Business Insurance Prices To Rise Late in 2009
5 January 2009The commercial insurance market cycle is close to its bottom and general commercial insurance prices will begin increasing by the fourth quarter of 2009 or the first quarter of 2010, according to a consultant to the global commercial insurance industry.
Source: http://www.insurancejournal.com/news/national/2008/12/31/96658.htm
Hartford Retains Best’s Rating Of A+
5 January 2009A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength ratings of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of the key life/health (Hartford Life) and property/casualty (Hartford Insurance Pool) insurance subsidiaries of The Hartford Financial Services Group, Inc.
Most Big Brokers Stay The Course With AIG
18 December 2008Jury Verdict Awards Continue To Increase
12 November 2008Jury Verdict Research has just released its Jury Awards and Statistics. It’s not a pretty picture. The median award in 2007 came to $250,000, up from $192,000 in 2006, representing an all-time high. Nearly one in five verdicts (18%) came in between $100,000 and $250,000, 14% averaged between $250,000 and $500,000, while 22% came in at more than $1,000,000, the highest percentage ever! Discrimination awards (based on race, sex, and disability) jumped from a low in 2006 of $247,500 to $252,000 in 2007.
The probability of a plaintiff’s winning a verdict in 2007 came to 71%, up from 56% in 2006. The probability of a plaintiff verdict was even higher in state cases at 66%, up from 55%. One bright lining: the median settlement for 2007 was $77,875, a reduction from $85,000 in 2006. The report contains many more statistics, as well as noteworthy employment practices awards.
Now is the time for employers to take action to protect themselves with EPLI insurance.
Mark Kinsey, Package Insurance Associates, Inc.
Latest AIG Bailout Up to $150 Billion
12 November 2008Why does the AIG bailout continue to grow? Why was the original bailout of $85 Billion not enough?
FAQ On Latest AIG Bailout Answers These Questions And More
Insurance Agent Fined For Bad Mouthing AIG
27 October 2008“The Minnesota Department Of Commerce has taken action against a Duluth insurance agent and agency for publishing a newspaper advertisement that solicited business from current policyholders of American International Group (AIG) insurers by questioning the financial health of the AIG parent company. The department has repeatedly affirmed the financial solvency of AIG’s insurance companies, despite the troubles associated with the parent company.”
Mistletoe And Holiday Parties Don’t Mix
20 October 2008Company-sponsored functions involve risks, and serving alcohol compounds the problems. One study says that 36% of employers reported behavioral problems at their most recent company party. These problems involved everything from excessive drinking, off-color jokes all the way to unwelcome sexual advances and fist fights.
Excellent article by labor attorney Hagood Tighe provides 10 tips on how to reduce the chances of an incident. Here are three little knows suggestions:
1. Require your managers to be “on duty” at the party.
2. Invite spouses and significant others to help act as a deterrant to employee bad behavior.
3. Don’t hang mistletoe as it can lead to inappropriate sexual advances.
Ten Ways To Avoid Getting Sued During Holiday Parties
Employee Dishonesty Insurance: What Is It & Why Do I Need It?
20 October 2008I was talking to a client the other day, and he asked me what employee dishonesty was all about. He owns a small business with about 6 employees, and most of them have been with him for at least 5 years. He didn’t understand why he needed it since he trusts them.
What Is It?
Employee dishonesty is considered to be a criminal at committed by and employee acting alone or in collusion with others. There must be intent by the employee to cause the employer a loss and to obtain a financial benefit for the employee or someone else.
Why Do I Need It?
Recommend Employee Dishonesty coverage to most employers, and their first reaction is usually: “I don’t need that. My employees have been with me for years and we’re like family!”
Unfortunately, incidents of Employee Theft are on the rise. Following are several incidents that have happened within the last few months:
BEAUFORT, SC: A box office manager was charged with stealing over $98,000 from a performing arts center. During an internal audit it was discovered that the manager had been writing checks for personal use since 2006. — The Beufort Gazette, 06/08
BEAUFORT, SC: A Beaufort County motor-grader operator was arrested for stealing over $35,000 in diesel fuel (approximately 10,000 gallons). Between March, 2007 and mid June, 2008 the operator was filling his county issued pickup, that has an 80 gallon tank, with diesel fuel from county-owned pumps and then selling the fuel to others. — The Beaufort Gazette, 06/26/08
MYRTLE BEACH, SC: A woman working for a local construction company was arrested after it was discovered she had written over $260,000 in checks over a 5 year period to pay her personal expenses. — The (Myrtle Beach) Sun News, 10/08/08
5 Top Reasons Businesses Need E&O Insurance
20 October 2008According to PLIS, Inc., the five top “negligence” reasons companies need Errors & Omissions insurance:
1. Employee Dishonesty
2. Failure To Document
3. Lack Of Internal Peer Review
4. New Employee Training Issues
5. Honest Error
Link: Small Business Errors & Omissions Insurance
NonProfit Risk Management For Volunteer Drivers
20 October 2008Excellent e-newletter article about the liabilities faced by nonprofits resulting from volunteer drivers running errands on their behalf. Also includes risk management controls that every nonprofit must implement to protect itself.
Link: Volunteer Driver Insurance And Risk Management
