Advice offered by Marc Hebert, a founder of The Harbor Group Inc. The company is a registered investment advisor. If you have any questions about finance or if you’d like to suggest a future topic, email [email protected] home is probably your biggest investment and protecting it with the proper insurance coverage is extremely important. Now is the time to review your policy – don’t wait until you have a potential claim.There are a few things about your coverage that might surprise you. For instance, consider whether you are covered for the following:MiceIt is hard to find a house that hasn’t had to deal with them. If they chew up your insulation, for example, it isn’t covered.Ceiling damageThe person doing repair work just damaged your ceiling. This is likely covered – it doesn’t matter who damaged the property. Damage to furnitureThe same repairman also damaged your furniture. Is this covered? In most instances, no – damage to furniture would only be covered if caused by a known peril, such as fire. Water damageLiving by the river is wonderful. Unfortunately, heavy rains just caused it to flood into your basement. Now you have water damage. Is this covered? No – you would … Read the rest
INSURANCE
FDIC Probes Voyager Digital Over FDIC Claims
Voyager Digital marketed its deposit accounts for crypto purchases as safe, but customers might not be afforded the protection they thought because their assets weren’t insured by the Federal Deposit Insurance Corporation (FDIC) in the way they thought, The Wall Street Journal reported Thursday (July 7).
The report noted that Voyager had marketed the accounts as protected by the FDIC. But that wasn’t entirely the case, and the FDIC is investigating, WSJ reported.
This comes as Voyager’s brokerage and lending services have been caught in a tangle of downward-spiraling crypto prices, and the company has filed for bankruptcy.
Voyager has frozen all activity, including withdrawals on $350 million in customer deposits stored at the New York-based Metropolitan Commercial Bank. Voyager said customers would be able to access those funds from the bank after the completion of a “reconciliation and fraud prevention process.”
There’s currently no timeline on when that will happen. But the report said that the funds are likely to be paid in full. This is not necessarily true for Voyager’s crypto assets.
Voyager advertised that deposits in Metropolitan Commercial Bank were insured by the FDIC. But the FDIC insures accounts only in the case of a failure of
Sanctions on Russia’s debt entangle default insurance payouts
By Davide Barbuscia and Karin Strohecker
NEW YORK (Reuters) – Investors hit by Russia’s debt default may have to settle some of their positions privately if the U.S. Treasury does not green-light an auction that would allow billions of dollars of insurance to be paid out.
Russia last month defaulted on its international bonds for the first time in decades under the pressure of Western sanctions. While investors have already written down a large part of their debt holdings, an outstanding question is how they can recoup some of those losses through credit default swaps (CDS) – an insurance against defaults. A large chunk of those CDS are held by U.S. bond giant PIMCO.
“If this is not resolved for months and months, maybe there is an opportunity to settle in a private way,” said Yerlan Syzdykov, global head of emerging markets and co-head of emerging markets fixed income at Amundi, who owns both Russia bonds and CDS.
An auction would normally be held to determine the price of the underlying bonds, but the Treasury’s Office of Foreign Assets Control (OFAC) last month banned U.S. investors from buying any Russian securities in secondary markets. That’s clouded the outlook for
AM Best Places Credit Ratings of Topa Insurance Company and Dorchester Insurance Company, Ltd. Under Review with Negative Implications
OLDWICK, N.J., July 07, 2022–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands). These companies, which collectively are referred to as Topa Insurance Group (Topa), are wholly owned subsidiaries of Topa Equities, Ltd.
The Credit Rating (rating) actions reflect the need for AM Best to have further discussions with company management regarding strategic business initiatives to improve operating performance over the near term. AM Best will review the group’s progress on strategic initiatives, as well as the financial and operational impacts of these initiatives on the group’s operating results. The under review with negative implications status reflects a level of execution risk within the strategic initiatives as management seeks to improve results going forward following deteriorated underwriting results in 2021 and in the first quarter of 2022. In 2021, Topa’s underwriting performance was impacted by further adverse reserve development in the commercial auto liability line, including the group’s bus program in run-off, as well as increased loss severity and a lack of
How to Find Someone’s Insurance Info
- You can find auto insurance information through the police, DMV, or through your own insurer.
- In some cases, you’ll have to use your own coverage to pay for vehicle repairs.
- There are some circumstances where you won’t be able to file a third-party claim, even if you aren’t at fault.
Accidents can result in thousands of dollars in medical bills and repairs. Fortunately, insurance is available so you can recoup the costs. If you’re hurt or your car is damaged in an accident that’s someone else’s fault, you can often file a claim with that person’s insurance company.
While getting someone’s insurance information at the scene is ideal, it may not always be possible. If you’re involved in a hit-and-run, or the at-fault party refuses to cooperate, there are ways you can protect yourself.
How to get someone’s car insurance information
While frustrating, there are some actions you can take if someone you’re involved in an accident with is uncooperative. You can request help from the police, contact the DMV, or work with your provider to find out who the at-fault party’s insurer is, says Anastasia Allmon, a personal injury attorney at Farris, Riley and Pitt