting a good example can make a difference to their teen’s driving habits and yes, they will get through this. Parental driving habits are the top influence on the behaviors of new young drivers. Teen Driver Awareness Month data from the National Highway Traffic Safety Administration shows that the driving habits of a young driver’s parents are the top influence…

Read More

Does auto insurance cover damage caused by potholes?

H. Cutner
Auto insurance - car driving toward potholes

This time of the year is notorious for wreaking havoc on pavement, which can be damaging to vehicles. The weather across many parts of the country has reached the point when potholes are becoming a growing problem, and auto insurance companies are preparing for claims from drivers with damaged vehicles. Potholes often happen when cracks in pavement fill with water, which then freezes and expands. According to a recent report from State Farm, the first months of every year are the time in which potholes become more prominent. The temperature…

Read More

Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

H. Cutner
Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

Read More

Insurance industry crash tests were too much for most small SUVs

H. Cutner
Insurance industry - Crash Test

The majority of these popular vehicles aren’t any less safe, but testing is focusing on additional factors. While it’s easy to think that SUVs are getting less safe, since most of them recently failed insurance industry testing, the thing is that they’re essentially as safe as they’ve always been. It’s the tests that have changed. Newer tests include components that emphasize the safety of back-seat passengers as well. The Insurance Institute for Highway Safety (IIHS) has updated their auto insurance industry testing to place a greater emphasis on making sure…

Read More

An issue with insurance sanctions has oil tankers stuck at the Turkish straits

H. Cutner
Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

Read More

Consumers weigh the benefits of holiday travel insurance this year

H. Cutner
Holiday travel insurance - Passport - map - Festive Decorations

With the high cost of everything, travelers find it tough to decide if their trip requires coverage. Holiday travel insurance is being taken very seriously this year as challenges continue for travelers heading away to visit friends and family. Overbookings, delays, lost luggage and unexpected cancellations are among those challenges. Thanksgiving trips were considered to be a small indicator of what is to be expected throughout the rest of the holiday season. What they have shown is that, as has been the case since the start of the pandemic, travelers…

Read More