Thursday, August 16, 2012

Daily Headlines: Thursday, August 16, 2012

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Insurance Journal Daily Headlines
August 16, 2012
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

Essentials: Do Brokers Have to Offer the Cheapest Coverage?

The question of whether insurance brokers are required to obtain the lowest cost insurance that meets the insured's needs was answered ...

Simulating Volcano Eruptions, One Blast at a Time

A voice carried across the treeless plateau: "Fire in the hole! The range is now active." Two dozen people fell silent before a muffled ...

Ratings Recap: Great Plains, ProAssurance, Community, German Mutual

A.M. Best Co. has assigned a financial strength rating of 'B++' (Good) and an issuer credit rating of "bbb" to Iowa-based Great Plains ...

Hartford Steam Boiler, EnergySavvy to Help Homeowners Reduce Energy Costs

The Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich Re, is working with EnergySavvy, a software provider of energy ...

Vanliner Expands Captive Program to North American Moving Agents

Vanliner Insurance Co., an insurer in the moving and storage industry, has expanded the Forum Captive Insurance Program to moving agents ...

AIG Off the Hook for Claims by Madoff Clients Under Home Policies

American International Group Inc. does not have to cover insurance claims from two former Bernard Madoff clients who sought compensation ...

From MyNewMarkets.com Hard Market Generates New E&O Challenges for Insurance Agents

The soft market has made the job of insurance agents very difficult the last few years. Competition has been extremely fierce, and premiums...
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East

Alterra Argues It’s Not Obligated to Defend NFL in Concussion Suits

Alterra American Insurance Company is arguing that it is not obligated to defend or indemnify its insured, the National Football League and ...

Md. Consumers Reminded of New Registration, Insurance Rules for Mopeds

Maryland insurance regulators are reminding consumers that beginning October 1, there will be new state laws and requirements concerning ...

Public Adjuster in N.J. Admits Filing $42,000 in False Claims

Authorities in New Jersey announced that a state-licensed public adjuster pleaded guilty for defrauding clients and insurers -- including a ...

Liberty International Underwriters Names Kania as SVP, Energy and Construction

Timothy R. Kania has been appointed as senior vice president of energy and construction in the U.S. and Latin America for Liberty ...

Rhode Island Sees Rash of Scrap Metal Thefts

First thieves swiped manhole covers from a new subdivision. Then officials discovered that bronze plaques honoring work done during the ...
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Midwest

3 Lawsuits Filed After Deadly Illinois Megabus Accident

Three lawsuits have been filed on behalf of passengers injured when a Megabus slammed into a bridge pillar along a southern Illinois ...

FEMA Denies Minn. Appeal For Individual Flood Aid

The Federal Emergency Management Agency is standing by its denial of flood aid for individuals and businesses in northeastern Minnesota. ...

GM Recalls Big Vans To Fix Possible Fuel Leaks

General Motors is recalling more than 10,000 full-size vans in the U.S. and Canada because the fuel filler pipes can rust, leak and cause ...

Sedgwick Announces Job Openings at 2 New Midwest Offices

Sedgwick Claims Management Services Inc. announced the planned opening of two new Midwest service centers, located in New Albany, Ohio, and ...

Illinois Regulators: Agent Conducting Business on Revoked License

The Illinois Department of Insurance is alerting consumers that David Griffith Morrow of Morrow Insurance of Decatur is continuing to act ...

Kansas Property Casualty Insurance Regulators Honored for Timely Reviews

Property and Casualty Division of the Kansas Insurance Department (KID) has raised the bar when it comes to reviewing new rate and form ...
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Southeast

Florida Licenses Validus Reinsurance

Validus Reinsurance Ltd. has become the latest reinsurer licensed to do business in Florida under the state's reduced capital law. Under ...

West Virginia Carrying Out Real ID Driver’s License Law

West Virginia continues to issue new driver's licenses that meet national standards adopted after the 9/11 terrorist attacks, amid a ...

Ascension Acquires Modern Services Insurance in Atlanta

Atlanta-based Ascension Insurance Inc. has acquired Modern Services Insurance Agency, also in Atlanta. Modern Services Insurance Agency ...

Simonson Joins Lockton Financial Advisors in North Carolina

Tom Simonson has joined Lockton as a vice president of Lockton Financial Advisors/Lockton Investment Advisors based in the insurance ...
South Central

Arthur J. Gallagher & Co. Acquires Texas-Based Sunday and Associates

Illinois-based Arthur J. Gallagher & Co. announced the acquisition of Sunday and Associates Inc. of Sugarland, Texas. . Established in ...

Lawton approves $215K settlement with officer

The city of Lawton has approved a $215,000 settlement with a police officer who argued that he was wrongly terminated from the department. ...

Worker Dies In Trench Collapse At Texas Refinery

Officials say a construction worker has died in a trench collapse at a Southeast Texas refinery. The Jefferson County Sheriff's Office says ...

Thieves Stealing 3rd Row Seats From Dallas SUVs

Police in a wealthy Texas enclave are reporting a rash of SUV break-ins in which thieves are stealing third-row seats. University Park ...

Perry County, Arkansas Fire Contained, 1 Home Burned

Arkansas Forestry Commission crews have contained a wildfire that burned 1.5 square miles in Perry County. Officials say another fire in ...
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West

Nearly 1,000 Earthquakes In Arizona From 2006-2009

Most people would think earthquakes are rare in Arizona. But a new study published by Arizona State University researchers found nearly ...

