Elon Musk to cover Tesla directors and officers liability insurance himself

Directors and Officers Liability Insurance - Tesla charging station

The company cited “disproportionately high” D&O policy premiums quotes from insurers. Electric vehicle maker Tesla Inc has stated that it will be forgoing directors and officers liability insurance for the 2019-2020 policy hear. The reason they gave for skipping the coverage is that insurer premiums quotes were “disproportionately high.” That said, Tesla won’t be without any form of D&O coverage at all. Elon Musk, the company’s CEO, has stated that he will personally provide coverage “substantially equivalent” to the directors and officers liability insurance Tesla would receive from traditional insurers.…

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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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Michigan seeks to broaden addiction treatment insurance coverage

Addiction treatment insurance - syringe - pills

The goal is to offer more to residents addicted to opioids and to boost opioid reversal medication availability. Michigan is working on expanding its addiction treatment insurance coverage. The idea is to make sure there is more help available for those addicted to opioids and to ensure that reversal medications are more accessible. The state plans to make this widened coverage available to its residents in 2022. The reason the state wants to broaden its addiction treatment insurance coverage is that it wants to reduce the number of people dying…

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Mississippi insurance commissioner recommends hurricane season preparations

Hurricane season preparations - Hurricane in the Atlantic

The official start may not be until June 1, but Mike Chaney says people should start getting ready now. Mississippi Insurance Commissioner Mike Chaney is reminding residents of his state to begin their Atlantic hurricane season preparations now instead of waiting for storms to arrive. Chaney is also encouraging residents to remember to pack extra pandemic protection in their “Go Bags.” Part of the Atlantic hurricane season preparations Chaney has recommended this year is to keep in mind that we are in the midst of a pandemic. Therefore, while packing…

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Leo Burnett creative agency and Allstate part ways after sixty years

Leo Burnett and Allstate Part Ways

The insurance company is moving ahead with Droga5 from Accenture Interactive. Technically speaking, Allstate insurance moved away from Leo Burnett and toward Accenture Interactive’s Droga5 as its creative agency several months ago, but the businesses have now officially ceased working together. At first, the door was left open for the continued handling of projects, but that has now ended. When Allstate insurance first started looking elsewhere, it had left the door open to Leo Burnett to continue handling projects. However, the insurer has now chosen Droga5 and the door is…

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The Differences Between State Funded and Competitive Workers’ Comp

Competitive Workers' Comp

As a business owner, the last thing you would want is for an employee to get hurt at work. However, if you run a business long enough, an accident is bound to happen eventually, especially if you work in a high-risk industry. When an employee is injured on the job, they’ll have medical expenses that need to be paid, they may not be able to work while they recover, and in worst-case scenarios, they may sue you for a settlement. Fortunately, this is where workers’ compensation insurance comes into play.…

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Missouri homeowners insurance rates have increased 76 percent in ten years

Missouri homeowners insurance - home - money - calculator

Consumers in the state are experiencing some of the fastest increases in the US due to severe weather events. A new analysis of Missouri homeowners insurance rates has shown that consumers in the state are paying an average of 76 percent more this year than they did a decade ago. The severe weather that is striking the state on a more regular basis is to blame for the rate hikes. The Missouri homeowners insurance rate hike is the seventh largest percentage increase in the country. As severe weather events become…

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