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…
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Massachusetts certifies its first two cooperative insurance purchasing groups
More than a year after Massachusetts passed a law allowing for the state’s first cooperative insurance groups to operate in the state, two organizations have been certified as purchasing cooperatives. The Retailers Association of Massachusetts and the Massachusetts Association of Chamber of Commerce will now be able to negotiate with health insurance companies in the hopes of producing more affordable insurance products. The groups hope to attract thousands of new consumers with these products and alleviate some of the financial burdens that have been damaging the state’s economy. Small businesses…
Read MoreLawyers gain broadened professional liability coverage from OneBeacon
OneBeacon Insurance Group member, OneBeacon Professional Insurance (OBPI), has launched a broadened lawyers’ professional liability (LPL) coverage so that its protections will now include network security and privacy (NSP) liability. Lawyers can access this new offering in either of two possible ways, which are: 1. As an LPL policy endorsement 2. As its own standalone coverage According to the OBPI senior vice president of the LPL division, Kim Noble, these days, a law firm’s lifeblood is its information systems, and it is vital to protect those systems, as they may…
Read MoreCalifornia’s Insurance Solutions highlights the necessity of insurance coverage for restaurants during the holiday season
For California’s eateries, the holiday season is the busiest time of year. To help these companies deal with the added liability inherent with more business, Insurance Solutions, a large insurance organization based in California, has launched a new campaign to help promote insurance amongst restaurants and other eateries. As part of the campaign, the company will also be promoting safety techniques that can keep employees and consumers safe during the holiday rush. Insurance Solutions believes that preparation will help companies save on costly insurance events. According to Insurance Solutions, businesses…
Read MorePennsylvania insurance bill has consumer advocates on edge
A new bill passed in Pennsylvania has consumer advocacy groups a little worried about the state’s future health insurance program. The bill in question was passed by the state Senate on Wednesday requires all health insurers in the state to submit their rate proposals to regulators for review if they are seeking increases of 10% or higher. While legislators claim that more regulations will help ensure insurance companies do not enact excessive rate increased, consumer advocacy group Pennsylvania Health Access Network, says that the bill compromises the protections of small…
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