business insurance coverage Archives

Businesses turn to tax insurance to cover themselves from unfavorable rulings

December 4, 2023December 2, 2023 Nordstrom

Underwriters and brokers are seeing their busiest year ever from companies buying these policies. Governments worldwide have been cracking down on companies that have been avoiding their taxes, and businesses are now buying tax insurance more than ever before in order to protect themselves against a costly dispute or unfavorable ruling. This year has proven to be a record-breaking year for the number of policies purchased for this reason. According to brokers and underwriters, by the close of December, this year will have seen the most tax insurance policies. This…

An issue with insurance sanctions has oil tankers stuck at the Turkish straits

December 13, 2022December 12, 2022 H. Cutner

Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

Spott launches new pay-as-you-sell ecommerce insurance model

November 15, 2022November 14, 2022 H. Cutner

The insurer has rolled out a novel premium calculating for online businesses to pay based on what they sell. Ecommerce insurance company Spott has announced the launch of a new Pay-As-You-Sell liability insurance model. The coverage lets digital businesses pay premiums based specifically on how much they sell. The design of this ecommerce insurance is such that an online company will pay liability coverage premiums based on how much they sell and will never have to pay higher than their original premium amount. As a result of this pricing model…

Insurance rates spike for businesses with exposures to the Russian war in Ukraine

June 1, 2022May 31, 2022 G. Turner

Premiums have doubled or more for certain companies most affected by risks from the conflict. Insurance rates for businesses with exposures to the Russian invasion of Ukraine have doubled or more. This is particularly true of shipping firms and certain airlines. Throughout the first quarter of 2022, global commercial coverage premiums rose by 11 percent. The 11 percent insurance rates increase was announced by broker Marsh, which said that the Russian war in Ukraine was placing upward pressure on the premiums businesses are paying. That said, the overall hike in…

Cybersecurity insurance popularity but some companies face denials

February 15, 2022February 14, 2022 H. Cutner

There are a number of common reasons that are causing insurers to deny coverage to a business. While it has become clear to the majority of companies that cybersecurity insurance can provide vital protection against financial hardships caused by cybercriminals. As a result, demand for coverage has skyrocketed in recent years. Unfortunately, many interested companies have found themselves denied coverage. Despite increasing interest in cybersecurity insurance, the simultaneous rise in threats have forced insurers to be more hesitant to provide coverage. There are several common reasons that a business might…