Chubb Group of Insurance Companies has announced that it will now be offering a new policy that is designed to help cover the in-house attorneys and their personal assets against allegations of legal malpractice. ChubbSM’s Employed Lawyers Professional Liability will give broad protection to employers as well as their in-house attorneys when they offer services provided by counsel in-house for such activities as providing the board of directors with legal opinions, or giving a review of shareholder communications. The protection is designed to cover defense, settlements, and judgments. It can…
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China is likely to allow foreign companies into its mandatory auto insurance marketplace
The Insurance Association of China’s chairman has announced that the country will likely be opening its doors to the largest auto market in the world to make it possible for foreign companies to enter into the mandatory auto insurance marketplace in 2012. Currently, this auto insurance market of $31.5 billion is entirely led by insurance companies from China, for example, Ping An Insurance and PICC Property and Casualty Co., but regulators are working to bring in a greater amount of competition. Jin Jianqiang, in Taipei, explained that insurers from other…
Read MoreJudge decides BP oil spill not covered by Transocean Insurance
A New Orleans judge has ruled that BP Plc’s 2010 Gulf of Mexico oil spill is not covered by the insurance the company holds with Transocean Ltd. Following the oil spill in 2010, BP filed claims with the carriers of Transocean Insurance, seeking a payment of $750 million from their numerous policies with the insurer. Several excess underwriters, with Lloyd’s of London and Ranger Insurance, the primary insurer of Transocean, contested BP’s claims, saying that the contract between BP and the owner of the rig did not include this protection.…
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 MoreClean Energy & Technology Practice announced by Travelers Companies Inc.
The Travelers Companies, Inc., which is already known for its products to help to provide coverage and mitigate risks for clean technology and energy companies, has now launched its Clean Energy & Technology Practice. The company has been providing these types of coverage for over twenty years and its new Practice will provide a new line of insurance products that are streamlined and specifically designed for businesses that offer clean energy and technology. It will help them to obtain coverage while managing their claims and risks. According to the president…
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