INSURANCE

Too risky to insure? Why your homeowner’s insurance could go up in smoke

Too risky to insure? Why your homeowner’s insurance could go up in smoke

Estimated read time: 5-6 minutes

SUMMIT PARK — There are good reasons insurance companies drop customers from their homeowner’s policies: non-payment, not taking care of the property, or too many claims.

None of that applied to Peter Ingle, who has lived in his home nestled in the forests of Summit Park for 25 years.

In August 2021, his neighborhood was evacuated when faulty parts on a passing vehicle sparked the Parley’s Canyon Fire off Interstate 80. The fire burned more than 500 acres.

The wildfire triggered a visit from Ingle’s homeowners insurance company, Allstate, shortly thereafter.

“My insurance company called and said they’re coming out to just check out the areas around our homes to make sure they’re sort of fire safe,” Ingle said. “We didn’t think much of it.”

In November 2021, Ingle said he got bad news: Allstate was dropping his insurance.

Ingle called his insurance agent, who assured Ingle he was working with Allstate to change their minds.

When February came around, Ingle’s agent still didn’t have good news.

“He goes, ‘The reality isn’t your property, it’s the adjacent that’s the problem,” Ingle explained.

In the letter sent to Ingle from Allstate, the reason given for

… Read the rest
June 30, 2022 by INSURANCE

Analysis-U.S. Mass Shooting Insurance Rates Jump as Incidents Rise | Top News

By Noor Zainab Hussain and Carolyn Cohn

(Reuters) – The cost of buying insurance protection against mass shootings has spiked more than 10% in the United States this year following a string of deadly events, insurers said.

The United States witnessed 293 mass shootings so far this year, according to a report by the Gun Violence Archive them as any event involving the shooting of four or more people other than the assailant. That compares with 309 the same period last year, but is sharply up from 240 in 2020.

Demand for such insurance has risen following recent shootings, including the murder of 19 children and two teachers at a Texas elementary school last month, the United States’ worst school shooting in nearly a decade.

Active shooter insurance typically covers victim lawsuits, building repairs, legal fees, medical expenses and trauma counseling.

“The number of inquiries we’ve been receiving over the last few weeks have definitely spiked … we haven’t been as busy as this ever before,” said Chris Parker, Head of Political Violence and Deadly Weapons Protection at Lloyd’s of London insurer Beazley.

Parker said the insurer had seen a 25% jump in revenue so far this year for its

… Read the rest
June 29, 2022 by INSURANCE

Cast Iron Drainpipes Latest Target in Florida Claims. But They Can Be Defended.

Cast Iron Drainpipes Latest Target in Florida Claims. But They Can Be Defended.
New You can now listen to Insurance Journal articles!

A decade ago, it was questionable sinkhole damages that proliferated in Florida property insurance claims. More recently, “free roof” solicitations, roof claims and thousands of lawsuits have rattled the industry.

Now comes cast iron drainpipes, common in homes built before 1975.

The pipe systems have become targets for some of Florida’s largest plaintiffs’ law firms, according to insurance attorneys, adjusters and engineers. It’s possible the pipes could lead to many more claims and suits in coming years, after Florida lawmakers took action designed to reduce roof claims and litigation.

“We’re seeing patterns. Patterns in property claims,” said Cassandra Hand-Gallegos, adjuster and CEO with CCMS & Associates in Dunedin, Florida, who spoke last week at the Florida Defense Lawyers Association claims conference in Orlando.

“The biggest issue is not what’s going on inside the pipes, but what’s going on with the insurance claims industry,” said David Grindley, a forensic structural engineer who also spoke at the conference.

One recent television advertisement from Orlando-based Morgan & Morgan, which calls itself America’s largest injury law firm, for example, flashes large amounts of cash that may be available to homeowners whose dwellings are more than

… Read the rest
June 27, 2022 by INSURANCE

Carjackings on the rise; make sure your auto insurance has you covered

Carjackings on the rise; make sure your auto insurance has you covered

“Basic, standard auto policies might not have theft coverage — you have to specify it.”

Carjackings on the rise; make sure your auto insurance has you covered
Photo by Getty Images

“Latest Vaughan carjacking caught on doorbell camera.”

“Arrests made in alleged violent Oakville carjacking.”

“Pair faces 100 charges after 10 Toronto-area carjackings.”

“Gunpoint carjacking in Burlington neighbourhood.”

When Maple Leaf Mitch Marner had his SUV stolen at gunpoint one evening in May outside a local movie theatre, it put a very public face on a crime that seemed to have exploded overnight. It’s not just here. Like the GTA, places like New York City are also reporting a dramatic increase in the often-violent thefts. By the time Marner was relieved of his Range Rover, Toronto police said they’d already reached 2021’s yearly total, not even six months into 2022.

Could it happen to you? If you drive a vehicle that shows up on

… Read the rest
June 26, 2022 by INSURANCE

Do You Have Ransomware Insurance? Look at the Fine Print

Do You Have Ransomware Insurance? Look at the Fine Print
Do You Have Ransomware Insurance? Look at the Fine Print

Insurance exists to protect the insured party against catastrophe, but the insurer needs protection so that its policies are not abused – and that’s where the fine print comes in. However, in the case of ransomware insurance, the fine print is becoming contentious and arguably undermining the usefulness of ransomware insurance.

In this article, we’ll outline why, particularly given the current climate, war exclusion clauses are increasingly rendering ransomware insurance of reduced value – and why your organization should focus on protecting itself instead.

What is ransomware insurance

In recent years, ransomware insurance has grown as a product field because organizations are trying to buy protection against the catastrophic effects of a successful ransomware attack. Why try to buy insurance? Well, a single, successful attack can just about wipe out a large organization, or lead to crippling costs – NotPetya alone led to a total of $10bn in damages.

Ransomware attacks are notoriously difficult to protect against completely. Like any other potentially catastrophic event, insurers stepped in to offer an insurance product. In exchange for a premium, insurers promise to cover many of the damages resulting from a ransomware attack.

Depending on the policy, a ransomware policy

… Read the rest
June 25, 2022 by INSURANCE
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031