GEICO’s accident forgiveness program is marketed as a way to prevent rate increases following a policyholder’s first at-fault accident. The insurer states on its website: “Your insurance rate won’t go up as a result of your first otherwise surchargeable, at-fault accident.” However, the lawsuit argues that the company’s handling of premium adjustments contradicts its marketing and customer communications.
Under the bill, service of process and official communications from the Insurance Commissioner may now be delivered via electronic mail. Insurance producers, particularly nonresident licensees, are expected to monitor their designated email accounts regularly. Failure to do so could result in significant legal or administrative repercussions. Source link
Chris Walters (pictured above), CEO of Inszone Insurance Services, said the acquisition aligns with the company’s strategy to strengthen its presence in Kansas. He said the Munson team brings extensive experience in farm and agricultural insurance, and that Inszone plans to build on the agency’s existing foundation. Source link
“This acquisition is part of our strategic effort to scale high-growth broking businesses and expand our capabilities across the insurance value chain,” said Scott Burnett, head of corporate mergers and acquisitions for WTW’s risk and broking division. “GCC brings strong market penetration, especially in the trade credit space, and will significantly enhance our scale and…
Florida Attorney General James Uthmeier said the review identified numerous unrelated claims that should not have been submitted for reimbursement. These allegedly included non-hurricane-related damages, which, under the fund’s guidelines, were ineligible for payment. The attorney general’s office stated that Universal’s reporting practices led to excess payments from the hurricane fund, the report said. Source…
The NFIP, once the only option for homeowners and businesses, has long been criticized for its low coverage limits and lack of flexibility. With rising flood risks due to climate change and evolving property needs, consumers have sought alternatives that address losses beyond structural damage – like business interruption and building upgrades. Source link
“We had greenwashing a couple of years ago, where companies claimed to be more sustainable or environmentally conscious than they really were,” Shah said. “Now, we’re seeing AI-washing – companies talking about their use of AI or their research into it in a way that doesn’t necessarily reflect reality.” Source link
