Businesses turn to tax insurance to cover themselves from unfavorable rulings

Tax insurance - Business People

Underwriters and brokers are seeing their busiest year ever from companies buying these policies. Governments worldwide have been cracking down on companies that have been avoiding their taxes, and businesses are now buying tax insurance more than ever before in order to protect themselves against a costly dispute or unfavorable ruling. This year has proven to be a record-breaking year for the number of policies purchased for this reason. According to brokers and underwriters, by the close of December, this year will have seen the most tax insurance policies. This…

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Mayhem on the high seas

An attack by Somali pirates came late last week when the maritime bandits hijacked an oil tanker over one thousand miles from the Somalia coast. The seizure of the Greek oil tanker, Irene SL, occurred Wednesday about 200 miles east of the Gulf of Oman; a region that was thought to be safe. This was the second hijacking in this area; causing insurance underwriter’s to re-evaluate the current premiums that ship owners are paying for marine kidnap and ransom coverage. Brokers stated,  “a study last month estimated the total cost…

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