Category: Business Insurance

A great resource for both brokers and business owners who are trying to understand what type of business policy works best for them as well as keeping up with terms and changes within the industry. Being informed on the latest business insurance news can be easy with our online resouce updated daily.

What Is Reference Data and Why Is It Important?

Guest Author
what is reference data and how to use it
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There is a lot of data out there, and it can be tough to keep track of it all. That’s where reference data comes in. But, what is reference data? Reference data is a set of data that provides a common point of reference for other data sets. It can be used to help organize and understand information. Keep reading to learn more about reference data and why it is important. Why is reference data important? One of the most important aspects of data governance is the management of reference data.…

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Oregon regulators say new wildfire risk map won’t raise insurance rates

G. Turner
Insurance Rates - Oregon - Home - Fire

State officials said that they don’t intend to use the new map for purposes that include determining coverage. According to regulators in Oregon, the new wildfire risk map created for the state will not lead to increased insurance rates as has been the worry among many home and business owners. Financial regulators released a statement saying that the speculations of this nature are unfounded. The story was covered by Live Insurance News earlier this month, as predictions of increased insurance rates abounded. That said, according to regulators, insurers in the…

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DataStream cyber insurance expands into Canada

Nordstrom
Cyber insurance - Canada

The California-based broker has announced that it is undergoing an international expansion northward. DataStream Cyber Insurance, a California based broker, has announced that it is now expanding its business out of the United States and into Canada. The broker provides comprehensive digital coverage specifically for small and medium businesses. The cyber insurance broker company provides coverage to small and medium businesses (SMBs). It also offers those SMBs full assessments, data analyses of risk outlined in financial terms, and client training. The broker represents more than 30 carriers. For the company’s…

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Hiscox to provide shipping insurance for Ukraine grain corridor

Logan B.
Shipping insurance - Ship with cargo

The Lloyd’s of London insurer has committed to an intended coverage consortium for the purpose. Hiscox has announced its commitment to a planned shipping insurance consortium that will offer coverage for ships moving through a safe passage corridor from Ukraine. The Lloyd’s of London insurer faced notable first-half losses, sending its shares downward. Ukraine has now finally had its first grain-carrying ship head out of its port since the start of Russia’s war there. This has occurred following a deal brokered by the United Nations and Ankara. The ship departed…

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Cyber insurance premiums rise while availability falls amid growing threats

H. Cutner
Cyber Insurance - Digital

Though the coverage has been around for about a couple of decades, the risks are skyrocketing. Cyber insurance isn’t new to business coverage offerings, but as data breaches, ransomware attacks and other risks rise, so are premiums, while availability is dropping. The coverage is meant to help businesses overcome losses associated with these digital events. Losses covered by cyber insurance can include everything from the cost of repairing the damage to systems and securing them, recovering lost business or disruptions, paying ransoms, rebuilding a reputation and even legal fees in…

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Q’Orianka Kilcher of “Yellowstone” charged with insurance fraud

Marc
Insurance Fraud - Paper with words written

The actress was charged with collecting over $90,000 in fraudulent workers’ compensation benefits. Q’Orianka Kilcher, an actress best known from “Yellowstone” has been charged with two felony counts of workers’ compensation insurance fraud. The 32-year-old of North Hollywood collected disability benefits worth more than $90,000. Kilcher was charged with insurance fraud following an investigation by the California Department of Insurance. The investigators determined that Kilcher had allegedly broken the law by collecting over $90,000 in disability benefits from a workers’ compensation coverage. Kilcher’s attorney has already appeared in court on…

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Treasury Department investigates insurance coverage impact of climate change

Logan B.
Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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