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Daily Headlines: Monday, September 30, 2013

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Insurance Journal Daily Headlines
September 30, 2013
News By Region  National  International  East  Midwest  Southeast  South Central  West Video

Today's Headlines

National

If It Happens: Federal Government Shutdown Effect on Insurance Industry

If Congress fails to agree by midnight tonight on a resolution to continue funding the federal government, the property/casualty insurance ...

Insurers' Private Firefighters Give Wealthy Homeowners Extra Protection

Bill Potter wasn't eager to abandon his high-end house last month during evacuations forced by a massive Idaho wildfire, but he felt ...

Rep. Waters, Author of Flood Reform Act, Calls for Delay in Implementation

A Congresswomen whose name adorns the now-controversial federal flood insurance reform bill passed in 2012 says she wants the law changed ...

Federal Trade Commission Moves Closer to 'Patent Troll' Study

The U.S. Federal Trade Commission on Friday took another step toward a comprehensive study of "patent trolls" - companies in the business ...

'Rear View Mirror' Political Risk Management No Longer Works: Marsh

In an age of social media, simply looking at what has happened in the past no longer works to forecast what political events lie ahead in ...

New Hampshire's Minkler New Chairman of Big 'I'

New Hampshire independent agent Thomas J. Minkler has been inaugurated as the new chairman of the Independent Insurance Agents & Brokers of ...

LIU Launches Product Recall Policy for Packagers, Co-Packers

Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has launched LIU Packagers Protection, a new LIU product recall ...

J.D. Power: Personal Lines Agents Missing out on Opportunities in Renters Segment

Insurance agents who only focus on homeowners insurance customers are missing a golden opportunity to build long-term relationships with ...

Video FeatureInsurance Law, Regulation - Jim Wrynn's Experience Covers It All

James J. Wrynn, Esq. served as New York's Superintendent of Insurance from 2009 to 2012, when he joined the law firm of Goldberg Segalla ...

From MyNewMarkets.com Travelers Launching Low Cost, Segmented Product in New Personal Auto Strategy

The Travelers Companies Inc. is adopting a new strategy to become more price-competitive in personal auto insurance. Travelers' CEO Jay...
Carrier Management

Predictive Analytics: Bringing Price Elasticity Concepts to P/C Insurance

The concept of price elasticity of demand has not received enough attention in the world of property/casualty insurance....
Academy of Insurance - Join us Live at California State University Fullerton - earlybird pricing ends soon!
East

New York to Compensate Storm Victims for NFIP's 'Earth Movement' Exclusion

New York will use part of its share of billions of dollars in federal Superstorm Sandy aid to ``fully compensate" storm victims who had ...

Flood Insurance Premiums Rising Along New Jersey Coast

Hundreds of New Jersey flood insurance policyholders will soon be facing higher premiums spurred by sweeping changes to the federal law ...

South Jersey Boardwalks' Unique Aspects Challenge Firefighters

Squeezing a bunch of structures together along a street made of wood is probably not the way to go when building a fire-resistant ...

Connecticut Urges Sandy Victims to Apply for Relief

Connecticut's governor is pointing small businesses affected by Superstorm Sandy to a state website designed to streamline the process of ...
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Midwest

Ohio Work Comp Bureau Awards More Than $258K to Support Workplace Safety

Ohio Bureau of Workers' Compensation (BWC) has awarded more than $258,000 in safety intervention grants, split among nine employers. "We ...

North Dakota Oil Patch Town Wants Speed Limit Reduced

Residents of a small town in the middle of the North Dakota oil patch say they're sick of semitrailers barreling past their homes and want ...

Higher Speed Limits Take Effect on Some Ohio Roads

The speed limit has increased on some parts of U.S. and state routes throughout Ohio. The changes took effect Sept. 29 on more than 600 ...
Southeast

West Virginia Supreme Court Judge Hits Ruling on Massey

West Virginia Supreme Court Justice Robin Davis criticized her colleagues in a dissenting opinion Friday for refusing to let institutional ...

Alabama Widow Awarded $850,000 in Husband's Death from Medication Error

A jury in eastern Alabama has awarded a widow $850,000 after her husband was given three times his normal dosage of medication and died ...

Group Sues to Block Tennessse Rules on Health Navigators

A health care advocacy group is suing to halt emergency rules enacted in Tennessee to require background checks for people giving advice on ...

