It’s now up to the Florida House of Representatives to adopt last-minute changes to a controversial bill that would set up not one but two clearinghouses for Citizens Property Insurance commercial policies. The state Senate Wednesday night approved Senate Bill 1028, pushed by state Sen. Joe Gruters, by a vote of 33-1, despite Gruters sidestepping or failing to answer almost every question about the revised version. When Sen. Carlos Guillermo Smith, D-Orlando, asked Gruters if the amended bill would limit fees that a clearinghouse administrator could charge, Gruters said, “Yes—15%.” But that 15% in the bill refers only to the…
Author: Awais
Rhode Island officials have released a report blasting the Catholic Diocese of Providence for what it calls a “well-worn pattern” of failing to remove dozens of priests accused of child sexual abuse and keeping the abuse secret over decades. “They failed to report the abuse to civil authorities; they failed to properly investigate those complaints internally; and they failed to remove accused priests from positions where they had access to even more children, who tragically paid the price for those failures,” Attorney General Peter F. Neronha commented in releasing the 300-page investigative report that covers 75 years and has been…
In response to the extensive damage caused by tropical cyclones Fytia and Gezaniver, which disrupted essential services and impacted over half a million people across Madagascar, $29 million has been deployed for recovery efforts through a blend of parametric financing solutions facilitated by the African Risk Capacity (ARC) and its partner institutions.According to the announcement, this financing was activated through three complementary instruments established in advance. Madagascar’s government first drew on $19.9 million from the REPAIR programme’s reserve, a World Bank initiative implemented by ARC Ltd that provides countries with rapid access to financing to support early response efforts following…
According to the filing, the insured purchased a SEIVI Rechargeable Batteries with Charger Compatible with Arlo Wireless Security Cameras from Amazon in June 2022. The product was listed under MORNGC but was stored, sold, and delivered by Amazon through its FBA program. About 18 months later, on or about December 21, 2023, the charger allegedly failed to shut off after the batteries reached full charge. What followed, according to the filing, was thermal runaway — the batteries overheated, exploded, and expelled their internal components, igniting nearby items and setting off the property’s sprinkler system. The result was fire, smoke, and…
Westchester Surplus Lines Insurance has reached a settlement with a Florida condominium association in a hurricane claim, three years after the condo claimed damages that insurers said were so inflated that they were termed “outrageous.” “This matter involves an egregious and overinflated first-party Hurricane Sally insurance claim, where the Defendants seek over $230 million for damages allegedly sustained to the Defendants’ condominium buildings that remain standing and in good condition,” reads the 2023 lawsuit complaint filed by Westchester and 15 other insurers that covered Portofino, one of the largest and best-known high-rise condos on Pensacola Beach. The settlement agreement, filed…
Amazon Connect Health can help patients schedule appointments as well as assist providers by creating summaries of patients’ medical histories, documenting care and generating diagnosis and billing codes.
The Lloyd’s of London market is engaging with the U.S. government’s International Development Finance Corporation over a plan to provide political risk insurance and guarantees for maritime trade in the Gulf, Lloyd’s market officials said on Thursday. “Lloyd’s is engaging constructively with the U.S. Development Finance Corporation and relevant stakeholders, with a clear focus on ensuring that the Lloyd’s market continues to lead as the global center of excellence for war risk insurance,” a Lloyd’s spokesperson said. The Lloyd’s Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd’s market, welcomed the engagement of U.S. President…
India is in talks with the United States to secure marine cover for vessels shipping oil from the Middle East, as New Delhi seeks to shield buyers from potential supply disruptions caused by the crisis in the Gulf, a government official said on Thursday. “So far we are comfortable,” the official, who did not wish to be identified, said, adding that the oil ministry is in discussions with major producers and traders to secure oil, liquefied petroleum gas (LPG), and liquefied natural gas (LNG). U.S. President Donald Trump has ordered the U.S. International Development Finance Corporation to provide political risk…
From NASCAR champs to Idaho retirees, carriers are paying to make these cases go away
Editor’s note: No significant tort-reform legislation is currently making its way through the Alabama Legislature. But at least one state senator is calling for action. Good news continues to roll out of the Sunshine State. Florida Governor Ron DeSantis recently announced significant insurance rate relief for Florida homeowners and auto policyholders that will put money back into Floridians’ pocketbooks and ease the strain on small businesses’ balance sheets. For years, insurance companies, particularly homeowners,’ were leaving the state in droves and insurance premiums were increasing at unsustainable levels. A huge cause of the crisis was driven by legal system abuse.…
The U.S. financial services industry is on heightened alert for potential cyberattacks amid the unfolding U.S. war in Iran, with firms stepping up monitoring for threats that often rise during periods of geopolitical conflict, said executives and analysts. The killing of Iranian Supreme Leader Ali Khamenei last weekend in an air strike has sparked a conflagration in the Middle East that has roiled markets globally and stoked concerns over the potential for Iran-linked cyberattacks on U.S. financial services operations. Cybersecurity has long been a top priority for the financial services industry, which operates critical U.S. infrastructure, including payments, clearing and…
In the wake of recent weather events around the world, whether it’s the bomb cyclone that hit the US from the Gulf Coast to New England, or the combination of Storms Ingrid and Chandra battering the south coast of the UK, business interruption insurance is becoming key to the survival of small- to medium-sized enterprises wherever they may be. Take Storm Ezra for example, which hit the U.S. Northeast and Midwest over Christmas and brought around half a foot of snow, strong winds, power outages and widespread disruption. For many small businesses, this meant days when trading simply wasn’t possible.…
Shipments ranging from fresh produce to airplane parts are in limbo as an escalating Middle East conflict reduces the world’s air cargo capacity by more than one-fifth and pushes up freight rates, with executives bracing for backlogs of goods. The U.S. and Israeli air war against Iran has grounded passenger and freighter flights across the region, including in key global air cargo hubs Doha and Dubai. That has led to a 22% reduction in global air cargo capacity between February 28 and March 3 compared with a four-day period last month before the Chinese New Year holiday, according to data…
Adams and his business partner, Dr. Alireza Sadeghi, each leased an identical black 2015 Lamborghini Huracan through their company, Axis Ventures, LLC. On the day of the accident, Adams drove off in Sadeghi’s car by mistake, unaware of the mix-up until after the crash. The vehicle struck a flood wall on Tchoupitoulas Street in New Orleans, and Kristi Lirette, a passenger, died from her injuries. Her father, Brett Lirette, filed suit in May 2016, naming Adams, Axis Ventures, State Farm Mutual Automobile Insurance Company, and GEICO Casualty Company as defendants.