Tuesday, September 20, 2011

Daily Headlines: Tuesday, September 20, 2011

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Insurance Journal Daily Headlines
September 20, 2011
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

President Obama Endorses House Flood Insurance Bill in Deficit Plan

President Barack Obama endorsed key elements of a U.S. flood insurance reform bill passed by the House in the tax and deficit plan he ...

Obama Deficit Plan Targets Farm Subsidies, Crop Insurance

President Barack Obama on Monday proposed to end a ``direct payment'' subsidy that gives $5 billion a year to farmers regardless of need, ...

More Than 800,000 Vehicles Recalled in U.S. Last Week

Automakers, including Hyundai Motor Co. and Subaru recalled more than 800,000 cars and trucks last week for defects including faulty ...

MedMal Direct Insurance Co. Launches MedMal Direct University

Jacksonville-based MedMal Direct Insurance Co. has launched MedMal Direct University. MedMal Direct provides all of its insureds unlimited ...

Associated Builders and Contractors, CNA Partner to Advance Construction Safety

Associated Builders and Contractors (ABC) and CNA's Construction unit have partnered to advance industry best practices in the field of ...

Industry Expects Another Short-Term Extension for Flood Insurance Program

Congress is poised to pass yet another short-term extension of the federal flood insurance program, giving it more time to consider two ...

Court Dismisses U.S. Suit Against BP Executives, Directs Investors to File in UK

Current and former BP executives and directors won dismissal last week of one of several U.S.-shareholder lawsuits filed over last year's ...

From MyNewMarkets.com Prices Up in All Commercial Lines: Towers Watson

In an indication that the market may be hardening, commercial insurance prices in aggregate increased by nearly 1.5 percent during the...
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East

Lloyd’s Syndicate Withdraws 9/11 Lawsuit Against Saudi Arabia

Lloyd's London's Syndicate 3500 filed a notice on Monday, Sept. 19, to voluntarily dismiss its federal lawsuit against Saudi Arabia over ...

‘Hank’ Greenberg to Host Fundraiser for Republican Candidate Perry

C. V. Starr & Co. Inc. Chairman and CEO Maurice "Hank" Greenberg is scheduled to host a fundraising event in New York on Tuesday, Sept. ...

Vermont Businesses Plan ‘Floodstock’ to Aid Irene Recovery

A group of business owners in the Vermont town of Wilmington, devastated by Tropical Storm Irene, are going to raise recovery money with an ...

Massachusetts Trucker Convicted of Insurance Fraud

A Massachusetts truck driver has been convicted of insurance fraud in New Hampshire for lying about damage to his truck, according to ...

Va. Supreme Court: Insurer Not Liable For Claims From Global Warming

The Virginia Supreme Court has ruled in favor of an insurance company in a closely watched legal case involving global warming. The high ...

Pennsylvania Jury Finds Nurse Liable, Awards $23 Million to Amputee

An eastern Pennsylvania jury has awarded more than $23 million to a woman who lost portions of both legs to infection almost three years ...

R.I.-Based FM Global Vice Chairman Bosman to Retire After 40 Years

Business property insurer FM Global said Vice Chairman Ruud Bosman will retire in November after 40 years with the company. Upon Bosman's ...
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Midwest

Ohio Supreme Court: Township not Liable for Officer's Out-of-Jurisdiction Crash

The Supreme Court of Ohio has ruled that a political subdivision is immune from liability if one of its police officers is involved in a ...

Michigan City Reported 5 Vacant Building Fires in 4 Hours

Authorities in Michigan said firefighters in Flint responded to five fires at vacant buildings during 4-hour span over the weekend. The ...
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Southeast

Florida Regulator Slashes Sinkhole Rate Hike, Lowers Others

Florida residents who have sinkhole insurance through the state-backed property insurer will not have to pay a proposed statewide average ...

Florida’s SeaWorld Fights OSHA Findings in Trainer’s Death

SeaWorld Orlando is fighting $75,000 in penalties from a federal job safety agency following last year's death of a trainer who was grabbed ...

Tennessee Fire Departments Lacking in Volunteers

While calls to volunteer fire departments are on the rise, the ranks of these volunteers are dwindling in Middle Tennessee and officials ...

Berkley Net Names Foushee Director of South Workers' Comp

Workers' compensation provider Berkley Net Underwriters has created a new south central sales region and named Kevin Foushee as director ...
South Central

Bastrop, Texas, Wildfire Nearly Contained, Thousands Left Homeless

A wildfire that began more than two weeks ago in Bastrop County is 95 percent contained, according to the Texas Forest Service. The area is ...

Former Controller for Texas Insurer Sentenced for Wire Fraud Scheme

The former controller for a Houston-based property/casualty insurance company has been sentenced to 120 months in federal prison for her ...

