Mar-A-Lago carries NFIP flood insurance protection

Mar-a-Lago NFIP

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…

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Rising extreme weather risk places property insurance in uncomfortable position

extreme weather risks trend insurance industry

An increase in severe storms, flooding, wind, wildfires and other disasters are driving claims skyward. Flooding and wildfires are making massive headlines this summer and this extreme weather risk is placing considerable pressure on the property insurance industry. These types of disaster are spiking the number and cost of business and homeowners insurance claims. In fact, the extreme weather risk may have a greater economic toll on the insurance industry than any other industry in the world. Though insurers have been increasingly aware of the threat of climate change with…

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Insurance drones will be broadly deployed by Hurricane Harvey claims adjusters

hurricane insurance drones

The use of these unmanned aerial vehicles has been adopted by Allstate, State Farm and other major property insurers. Property insurance companies in Texas and Louisiana, such as Allstate and State Farm, are preparing to use their insurance drones to survey the aftermath of Hurricane Harvey. This insurance technology is expected to have an important role in inspecting commercial and residential damage. The insurance drones will first take to the air early this week, once the last of Hurricane Harvey makes its way out of the regions. If all goes…

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Usher’s insurance company does not intend to defend the performer in herpes lawsuits

lawsuit Usher’s insurance broker company

The entertainer’s insurer does not feel obligated to pay his claims as he allegedly hid his condition from them. Usher’s insurance company alleges the singer failed to inform them that he had received a herpes diagnosis before he obtained coverage. As a result, the insurer states that should not have to pay his claims for the lawsuits filed against him from sexual partners to whom he did not disclose his condition. Documents filed in a Los Angeles Superior Court state that the insurers feel they are not obligated to provide…

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Berkshire-owned workers compensation insurance scam case reaches settlement

workers compensation insurance

Applied Underwriters, a Berkshire Hathaway owned firm, was ordered to cease bait-and-switch marketing. Applied Underwriters, an insurer owned by Warren Buffett’s Berkshire Hathaway, has agreed to a workers compensation insurance case settlement. The agreement involves providing Californian consumers with full disclosure about the product. The insurance company’s goal is to start selling plans again following a state review of alleged abuses. A major component of the settlement requires Applied Underwriters “to stop the bait-and-switch marketing tactics.” Many employers registered complaints from having been sold workers compensation insurance through bait-and-switch tactics.…

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Tracy Morgan insurance dispute with Walmart won’t see him deposed

tracy morgan, tracy morgan accident, walmart insurance, Ohio Casualty, walmart insurance company, insurance lawsuit

The celebrity of Saturday Night Live and 30 Rock fame refused to testify under oath in this case. The current Tracy Morgan insurance case against Walmart has changed its tone as the celebrity refused to testify in a deposition. Walmart’s insurance company, Ohio Casualty, demanded that Morgan participate in a 7-hour deposition. The purpose of the deposition, said the insurance company, is to show that Morgan has exaggerated his injuries in order to obtain the claimed payout. The payout is reported to be around $90 million. That said, Benedict Morelli,…

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California’s Dave Jones asks for cannabis insurance coverage in the state

cannabis business insurance marijuana

Large players in the insurance industry are typically staying away from the drug, even where it’s legal. California Insurance Commissioner Dave Jones is seeking to improve the cannabis insurance availability in the state. The primary issue is that large insurance companies are hesitant to provide coverage in this portion of the industry. The United States is regularly launching regulated and perfectly legal markets in which patients can shop. Despite the fact that these markets are indeed regulated and legal, insurers, like banks, have stayed away. Jones is seeking to change…

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Climate change may have a higher economic impact than previously believed

climate change city smog urban heat island effect

The damage rising global temperatures is causing may become much more expensive than predicted. A recently published report has placed the spotlight on the “urban heat island” effect of climate change. This effect was detailed in the Nature Climate Change journal, revealing that urban centers will see a considerably greater expense from global warming. The report was based on an analysis of 1,692 cities around the world and the impact changing temperatures will have. The analysis determined that the economic impact of climate change may be 2.6 times greater than…

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Cyber insurance policies will likely achieve a standard in the near future

Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Crop insurance program, food stamps prepare for “significant” budget cuts

us crop insurance program

The USDA is getting ready for sizeable funding cuts for social and rural programs. With the proposed Trump administration budget has come a threat to many USDA services, including the crop insurance program. That coverage risks significant reductions, as do food stamps, and rural development programs, among others. The proposed cuts to the crop insurance program and others operated through the USDA are far from modest. “I don’t think there’s any reason to try to sugar coat this,” said Sonny Perdue, USDA secretary. “I’ve communicated with our team at USDA…

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