Mississippi Insurance Chief Sues to Halt Flood Insurance Rate Hikes

The Mississippi Department of Insurance has filed a lawsuit against the federal government to try to block rates from increasing Oct. 1 in ...
South Central

OSHA Levies $175K in Fines in Fatal Arkansas Crane Accident

A federal safety agency has levied $175,000 in fines against a crane company, Entergy and other firms over a fatal crane accident at ...

MarketScout Expands Workers' Comp Specialty Division

MarketScout, the national electronic insurance exchange and specialty MGA headquartered in Dallas, Texas, announced staff promotions ...

Oklahoma Safety Checkpoint Nets 17 Citations for Driving Without Insurance

Members of the Oklahoma Insurance Department's Anti-Fraud Unit and deputies with the Tulsa County Sheriff's Office recently wrote 17 ...
West

Montana Man Sentenced For Workers' Comp Fraud

A 76-year-old Havre, Mont. man has been ordered to pay nearly $84,000 in restitution in a workers' compensation fraud case. The U.S. ...

Disaster Declaration For New Mexico's Santa Clara Pueblo

President Barack Obama has signed a disaster declaration for New Mexico's Santa Clara Pueblo. Friday's move frees up federal aid to ...

Wrongful Death Suit Filed Against Colorado Bar After Triple-Fatal Crash

The parents of a 16-year-old Carbondale girl who was killed in a car crash have filed a wrongful death lawsuit against a Glenwood Springs ...

LAPD Chief Beck Rescinds Car Impound Policy

Los Angeles Police Chief Charlie Beck has rescinded the department's controversial car impound policy that made it easier for unlicensed ...

AmTrust to Acquire The Insco Dico Group in California

AmTrust Financial Services Inc. has entered into a definitive agreement to acquire The Insco Dico Group for roughly $85 million, $7 million ...
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International

FERMA Forum Opens with Solvency II Analysis from Karel Van Hulle

The bi-annual Risk Management Forum of the Federation of European Risk Management Associations (FERMA) kicked off with a reception on ...

FERMA Releases Positions on Captives, Niche Companies and Solvency II

The Federation of European Risk Management Associations (FERMA) released a bulletin detailing the organization's position on how captives ...

Attorney Jeff Kingsley on 'Post Event' Regulatory Changes, Cyber Liability

Jeff Kingsley, a partner in the law firm of Goldberg Segalla, specializes in the emerging and highly complex field of cyber liability and ...

Industry Pioneer Stephen Catlin on Insurance and Environmental Concerns

Stephen J.O. Catlin has led the company/group that bears his name since 1984. He's seen it grow into the biggest syndicate at Lloyd's with ...
Producer Management Bundle - Producer Hiring Mistakes, Producer Compensation Plans, Redefining Value Added Services - 5-course bundle - from Academy of Insurance


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Insurance Law, Regulation - Jim Wrynn Brings his Experience to the Private Sector

James J Wrynn, Esq. served as New York's Superintendent of Insurance from 2009 to 2012, when...
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Swiss Re's Chief Economist Sees GDP Growth

Swiss Re's chief economist Kurt Karl sees some light at the end of the tunnel for the world's...

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New Discussions in the Forums

My CPCU journey - almost finished.....
Posted: Mon Sep 30 -- Margo - check out the Institutes website. They have a chart that shows what designations will give you credit. I know that by having my CLU... bjwestner
Travelers reducing commissions
Posted: Sun Sep 29 -- So, are all the agents that represent Travelers thrilled with the new, lower commission schedule on the new auto product? Are all of you... lonestar
Feedback - Good, Bad, Ugly on the following Aggregators/GAs
Posted: Thu Sep 26 -- I looked at Smartchoice. They said they would hook me up with a bunch of carriers. So they have MET Life call me & Before I realize it I'm... ZappMan
What is your biggest pain as an agent?
Posted: Thu Sep 26 -- The DNC List! I hate that thing. You can't call anyone anymore it seems like. The only thing worse that that is Voice Mail. ZappMan
California Work Comp Class Code detail
Posted: Thu Sep 26 -- It is very easy to find the classes and codes... FurriePrincess
Non-for-profit Volunteer Coverge
Posted: Thu Sep 26 -- PB1 has it right. Volunteer accident coverage is less expensive than WC (when you can get it) and more readily available. GL policies should... CH@Ins4nonprofits
Peer-2-Peer Musical Instrument Rental Insurance (SV Startup)
Posted: Thu Sep 26 -- Hello everyone, I'd like to inquire about insurance for our business: We're a peer-to-peer internet startup based in San Jose, CA. Our... tobytobitobe
Agency Management System
Posted: Wed Sep 25 -- Hello, A lot of good info here. I checked out the following... ZappMan
Information on Clusters
Posted: Tue Sep 24 -- If you've written $1,000,000 in premium in 4 months, why can't you just get your own contracts? yoyowordup