Texas Workers' Comp Weekly Benefit Rates Set

The Texas Department of Insurance – Division of Workers' Compensation announced that the maximum weekly benefit rates for workers' ...
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West

California’s Devonshire Taps Fitzgerald as VP of Business Development

Mike Fitzgerald has joined insurance run-off consulting firm Devonshire as vice president of business development. His responsibilities ...

Court Approves $43 Million Montana Asbestos Settlement

A Montana judge has approved a $43 million settlement for people sickened by exposure to asbestos from a mine, with a large part of that ...

Settlement for $44 Million Reached in 2007 Bay Bridge Crash and Oil Spill

A civil settlement in the 2007 oil spill in San Francisco Bay with the owners and operators of the M/V Cosco Busan was announced on Monday. ...

Lockton Names Senior Executives to Lead Phoenix Team

Kevin Cummings has been named executive vice president/producer and leader of Kansas City., Mo.-based Lockton's Phoenix office, and Tom ...
International

Marine Insurers Backing Armed Guards as Piracy Threat Grows

More ship insurers are backing the use of private armed guards on merchant vessels at sea to combat Somali piracy as attacks and the ...

Italy Downgrade, Greek Worry Dominate Europe’s Financial Markets

Standard & Poor's downgrading of Italian debt hit the euro on Tuesday, although stock investors shrugged off the move to push European ...

EQECAT President on the Continuing Evolution of Catastrophe Models

"Models are never done – they're evolutionary," said EQECAT's president Bill Keogh in an interview at the Reinsurance Rendezvous in Monte ...

U.S. Court Unfreezes $18 billion Ecuador Award against Chevron

A U.S. appeals court reversed an order freezing enforcement outside of Ecuador of an $18 billion damages award against Chevron Corp over ...

Torus Acquires Broadgate, Lloyd's Syndicate 1301

Specialty insurer Torus has confirmed that it has "entered into an agreement with Clal Insurance Enterprises Holdings Limited to acquire ...

Whittington Sells UK Business to Finance Asia Expansion

Whittington Group, the Singapore-based international insurance investor, announced it has reached a definitive agreement to sell its London ...
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New Discussions in the Forums

Worker's comp commission
Posted: Mon Sep 19 -- Wow-In many years of writing in CA, have yet to get 15% . Most in CA seems to be 12% down to as low as 6% (I do not include SCIF) Big... jackwehoca
No Fault insurance question
Posted: Mon Sep 19 -- John J90, you need to study up on your state's no-fault laws if you are out marketing auto insurance. It's pretty critical that you know how... BKCPCU
Should I get Cal. Low Cost Auto Ins. in our office?
Posted: Fri Sep 16 -- Dear All: Our office are thinking to have the Cal. Low Cost Auto Ins. in our office; However I have heard that there are many restriction on... roycheong1031
Do you recommend bonds or crime insurance?
Posted: Fri Sep 16 -- I would say that in many cases there is coverage through a crime policy or endorsement providing employee dishonesty on the victim's package... FurriePrincess
Help our MLR (Medical Loss Ratio )
Posted: Fri Sep 16 -- My company is a platinum representative for Blue Cross, however our MLR with them is 130%. We have stopped submitting apps from people who... cbaw1957
Study tips for the California Life Agent Exam
Posted: Fri Sep 16 -- I too went through prelicencetraining.ripoff. I passed the test by the skin of my teeth and I studied 2 1/2 months. At first, I just read... cbaw1957
Garage Liability and loaner vehicles
Posted: Thu Sep 15 -- "Question: My customer has a GK/GL policy. Customer of his is dropping off her tire at the shop and is turning... Rob

Reader Comments

Lloyd's Syndicate Sues Saudi Arabia for $215M Over 9/11 Claims
Posted: Thu Sep 15 -- Awesome! Go get 'em. Scott Romoser
Federal Judge Rejects Health Insurance Mandate in Latest Case
Posted: Wed Sep 14 -- This has cost our nation MILLIONS, its time for Congress to step up and repeal this law... The uncertainty alone, of the costs and effectsof... mark hester
Pennsylvania Jury Finds Nurse Liable, Awards $23 Million to Amputee
Posted: Mon Sep 19 -- If that poor woman lived in VA she would have a med mal cap of under $2,000,000 which is terribly inadequate for such a case. Deborah Brown
More Americans Believe World is Warming: Reuters Poll
Posted: Mon Sep 19 -- Why is there even a debate as to whether the world is warming? It is. I thought the debate was more around man's connection to the... Matt
Prices Up in All Commercial Lines: Towers Watson
Posted: Tue Sep 13 -- Funny that I have not seen this when I go out to fight for one of my renewals. Tell this to my competition who is buying commercial business... Sarah

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September 19, 2011

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