Capstone Insights
Bloomberg) — Reports of safety incidents involving civilian drones have surged to an average of 250 a month, leading to a federal “emergency” action to approve drone flights in restricted areas, according to a government notice seeking new procedures for the craft.
There is so much pent-up demand for obtaining special permission to fly drones in restricted airspace, that the Federal Aviation Administration says it can’t keep up. The FAA says drone users are flying without approval because of the delays.
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More than half of U.S. businesses (53 percent) have experienced a cyber attack in the past year, according to a survey of business executives. Continue reading →
The House of Representatives voted 264-155 today to pass bipartisan legislation that encourages the sale of private flood insurance in place of policies from the federal government in high risk areas where flood insurance is required. 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 →
Social media networking, namely Twitter, presents businesses with several advantages including reaching potential and current customers. However, when used without prudence, social media, and namely Twitter can also result in situations where companies can face various liabilities including reputation damage, defamation cases and intellectual property lawsuits. Therefore, it’s important for individuals and businesses to exercise prudent risk management before deciding whether to tweet. 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 →
“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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