In the vast and complex world of insurance, exclusive agents play a critical role. They are professionals who have signed agreements with a single insurance company to sell only that company’s policies. This exclusivity allows them to deeply understand the products they sell, providing clients with an unmatched level of expertise in those specific offerings. However, the insurance industry is currently in a state of flux. Rapid technological advances, evolving consumer expectations, and the rise of digital platforms are reshaping the landscape. These changes are not only altering how insurance…
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The latest headlines, on all lines of insurance, will be updated and listed here.
Is Florida also headed toward an auto insurance crisis?
The state is already teetering on the edge in its property coverage sector, but are vehicles next? Florida has long contended with challenges in its auto insurance industry due to the way the laws in the state open the door to fraud and widespread litigation, both of which are highly costly to insurers and, therefore, to drivers who must pay higher premiums every month. Among the issues driving this problem include the activities of certain glass repair shops and lawyers. A recent The Washington Post report has pointed to a…
Read MoreWhat Types of Insurance Do Storage Companies Need?
Storage companies provide a valuable service to individuals and businesses alike, offering a safe and secure place to store belongings. However, like any business, storage companies are exposed to a variety of risks. From fires and floods to theft and vandalism, there are many things that can go wrong and damage the property stored in their facilities. That’s why it’s important for storage companies to have the right insurance in place. Insurance can help storage companies avoid losing money if something bad happens. By having the right insurance coverage, storage…
Read MoreIllegal charters and protest damage lead to insurance coverage challenges
Experts are encouraging business aviation professionals to think about indemnity liability policies. With a growing number of protests and illegal charters leading to expensive damage, insurance coverage concerns have been on the rise among business aviation professionals. The industry is continuing to struggle to determine what type of effect these events will have on cost. Last June, anti-private aviation protestors broke into the Sylt Airport in Germany, coating a Cessna Citation Mustang in orange paint. The damage caused by the vandalism was valued at more than $1 million, meaning that…
Read MoreGerman regulator mislead by Greensill on insurance deal, says IAG
According to the accusation, the dupe was mean tot help reduce the unit’s capital requirements. One of Greensill Capital’s insurers has alleged that the failed lender duped German regulators regarding an insurance deal in an effort to try to shrink its Bremen-based unit’s capital requirements. Greensill investors are currently suing the Insurance Australia Group (IAG) as they face billions in losses. The investors have accused defunct Greensill supply-chain finance group of hiding that it did not have the insurance deal in place that they were led to believe. Instead, the…
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