Mercury Insurance chosen the 2012 Virtual Insurance Marketplace event as the venue for the introduction of their new commercial auto product that is set to be released across the country in the states in which the insurer is currently writing. This new product uses cutting edge technology to simplify the process for agents to qualify, rate, and issue new business, in addition to building on the insurance company’s capabilities for online service. The commercial auto product provides policyholders with standard ISO coverage at rates that are competitive within the marketplace.…
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California labor law could inadvertently target insurance agents and others
California’s new labor law may have dire implications for insurance agents in the state. The law was enacted late last year and is designed to punish employers that misclassify workers in an attempt to receive discounts on their insurance coverage. The law itself does not make specific mention to insurance agents, but the language in which the law is written is very vague. Agents could easily fall victim to the law simply by providing employers with advice regarding employee classifications. The law allows the California Labor and Workforce Development Agency…
Read MoreReview shows decrease of 30 percent in global mining insurance market capacity, following losses
The mining insurance marketplace was buffeted with losses from every direction in 2011, including $2.7 billion from natural catastrophes, in addition to a total of $835 million from more than 60 operational losses. According to a report from the global insurance broker, Willis Group Holding plc, called the Mining Market Review, the estimate of $3.5 billion in total losses that are faced by insurers in the mining industry has caused the insurance capacity to face a withdrawal of 30 percent since the beginning of last year. The timing of the…
Read MoreLaw firms battle wave of suits with insurance coverage
Though it was once quite rare for a large law firm to face a lawsuit of its own, the frequency of claims being aimed directly at lawyers is rapidly increasing, and the firms are now boosting their insurance coverage to help to protect themselves against costly liability claims. According to legal experts, suing lawyers and their firms got started in the 1980s. This was also especially the case among the law firms that represented collapsed financial institutions in the Savings & Loan crisis, who were targets for FDIC litigation. Today,…
Read MoreEU sanctions against Iran could mark a major shift in the world of insurance
European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…
Read MoreOnline System Helps Expedite Clinical Trials in China and Brazil
WARREN, NJ, February 1, 2012– Life sciences companies can avoid costly delays in beginning clinical trials in China and Brazil by downloading local insurance certificates through WORLDcert. This online system from the Chubb Group of Insurance Companies can now also be used to instantly obtain specimen policy language for trials in many countries where ethics committees require the review of insurance contract terms and conditions. “WORLDcert enables clinical trial sponsors, their agents and brokers, and contract research organizations to quickly provide ethics committees with evidence that adequate insurance is in…
Read MoreAmerican commercial property coverage rates poised for increase
According to the insurance brokerage at Marsh & McLennan Cos., American businesses are likely to face higher property insurance rates following the significant losses that insurers faced as a result of the decline of investment income and the natural disasters in 2011. Following a survey performed by Marsh Inc., it determined that over half of the clients in the United States have said that the last half of 2011 included an increase in their cost of property insurance. Among the policyholders who were at the greatest risk of losses from…
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