Superstorm Sandy taught lessons on insurance coverage clarity

By: Rodd Zolkos

Published June 16, 2013 - 6:00am CST

CHICAGO — The need for greater insurance policy clarity and certainty was among the key lessons learned from last year's Superstorm Sandy, according to panelists participating in the Harold H. Hines Jr. Memorial Symposium in Chicago.

Bermuda pursues captive insurance opportunities

By: Rodd Zolkos

Published June 16, 2013 - 6:00am CST

SOUTHAMPTON, Bermuda — Leaders in Bermuda's captive insurance industry see growth opportunities for the captive domicile, including its continued attraction as the domicile for special-purpose insurers while drawing captives from Latin American and even Far East parent companies.

Mapping app helps risk managers track business travel risks

Published June 16, 2013 - 6:00am CST

Keeping track of teams of business travelers on a global scale is a challenge for risk managers.

Q&A: Eamonn Cunningham, chief risk officer of Westfield Group

Published June 16, 2013 - 6:00am CST

Eamonn Cunningham is chief risk officer of Westfield Group, a Sydney-based shopping center owner and operator that has malls in Australia, New Zealand, the United States and Europe. He also is president of Risk & Insurance Management Society Inc.'s Australasia chapter, which was formed this year. Mr. Cunningham recently spoke with Gavin Souter, editor of Business Insurance, about the reason for...

OFF BEAT: Joan Jett sues Hot Topic over lingerie branding

Published June 14, 2013 - 1:29pm CST

Punk rocker Joan Jett feels ripped off by Hot Topic Inc. and is suing the New York-based gothic clothier chain for naming its new lingerie line after her band without her permission.

Information leak shows government contractor liability exposures: Paper

By: Judy Greenwald

Published June 14, 2013 - 10:36am CST

Errors and omissions, directors and officers and employment practices liability insurance all may come into play in instances where employees leak confidential government information, broker Lockton Cos. L.L.C. says in a white paper.

First-responder training firm settles whistle-blower case for $11.8M

By: Judy Greenwald

Published June 13, 2013 - 2:57pm CST

In a whistle-blower case, a firm that trained first-responder personnel to prevent and respond to terrorism attacks has agreed to pay $11.8 million to settle charges it violated the False Claims Act by charging inflated prices under grants it received, government officials said Thursday.

New Canadian association aims to expand receivables insurance market

By: Kate Shepherd

Published June 13, 2013 - 1:30pm CST

A new association, Receivables Insurance Association of Canada, has launched with the goal of expanding the receivables insurance market in Canada.

EEOC's disability discrimination case against UPS must proceed: Judge

By: Judy Greenwald

Published June 13, 2013 - 1:23pm CST

A federal judge has denied United Parcel Service Inc.'s effort to appeal his latest ruling in a disability discrimination case filed against it by the U.S. Equal Employment Opportunity Commission, and said the case should proceed to discovery.

Captive reinsurance not 'shadow insurance': Bermuda panelists

By: Rodd Zolkos

Published June 13, 2013 - 10:09am CST

SOUTHAMPTON, Bermuda — Contrary to the New York Department of Financial Services' characterization of life insurers' captive reinsurance transactions as “shadow insurance,” a panel of life insurance securitization experts said the transactions are more stringently regulated than traditional reinsurance deals.

Captives help meet U.S. health reform challenges: Bermuda panel

By: Rodd Zolkos

Published June 13, 2013 - 10:03am CST

SOUTHAMPTON, Bermuda — Captive insurance can benefit both health care providers and employers as they look to address changes resulting from health care reform in the U.S., experts said during the Bermuda Captive Conference.

Mid-market firms lag in adopting property risk best practices: Analysis

By: Matt Dunning

Published June 12, 2013 - 12:45pm CST

Mid-market companies slightly lag the national average in their adoption of property risk management best practices, according to an Advisen Ltd. analysis.

Data analytics aid decision-making, cut costs: Bermuda panel

By: Rodd Zolkos

Published June 12, 2013 - 11:56am CST

SOUTHAMPTON, Bermuda—Data analytics and predictive modeling can help companies make better risk financing decisions and deal with claims more efficiently and cost effectively, speakers said during the Bermuda Captive Conference.

Willis launches all-risks insurance for commercial crime

By: Kate Shepherd

Published June 12, 2013 - 11:23am CST

Willis Group Holdings P.L.C. has unveiled a new policy, CRIMEstar, that offers commercial crime coverage using all-risks wording.

Insurance cover varies for evolving terrorism: Guide

By: Sarah Veysey

Published June 12, 2013 - 10:30am CST

BRIGHTON, England — Several of the world's long-established terrorism insurance pools were set up when the threat of terrorism differed significantly from the situation today, according to a technical guide published Wednesday by Airmic Ltd. and Willis Group Holdings P.L.C.

Chris McGloin ascends to chairman of Airmic

By: Sarah Veysey

Published June 12, 2013 - 9:27am CST

BRIGHTON, England — Chris McGloin, vice president of risk management and insurance at London-based technology firm Invensys P.L.C., took over as chairman Wednesday of U.K. risk management association of Airmic Ltd.

New York lays out $20B plan to combat effects of climate change

Published June 11, 2013 - 4:30pm CST

(Reuters) — New York Mayor Michael Bloomberg on Tuesday announced a $20 billion plan to prepare for rising sea levels and hotter summers expected as a result of climate change in the coming decades.

Most nonprofits operate without a risk manager: Survey

By: Mike Tsikoudakis

Published June 11, 2013 - 12:29pm CST

Most nonprofit organizations operate without a dedicated risk manager, according to a survey by insurance brokerage Crystal & Co.

Bermuda Captive Conference panelists dispute tax haven allegations

By: Rodd Zolkos

Published June 11, 2013 - 12:12pm CST

SOUTHAMPTON, Bermuda — Tax haven allegations and regulatory criticisms leveled against Bermuda by some government officials are unmerited, uninformed and, in some cases, vindictive, roundtable participants said during the 2013 Bermuda Captive Conference.

Disclosure, claims-related issues worry risk managers: Airmic study

By: Sarah Veysey

Published June 11, 2013 - 10:43am CST

BRIGHTON, England — Nonpayment or delayed payment of claims is a top concern for U.K. risk managers, according to a study by risk manager association Airmic Ltd.

Business Insurance IN FOCUS Video: Catastrophe and disaster planning

Published June 11, 2013 - 6:00am CST

In our latest weekly video, Business Insurance focuses on what organizations can do before a natural disaster hits.

Supreme Court affirms class arbitration ruling in Oxford Health lawsuit

By: Judy Greenwald

Published June 10, 2013 - 3:38pm CST

An arbitrator's interpretation of a contract must be followed regardless of its merits, the U.S. Supreme Court ruled Monday.

Ace launches contractors OCIP for U.S. health care clients

By: Kate Shepherd

Published June 10, 2013 - 2:50pm CST

Ace Ltd. is launching a new contractors pollution liability owner-controlled insurance program specifically for the U.S. health care industry, the insurer announced Monday.

Commercial insurance prices up 7% in 2013: Towers Watson

By: Bill Kenealy

Published June 10, 2013 - 12:19pm CST

Commercial insurance prices rose almost 7% during the first quarter of 2013 compared with the same period the previous year, according to a Towers Watson & Co. survey released in Monday.