Chartis insurance company has announced that it has added ReputationGuard, a reputation insurance product, to its available policies, and that it will help to protect policyholders with the aftermath of threats to their reputation. This policy was developed by the Executive Liability division at Chartis. It provides policyholders with access to crisis communications and reputation professionals and gives them coverage for any costs that are incurred as a result of the impact or possible effect of negative publicity. What they came up with was an innovative new form of coverage…
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Florida sinkholes causing major damage to homes
The sunshine state is having more problems with sinkholes. A Florida company called CDS Business Mapping is working with insurance agents and underwriter’s to provide risk reports based on geographic data and maps. The company has mapped areas in ten counties that are sinkhole hazards. Florida’s Insurance Commissioner stated that sinkhole claims are one of the top five cost drivers that are causing insurance companies huge financial losses. In three years, Citizen’s insurance has paid almost 250 million dollars in sinkhole claims; and has another 100 million reserved for “in…
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