Eased truck insurance premiums enforcement gives much needed relief in pandemic

Truck insurance premiums - Trucks on road

The goods transportation industry is fighting hard to keep up with new demands in a changing landscape. The trucking industry has stepped up to meet rapidly shifting needs in an evolving arena, but new relaxed truck insurance premiums regulations is offering some relief. This transportation is critical to making sure businesses and individuals have access to essentials. That said, while many truckers are certainly keeping busy, the truck insurance premiums that have been rising over the years have placed substantial pressure on these businesses as they fight to keep up.…

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Insurance Companies Piling on the Losses During COVID-19. What are the Tax Implications for Them?

Insurance News

The novel coronavirus, COVID-19, was first discovered towards the end of December 2019. It is a zoonose. In other words, it jumped from an animal host, more than likely a bat, to a human host. Once in its human host, it evolved to the form that we now know and started spreading rapidly via person-person transmission. At least, this is how scientists presume COVID-19 originated. Unfortunately, very little is known about this virus, excepting the following three points: COVID-19 causes a respiratory illness that can either be mild or so…

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California Insurance Commissioner orders premiums returned to businesses

California insurance commissioner Ricardo Lara- ABC 10 News YouTube

Ricardo Lara has told insurers to return premiums on six lines of personal and commercial coverage. California Insurance Commissioner Ricardo Lara has ordered insurers to return premiums from certain lines to businesses and consumers. This has raised pressure on those insurers to take larger steps to reduce customer financial burden caused by COVID-19. Lara has ordered insurers to return premiums paid for March, April, and possibly May as well. The California Insurance Commissioner’s order applies to six different coverage lines. These include passenger and commercial auto, commercial multi-peril, workers compensation,…

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Wimbledon’s pandemic insurance will pay $141 million for cancellation

Pandemic insurance - Wimbledon - empty

The massive tennis tournament has been shut down to help slow the spread of the coronavirus. Wimbledon, like most other sports events around the world, has been cancelled this year, but the All-England Lawn Tennis Club’s pandemic insurance will cover about half of its losses. The event organizers have been paying for this insurance coverage for the last 17 years. The event policy includes pandemic insurance coverage. According to an Action Network report, the insurer will be paying $141 million as the event has had to be cancelled due to…

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Business insurance policyholders covered by Farmers to receive added relief

Business insurance policyholders - server in empty restaurant

The insurer said it would be offering added relief to 115,000 customers in certain sectors. Farmers has announced its intention to provide relief to over 115,000 of its business insurance policyholders. The insurer is using its Farmers Cares initiative to provide added support to customers facing struggles from COVID-19. The Farmers Cares initiative is focused on business insurance policyholders in the office, retail, restaurant and service sectors. Those are among the areas most powerfully hit by the COVID-19 outbreak. To boost relief to those companies, the insurer will be providing…

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Allstate eases delivery driver insurance terms in Oklahoma

Delivery Driver Insurance - Person driving car

As the need for reliable deliveries skyrockets, those using personal vehicles enjoy loosened coverage rules. Allstate has voluntarily relaxed its regulations for delivery driver insurance for individuals using their personal vehicles for commercial reasons, said the Oklahoma Insurance Commissioner. The goal is to make it easier for people to receive food and medicine during the COVID-19 outbreak. The Oklahoma Insurance Department has stated that Allstate alerted regulators of its decision. The insurer wanted to ensure that delivery driver insurance was in place. This way, workers would be properly covered when…

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Bicycle repair business insurance for shops protects your financial future

Bicycle Repair Business Insurance - Man repairing bike

These types of store typically offer a wide variety of different kinds of products and services. Bicycle repair business insurance can look a lot like other types of store coverage. That said, it’s important to make sure your policies are fitted to your unique needs. Clearly, this may not be the same as those of a bookstore or hair cutter’s salon. Your company may offer repairs, product sales, as well as safety courses and other types of training. As a result, there are various types of bicycle repair business insurance…

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