Health insurance birthday rule may be coming to an end

Health insurance birthday rule - parents with newborn

Proposed law would remove large, unexpected expense from new parents in rare unfortunate circumstances. The obscure health insurance birthday rule could be on its way out, sparing new parents the risk of enormous unexpected medical expenses in the case of certain care requirements for the newborn. This regulation dictates the way that insurance companies choose coverage when both parents have a plan. The bill would take away the health insurance birthday rule, letting the parents decide which policy covers their child. As it stands, the regulation requires the coverage of…

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Wildfires make California farm insurance harder to find

California farm Insurance - Farm, field and equipment

The worsening trends are making some grower properties too risky to insure. The cost of California farm insurance has been rapidly rising for years as a result of more severe and frequent wildfires, but this year the situation has worsened in a striking way. The coverage isn’t just becoming too expensive, but in some cases its entirely unavailable. Following years of rising costs, California farm insurance is now seeing what is known as a managed retreat. Insurers that had once been offering policies to farmers and growers have been stepping…

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Why would a small business require technology errors and omissions insurance?

Technology Errors and Omissions Insurance - Person using tech

This specialized coverage product is meant to protect against professional liability risks in this industry. Technology errors and omissions insurance is a form of specialized coverage product offering people in the technology industry protection against professional liability risks specific to them. This coverage can be known by many different names but is often key for those in the tech industry. Technology errors and omissions insurance is comparable to traditional E&O policies, also frequently known as professional liability policies, or as malpractice insurance. That said, those traditional policies are usually written…

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Insurance merger between Aon and Willis Towers Watson abandoned

Insurance Merger - Broken Chain

The largest broker in the world won’t be forming due to delays from US regulator objections. Aon Plc (NYSE stock symbol AON) and Willis Towers Watson Plc (NASDAQ stock symbol WLTW) have announced that they are calling off their planned $30 billion insurance merger. Had the two companies joined together, they would have become the largest insurance broker in the world. According to the companies, the insurance merger faced an unacceptable delay and level of uncertainty due to US regulator objections. The deal had been initially announced in March 2020.…

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Three South Carolina state agencies form insurance fraud task force

Insurance fraud - task force

The Attorney General’s Office, the Department of Insurance, and SLED are working together. Insurance fraud in South Carolina has reached the point that three state agencies – the Attorney General’s Office, the Department of Insurance, and SLED – have come together to create a task force for the purpose of cracking down on cases. South Carolina has the 17th highest rate of complaints regarding fraudulent claims in the US. National Insurance Crime Bureau (NICB) data shows that South Carolina is in 17th place in the country for the amount of…

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State Farm auto insurance claims data shows catalytic converter theft skyrocketing

Auto insurance claims - catalytic converter - hands

Since the start of the pandemic, this type of crime has been taking off at a staggering rate. State Farm has released auto insurance claims data showing that there is a sharp upward trend in catalytic converter thefts that has been taking place since the second half of 2020. Though car theft and car parts theft are nothing new, the trend in this one specific part is. The average households in many US cities have more than one vehicle. As a result, stolen parts have become a valuable black-market item…

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Trupanion reminds owners to avoid pet insurance claims with hot weather tips

Pet insurance claim - dog in summer wearing shades

The insurer has issued a list of tips to keep pets safe and cool throughout the hottest time of the year. With the heat of summer fully underway, Trupanion is hoping that animal owners will use these common-sense pet insurance claim avoidance tips to keep their furry family members safe. The insurer sees a summer spike in heatstroke claims 4.5 times higher than the yearly average. During the months of June, July and August, pet insurance claims explode as animal owners take their beloved animals to the vet for heatstroke…

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