Titanic – original insurance ledger page sold for $25,000
The original ledger page of the insurance policy taken out on the Titanic by the Atlantic Mutual Insurance Company was sold at auction recently in New York for $25,000. The document went on the block at auction house Doyle New York The insurance policy was written on behalf of the Oceanic Steam Navigation Company Limited, better known as The White Star Line. The document states that the steamer Titanic is “on risk” with Atlantic Mutual from March 30, 1912 until March 30, 1913. The Titanic sank on April 15, 1912, less than a month after the...
read moreErie Insurance & Catastrophic Claims!
Hello folks! I’ve gotten this request a couple times so I thought I’d share them with you all. It may be a useful tool to explain when you have concerns about rate increases, etc. Obviously by their very nature these are impossible to predict so while the company does budget for these it is a very difficult challenge as you can imagine! In 2012 Erie spent $466,000,000 on CAT’s (catastophe claims) alone. $366,000,000 was spent on Hurricane Sandy and $100,000,000 was spent on the Derecho in late June. The Roanoke Branch spent nearly...
read moreProtect Your Home From Water Damage
Water damage is one of the most common and costly disasters affecting U.S. residences, accounting for billions of dollars in losses to homeowners and renters annually. However, consumers can protect themselves with the right amount and type of insurance coverage. Standard homeowners and renters insurance provides coverage for burst pipes, wind driven rain and damage resulting from ice dams on your roof. Some policies cover sewer and drain backups, but many do not; however, you can purchase a sewer backup rider to a homeowners or ...
read moreWhat Determines the Price of My Auto Insurance Policy?
The average yearly auto insurance premium is about $900, but there is wide variation around this average. Many factors can affect your premium. Not all companies use all of these factors, and some might use factors not listed here. Your premium may depend on: 1. Your driving record. The better your record, the lower your premium. If you have had accidents or serious traffic violations, it is likely you will pay more than if you have a clean driving record. You may also pay more if you are a new driver and have not been insured for a number of...
read moreThe Real Tragedy of ObamaCare has yet to be felt by the poor – Grace-Marie Turner, Contributor – Forbes
One of the most tragic failings of ObamaCare is that it will make it harder for many of the most vulnerable citizens – patients with no option but Medicaid – to get care. Medicaid is cumbersome, complex, and wasteful – already the worst health care program in the country. But rather than making changes to improve or modernize this program designed to finance care for the poor, the Obama administration is trying to convince states to add at least 16 million more people to Medicaid, including families making more than $30,000 a...
read moreInsurer Assets under review!
State insurance regulators are considering changes that would require U.S. insurers to hold more capital against some of the riskier mortgage bonds they have been scooping up lately as high-yielding investments. The moves under discussion could increase by billions of dollars the total amount industrywide that insurers including American International Group Inc., MetLife Inc. and others must hold to protect policyholders, estimate some analysts. The changes could be implemented later this year by the National Association...
read more‘We Would Rather Be Right than First’
The clock is ticking for independent agents to make sure their clients are prepared to comply with coming reforms to the nation’s health insurance system. Despite the Supreme Court’s ruling on the law, some say it’s challenging to provide detailed advice to clients because the federal government has yet to release much of its anticipated regulations on how the Patient Protection and Affordable Care Act (PPACA) will look in practice. “We are still lacking so much guidance and there is still so much uncertainty about how the law...
read moreProperty Insurers of Last Resort Were the Choice for Over 3 Million Home and Business Owners In 2011
I.I.I. Finds 17 Percent Increase in Number of Policies and Value of Insured Properties in Residual Markets Nationwide NEW YORK, July 9, 2012 — A record-high 3.31 million residential and commercial policies were offered through state-run property insurers of last resort in the United States in 2011, a 17 percent increase over the previous record of 2.84 million in 2010, according to the Insurance Information Institute’s (I.I.I.) just-updated white paper, Residual Market Property Plans: From Markets of Last Resort to Markets of First...
read moreWhat is covered by a basic auto policy?
Your auto policy may include six coverages. Each coverage is priced separately. 1. Bodily Injury Liability This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission. It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued for a large sum of money. Definitely consider buying more than the state-required...
read moreThree health insurers say health reform provisions to stay
Aetna and Humana joined UnitedHealth in intending to keep certain initiatives of the federal health care reform even if the Supreme Court strikes the law. Humana, based in Louisville, Ky., Hartford, Conn.-based Aetna and UnitedHealth Group announced this week that they will keep some changes they implemented in expectation of the Patient Protection and Affordable Care Act, the federal health reform overhaul legislation awaiting a Supreme Court ruling on its constitutionality this month. UnitedHealth Group opened the door to keeping provisions...
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