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Insurance Industry reacts to ‘immoral’ claims farmers:

admin — Fri, 06 Aug 2010 04:09:37 +0000

Ever since they first started appearing from murky corners of the industry back in the late nineties, ambulance chasers have never been particularly good at making friends. The thorny issue of claims farming has consistently remained on the lips of insurers and brokers alike ever since they first boomed from our TV sets advising us to sue everyone and anyone.

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Indemnity Industry reacts to ‘immoral’ claims farmers:

Commercial Insurance Risks Explained

admin — Tue, 03 Aug 2010 21:14:47 +0000

If you run a small or medium sized business you will need to know the risks that your enterprise is exposed to in order to avoid financial loss. We questioned our resident indemnity expert to give us an overview of Commercial Indemnity risks: Understanding Commercial Indemnity Risks and Business Indemnity Covers By Dave Healey If you own or manage a business, either large or small, you will require some type of indemnity to protect your company against the various risks and potential multitude of claims, that your business will face

Originally posted here:
Commercial Indemnity Risks Clarified

WSJ editorial: With email revelations, it’s another wonderful day in the neighborHood

admin — Thu, 29 Jul 2010 01:16:01 +0000

Another fantastic editorial from the Wall Street Journal , which long ago saw that Dickie Scruggs and Jim Hood, despite claiming to be clothed with righteousness, were walking around with no pants. The backdrop of this opinion piece is the cache of emails that came from a document subpoena by State Farm in Ex rel. Rigsby , the Fake Claims Act lawsuit that was supposed to be the centerpiece of the Scruggsification of Katrina litigation, applying that special mix of Scruggs’ secret sauce: "whistleblowers, " folks making off with "insider" documents, add some sweet potatoes, stew it all up with mighty blasts of hot air and do a small home cookin’ in your friendly local key jurisdiction. Before I talk about the WSJ piece and those emails a small more, I want to point something out about this Rigsby lawsuit. This is the one most people call the Qui Tam , but I don’t, because that sounds like some kind of toenail fungus, so I prefer to call it by its given name. The sand ran out in the timer on the Rigsbys’ 15 minutes of fame some time ago, and I feel sorry for them that they invested all their capital in shares of Scruggs, Inc. right before the doors got padlocked. Somehow they became convinced that wearing a gasoline suit and playing with matches was a fantastic thought. It’s sad, really. What I want to point out is this — after the emails became public, and after I wrote about them here , I looked up the ruling by the federal judge in the District of Columbia that resulted in the Rendon Group being forced to give the emails to State Farm. About three years ago I wrote a chapter in the Appleman on Indemnity Practice Guide (unabashed plug) about the attorney-client and work product privileges and so I like to reckon my knowledge in this area of the law is somewhat above average. I was thinking, why weren’t these emails, or at least some of them, protected as work product or by the attorney-client privilege? Not saying they would have been, but I wasn’t clear as to why not. Now, before continuing, let’s take a pause and place a section here that is just for the people who aren’t die-hard, shrieking, soccer-hoodlum-like fanatics of this saga. These folks, whom we will henceforth refer to as "normal people," might find useful an overview of this, just of whiff of Secret Sauce. If so, the judge in D.C.

See the first post:
WSJ editorial: With email revelations, it’s another wonderful day in the neighborHood

Insurance Brokers Pay for UK Banks PPI Claims

admin — Tue, 27 Jul 2010 17:27:44 +0000

It’s that time of year again when UK Indemnity Brokers and Intermediaries are questioned to pay their annual membership fees for the soon to be defunct, Financial Services Power (The FSA). Reading through the Indemnity news this week you will find multiple tales from Brokers moaning about the ‘ridiculously’ high fees they are being questioned for in order to trade. In some cases the fees have risen three fold on last years expenditure and many small operators are threatened with going out of business

UK Public Demand Cheaper Young Drivers Car Insurance

admin — Thu, 22 Jul 2010 20:28:20 +0000

Indemnity blogger was incisive the blogosphere when he came across this fascinating tale about the incredible number of uninsured drivers there are on the UK highways and byways, that quite frankly make you paranoid every time you get behind the wheel of your car: 300,000 Young Drivers without Indemnity on UK roads by Performance Car Indemnity on July 22nd, 2010 According to the Motor Insurers’ Chest of drawers in a report released today, there has been a twenty percent drop in the number of people driving without car indemnity in the UK. Even if, there are still a third of a million uninsured drivers on the roads in the UK without adequate car indemnity take in.

