Monday, October 17, 2011

Weekly Reader Picks: Monday, October 17, 2011

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Insurance Journal Weekly Reader Picks
October 17, 2011

Top 10 for the Past Week

1.In Few Years, Social Network Data May Be Used in Underwriting
Oct 13, 2011 -- The insurance industry is paying increasing attention to what people and businesses post on social networking sites like Facebook, Twitter and LinkedIn. Already, scouring Facebook and other social network pages of the insureds is a common practice ...
2.FBI Gets Immunity for Wreck of Ferrari in Michigan Insurer Case
Oct 12, 2011 -- A judge has dismissed a lawsuit against the U.S. government over the wreck of a $750,000 Ferrari driven by an FBI agent, saying federal law grants immunity if property is being held by law enforcement. The wreck of the rare 1995 F50 sports car was ...
3.Top 10 Excuses From Drivers Caught Using Phones
Oct 14, 2011 -- The Insurance Corporation of British Columbia, a Canadian auto insurer, released last week a list of top excuses from local motorists when they were caught using handheld cellphones while driving. The insurer compiled the information with help from ...
4.2,100 Jobs Lost in Insurance Industry in August
Oct 13, 2011 -- The latest U.S. jobs data show the insurance industry lost 2,100 jobs overall in August. The industry employs some 2,211,000 workers according to the latest numbers. The Insurance Information Institute reported that most of the sub-sectors had ...
5.2nd Man Pleads Guilty in Houston in New York Tour Boat Insurance Case
Oct 11, 2011 -- A second man has pleaded guilty in Houston in a case involving the sale of insurance to a New York tour operator whose boat capsized in 2005 killing 20 elderly tourists, federal officials reported. Edmund Hugh Benton, 63, of Scottsdale, Ariz., ...
6.Cyber Threats to Expect in Coming Year
Oct 11, 2011 -- The year ahead will feature new and sophisticated means to capture and exploit user data, as well as escalating battles over the control of online information that threaten to compromise content and erode public trust and privacy. Those are the ...
7.Hartford Is Latest Site of Wall Street Protest
Oct 11, 2011 -- The protest movement that began with anti-corporate greed rallies on Wall Street has made its way to Hartford. The "Occupy Hartford" demonstrators camped out this past weekend at the corner of Broad Street and Farmington Avenue. Several dozen people ...
8.Michigan Court Says Man Can Sue In-Laws Over Fall
Oct 11, 2011 -- This could make the family Thanksgiving a bit uncomfortable. A Detroit-area man is suing his in-laws after falling through their garage attic while hunting for a Christmas wreath. The Michigan appeals court has reversed a decision by an Oakland ...
9.Allstate Closes on $1 Billion Acquisition of Esurance, Answer Financial
Oct 7, 2011 -- The Allstate Corp. said it has obtained all required regulatory approvals and closed its acquisition of Esurance and Answer Financial from White Mountains Insurance Group Ltd. The purchase price was approximately $1 billion. The transaction is ...
10.New Jersey Looks to Put a Lid On Its Auto Insurance ‘Pot of Gold’
Oct 13, 2011 -- New Jersey's auto insurance personal injury protection (PIP) regulations are due for an update. The state's law requires that the Department of Banking and Insurance (DOBI) revisit the rules every two years. The proposed rule changes are drawing a ...

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Wednesday, October 12, 2011

2 Full Days of Consulting You Can Review Over and Over

Get immediate access to tested and proven agency management procedures in these videos.
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Don't You Wish You Could Review (Over and Over) What Your Agency Consultant Told You?

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Choosing and Managing Carrier Relationships. Some agencies think more is better. But you will learn why the focus should really be on quality rather than quantity. You will learn how agencies can increase profits through well managed relationships, how small agency owners can maximize their leverage with carriers, plus specific steps that you can take to identify carrier stability, their performance and product quality.

