Liberty Mutual Insurance has announced that it has now broadened its new commercial lead umbrella policy form in order to include an endorsement for crisis management in the hopes to provide increased protection for mid-sized organizations against the significant harm that can come from a business crisis. This new endorsement element provides customers with up to 72 hours in which to discover that a crisis has occurred, and then to make their claim, which includes coverage of up to $50,000 for Weber Shandwick support for crisis management. Weber Shandwick, a…
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Lawmakers in Massachusetts approve rate freeze for the state’s unemployment insurance plans
Massachusetts lawmakers have passed a $130 million spending plan this week. The legislation includes a provision that freezes the unemployment insurance rate that businesses have to pay. This is the fourth consecutive year that lawmakers have put a freeze on the insurance rate, hoping to spare the state’s businesses from costly and, at times, excessive rate increases from insurance companies. Legislators believe that the rate freeze will help stimulate the state’s economy, as businesses will be saving approximately $220 per employee on insurance coverage. The nation’s economy is still showing…
Read MoreThe importance of understanding what business interruption insurance can provide
According to partner Robert Glasser from the Dempsey Partners L.L.C. New York Office, it is very important for a company to assess its needs for business interruption coverage and to do so carefully. That said, while CFOs and risk managers are typically confident in determining many of the insurance needs of their organizations, they often balk in the face of business interruption because they don’t have a structured approach to provide them with the information they require to make their decision regarding this coverage and its limits. Unfortunately, this discomfort…
Read MoreStatewide brings contractor insurance services into Washington state
Leading general liability insurance, commercial vehicle coverage, workers compensation and bonds provider for contractors, Statewide Insurance Brokers, has announced that it has broadened its contractor insurance offerings to include Washington State. The insurer has been providing these products to thousands of contractors of all forms from painters to electricians, since 1995. Today, Statewide Insurance is operating in seven states – Nevada, Oregon, Texas, Virginia, Washington, Minnesota, and California – but has plans for widening. According to one of the company’s senior underwriters, Lana Matar, demand is what is fueling their…
Read MoreNew 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…
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