Lawmakers may extend federal terrorism insurance initiative

Marc
terrorism insurance law

U.S. lawmakers are expected to extend the Terrorism Risk Insurance Act Federal lawmakers in the U.S. claim that the country’s terrorism insurance backstop initiative will be renewed. The Terrorism Risk Insurance Act was enacted in 2002, created in the wake of the 9/11 attacks in the U.S. The initiative is meant to provide insurance companies with a financial backstop for claims that are related to acts of terrorism. The law was also meant to create a transparent system through which information concerning compensation for insured losses was shared with the…

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47,000 people in Ohio now have health insurance coverage

S.Vagus
Ohio health insurance

Ohio’s uninsured population is falling quickly thanks to the growing availability of insurance coverage The number of people without health insurance coverage in Ohio has fallen over the past year. The state is one of 15 others that have reported a decline in their uninsured population. This trend is largely due to the Affordable Care Act, which launched insurance exchanges in every state and helped make coverage more accessible to those that need it. While the federal health care reform law has its flaws, some aspects of the law have…

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Insurance news shows “sharing economy” isn’t adequately covered

Julie Campbell
insurance news coverage

The typical policy is no longer protecting people in certain behaviors that have become commonplace. The latest insurance news from Oregon now includes a statement released by that state’s commissioner with regards to what he called a “sharing economy” and that the typical type of policy does not provide adequate coverage for using a vehicle as a part of a ride sharing service or for renting out a home. In Oregon, the insurance commissioner has previously remained quiet about coverage in these areas. Services such as Uber and Airbnb are…

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Auto insurance bill for ridesharing companies signed in California

G. Turner
carpool

This new legislation is designed to close the coverage gaps for drivers in this type of program. Governor Jerry Brown has now signed a controversial bill that is meant to provide a compromise and close the auto insurance gaps while at the same time calling for increased oversight of the rapidly growing industry of ridesharing companies and programs in California. Uber, the largest rideshare company in the industry, simultaneously announced plans for large scale hiring. The announcement made by Uber stated that the hiring would place a focus on bringing…

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Homeowners insurance rates are on the rise in Texas

G. Turner
Texas Homeowners Insurance

Insurance coverage is becoming more expensive because of natural disasters in the past Homeowners insurance rates are on the rise in Texas, and natural disasters may be the cause. The state has not been hit by a major hurricane in six years and devastating wild fires have not been seen since 2011. Despite the apparent lull in catastrophe, rates for insurance coverage continue to grow. This has to do with the lasting impact of natural disasters and how they affect the insurance industry. Texas is prone to disasters and insurers…

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