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Insurance companies reduce coverage for sawmills

Sawmills, which saw demand for their products increase during the pandemic as DIY projects increased, are facing their own supply and demand issues in insurance. Insurance capacity has shrunk as the timber sector continues to experience significant losses, with large fire losses an ongoing concern, say industry experts. Insurance companies in the sector have struggled with profitability, says Jay Hanna, …

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Hartford must defend masonry

A Hartford Financial Services Group Inc. unit must defend a masonry company in construction defect disputes, says a federal district court when it granted the company partial summary judgments in the case. San Jose-based Pacific Bay Masonry Inc., a masonry construction company, entered into a subcontracting agreement with main contractor Deacon Corp., based in Portland, Oregon, in 2014 to build …

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Agricultural holding: Offline system due to cybersecurity incident

(Reuters) -Iowa-based provider of agricultural services NEW Cooperative Inc. said on Monday that their system was offline to contain a "cybersecurity" incident just like the US agricultural belt ready for harvest. The cooperative operates grain storage elevators in the highest US corn-producing state, buys crops from farmers, sells fertilizers and other chemicals needed to grow crops, and owns technical platforms …

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SEC probes Activision across workplaces

(Reuters) – The US Securities and Exchange Commission is investigating Activision Blizzard's handling of employees' allegations of sexual misconduct and discrimination in the workplace, the Wall Street Journal reported on Monday, citing people familiar with the investigation and documents seen by it. Shares in Santa Monica, California-based video game publisher fell 5.4% in afternoon trading. The regulator has issued a …

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The insurer's M&A activity increases: Deloitte

Insurance mergers and acquisitions will continue to accelerate for most sectors in 2021, with the number of deals increasing by 18% to date, according to a report released on Monday by Deloitte Consulting LLP. Lower interest rates continue to create debt financing opportunities as predicted and "are here to take in terms of insurance M & A", Deloitte said in …

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BIPA limitation period varies depending on fees

An appeals panel in the state of Illinois decided on Friday that the limitation period under the Illinois Biometric Information Privacy Act varies depending on the fees in the case. The law, known as BIPA, requires companies that store biometric information to inform the subject in writing that data is being collected or stored and the purpose and duration for …

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Cover Whale partnering in trucking program

Insurtech, a company that focuses on commercial vehicles, covers Whale Insurance Solutions Inc., said on Monday that it is partnering with insurtech Everspan Indemnity Insurance Co. in a truck program. Cover Whale, based in Rancho Santa Margarita, California, said in its statement that the commercial truck program will be written by Everspan-based Everspan and will target professional owners of small …

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Hiscox does not have to cover legal costs in a rejected case

A company that faced significant legal costs arising from a whistleblower lawsuit that was eventually dismissed has no coverage according to Hiscox Insurance Co.'s board members and executives, a federal court of appeal said Friday by confirming a lower court ruling. [19659002] Louisville, Kentucky-based Springstone Inc., which provides behavioral health services at multiple facilities, was sued in July 2016 in …

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Full speed ahead: Insurance to the rescue on the autumn travel plans

When the Delta variant revolved around the country and the whole world during the summer, travel enthusiasts did not come on board to cancel upcoming autumn trips. They were looking for insurance and a record number of people report travel insurance comparison site InsureMyTrip, which told Travel Weekly that the number of online questions about the term "travel insurance" in …

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Nicholas insured losses of approximately $ 950 million: Karen Clark

Insured losses from Hurricane Nicholas will be close to 950 million dollars, said Boston-based disaster model Karen Clark & ​​Co. on Monday. KCC's estimate includes privately insured property, commercial and industrial property damage. Hurricane Nicholas landed on September 14 as a Category 1 hurricane near Sargant Beach, Texas, with a maximum sustained wind of 75 miles per hour. Nicholas intensified …

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