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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Geico to offer $2.5 billion in auto insurance credits due to coronavirus stay-at-home orders

Auto insurance credits - person riding motorcycle

The car insurer announced that it would be offering these discounts to motorcycle and vehicle policyholders. Geico announced this week that it would offer about $2.5 billion in auto insurance credits. The offers will go out to 19 million vehicle and motorcycle policyholders whose policies will renew between April 7 and October 7, 2020. The announcement was made by the car insurer in a published statement as well as in a tweet. The statement explained that Geico customers don’t need to take any additional action to take advantage of the…

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CFCEF petitions California auto insurance companies to lower rates or issue refunds

California auto insurance companies - Truck on road in California

Non-profit consumer advocate, Consumer Federation of California Education Foundation launched the action. The Consumer Federation of California Education Foundation (CFCEF) has petition the state insurance commissioner to require California auto insurance companies to reduce their rates, issue credits, or issue refunds. The CFCEF says that insurers in the state have been making massive profits at the expense of drivers. The CFCEF’s petition accused California auto insurance companies of “making windfall profits” as a result of the stay-at-home requirements in the state. Those orders were made on March 19, keeping millions…

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Chubb and Travelers insurance companies win Louisiana bank DOJ settlement

A Louisiana bank will not be able to recover the $11.7 million DOJ settlement under its professional liability policies with Travelers Cos. Inc

The financial institution will not be able to recover the $11.7 million from the federal government. A Louisiana bank will not be able to recover the $11.7 million DOJ settlement under its professional liability policies with Travelers Cos. Inc. and Chubb Ltd. units. The reason is that the government was not the bank’s client, according to a ruling by the federal court of appeals last week. This most recent ruling upheld an earlier decision on the case from a lower court. IberiaBank Corp, a bank based in Lafayette, Louisiana, came…

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Event insurance policies often don’t cover disease cancellation

Event insurance policies - SXSW 2020 Cancelled - SXSW YouTube

As gatherings like SXSW are stopped to slow COVID-19’s spread, participants are suffering losses. The South by Southwest (SXSW) conference has been cancelled for the first time in 34 years and the lack of disease outbreak coverage in event insurance policies has left many participants out of luck. This year’s SXSW was supposed to take place in Austin, Texas, from March 13 to March 22. The two SXSW founders were cited in a recent media publication, saying that the organization did not have disease outbreak coverage in its event insurance…

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A record year for Lombard International Group: 2019 Financial Results

Insurance News - News on Mobile

Philadelphia and Luxembourg, 09 March 2020: Lombard International Group, a global leader in wealth and succession planning solutions for high net worth (HNW) individuals, families and institutions, has today announced its financial results for 2019. The Group has delivered a record performance, despite significant geopolitical and economic headwinds across the globe. This is testament to the strength and relevance of the Group’s wealth structuring propositions, global reach combined with local presence, and expertise to deliver customised and specialist solutions to HNW clients and institutions with complex multi-jurisdictional and investment needs.…

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Lloyd’s of London backs new Coincover cryptocurrency insurance for online wallets

Cryptocurrency insurance - Cyrptocurrency

The coverage is meant to protect digital currency owners against theft from being hacked. Lloyd’s of London is now backing a new type of cryptocurrency insurance policy meant to help protect owners of online wallets against theft resulting from hacks. The coverage is sold by crypto “lifestyle” service provider, Coincover. Atrium, a Lloyd’s insurance syndicate, is underwriting the cryptocurrency insurance, according to an announcement made by Coincover last weekend. The coverage is being defined as a new form of liability policy. It functions dynamically with a limit that rises and…

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