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Tuesday, October 11, 2011

Weekly Reader Picks: Tuesday, October 11, 2011

Insurance Journal Weekly Reader Picks
October 11, 2011

Top 10 for the Past Week

1.The Hartford Plans Staff Cuts; Sells Subrogation Services Unit Trumbull
Oct 5, 2011 -- The Hartford Financial Services Group said it is expecting to implement a small staff reduction in coming months as part of its ongoing effort to streamline operations. The company didn't specify exactly how many jobs would be affected, but The ...
2.Chartis to Trim Workforce
Oct 5, 2011 -- American International Group said its property/casualty carrier Chartis will eliminate some jobs, with the reduction affecting less than 1 percent of its workforce, or roughly 400 or fewer positions. "As part of Chartis' review of its personnel ...
3.Boeing Arrest Points to Workplace Drug Problem
Oct 4, 2011 -- The arrest of more than three dozen people on drug charges at a Boeing military aircraft plant highlights the growing problem of prescription drug abuse by U.S. workers, according to experts. Federal authorities last Thursday charged 37 people, all ...
4.2011 Sets New Record for Federal Disaster Declarations
Oct 3, 2011 -- The year 2011 will go down as a record-setting year when it comes to federal disaster declarations, industry analysts say. With another three months left in 2011, and hurricane season continues until November 30, the number of federal disaster ...
5.State Farm to Stop Insuring Churches in Florida
Oct 4, 2011 -- Florida churches are having to seek insurance elsewhere after one of the state's provider of coverage to houses of worship has decided to leave the market. State Farm Florida recently announced it will exit the church market, a move that leaves ...
6.Supreme Court Rejects Internet Music Copyright Case
Oct 3, 2011 -- The Supreme Court let stand Monday a ruling that a traditional Internet download of sound recording does not constitute a public performance of the recorded musical work under federal copyright law. The justices refused to review a ruling by a U.S. ...
7.Nationwide and Harleysville Insurance Agree to Merger; Analysts Respond
Sep 29, 2011 -- Nationwide Mutual Insurance Co. and  Harleysville Insurance announced on Thursday, Sept. 29, that they have agreed to a merger. Nationwide Mutual will acquire Harleysville Group for $760 million. Nationwide Mutual will pay $60 a share in cash for ...
8.How One Music Downloader Could Change Copyright Law
Oct 5, 2011 -- In the age of iTunes and an-app-for-everything, Joel Tenenbaum's battle with the music industry over illegal downloading seems as relevant as an eight-track cassette. But it turns out the fight could produce something surprisingly enduring: a change ...
9.Nationwide, Harleysville CEOs Reassure Agents: Merger All About Growth
Sep 30, 2011 -- The merger of insurer Nationwide Mutual with regional carrier Harleysville Mutual is all about growth, not only for the companies but also for their independent agents, according to the CEOs of the two insurers. Harleysville is a "perfect match" for ...
10.Food Illnesses Linked to Multiple Stops Along Food Chain
Oct 3, 2011 -- Outbreaks of listeria and other serious illnesses linked to tainted food are becoming more common, partly because much of what we eat takes a long and winding road from farm to fork. A cantaloupe grown on a Colorado field may make four or five stops ...

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Tuesday, October 4, 2011

Breaking News: Federal Flood Insurance Program Extended Until Nov. 18

Insurance Journal Breaking News
October 4, 2011

Breaking News Alert

Federal Flood Insurance Program Extended Until Nov. 18

Read the full story

The U.S. House of Representatives this afternoon passed legislation that keeps the government – and the federal flood insurance program-- running until Nov. 18, 2011.

The legislation officially extends the National Flood Insurance Program (NFIP) until Nov. 18 since the Senate passed the same budget funding legislation last week.

Read the full story

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Insurance Journal
3570 Camino del Rio North, Suite 200
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(800) 897-9965
Copyright © 2011 by Wells Publishing, Inc.

Incorrectly Valued Property = Coinsurance Problems

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New Training from Academy of Insurance

Valuation and Coinsurance training pack from Insurance Journal's Academy of Insurance

Incorrectly Valued Property = Coinsurance Problems

Valuation and Coinsurance Training Pack
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Insurance Journal
3570 Camino del Rio North, Suite 200
San Diego, CA 92108
(800) 897-9965
Copyright © 2011 by Wells Publishing, Inc.

Monday, October 3, 2011

What Makes a Building "Green" and How to Insure It

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New Class: Green Risk for Buildings and Materials
New Training from Academy of Insurance

Green Risk for Buildings and Materials

4-Part Webinar Series

The Green Risks Series Boot Camp is the first of its kind - an educational webinar series about green buildings created by insurance professionals for insurance professionals.

As green buildings become mainstream, the challenge is on the insurance industry to be prepared for these genuinely unique risks.

In this four part webinar event, key green building lessons will be delivered in strategic order designed to address property issues insurers should know.

Critical to the insurer's early ability to understand the risks for all stakeholders, this is a must-attend event.

Click Here to Register

What this training series will cover:

  • Part 1 - Green Buildings: What they are and what they do.
  • Part 2 - Green Building Rating Programs: A catalyst for green coverage.
  • Part 3 - Green Endorsements 101: A summary of coverage offered and review of benefits to both insured and insurer.
  • Part 4 - Green Risks: Challenges and opportunities facing insurers.

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  • Access to all four live webinars
  • Video and Audio recordings, so you can watch or listen again
  • Question & Answer session with the instructor
  • Audio download of the webcast
  • Presentation slides download

This 4-part webinar series will be held every Wednesday from October 5th through October 26th. (All registrants will receive video and audio recordings of each session. Students unable to meet for every class can watch the recorded classes at their convenience.)

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Regularly priced at $598.00, just $397 when you
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Send an email to webcasts@insurancejournal.com
or call Barbara at 800-897-9965 x166.

