Live Insurance News

Liability insurance exclusions limited for builders in Texas

January 21, 2014January 18, 2014 H. Cutner

The Supreme Court in the state has also restricted the exclusions for general contractor coverage. The Texas Supreme Court has given a new ruling that may help to increase the consumer confidence levels in terms of the liability insurance coverage that is carried by general contractors as well as builders. The ruling will help to decrease the number of exclusions that exist on these policies. This insurance news was made when Justice Phil Johnson made a ruling that denied the attempt of an insurer to avoid having to pay a…

Insurance fraud costs South Africa’s industry $390 million

November 12, 2013November 9, 2013 G. Turner

Every year, insurers are paying for this trend and that cost is being passed down to the consumer. South Africa’s short term coverage industry is paying an estimated $389.6 million every year (4 billion South African rand) in order to compensate for the insurance fraud that it is experiencing in that country. There have been a growing number of cases of fraudulent claims over the last few years. According to Santam Ltd., a Cape Town based short term insurer, this year, alone, there have already been 79 cases of commercial…

Commercial insurance rates on the rise in the US

July 12, 2013July 9, 2013 S.Vagus

MarketScout data shows growth of commercial insurance rates Commercial insurance rates continue to rise in the U.S., according to data from MarketScout, an insurance quotes firm. Rates have risen for four consecutive months throughout the country for various reasons, including the impact of natural disasters, fraud, and general issues involving theft and regulatory changes. Commercial insurance rates are expected to continue growing in the foreseeable future, especially where vehicle and property coverage is involved. Exactly how quickly rates will grow is not certain. Rates grow by 5% in June of…

Berkshire Hathaway makes a move on business insurance

June 13, 2013June 12, 2013 Logan B.

Berkshire Hathaway to muscle into business insurance sector Berkshire Hathaway is making a strong move into the business insurance sector in order to have a greater impact on how this sector operates. The company has been looking to enter into new sectors of the global insurance industry lately in order to take advantage of new opportunities that exist in developing markets around the world. In the past, the company has pushed into the business insurance sector due to certain trends, but this time is different for Berkshire Hathaway. Company cites…

Tornado insurance claims have already surpassed $250 million in Oklahoma

June 10, 2013June 8, 2013 G. Turner

Homeowners, property, auto, and other claims have contributed to this massive and growing total. According to the state commissioner, the tornado insurance claims from May in Oklahoma have already risen to the point that they have reached $250 million and they are expecting to surpass that total quite quickly before long. The devastation that was caused in the Oklahoma City area in May was staggering. Since May 19, there have been over 32,000 total tornado insurance claims on various different types of policies. This, according to Commissioner John Doak’s data.…

3 Types of Corporate Insurance You Must Have to Stay Protected

June 1, 2013April 21, 2014 Guest Author

Businesses engage in inherently risky behaviour. It’s impossible to guess at how the consumers might react to a corporation’s actions. If your company gets sued, you’ll want the right type of insurance cover. Likewise, if something happens to key employees within your operation, you’ll want insurance coverage that protects your business and keeps the doors open. General Liability Cover Every business has at least some need for general liability coverage – assuming that customers come to your place of business. General liability covers you if someone is injured on your…

Five Types of Business Insurance You Should Have

May 26, 2013February 15, 2014 Guest Author

How to Avoid Financial Ruin in the Future Businesses need several different types of insurance to protect them from financial ruin. It is important to protect your business with different types of insurance that will keep you and your business protected in several key ways. Importance of Property Insurance Property insurance will protect your building and the supplies within it if there is a robbery or fire. Furthermore, this insurance also will help if your store has been vandalized or if there is smoke damage to the property or items…