Reader Comments

Global Warming Slows as Fossil Fuel Emissions Rise to Record
Posted: Fri Sep 27 -- I love this comment. "The lower pace of warming in recent years may be explained by natural phenomena including volcanic eruptions, a... Baxtor
Idaho Gun Show Canceled Due to Insurance Requirements
Posted: Tue Sep 24 -- Well, if Fred says it was a totally different group, then it was a totally differnet group. FYI, Fred, gun shows have guns in there...AND... insurance is fun!
Travelers Launching Low Cost, Segmented Product in New Personal Auto Strategy
Posted: Mon Sep 23 -- Travelers has always been known as wanting the cream of the crop business with high credit scores, no violations etc. I don't think they... Agent
Louisiana State Treasurer Suggests State-Run Flood Insurance Plan
Posted: Fri Sep 27 -- There is a way to help subsidize flood rates. The Federal government could require every home owners policy cover flood. Like stated, flood... Baxtor
FEMA Chief Disappoints Senators, Says He Can't Delay Flood Insurance Rates
Posted: Wed Sep 25 -- Then why not the following: if people can not afford to pay medical insurance then they simply can not afford to receive medical help. But... Mulligan

Current Issue

September 23, 2013
Current Issue
Surplus Lines: State of the Market / NAPSLO Issue; Lloyd's Syndicate Spotlight; Quarterly Employee Benefits Brokerage Report; Bonus: The Florida Issue (Special Supplement)

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Copyright © 2013 by Wells Media Group, Inc.

New Markets Daily: Monday, September 30, 2013

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September 30, 2013

Market Announcements

Pharmacists Professional Liability

With multiple "A"or better A.M. Best ratedMedical Malpractice Professional Liability Markets, Rockwood's team can offer Pharmacists...
States: All states

Integrated Commercial General & Pollution Liability

Integrated CGL and Pollution Liability offers many businesses with pollution exposures that have not normally purchased stand alone...
States: AZ, CA, IL, MA, NV, OK, OR, RI, TX, WA

Forestry Products - Workers' Compensation

We work with agents and brokers in the placement of Forest Products Risks whose operations consist of Manufacturing, Distribution and...
States: All states

Environmental Contractors & Consultants

Intercorp places insurance coverages for contractors who specialize in environmental work and consultants who provide clients with...
States: All states

Earthquake / DIC

When Mother Nature throws you a curve ball, that's where NeitClem comes in. Our Difference In Conditions (DIC) form provides coverage...
States: AZ, CA, NV

Feature Articles

Travelers Launching Low Cost, Segmented Product in New Personal Auto Strategy

The Travelers Companies Inc. is adopting a new strategy to become more price-competitive in personal auto insurance. Travelers' CEO Jay... Read more

Agents Who Understand Customers' Businesses Boost Commercial Insurers: J.D. Power

Small commercial lines insurance customers most value having an insurance agent or broker who completely understands their individual... Read more

Will Third Time Be the Charm for National Producer Licensing Bill?

Will the third time be the charm? Insurance groups and lobbyists in Washington are hoping so, after the House of Representatives this week... Read more

Latest Forums

Small moving company

Need a great market for this in California. Thank you.
by mhardison on Fri Sep 27, 2013

Athletic events/obstacle courses

I am Looking for markets that will offer both property and liability insurance for athletic events/obstacle courses. Currently all...
by Jsanborn on Thu Sep 26, 2013

Consequential Cost Patent Insurance

I need coverage for the consequential costs a retailer would suffer if they had to pull a specified product from their shelves...
by Temblor2 on Thu Sep 26, 2013

Market for National Fraternity Organization

Looking for a market who writes National Fraternity Organization. Please let me know if you have any market...
by insurance00 on Wed Sep 25, 2013

Need Access to Mid Continent Casualty

Any MGA or Broker that has access to Mid Continent Casualty?
by Kansas on Wed Sep 25, 2013

Need Dealers Open Lot - Hail Coverage

I need to find coverage for a non-franchised Car Dealer  in Kansas (with Hail Losses), they are being non-renewed and we are...
by Kansas on Wed Sep 25, 2013

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Personal Umbrella: It's More Than Just Additional Coverage

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This Wednesday: What Your Agency Must do to Avoid E&O from COIs
New training from Academy of Insurance

Personal Umbrella: It's More Than Just Additional Coverage

Live online training plus Q&A session
Date: Friday, October 18, 2013
Time: 1:30 PM - 2:30 PM ET


The Personal Umbrella gives your client a considerable amount of added coverage without a great deal of additional cost. Umbrellas: 1) respond when the underlying home and auto policy limits are exhausted; and 2) plug holes in coverage.