Dates: Wednesdays, Oct 5th through Oct 26th
Time: 1:30pm EDT /
10:30am PDT
Duration: 1 Hour Each Class
Price: Save $201 until Oct 4th! Register today for just $397!
Click Here to Register

Instructor: Trent Massey

Photo of Trent Massey Industry veteran, traveled instructor and green risk pioneer.

More Great Training
Coming Soon:


NOV 2: Inbox Detox and the Habit of Email Excellence - Slave: a person under the domination of some habit. Email is a great means of communication, but it can also dominate our lives; making us slaves to our inbox.

NOV 9: What to Expect from Specialty Lines Claims - This webinar gives an overview of the specialty-lines claims process as experienced by insureds and brokers. The types of claims addressed in this class include errors and omissions, professional liability, directors and officers, and employment practices liability.

NOV 16: Getting "Free" and Local Listings in Search Engine Results
This course will provide an overview of the search engine landscape and their differing results pages, with varied types of content returned.

NOV 17: How to Read and Understand ANY Insurance Policy
Learn the rules of reading insurance policies and why exclusions and exceptions exist.

DEC 7: Paying for Web Traffic Through Sponsored Search Engine and Directory Listings
Did you know that you could have prominent exposure within search engine results pages for queries performed by qualified leads within as little as a day?


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3570 Camino del Rio North, Suite 200
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(800) 897-9965
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Weekly Reader Picks: Monday, October 3, 2011

Sponsored by: MiniCo Insurance. Agents Have a Lot to Say About MiniCo. Click here for more information.
Insurance Journal Weekly Reader Picks
October 3, 2011

Top 10 for the Past Week

1.Nationwide and Harleysville Insurance Agree to Merger; Analysts Respond
Sep 29, 2011 -- Nationwide Mutual Insurance Co. and  Harleysville Insurance announced on Thursday, Sept. 29, that they have agreed to a merger. Nationwide Mutual will acquire Harleysville Group for $760 million. Nationwide Mutual will pay $60 a share in cash for ...
2.Nationwide Mutual Reportedly in Talks to Buy Harleysville
Sep 26, 2011 -- Nationwide Mutual Insurance Co. is in talks to buy Harleysville Group Inc., Bloomberg reported last Friday, citing people familiar with the matter. No information was provided with respect to timing, structure or price. The talks are ongoing and the ...
3.Independent Agents Worried About Nationwide/Harleysville Deal
Sep 28, 2011 -- Northeastern independent agents with Harleysville appointments said they are leery about the reported Nationwide/Harleysville deal and have lots of questions. According to a report by Bloomberg last Friday, giant Nationwide Mutual Insurance is in ...
4.Nationwide, Harleysville CEOs Reassure Agents: Merger All About Growth
Sep 30, 2011 -- The merger of insurer Nationwide Mutual with regional carrier Harleysville Mutual is all about growth, not only for the companies but also for their independent agents, according to the CEOs of the two insurers. Harleysville is a "perfect match" for ...
5.Facebook Policies Tricky for Employers, Employees
Sep 28, 2011 -- In the age of instant tweets and impulsive Facebook posts, some companies are still trying to figure out how they can limit what their employees say about work online without running afoul of the law. Confusion about what workers can or can't post ...
6.One Frustrated Florida County Tackles Auto Insurance Fraud On Its Own
Sep 27, 2011 -- One county in Florida has decided not to wait on state lawmakers' promise to address the insurance fraud and fix the state's automobile no-fault law. It has passed its own ordinance to crack down on fraudulent medical clinics. The Hillsborough ...
7.Mortgages At Risk If Flood Insurance Program Expires
Sep 26, 2011 -- The federal program that insures homes against flood damage expires next Friday and is at risk of not being renewed, even as an early fall storm threatens to inundate much of the northeastern United States yet again. Industry executives say that if ...
8.Feds Sue Texas Firm for Firing 600-Pound Employee
Sep 29, 2011 -- The federal government has filed suit against BAE Systems alleging the company has violated disability laws by firing a morbidly obese employee at its Houston-area plant. The Equal Employment Opportunity Commission's lawsuit says the Virginia-based ...
9.Republican Ryan Proposes Individual Health Insurance Tax Credit
Sep 28, 2011 -- Republican Rep. Paul Ryan, an outspoken opponent of President Barack Obama's healthcare reform, proposed a plan Tuesday that could effectively dismantle the way most Americans get health insurance by reducing incentives to join employer-sponsored ...
10.Louisiana Agent Arrested for Alleged Insurance Fraud
Sep 27, 2011 -- A Metairie, La., insurance agent has been arrested for insurance fraud, state officials say. The Louisiana State Police Insurance Fraud/Auto Theft Unit arrested Angela Bodenheimer, 49, on one count of insurance fraud, the Louisiana Department of ...

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3570 Camino del Rio North, Suite 200
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(800) 897-9965
Copyright © 2011 by Wells Publishing, Inc.