While traditional homeowners insurance covers damage caused by tornadoes, there are some steps people may take to minimize their losses.
Thorough documentation both before and after the disaster can help homeowners issue efficient and accurate insurance claims, according to a recent report by the Insurance Information Institute. Taking inventory of one’s possessions may be beneficial following any natural disaster because it allows consumers to compare what they had owned to what they’ve lost.
Taking photographs of the damage can also assist insurance companies in processing claims.
Homeowners should also keep track of any expenses incurred in coping with their losses, according to the report.
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Property/casualty insurers will have access to an expanded array of risk-related data and tools to analyze that data thanks to a new program announced today by the American Association of Insurance Services (AAIS).
Under an initiative announced by AAIS President Paul Baiocchi at the association’s “Main Event” conference, held April 11 to 13 in Fort Myers, Fla., AAIS is establishing a Data Resource Center.
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A.M. Best, Moody’s Investors Service and Standard & Poor’s (S&P) announced ratings updates. The following are some of the most recent:
British Marine Luxembourg S.A.
S&P withdrew its ‘A+’ counterparty credit and financial strength ratings (FSR) on British Marine Luxembourg S.A. The ratings were withdrawn because British Marine has ceased to exist following its merger with 100% owner QBE Insurance (Europe) Ltd., the rating agency says. For this reason, the ratings were not affirmed prior to withdrawal.
Under the terms of the merger, which took effect on March 31, 2010, British Marine was dissolved and ceased to exist. Al
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Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, today reported net income for the quarter ended March 31, 2010 of $47.7 million, or $0.80 per diluted share, compared to net income of $60.5 million, or $1.03 per diluted share, for the same period in 2009.
(1888PressRelease) April 26, 2010 – First quarter diluted earnings per share decreased 22.3 percent over last year, due primarily to the receipt of a milestone payment in the year ago period. Full Article…
British Prime Minister Gordon Brown said any bank found guilty of wrongdoing could have to pay millions of dollars in compensation.
Britain this week launched a probe into alleged fraud by Goldman Sachs after the United States accused Wall Street’s most powerful investment bank of duping clients.
“If what happened at Goldman Sachs and in any other bank is proven to be wrong, then hundreds of millions of dollars in compensation should be paid to British banks, and because we are the biggest shareholder in many of them, to the British taxpayer,” Brown said on Friday in a campaign speech for the May 6 election.
Brown also confirmed Labour plans, if reelected, to put what he called a “triple lock” on banks’ misbehaviour.
Giving details of plans to curb banking excesses, Brown said shareholders would be given new powers to have a say on the pay of their executives before the rewards were given.
The Financial Services Authority regulator would set their capital requirements for banks to prevent risky and irresponsible behaviour and could also void and change pay contracts if they were judged excessive.
Goldman was hit last Friday with a U.S.
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Diabetes and many of the health conditions associated with it may lead to increased health insurance premiums.
However, early detection of the disease can reduce the likelihood of future health complications and death. Test-kit manufacturer Hooper Holmes recently announced a Diabetes Know Now! program aimed at increasing awareness among people who may have diabetes or pre-diabetes.
Individuals who think they may be suffering from the disease can fill out a 17-question diabetes risk assessment survey on www.diabetesknownow.com.
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Insurers’ predictions that, as a result of the volatile economy, consumer fraud would steadily increase, may cringe at the latest fraud-related stories—committed by agents—that are making headlines.
In South Florida, an insurance agent was arrested Thursday on charges that he falsified life insurance applications gaining nearly $2 million in commissions on death benefits totaling $78 million.
The agent, Steven Brasner, works for Infinity Financial Group, Boynton Beach. Michael McAuliff, Palm Beach State Attorney, reports that investigators were told by seniors in the area that Brasner inflated their net worth and incomes on their applications for life insurance.
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