See the first post:
UK Public Demand Cheaper Young Drivers Car Indemnity

Corban v. USAA: A few (more) words about anti-concurrent causation

admin — Wed, 21 Jul 2010 07:55:35 +0000

I’ve been importance to write about this case for some time, and I even went down to Mississippi last October at the invitation of the University of Mississippi and spoke about the case at the Mississippi-Alabama Sea Grant Legal Program conference a couple days before Halloween. Mississippi is a fantastic place, I like visiting there. I’d say it’s probably my next favorite place after North Dakota. Don’t get me incorrect, Portland, Oregon is pretty nice otherwise I wouldn’t live here, but there’s a certain subtext of weirdness here consisting of getting all wee-wee’d up about needing to ban plastic grocery bags and make 600 miles of bike lanes at a cost of $1.5 billion. On my priority list, these things fall, oh I don’t know, everyplace in the bottom .00001 percentile. Maybe a small lower. So anyway, as I mentioned, fantastic stay to Mississippi, and best of all, while I was there no one subpoenaed my "ass." Corban v. USAA was chose by the Mississippi Supreme Court in October

Link:
Corban v. USAA: A few (more) words about anti-concurrent causation

The effect of the Budget upon the UK Insurance market

admin — Wed, 14 Jul 2010 14:19:54 +0000

The hatchet man Chancellor George Osborne has spoken and the small red box opened to reveal one of the most stinging budgets in recent memory, already named the austerity budget, with huge public sector job losses, spending cuts and tax rises for all! On the face of it Indemnity escapes honestly lightly with Indemnity Premium Tax (IPT) raised for the first time in over ten years to 6% from 5%. IPT is chargeable on every indemnity policy sold within the UK, although Indemnity is currently VAT exempt. This rise will harden the market with slightly raised premiums, even if it is suggested by many in the City that the percentage increase will mostly go un-noticed by the majority of the indemnity buying public. A spokesperson for specialist car indemnity company Car Indemnity TV said that ‘this increase in IPT will add just a few pounds to the cost of an average car indemnity policy, even if levels of competition will often see this absorbed by the Indemnity Companies trying to win your business’. A major impact upon the supply of Indemnity and adding further inflationary pressures, will be the raise in the vital level of VAT from 17.5% to 20%

See the first post:
The look of the Budget upon the UK Indemnity market

The Cost of Insuring The FIFA World Cup

admin — Mon, 12 Jul 2010 15:07:44 +0000

Every four years Indemnity Companies underwrite all the risks associated with holding and attending the World’s largest sporting consequence – The FIFA World Cup Finals. Indemnity Blog reports on the risks and covers available and the large premiums paid to ensure that this years Tournament currently going on in South Africa, went without a hitch… The prior concerns and fears that had been raised over the indemnity take in for the 2010 World Cup failed to materialise as the tournament passed off without a major incident or aver. FIFA had been forced to build a R6.3 billion contingency fund (around a billion US dollars) to cater for the possible end of the 2010 consequence - a lot of money when you consider that the winners Spain only receive £40 million pounds ($60 million) in prize money. FIFA have taken out take in for any kind of interruption, delay or abandonment of the World Cup and the consequent loss of revenues

More here:
The Cost of Insuring The FIFA World Cup

UK Government CON DEM The FSA Insurance Regulator

admin — Thu, 17 Jun 2010 14:33:21 +0000

The Coalition UK Government led by the right wing Conservative party, have fired their first major shot in the destruction of the Bureaucratic State with the announcement last nocturnal of the abolition of The Financial Services Power, The FSA, which governs the synchronized activities of all sectors of the UK Indemnity Market. In a speech to those lovable Bankers and Merchants (Merchant Bankers having a Ruby to you and me Cockneys!) at the annual Lord Mayor of London’s dinner at the Mansion House last nocturnal, Champagne swaffing hatchet man George Osborne announced that the FSA will stop to exist in it’s current form by 2012.

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UK Government CON DEM The FSA Indemnity Valve

Insurance Marketing Old School

admin — Thu, 10 Jun 2010 16:56:34 +0000

Indemnity Blog was staring through some very ancient travel guides when we noticed that Indemnity Marketing has come a long way since the start of Indemnity…. This ancient advertisement for The London Assurance Company from the turn of 19th century suggests that indemnity was something that you didn’t talk about in public – like money! ‘Very excellent people to deal with” What’s all that about then

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Indemnity Marketing Ancient School