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Compensation battle rages four years after BP's U.S. oil spill

Published April 18, 2014 - 11:19am CST

(Reuters) — Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, La., and some islanders are fed up with hearing from BP that the crisis is over.

GM exploring compensation program for ignition-switch victims: Lawyer

Published April 17, 2014 - 11:55am CST

(Reuters) — A lawyer for General Motors Co. said for the first time Wednesday that the company is moving to develop a program that could compensate individuals affected by a faulty ignition switch in millions of recalled vehicles.

Cyber risks lurk far beyond organizations' own walls: Report

By: Mark A. Hofmann

Published April 16, 2014 - 11:39am CST

WASHINGTON — Current cyber risk management does not give much consideration to “digital distant perfection” — the aggregation of cyber risks that can lie far beyond an organization's own four walls.

Patent firm RPX gets OK to act as Lloyd’s of London coverholder

By: Sarah Veysey

Published April 16, 2014 - 9:44am CST

Patent risk management solutions company RPX Corp. has received approval to act as a coverholder at Lloyd’s of London, RPX announced Wednesday.

Hull and liability aviation rates down 10% at renewals: Aon

By: Sarah Veysey

Published April 16, 2014 - 9:23am CST

Rates for lead hull and liability aviation insurance fell by an average of 10% during renewals that took place in 2013, according to a report published Wednesday by Aon P.L.C.

British insurer RSA names chief operating officer to oversee asset sales

Published April 15, 2014 - 9:21am CST

(Reuters) — British insurer RSA has appointed its emerging markets chief to the newly created role of chief operating officer to oversee sales of non-core businesses as the company shores up its balance sheet.

U.S. retailers plan to share cyber threat data after Target attack

Published April 14, 2014 - 2:40pm CST

(Reuters) — U.S. retailers are planning to form an industry group for collecting and sharing intelligence about cyber security threats in the wake of last year's big attack on Target Corp.

Ukraine crisis causes insurers to stop covering political and trade credit risks

By: Judy Greenwald And Sarah Veysey

Published April 13, 2014 - 6:00am CST

The crisis in the Republic of Crimea has caused insurance underwriters to virtually stop writing political and trade credit risks in Ukraine, but they are still cautiously writing the coverages in Russia.

Review political risk, trade credit policies if doing business in Russia, Ukraine

By: Judy Greenwald

Published April 13, 2014 - 6:00am CST

Policyholders who conduct business in Russia or Ukraine should take a close look at their political risk and trade credit policies to see what coverage if any they may have in light of the geopolitical crisis, experts say.

Social media training should educate workers on advantages and pitfalls

By: Karen Pallarito

Published April 13, 2014 - 6:00am CST

Experts routinely recommend that businesses and organizations teach their employees how to safely and effectively use social media due to their potential risks when misused and rewards when used appropriately, but few companies provide such training.

Social media attacks should be managed with a speedy, calculated response

By: Rodd Zolkos

Published April 13, 2014 - 6:00am CST

The basic dynamics of dealing with a crisis stemming from social media communication are largely the same as those confronting a company via traditional media, but a social media crisis demands quick corporate response after careful consideration about who and what warrants a response.

Social media can be a valuable crisis management tool for some companies

By: Rodd Zolkos

Published April 13, 2014 - 6:00am CST

Social media can be a valuable tool in companies' crisis management efforts.

Spencer Risk Management Challenge joins golf tournament to support students

By: Bill Kenealy

Published April 13, 2014 - 6:00am CST

A new academic competition will join a venerable golf tournament at the 2014 Risk & Insurance Management Society Inc.'s Conference & Exhibition in Denver.

RIMS 2014 conference will feature a revamped schedule and big-name speakers

By: Rodd Zolkos

Published April 13, 2014 - 6:00am CST

The Risk & Insurance Management Society Inc. will encourage members to “Elevate” and take their risk knowledge to new heights at this year's annual conference and exhibition April 27-30 in Denver.

RIMS 2014 offers two local community service opportunities

By: Sheena Harrison

Published April 13, 2014 - 6:00am CST

Insurance executives will aid several Denver-area nonprofits during the Risk & Insurance Management Society Inc.'s 2014 conference and exhibition, including two community service projects slated to take place during the event.

RIMS 2014 Denver insiders' recommendations

By: Kate Shepherd

Published April 13, 2014 - 6:00am CST

Denver, the host city for the 2014 Risk & Insurance Management Society Inc. Conference & Exhibition, offers visitors plenty of attractions, fine restaurants and proximity to several getaway destinations within a few hours by car. Business Insurance polled a group of local risk management and insurance professionals for inside scoops and recommendations of their favorite activities, dining spots...

Port Authority of New York and New Jersey sues Aon over payments

By: Matthew Lerner

Published April 11, 2014 - 11:34am CST

The Port Authority of New York and New Jersey on Thursday sued Aon P.L.C. in New York State Supreme Court, alleging mishandling of commissions and overpayment of premiums from 2008 to 2012.

Sharing cyber threat information won't raise antitrust concerns: U.S. agencies

By: Judy Greenwald

Published April 10, 2014 - 1:20pm CST

Properly designed cyber threat information sharing is not likely to raise antitrust concerns and can help secure the nation's networks of information and resources, say the FTC and the U.S. Department of Justice.

More funds sought for Bangladesh factory collapse victims

Published April 10, 2014 - 11:24am CST

(Reuters) — Campaigners launched a new effort on Thursday to push Western brands to pay into a compensation fund for victims of the collapse of a Bangladeshi factory almost a year ago that killed more than 1,100 people.

GM places 2 engineers on leave as part of ignition switch probe

Published April 10, 2014 - 11:13am CST

(Reuters) — General Motors Co. said it had placed two engineers on paid leave as part of an investigation into defective ignition switches that led to the recall of 2.6 million cars worldwide.

Property/casualty insurance rates to decline, but some lines uncertain: Willis

By: Rodd Zolkos

Published April 09, 2014 - 1:45pm CST

Commercial property/casualty insurance buyers should see modest improvements in market conditions over the remainder of 2014, though external factors are causing instability in some coverage lines, according to a new report from Willis Group Holdings P.L.C.

Hail storms, twisters cause $300M in insured damage in North Texas

By: Mark A. Hofmann

Published April 09, 2014 - 12:52pm CST

Hail storms and tornadoes caused an estimated $300 million in insured damage to parts of North Texas last week, the Insurance Council of Texas said Wednesday.

HP pays $108M to settle DOJ, SEC overseas corruption probes

Published April 09, 2014 - 12:21pm CST

(Reuters) — Hewlett-Packard Co. will pay $108 million and agreed to take on certain reporting and compliance obligations to settle a Justice Department and SEC investigation into potential violations of the Foreign Corrupt Practices Act.

NHTSA fines GM for not answering recall questions

Published April 09, 2014 - 10:31am CST

(Reuters) — General Motors Co. is being fined $7,000 a day for missing an April 3 deadline to provide information about its recall of 2.6 million cars for defective ignition switches, the National Highway Traffic Safety Administration said Tuesday.

Toyota to recall nearly 6.4M vehicles for steering, other faults

Published April 09, 2014 - 10:05am CST

(Reuters) — Toyota Motor Corp., in its second-largest recall announcement, said Wednesday that it would call back 6.39 million vehicles globally after uncovering five different faults involving parts ranging from steering to seats.

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