Join us this Friday as we examine the Personal Umbrella policy in detail and learn why every personal lines client should be offered this protection.

Send your questions in advance to webcasts@insurancejournal.com

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  • Stand Alone v. Follow Form Policies
  • The interplay between primary and excess policies
  • Recent coverage decisions examining Umbrella coverage
When you register, you get:
  • Access to the live training (Friday at 1:30PM ET)
  • Video and Audio recordings, so you can watch or listen again
  • Question & Answer session with the instructor
  • Audio download of the webcast
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Insurance Journal
3570 Camino del Rio North, Suite 200
San Diego, CA 92108
(800) 897-9965
Copyright © 2013 by Wells Media Group, Inc.

Weekly Reader Picks: Monday, September 30, 2013

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Insurance Journal Weekly Reader Picks
September 30, 2013

Top 10 for the Past Week

1.Survey Explains Why Drivers Are Not Turned on By Using Signals
Mar 15, 2006 -- A new national survey reveals that 57 percent of American drivers admit they don't use their turn signal when changing lanes, but what is most startling are the excuses drivers gave. According to Response Insurance, a ...
Share This: Tweet Like on Facebook Share on LinkedIn

2.MetLife: Lack of Car, Home Insurance Sales ‘Ridiculous’
Sep 26, 2013 -- MetLife Inc., the largest U.S. life insurer, is pushing agents to sell more car and residential coverage after the head of the company's main retail business said they've been missing an opportunity to diversify ...
Share This: Tweet Like on Facebook Share on LinkedIn

3.FEMA Chief Disappoints Senators, Says He Can’t Delay Flood Insurance Rates
Sep 23, 2013 -- Pressure continues to build in Congress to delay implementation of flood insurance reforms that are raising premiums for thousands of property owners across the country. But the man in charge of administering the ...
Share This: Tweet Like on Facebook Share on LinkedIn

4.Employers Could Save Billions Swapping COBRA For Obamacare
Sep 24, 2013 -- By Jay Hancock, KHN Staff Writer Health-law provisions taking effect next year could save U.S. employers billions of dollars in expenses now paid for workers who continue medical coverage after they leave the company, ...
Share This: Tweet Like on Facebook Share on LinkedIn

5.Average Obamacare Premiums Will Be Lower Than Projected
Sep 25, 2013 -- By Julie Appleby and Phil Galewitz Kaiser Health News Staff Writers Just days before new online health insurance markets are set to open, the Obama administration Wednesday released a look at average premiums, saying ...
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6.Florida City Frustrated with Abandoned Cruise Ship
Sep 24, 2013 -- Panama City has spent tens of thousands of dollars removing dozens of derelict boats as it redevelops its waterfront. But one abandoned former luxury cruise liner is proving to be an especially difficult case. The News ...
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7.Quiet Atlantic Storm Season Humbles Forecasters
Sep 25, 2013 -- The 2013 Atlantic hurricane season is humbling forecasters by shaping up as the first in almost two decades without a major storm, confounding predictions that it would be more active than normal. It's been two weeks ...
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8.Flood Insurance ‘Sticker Shock’ Hits Floridians with New, Secondary Homes
Sep 26, 2013 -- When Colin and Joyce Elston bought their Florida dream home in May, they were confident they could afford the three-bedroom, two-bathroom ranch with a pool and a backyard overlooking the Intracoastal Waterway. Now they ...
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9.Swarm Of Earthquakes Shake Yellowstone
Sep 24, 2013 -- Until recently, Bob Smith had never witnessed two simultaneous earthquake swarms in his 53 years of monitoring seismic activity in and around the Yellowstone Caldera. Now, Smith, a University of Utah geophysics ...
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10.Price Drives Auto Insurance Customer Satisfaction, Shopping Around: J.D. Power
Sep 26, 2013 -- Rate increases are driving more customers to obtain competitive price quotes, while satisfaction with the buying experience is trending downward among new-buyer customers due to lower price satisfaction among new ...
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Insurance Journal
3570 Camino del Rio North, Suite 200
San Diego, CA 92108
(800) 897-9965
Copyright © 2013 by Wells Media Group, Inc.