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Coverage ‘inadequate’ in Florida condo collapse: Judge

The Surfside, Florida, condominium building that collapsed last week had $48 million in total property and liability coverage, which will be “inadequate” to compensate everyone fully, a Miami-Dade circuit judge has said.

In an online meeting Thursday, Judge Michael Hanzman was told by attorneys for the Champlain Towers South condo association that they were aware of only $30 million in property insurance and $18 million in liability coverage, according to a segment posted online by the Miami Herald.

Great American Insurance Co. is the property insurer for the building.

“It looks like for the property damage claims and the injury and death claims there’s going to be a total of $48 million which will obviously be inadequate to compensate everyone fully to the extent of their harm,” Judge Hanzman said.

“I don’t know if there are any third-party claims. Maybe there are, maybe there aren’t, but we are dealing with

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HHS should improve sharing of cyber threat information: GAO

The U.S. Department of Health and Human Services could provide more cybersecurity help to health care organizations by routinely sharing threat information, the U.S. General Accountability Office said Monday in a report.

But HHS said it disagrees with the GAO’s recommendation that this be accomplished by coordinating communication between two HHS entities, although it does agree with six other recommendations the GAO made.

The two HHS entities are the Health Sector Cybersecurity Coordination Center, which was established to improve cybersecurity information sharing in the sector, and the Healthcare Threat Operations Center, a federal interagency program co-led by HHS that focuses on, among other things, providing descriptive and actionable cyber data.

Because of a lack of coordination between these two entities, the cybersecurity center does not routinely receive cybersecurity information from the threat operations center that can be passed on, the report says.

“Until HHS formalizes coordination for the two entities,

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BAM! SPLAT! Lawsuit latest strike against villainous projectiles

A hotel chain was served a lawsuit this week that arrived in the form of a comic book depicting the real-life struggles of an iconic Houston comic store that has been dodging projectiles thrown by guests onto its store.

As reported in the Houston Chronicle, the owner of Third Planet is taking on his alleged villains — Crowne Plaza and Pacifica Companies — with a 13-page, full-color lawsuit that attorneys for the store say may be the first of its kind.

The result, as reported in the newspaper, is a “colorful piece of litigation that seeks to attain justice for the plucky shop that has remained famous in Houston and a landmark for sci-fi fans across the country.”

“The irony that this out-of-state corporate entity and corporate owner would actually try to bury, literally bury, Third Planet, is upsetting,” the store’s lawyer, Cris Feldman, told the newspaper.

The attorney for

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Policyholder loses federal appeal of BI ruling

In what may be the first federal appeals court ruling on the issue, the 8th U.S. Circuit Court of Appeals on Friday ruled against an oral surgeon’s practice as to whether a policyholder can recover for COVID-19 losses under its business interruption coverage.

In its ruling in Oral Surgeons, P.C. v. The Cincinnati Insurance Co., a three-judge panel of the St. Louis-based appeals court agreed with the U.S. District Court in Des Moines, Iowa, that the practice’s policy required “physical loss” or “physical damage” to trigger business interruption and extra expense coverage.

“Oral Surgeons did not allege any physical alteration of property,” the ruling said.  “The complaint pleaded generally that Oral Surgeons suspended non-emergency procedures due to the COVID-19 pandemic and the related government-imposed restrictions.

The ruling said Oral Surgeons had alleged no facts showing it had suspended activities due to direct “accidental physical loss or accidental physical damage,” regardless

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Why A Lincoln Nebraska-Based Insurance Company Launched A Podcast Focused On ‘Good Business’

Since writing Better Business: How the B Corp Movement is Remaking Capitalism I have been invited to be a guest on many podcasts to discuss the book and the importance of sustainable and equitable business in the post-Covid world. One of the more interesting invitations came from Assurity, a life insurance company headquartered in Lincoln Nebraska to be a guest on their Good Business podcast. This raised the question for me of why an insurance company hosts and produces a podcast on good business. 

To understand this better, I interviewed Tom Henning, President and CEO, Assurity. He described to me that “at Assurity,

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Can new technologies power insurance penetration in Nigeria? [Business Africa]

Insurance penetration in Nigeria remains at less than 1%. According to official data, the penetration rate of the sector which plunged into deep recession in 2020 stands at 0.5 %.

It’s a low rate compared to 13.4 % in South Africa. But the average for insurance penetration in Africa remains generally low.

Macroeconomics and inefficiencies in the insurance sector has reportedly played a role in the low inclusion and penetration rate on the continent.

For instance, analysts say claims processes are still largely paper-based, and exorbitant, time consuming and ineffective.

Thus calls for a full digitally-driven insurance market in Africa continue to grow. This is viewed as a sure way to create financial inclusion and bring quality financial services to the public.

One of such companies working to bring this into fruition is Curacel. The insurance technology platform says it is leveraging on artificial intelligence to power claims processing and

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Fenris Announces New Small Business Insurance Prefill API

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

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To boldly go where no cover has gone before

Lance Ewing, a former Risk and Insurance Management Society Inc. president, told Canadian Underwriter magazine that alien coverage could fall under one or more existing coverage lines.

Should an alien encounter or invasion be termed an “Act of God,” insurers could deny coverage based on “force majeur,” exclusionary language.

Could an alien invasion be determined as an “Act of War,” or even terrorism, which might involve the Terrorism Reinsurance Act? “Someone in authority with a paycheque greater than mine would have to make that determination as to what that actual act was. And [whether] that determination would…trigger the policy, and we could argue that in the courts forever,” said Ewing.

A commercial property policy might cover some forms of accidental damage if a spaceship lands on the roof of a commercial business, damaging it. Home insurance policies could also be involved if the visit is personal.

Finally, should one actually

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Insurers lose High Court challenge over business insurance COVID pandemic payouts

Australia’s insurance industry has lost the latest battle in an ongoing “war of attrition” between insurers and businesses that want compensation for COVID losses.

Many Australian businesses had a type of insurance when the pandemic hit that could cover them for losses linked to an interruption to trade.

It is estimated there were roughly 250,000 policies of this ilk in Australia when the pandemic struck with a total potential liability of $10 billion. 

However, the insurance industry claims these policies were never designed to cover business losses due to pandemics.

Last year its lobby group, the Insurance Council of Australia, took a test case to

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Business insurance to secure your future – get the right insurance provider today – Times Square Chronicles

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.

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