Live Insurance News

2022 was a big year for weird lawsuits against companies

January 6, 2023January 5, 2023 G. Turner

The US Chamber of Commerce Institute for Legal Reform released a list of some of the oddest suits. With 2022 behind us, it’s a good time to look back at some of the truly weird lawsuits that were filed against companies throughout the year and that help to explain why business insurance is such an important form of coverage. Every year, the US Chamber of Commerce Institute for Legal Reform publishes a list of ridiculous filings. The 2022 list of weird lawsuits showed that last year wasn’t short on ridiculous…

MCA, Trucking Business, and Role of Trucking Business in Economy

December 26, 2022 Guest Author

The Motor Carrier Authority (MCA) is a regulatory agency that is responsible for overseeing the trucking business in the United States. Established by Congress in 1935, the MCA is a branch of the Department of Transportation (DOT) and is tasked with ensuring that trucking companies and their drivers comply with federal laws and regulations. One of the main functions of the MC authority is to issue operating authority to freight companies to meet legal demands. In order to obtain operating authority, a trucking company must have a valid USDOT number,…

An issue with insurance sanctions has oil tankers stuck at the Turkish straits

December 13, 2022December 12, 2022 H. Cutner

Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

Florida property insurance market must tackle substantial issues before special session

December 7, 2022December 6, 2022 Marc

Another special session will take place later in December, but some challenges must be handled first. Former Republican Florida Senator Jeff Brandes, who launched a petition calling for lawmakers to convene this spring to tackle Florida’s critical property insurance market, is now calling for additional reforms to take place ahead of this month’s additional special session. The former senator has been making these moves from the sideline to try to push more reforms along. “It’s the most urgent pocketbook problem facing Florida today,” said former Senator Brandes, who previously represented…

4 Reasons Why Every Small Business Needs Insurance

December 6, 2022 Live Insurance News

Small firms confront numerous hazards and would be better off being covered than uninsured. Here are five compelling arguments for why insurance is essential for small businesses. There are around 30,7 million small enterprises in the U.S. If you are the owner of one of these small enterprises, you know that running a firm requires significant effort. Would your business be secure if something unexpected happened? Due to the fact that not all small enterprises have enough insurance, they are in danger. For instance, if you own a trucking business,…

Turkey to require proof of insurance from oil tankers

November 23, 2022November 23, 2022 Angela Linders

This move is expected to add bite to the sanctions from the international community against Russia. Turkey has announced that it will begin requiring that oil tankers making their way through the Bosporus shipping strait must provide proof of insurance. This step could prove challenging to the massive crude exports coming from Russia. Ships carrying crude through that waterway will need to present an official insurer’s letter. The oil tanker proof of insurance will need to state that the insurer is willing to provide adequate coverage for that specific vessel,…

Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

November 23, 2022November 22, 2022 Julie Campbell

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…