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Boy Scouts abuse settlement survives insurer and claimant appeals
The Third Circuit denied these claims. The court said that the settlement plan does not alter the non-settling insurers’ contractual rights, and emphasized that the plan includes language confirming that the terms of the relevant policies remain unchanged. The panel also dismissed the bad faith argument, characterizing it as a restatement of the rights-preservation issue. …
Insurer must defend contractor in mold dispute, court says
Writing for the court, Judge Ronald Lee Gilman found that even if Wehr wasn’t sued directly, the allegations in the St. Claire case centered on its conduct, and any resulting liability could still flow back to it. That was enough, the court held, to trigger Phoenix’s duty to defend. Kentucky law, the opinion noted, requires…
Where theaters go wrong: The insurance mistakes that could cost them everything
Exposing how contract gaps, cyber risks, and more are leaving arts organizations dangerously exposed Source link
How the reinsurance market shapes P&C insurance rates for real estate investors
However, reinsurance can also be a driving force behind premium increases and market restrictions. When reinsurers experience heavy losses from natural disasters, economic downturns, or global events, they adjust their rates and underwriting requirements to compensate. These increased costs trickle down to primary insurers, who, in turn, raise their rates to offset the higher reinsurance…
Tariffs threaten to push insurance costs higher for US households
Matt Brannon, who authored the report, said tariffs affecting imports from countries such as China, Canada, Mexico, Japan, and Vietnam will disrupt the construction supply chain and add to repair costs. He noted a similar outcome during the COVID-19 pandemic, when material shortages and price hikes also contributed to higher insurance rates. Source link
Oklahoma insurance overhaul: HB1498 enforces stricter rules on funeral benefits and cybersecurity
For insurers, the bill mandates the development of a comprehensive written information security program tailored to the size, complexity, and risk profile of the organization. Each licensee must conduct periodic risk assessments, designate responsible personnel, and implement administrative, technical, and physical safeguards to protect non-public information. Insurers domiciled in Oklahoma are required to submit an…