Capstone Insights
Defective product risk is an increasing peril for companies, causing significant financial damage, according to a newly released Allianz Global Corporate & Specialty (AGCS) report.
Recall exposures have increased significantly over the past decade, bringing the potential for larger and more complex losses than ever before, AGCS warned. Continue reading →
Delphi Automotive Plc, which is changing its name to Aptiv Inc., wants to cut the cost of self-driving cars by more than 90 percent to around $5,000 by 2025, according to Chief Executive Officer Kevin Clark.
Aptiv, which starts trading on Tuesday under the stock symbol APTV on the New York Stock Exchange, also wants to help automakers rethink the way vehicles are engineered and built and make money on the data generated by autonomous electric vehicles. Continue reading →
Nearly a quarter (23 percent) of America’s small business owners believe workers’ compensation carriers could improve their customer service if they offered more online or self-service tools. Better communication and faster claims resolution also topped the list of small businesses’ desired improvements business, according to the survey by small business insurer EMPLOYERS.
The survey of 500 small businesses found that 67 percent of small business owners are “extremely likely or somewhat likely” to use a self-service online portal from their workers’ compensation carrier to review policy information, make policy changes or make payments. Continue reading →
Car shoppers are more ready for autonomous vehicles than they may realize, according to a report from car shopping platform Edmunds.com. More than 60 percent of new vehicle models today can be purchased with some level or autonomous features, the report, Transportation Transformation, shows.
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 →
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 →
U.S. teenagers are more reckless after their first few years of driving, often becoming overconfident in their abilities and putting themselves at higher risk for accidents, a new study shows.
More than half of high school seniors have car accidents or near misses, compared with 34 percent of sophomores, according to the study conducted by Liberty Mutual Insurance Co. and the group Students Against Destructive Decisions. Continue reading →
“We’re going to cut a lot of red tape,” President Trump said at a CEO town hall meeting as he unrolled a long, colorful flow chart showing the process required for a state government to obtain the federal permits necessary to build a highway. The chart outlined 16 different approvals, 29 statutes and five executive orders that apply to a single project. He highlighted that infrastructure approvals are a 10- to 20-year process and cost hundreds of millions of dollars. Continue reading →
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