Elon Musk to cover Tesla directors and officers liability insurance himself

Directors and Officers Liability Insurance - Tesla charging station

The company cited “disproportionately high” D&O policy premiums quotes from insurers. Electric vehicle maker Tesla Inc has stated that it will be forgoing directors and officers liability insurance for the 2019-2020 policy hear. The reason they gave for skipping the coverage is that insurer premiums quotes were “disproportionately high.” That said, Tesla won’t be without any form of D&O coverage at all. Elon Musk, the company’s CEO, has stated that he will personally provide coverage “substantially equivalent” to the directors and officers liability insurance Tesla would receive from traditional insurers.…

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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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The Differences Between State Funded and Competitive Workers’ Comp

Competitive Workers' Comp

As a business owner, the last thing you would want is for an employee to get hurt at work. However, if you run a business long enough, an accident is bound to happen eventually, especially if you work in a high-risk industry. When an employee is injured on the job, they’ll have medical expenses that need to be paid, they may not be able to work while they recover, and in worst-case scenarios, they may sue you for a settlement. Fortunately, this is where workers’ compensation insurance comes into play.…

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California Medical Association joins with Mercury insurance for health care worker wellness

The California Medical Association’s Wellness Program (also known as CMA Wellness) is partnering up with Mercury Insurance on the new Care 4 Caregivers Now initiative.

Care 4 Caregivers Now to offer frontline health care staff additional wellness services. The California Medical Association’s Wellness Program (also known as CMA Wellness) is partnering up with Mercury Insurance on the new Care 4 Caregivers Now initiative. This program was developed to provide frontline health care workers with additional support and coaching for emotional and mental wellness. It was created to provide much needed support to health care workers on the front line of the pandemic. The initiative will begin by training and connecting volunteer nurses, physicians and health…

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Eased truck insurance premiums enforcement gives much needed relief in pandemic

Truck insurance premiums - Trucks on road

The goods transportation industry is fighting hard to keep up with new demands in a changing landscape. The trucking industry has stepped up to meet rapidly shifting needs in an evolving arena, but new relaxed truck insurance premiums regulations is offering some relief. This transportation is critical to making sure businesses and individuals have access to essentials. That said, while many truckers are certainly keeping busy, the truck insurance premiums that have been rising over the years have placed substantial pressure on these businesses as they fight to keep up.…

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Insurance Companies Piling on the Losses During COVID-19. What are the Tax Implications for Them?

Insurance News

The novel coronavirus, COVID-19, was first discovered towards the end of December 2019. It is a zoonose. In other words, it jumped from an animal host, more than likely a bat, to a human host. Once in its human host, it evolved to the form that we now know and started spreading rapidly via person-person transmission. At least, this is how scientists presume COVID-19 originated. Unfortunately, very little is known about this virus, excepting the following three points: COVID-19 causes a respiratory illness that can either be mild or so…

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California Insurance Commissioner orders premiums returned to businesses

California insurance commissioner Ricardo Lara- ABC 10 News YouTube

Ricardo Lara has told insurers to return premiums on six lines of personal and commercial coverage. California Insurance Commissioner Ricardo Lara has ordered insurers to return premiums from certain lines to businesses and consumers. This has raised pressure on those insurers to take larger steps to reduce customer financial burden caused by COVID-19. Lara has ordered insurers to return premiums paid for March, April, and possibly May as well. The California Insurance Commissioner’s order applies to six different coverage lines. These include passenger and commercial auto, commercial multi-peril, workers compensation,…

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