Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

Insurance policy - Coral Reef with fish
News Bulletin: US asks insurers to ...
➡️ WATCH TOP INSURANCE NEWS STORIES IN: ENGLISH & SPANISH

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

Read More

Insurance companies have halted cargo coverage for Ukrainian grain

Insurance companies - Grains

Insurers have withdrawn their coverage products for shipments of grain leaving Ukraine. Insurance companies have put a stop to the coverage they were providing to cargo shipments from Ukraine through a safe corridor backed by the UN after Russia announced the suspension of its participation, according to industry sources and recent media reports. The export deal between Russia and Ukraine in July was intended to ease a global hunger crisis. The July export deal was brokered by the United Nations and Turkey to ease the world hunger crisis that was…

Read More

Hiscox to provide shipping insurance for Ukraine grain corridor

Shipping insurance - Ship with cargo

The Lloyd’s of London insurer has committed to an intended coverage consortium for the purpose. Hiscox has announced its commitment to a planned shipping insurance consortium that will offer coverage for ships moving through a safe passage corridor from Ukraine. The Lloyd’s of London insurer faced notable first-half losses, sending its shares downward. Ukraine has now finally had its first grain-carrying ship head out of its port since the start of Russia’s war there. This has occurred following a deal brokered by the United Nations and Ankara. The ship departed…

Read More

Cyber insurance premiums rise while availability falls amid growing threats

Cyber Insurance - Digital

Though the coverage has been around for about a couple of decades, the risks are skyrocketing. Cyber insurance isn’t new to business coverage offerings, but as data breaches, ransomware attacks and other risks rise, so are premiums, while availability is dropping. The coverage is meant to help businesses overcome losses associated with these digital events. Losses covered by cyber insurance can include everything from the cost of repairing the damage to systems and securing them, recovering lost business or disruptions, paying ransoms, rebuilding a reputation and even legal fees in…

Read More

Treasury Department investigates insurance coverage impact of climate change

Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

Read More

US growers say crop insurance is critical to farming family survival

Crop insurance - farming

Producers face significant challenges and depend on the stability of the coverage. Crop insurance is a coverage growers rely upon as a form of safety net to keep their farms – and the families they support – alive. The policies help farmer to continue to keep their businesses intact despite growing challenges. The coverage helps farmers – including those whose families have been farming for generations – to rely on added stability to ensure their businesses can continue. “We couldn’t make it without crop insurance. I mean, we put so…

Read More

How To Find The Right Commercial Insurance In The New Normal

commercial insurance company financial rating(2)

Running a business has many risks; you may encounter a fire, have your goods stolen, or suffer water damage. And in the occurrence of these events, there’s a high likelihood of business closure until you get things back on track. Business closure is disadvantageous since you might lose clients to your competitors, reducing your income.   Insurance companies work to quicken the recovery process by providing you with financial assistance under compensation. With that, you’ll be back in business within no time, and with the money, you’ll recover all that’s damaged.…

Read More