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18
07, 2016
Emergency Declared in Oklahoma After Severe Storms
Oklahoma Gov. Mary Fallin has declared a state of emergency for 35 Oklahoma counties following three days of severe storms, strong winds, tornadoes and flooding. The executive order signed Friday allows state agencies to make emergency purchases for disaster relief …
18
07, 2016
Fire Damage at Oklahoma Power Plant Could Reach $200M
Officials say the cost of damage from a fire at the Grand River Dam Authority’s main generating facility in Chouteau, Okla., could reach $200 million. The Tulsa World reports that GRDA spokesman Justin Alberty says the July 1 fire’s total …
18
07, 2016
ICT Honors Lawson Posthumously with Raymond Mauk Award
The Insurance Council of Texas (ICT) posthumously honored Ron Lawson, former vice president at the Republic Group in Dallas, with the Raymond Mauk Leadership Award during the group’s 24th Annual ICT Mid-Year Property and Casualty Symposium in Austin. Lawson passed last …
18
07, 2016
Workers’ Comp Line Achieves ‘Significant’ Profit in 2015: Fitch
The U.S. workers’ compensation insurance market achieved a “significant” underwriting profit in 2015, but trends call into question whether such a result can be repeated, Fitch Ratings concluded in a new report. For 2015, the workers’ compensation combined ratio came …
18
07, 2016
Selling Medical Insurance to Olympic Travelers – An Expert Offers Advice
How should an agent or broker approach selling travel medical insurance to those heading to Rio? The answer is simple: know what potential dangers they face, provide them with the information to reduce their risk, and in the event they …
18
07, 2016
Cincinnati Financial Corp. Reports $160M-$170M in Q2 Storm Losses
Cincinnati Financial Corp. reported that The Cincinnati Insurance Companies’ property/casualty group expects its second-quarter results to include pretax catastrophe losses of approximately $160 million to $170 million. That loss amount represents an impact on the second-quarter 2016 combined ratio of …
18
07, 2016
BP Raises Liability by $5.2 Billion for Deepwater Horizon Spill
BP Plc has raised the total liability from the Deepwater Horizon oil disaster, which triggered the worst offshore oil spill in U.S. history, by $5.2 billion to $61.6 billion before tax. The London-based company expects to take a $2.5 billion …
18
07, 2016
Wells Fargo Beats Appeal Over Voided Money Store Verdict
A federal appeals court on Friday rejected a bid to revive a $54.8 million jury verdict against Wells Fargo & Co, saying the trial judge had authority to take the “drastic step” of decertifying the class action after the award …
18
07, 2016
BHSI Launches Commercial Output Policy for Inland Marine Exposures
Berkshire Hathaway Specialty Insurance (BHSI) has introduced its Commercial Output Policy (COP) that combines the company’s new admitted property insurance policy with its inland marine coverages. BHSI’s COP uses American Association of Insurance Services (AAIS) wording and responds to property …
18
07, 2016
Autopilot Warning May Not Help Tesla in Crash Defense
Telling Tesla drivers its Autopilot feature doesn’t mean their cars can drive themselves may not be enough to keep Elon Musk off the hot seat if the technology comes up short. This month, two Teslas equipped with Autopilot veered into …