Major problems in overseas insurance program costing the U.S. government millions

Problems in the infrastructure of the U.S. workers’ compensation insurance program that provides coverage to contractors in Afghanistan have cost the nation millions, according to the Special Inspector General for Afghanistan Reconstruction. The audit, lead by Major Brad Willcockson, found that workers in the region often go uninsured as a result of nonexistent oversight in the program. According to the audit, the problems may lie in the programs administrator: Continental Insurance. The insurance company is a subsidiary of CNA Financial Corp., and was pegged by the U.S. government to provide…

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Worldwide disasters push commercial insurance rates higher

In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…

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Boaters get better coverage just in time for summer fun!

If you’ve been getting the fever to get your boat out on the open waters, it may be a good time to evaluate your current insurance policy. Two insurance companies have recently restructured their coverage for recreational boat enthusiasts. BoatU.S insurance company and CNA insurance company have added benefits to policies for boaters. Boat Owners Association of the United States (BoatU.S.) has been insuring the boating community for over 40 years, and currently has over half a million members. Richard Schwartz started the company in 1964. In 1966 Dick Ellison…

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