In the advent of social media, a person’s reputation is beginning to play a much more important role in the world of business. A new trend has been born in the insurance industry in the form of reputational risk. This risk is most apparent in companies that have had their reputations damaged by some sort of incident that caused consumer backlash. Companies with bad reputations tend to fare poorly in their given industry, as consumers often steer clear of such companies. In some cases, this avoidance can mean the end…
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New York lawmakers pass new regulation allowing insurers to issue policies without waiting for approval
New York legislators have passed a new insurance regulation that will allow most insurance companies in the state to issue policies without filing rate proposals. The regulation pertains to the commercial market and is meant to give insurers more flexibility in serving commercial clients. Lawmakers hope that the regulation will bring some speed to the commercial insurance process as they fear that the market may be growing somewhat stagnant. The New York State Department of Financial Services believes that the law will be a boon to the economic development of…
Read MoreFinancial crisis leads to greater errors and omissions claims in real estate
The errors and omissions liability coverage sector is starting to feel the pinch in the real estate industry as a result of the financial crisis. Trends and developments impact the purchasers of the different kinds of specialty insurance products, such as errors and omissions, D&O, cyber risk, employment practices liability, surplus, marine, and transportation lines. Firms for diversified financial services and banking that have advised their customers to make investments into high risk subprime mortgages or credit default swaps are now experiencing significant claims, and – according to Phil Norton…
Read MoreStrategic alliance formed between Aspen U.S. Insurance and V3 Insurance Partners LLC
Aspen U.S. Insurance has announced that it has formed a strategic alliance with the managing general underwriting agency, V3 Insurance Partners, in order to be able to sell the optional premises liability and miscellaneous professional liability program called Vantage 360® MPL+ to every state in the country. This program was created with professional service companies in mind; specifically those with less than $15 million in yearly revenues. The program is for wholesale brokers only by way of V3. Protection is made available on both a non-admitted and admitted basis. V3…
Read MoreCalCEF introduces new insurance initiative aimed at growing the alternative energy industry
When it comes to alternative energy, insurance is usually the furthest thing from people’s minds. Insurance, however, may hold the key to the future of renewable fuel, according to the California Clean Energy Foundation (CalCEF). CalCEF has long been a proponent of alternative energy, but both consumers and investors have been slow to warm to the concept of sustainability. While the reasons behind sluggish adoption are numerous, the foundation believes that risk may be a major deterrent to investors. This has led the foundation to propose a suite of private…
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