Capstone Insights
The 2017 Travelers Risk Index surveys found that consumers and businesses perceive global conflict, cyber and the changing workforce as the greatest threats. The 2017 Travelers Risk Index surveys found that consumers and businesses perceive global conflict, cyber and the changing workforce as the greatest threats. Continue reading →
A construction business can end up facing considerable consequences if it finds itself in a situation where the insurance program is insufficient in respects to coverage and defense. Sometimes the price of a project at the time of bid, will end up having a considerable upswing, due to many inherent costs that can be added on due to litigation that surfaces years after the job is done. Continue reading →
Terrorist attacks, large cyber attacks, and misuse of technology are the top risks facing businesses in the United States, according the World Economic Forum survey released Wednesday. Continue reading →
With so many eyes on claims files, it’s no wonder documentation is a touchy subject for adjusters. Claims files are reviewed by auditors, supervisors, bad faith attorneys and others passing judgment often months or years after the fact, according to Kevin Quinley, founder and principal of Quinley Risk Associates. Continue reading →
With a shift in Healthcare laws it is no wonder that Professional Liability “Medical Mal-Practice” insurance is changing as well. Over the past several years subtle changes in the healthcare industry have begun to relate to physician’s Professional Liability needs. With the increase in “E-visits”, a decrease in hospital stays, and of course the ever-evolving idea of healthcare reform, it is interesting that little is talked about when it comes to Professional Liability insurance needs for physicians. Continue reading →
Some of the most popular industrial and consumer robots are dangerously easy to hack and could be turned into bugging devices or weapons, IOActive Inc. said.
The Seattle-based cybersecurity firm found major security flaws in industrial models sold by Universal Robots, a division of U.S. technology company Teradyne Inc. It also cited issues with consumer robots Pepper and NAO, which are manufactured by Japan’s Softbank Group Corp., and the Alpha 1 and Alpha 2 made by China-based UBTech Robotics. Continue reading →
Subrogation is the legal doctrine which allows one party, usually an insurance company, that pays a loss by its insured which was caused by a third party, to take over the rights of its insured against the third party and recover its claim payments. It wouldn’t make much sense if, after paying a first-party insurance claim that its insured was partly responsible for, an insurance company could sue its insured to get their money back. It would defeat the purpose of insurance. Preventing precisely that sort of inequitable scenario is the purpose of the anti-subrogation rule (ASR). Sometimes known as the “suing your own insured” defense, the ASR was originally developed based on the logical premise that because the carrier stands in the shoes of it’s insured, it would essentially be suing itself. Therefore, no right of subrogation can arise in favor of an insurance company against its own insured. Wager v. Providence Ins. Co., 150 U.S. 99 (1893); The John Russell, 68 F.2d 901 (2nd Cir. 1934); Sherwood Trucking, Inc. v. Carolina Cas. Ins. Co., 552 F.2d 568 (4th Cir. 1977); Peavey Co. v. M/V ANPA, 971 F.2d 1168 (5th Cir. 1992) (insured or additional assured); Prestige Cas. Co. v. Michigan Mut. Ins. Co., 99 F.3d 1340 (6th Cir. 1996). Continue reading →
A report released earlier this year by research and advisory firm Novarica highlights how digital opportunities, analytics and the Internet of Things (IoT) are driving changes in claims.
Customer service standards set by other industries is contributing to the digital transformation in the insurance industry and in claims, stated the report, The Digital Evolution of P/C Claims. Continue reading →
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