US Teen’s Family Sues Tourist, Aloha Jet Ski

The family of a 16-year-old California girl killed in a Hawaii watercraft crash is suing an Australian tourist charged with third-degree ...

Board Oks $72M To Set Up Nevada Insurance Exchange

A state board approved a $72 million contract Tuesday to implement a health insurance exchange in Nevada under the federal Affordable Care ...

Hawaiian Electric To Settle Suit By One-eyed Meter Reader

The U.S. Equal Employment Opportunity Commission says Hawaiian Electric Co. will pay $50,000 to settle a disability discrimination lawsuit ...

Price Tag For Fighting Utah Wildfires Up To $50M

State officials say it's cost $50 million to fight wildfires in Utah this season, and that number is expected to keep climbing. Department ...

Coastal Risk Underwriters Enters Alaska Homeowners Market

Coastal Risk Underwriters (CRU), a member company of Insight Catastrophe Group, has launched a new preferred homeowners program for ...

EPIC Adds Costamagna as Principal In Petaluma

San Mateo, Calif.-based EPIC (Edgewood Partners Insurance Center) named Joe Costamagna as a principal in their Petaluma office. Costamagna ...
International

New Storm Hits North Philippines; at Least 2 Dead

A second tropical storm in as many weeks battered the northern Philippines on Wednesday, killing at least two people, as forecasters warned ...

Zurich Insurance Group Posts $2.2 Billion 1st Half Net Income

Zurich Insurance Group posted a $2.2 billion net after tax income available to shareholders. Other selected highlights from the earnings ...

RSA appoints Hotson Investor Relations Director

UK global insurer RSA announced the appointment of Matt Hotson as Investor Relations Director. He joined the Group in early September from ...

Best Upgrades QBE Optima’s Ratings to ‘A-’; Outlook Stable

A.M. Best Co. has upgraded the financial strength rating to 'A-' (Excellent) from 'B++' (Good) and issuer credit rating to "a-" from ...
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Insurance Journal Blogs

‘Everyone in Here is a Millionaire’

That headline comes us by way of "Grandpa" Straub, a farmer from Fairbury, Ill. who also serves as the star of the latest edition of ...

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Insurance Journal TV

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Agriculture Business Prepared for This Year's Drought

Record high temperatures in the Midwest have farmers facing the worst drought in over 20 year,...
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Concord Specialty Risk Coverage Addresses New IRS Reporting Requirements

Managing General Underwriter Concord Specialty Risk, which specializes in reps and warranties...

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New Discussions in the Forums

ARM
Posted: Thu Aug 16 -- "I have both the CPCU and ARM. In my opinion both are good, but I find I USE what I learned in the ARM much more... dcornett
Progressive Weasling?
Posted: Wed Aug 15 -- Found some more on it today. Maryland law does not allow an insured to sue a company that denies coverage...What the heck kind of state does... OldIndyAgent
Agent no legal duty to inform on cancellations?
Posted: Tue Aug 14 -- 15 Years ago, we were sued by an ex-client who said that we had not told her she was out of force and got into an accident 6 months later.... justthere
Adding Value? Who Cares? And, who gets mad?
Posted: Tue Aug 14 -- @been around- Your advice makes a great deal of sense, however there appears to be another side to this story. Just playing devils advocate,... sacman
Dave Ramsey
Posted: Tue Aug 14 -- I listen to Dave Ramsey a lot and really like his overall plan. Buying things on credit is just stupid and is a MAJOR reason why this... yoyowordup
Selling a complementary product alongside insurance policies
Posted: Fri Aug 10 -- I've helped several customers to rebuild their businesses after they suffered catastrophic loss. From what I've experienced when working... wiseleo
Management Liability
Posted: Fri Aug 10 -- Another consideration: if the client has already contacted customers of their former employer, purchasing a policy today for acts committed... jackwehoca
Child Safety Alarm (MO)
Posted: Wed Aug 8 -- "Hotcoffee, It is possible.... but I need to know more about the process you are going through. You are saying you... hotcoffee

Reader Comments

New York Enacts Law Allowing Gifts Worth Up to $25 From Producers
Posted: Thu Aug 9 -- While the politicians receive gifts of equal to thousands of dollars, they "approve" of a gift limit of $25 for producers. You can't even... DES
Africa's Pirates Have Demands for Insurers - and a Letterhead, Too
Posted: Mon Aug 13 -- With so many people out of work who could be trained to operate weapons I wonder why it is not possible to provide room and board on ship... Bluemax
Md. Catholics Embark on 100-Mile Walk to Protest Birth Control Coverage
Posted: Thu Aug 9 -- Bob said: "...My problem with this whole matter is not religious freedom but rather the government forcing anyone to make a purchase that... BS
Increased Chance of Above-Normal Atlantic Hurricane Season Despite El Niño
Posted: Fri Aug 10 -- Well there is an octopus in a tank in Miami at a sports bar. He predicts the super bowl winners and World cup winners every year. He thinks... Sarah
N.J. Upholds Law Requiring Young Drivers' License Decal
Posted: Mon Aug 13 -- Another example of how "government" - the Legisature and the judicial activist courts, are intruding on the lives of people. And, of course,... Expert

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