Month: June 2021

Mosaic Insurance Holdings Ltd. said Tuesday it has introduced a financial institutions division that is underwriting risk globally through its London office.

The division will offer tailored coverage to protect a range of financial institutions from exposures caused by crime, damages payable to third parties and legal defense costs, the Bermuda-based insurer said in a statement.

The insurer said it will be lead market on all financial institution coverage, offering $10 million in maximum initial capacity for any risk, with capacity built to match demand as the product line grows.

Those working in the division include Chris Brown, executive vice president, global head, financial institutions, who joined Mosaic from Hamilton Insurance Group Ltd. in January; Andrew Deans, senior vice president, underwriter, financial institutions, who joined the insurer for Pembroke Managing Agency Ltd. in January; and Chris Web, senior vice president, underwriter financial institutions, previously with Hamilton, who joined in May.

They say a fresh coat of paint or better staging might help one sell a home lingering on the market. A woman in Harker Heights, Texas, meanwhile, thought a canister of gasoline could help her financial plight.

Britny Alandria Parks is facing multiple felony counts, including arson, reckless burning, risking a catastrophe and filing a false insurance claim after being accused of setting her home in 2020 after being unable to sell it, according to Triblive.com

In a criminal complaint cited by the new outlet, the Texas State Police fire marshal’s unit said Ms. Parks had been trying to move out and sell the house by August 2020 with “negative results.” On the date of the fire, Ms. Parks spent the day removing household items and property to an off-site storage location, according to the article.

Witnesses and former friends of Ms. Parks told investigators that she had asked them

A Delaware court ruled Wednesday that American International Group Inc. and Axa SA units were not obligated to indemnify a solar energy company in directors and officers litigation under their claims-made coverage.

Shareholders of Tempe, Arizona-based First Solar Inc. filed a class-action lawsuit in Arizona in 2012, charging the company had misrepresented the reduction of its manufacturing costs, among other allegations, according to the ruling by the Delaware Supreme Court in First Solar Inc. v. National Union Fire Insurance co. of Pittsburgh, PA and XL Specialty Insurance Co.

AIG unit National Union provided coverage for the suit and exhausted its policy, the ruling said.

Then in March 2014, a number of shareholders opted out of that litigation and filed a second suit alleging various defects and concealments by the company. Solar agreed to pay $19 million to settle the case.

National Union and XL unit XL Specialty denied coverage on

Even though all business owners know the importance of taking out business insurance, the high cost is often a deterrent. Consequently, they leave themselves unprotected from sudden losses that can threaten the survival of the company. However, there are quite a few ways by which, you can reduce the cost of your business insurance. Some effective strategies for reducing the insurance premium cost:

Shop Around Before Buying

One of the best ways of reducing your insurance cost is to engage in comparison shopping. You will discover that for the same coverage, different insurance companies charge different amounts. It is because their risk assessment models are different.

Also, they may be engaging in aggressive discounting to build a customer base quickly. By using one of the many available online insurance comparison tools, you can find the cheapest policy. Be sure to scrutinize the extent of coverage and the fine print so

RICHMOND, Va., June 24, 2021 /PRNewswire/ — Fenris Digital, a data and analytics company focused on streamlining and modernizing the process of quoting insurance products for insurance agents, brokers, and carriers, today announced the launch of its latest data service, Small Business Insurance Prefill API. This is their tenth data and insight product launched in the past year-and-a-half which fueled their 400% growth over 2020. The latest service makes it easier for small business owners and agents to get a quote — directly from digital-first carriers or via insurance aggregators — by providing up to 40 of the data points required by most commercial insurance application questionnaires, including NAICS code.

“With the recent explosion of micro-businesses and the gig economy, it’s critical to remove the barriers to entry for owners who need commercial or professional coverage for their small businesses,” said Jennifer Linton, CEO, Fenris. “Incomplete applications

Running any business has many inherent risks. Employee injuries, natural disasters, lawsuits, and contractual breaches, you will need business insurance. Having business insurance can protect your assets, business, and personal properties as well. All you need to ensure is proper coverage of your business and associated assets to make sure you have protection against the pitfalls of running a business. Here is why you will need business insurance, as explained at San Angelo insurance website.

It is the law

According to most legal boundaries across the world, every business requires quite a few mandatory insurances. These generally include worker’s compensation, unemployment, disability, and other coverages. A failure to carry the legal measures will result in hefty fines, civil and criminal penalties. Keep in mind these can cost you more than the insurance itself, so do the math! 

Avoid getting sued

We live in a society rife with litigation procedures.