Live Insurance News

Turkey to require proof of insurance from oil tankers

November 23, 2022November 23, 2022 Angela Linders

This move is expected to add bite to the sanctions from the international community against Russia. Turkey has announced that it will begin requiring that oil tankers making their way through the Bosporus shipping strait must provide proof of insurance. This step could prove challenging to the massive crude exports coming from Russia. Ships carrying crude through that waterway will need to present an official insurer’s letter. The oil tanker proof of insurance will need to state that the insurer is willing to provide adequate coverage for that specific vessel,…

Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

November 23, 2022November 22, 2022 Julie Campbell

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

Voluntary Advantage is bringing the Voluntary Benefits industry together

November 21, 2022 PR Article

November 21, 2022 / Denver, Colorado – Voluntary Advantage is a newly formed entity that has been created to bring the Voluntary Benefits industry together and promote innovation and the open share of ideas, strategies, and information. Voluntary Advantage was founded by Trevor & Heather Garbers and will publish a monthly magazine titled “Voluntary Benefits Voice” which will feature articles on important topics in our industry today including: trends, compliance, strategies, carrier news, product releases, and more. The Voluntary Advantage website (www.voluntary-advantage.com) will publish a Calendar of Events sharing information…

Insurance Services For Businesses

November 17, 2022December 8, 2022 Guest Author

Insurance is one of the most critical aspects of running a business. It protects your company’s assets and employees, and can help cover the costs of unforeseen events. There are many different types of insurance policies available, and it’s important to choose the right coverage for your business. Property insurance protects your business in the event of damage to or loss of your property, such as your office or inventory. Liability insurance protects your business from claims arising from injuries or damage caused by your business, its employees, or its…

Spott launches new pay-as-you-sell ecommerce insurance model

November 15, 2022November 14, 2022 H. Cutner

The insurer has rolled out a novel premium calculating for online businesses to pay based on what they sell. Ecommerce insurance company Spott has announced the launch of a new Pay-As-You-Sell liability insurance model. The coverage lets digital businesses pay premiums based specifically on how much they sell. The design of this ecommerce insurance is such that an online company will pay liability coverage premiums based on how much they sell and will never have to pay higher than their original premium amount. As a result of this pricing model…

Swiss Re seeks creation of cyber insurance linked securities marketplace

November 10, 2022November 9, 2022 Nordstrom

The global reinsurance giant has stated that the industry needs a new approach to underwriting cyber risk. Swiss Re has issued a call to the industry saying that a new approach is required to underwrite cyber risk while repeating is recommendation for the development for a cyber insurance linked securities (ILS) marketplace. The reinsurance company released a new Institute report including its insights and suggestions. The reinsurer stated in a new Institute report that the cyber risk model is still in its early days and that it has become evident…

Insurance companies have halted cargo coverage for Ukrainian grain

November 3, 2022November 2, 2022 Nordstrom

Insurers have withdrawn their coverage products for shipments of grain leaving Ukraine. Insurance companies have put a stop to the coverage they were providing to cargo shipments from Ukraine through a safe corridor backed by the UN after Russia announced the suspension of its participation, according to industry sources and recent media reports. The export deal between Russia and Ukraine in July was intended to ease a global hunger crisis. The July export deal was brokered by the United Nations and Turkey to ease the world hunger crisis that was…