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"Crime Insurance"
Now that the yearly task of filing personal taxes has passed, this is an opportunity to discuss another type of filing for businesses that occurs every year – the workers’ compensation and general liability audits. In comparison, insurance audits and filing taxes are similar in that both are mandatory, annually. The workers’ compensation and general liability audits are conducted at the end of each policy period to verify that the premium is correct for the exposure during the policy period. In the event there is a claim, the claim might be denied because the premium exposure for the policy term within the policy period where the claim occurred was underinsured. Continue reading
Connecticut Bookmaker Gets Prison Time in Insurance Fraud Scheme
A bookmaker who pleaded guilty to charges he shot a gambler with a stun gun and tried to burn down a Middletown restaurant in an insurance fraud scheme is headed to prison.
The Hartford Courant reports 52-year-old John Barile of East Hartford was sentenced Tuesday to 71 months in federal prison. He pleaded guilty in February to charges of arson, insurance fraud, gambling and extortion. Continue reading
A left-turn at the light with oncoming traffic; the collision occurs and now you are headed to intercompany arbitration on the subrogation claim as the parties dispute who was at fault.
An all too familiar scenario for those adjusting auto losses, but an increasingly relevant fact pattern in the world of subrogation recovery. While 85-90% of all subrogation claims are resolved between carriers and self-insureds without a problem, it is the other 10-15% that can make the difference to the bottom line for insurance organizations.
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When a cyber breach occurs, lawsuits are usually not far behind. It’s a chain of events that has become de rigueur in the consumer realm when retailers experience a breach and it is bleeding over into the workplace, too. Continue reading
Imagine you regularly monitor a social media site in Country X, home to a small, but critical component in your supply chain. You start reading a blogger because he had mentioned your company a few months back. As time passes, you feel urgency in the posts and in related items on Twitter and elsewhere. The blogger raises questions about the country’s politics and economy. Continue reading
Managing your company’s fidelity or employee dishonesty claim is a challenge. The process can be part insurance claim, part investigation and part financial audit. Most claims also involve human resources (HR) and legal considerations surrounding employee rights and termination, and they may necessitate referral to law enforcement or legal proceedings for civil recovery. For even the most experienced risk management teams, proper and timely claim submission requires careful deliberation and technical know-how. Continue reading
Liberty International Underwriters said on Monday that it has launched a cyber extortion endorsement to its product recall and contamination insurance policy for food and beverage companies.
This endorsement offers coverage to food and beverage policyholders for cyber extortion and consultant costs for acts against production and day-to-day operations, Liberty said in a statement. Continue reading
