Bloglikes - Insurance https://www.bloglikes.com/c/insurance en-US Thu, 15 Apr 2021 17:03:39 +0000 Sat, 06 Apr 2013 00:00:00 +0000 FeedWriter Hawaii Supreme Court to Hear Bad Faith Case http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/GjBdC9CEfsk/hawaii-supreme-court-to-hear-bad-faith-case.html     The Hawaii Supreme Court has granted certiorari to hear an appeal from the Intermediate Court of Appeals decision in Carvalho v. AIG Hawaii Insurance Company, 148 Haw. 370, 477 P.3d 164 (Haw. Ct. App. 2020). A summary of the ICA decision is here. The ICA reversed the trial court's granting of summary judgment to AIG on the bad faith count.

    Thanks to my blogging colleague, Mark Murakami (www.hawaiioceanlaw.com), for notifying me of the cert grant.

[Author: Tred Eyerly]

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Tue, 13 Apr 2021 11:11:58 +0000 BlogLikes - Find Most Popular Blogs Insurance Aig ICA Hawaii Supreme Court Carvalho Tred Eyerly Bad Faith Intermediate Court of Appeals Mark Murakami AIG Hawaii Insurance Company
Insurer's Motion to Dismiss COVID-19 Claim Denied http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/uqS_VoIHAOk/insurers-motion-to-dismiss-covid-19-claim-under-liability-policy-denied.html     The federal district court denied the insurer's motion to dismiss the hotel's claim for business interruption coverage. Sunstone Hotel Investors, Inc. v. Endurance Am. Spec. Ins. Co. , No. SACV 20-02185, (C.D. Cal. Feb. 26, 2021). 

    From February 24 to 27, 2020, the insured hotel hosted an international meeting of leaders from biotechnology company Biogen, Inc. After the hotel was notified on March 4, 2020, that three attendees tested positive for coronavirus, the hotel closed on March 12, 2020, and remained closed for months.

    The hotel submitted a claim to cover its losses, but coverage was denied. The hotel sued and the insurer moved to dismiss. 

    Coverage D of the policy stated the insurer would pay business interruption losses that directly resulted from Biological Agent Conditions that "result in Cleanup Costs covered under this Policy." The parties disputed the meaning of the modifier "covered under this Policy." The insurer argued that "Cleanup Costs covered under this Policy" included only those Cleanup Costs that exceeded the $100,000 self-insured retention (SIR). To make this argument, the insurer relied upon Coverage C, which stated that the insurer would only pay Cleanup Costs in excess of the SIR. Since the hotel had not incurred Cleanup Costs in excess of that amount, the insurer argued that the hotel's claim should be dismissed. 

    The hotel, on the other hand argued that the phrase "covered under this Policy" meant only fitting within the policy's definition of Cleanup Costs. The policy defined Cleanup Costs as "the reasonable and necessary costs incurred in performing Corrective Actions and/or Restorative Actions at a Scheduled Location," without regard to the SIR. Therefore, Coverage C's SIR was not a factor in determining what Cleanup Costs were covered under Coverage D and that the insured need not have incurred $100,000 in Cleanup Costs to obtain Coverage D coverage. 

    The court agreed with the hotel. Nowhere in Section D did it say that an insured must incur $100,,000 in Cleanup Costs to trigger Coverage D coverage. Instead, to find the limitation the insurer sought to impose, it was necessary to look in a whole other coverage section, one under which the hotel did not seek coverage. 

    Therefore the Motion to Dismiss was denied. 

[Author: Tred Eyerly]

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Tue, 13 Apr 2021 11:11:58 +0000 BlogLikes - Find Most Popular Blogs Insurance Biogen Inc Tred Eyerly Business Interruption First Party Insurance COVID-19 Sunstone Hotel Investors Inc Endurance Am Spec Ins Co Nowhere in Section D
Why You Should Think Twice About Buying a Home with a Swimming Pool https://lifehacker.com/why-you-should-think-twice-about-buying-a-home-with-a-s-1708314656

Home renovation and real estate shows almost always paint backyard pools in a positive light, but they come with significant maintenance, repair, and insurance costs that you may not think about when you’re buying a home. Whether you plan to install a pool—which is a bad idea if you’re trying to make your money back…

Read more...

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Tue, 13 Apr 2021 10:30:00 +0000 BlogLikes - Find Most Popular Blogs Google Home Improvement Articles Insurance Maintenance IAC Construction Lifehacks Cost Homeadvisor Swimming Pool Academic Disciplines John Hutchings
Policygenius review: Compare quotes for car insurance, homeowners insurance, and more http://feedproxy.google.com/~r/typepad/alleyinsider/silicon_alley_insider/~3/szEdUYCEDWU/policygenius-review Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Table of Contents: Masthead Sticky Policygenius Review 4x3

Policygenius; Alyssa Powell/Insider

Should you use Policygenius? You may like Policygenius if you ... You may not like Policygenius if you ...
  • Want to compare multiple insurance options
  • Prefer a free option to shop for insurance
  • Want to chat online or over the phone with a human representative
  • Would like to learn more in-depth about different types of insurance
  • Want a user-friendly interface
  • Want to buy insurance directly from the insurer
  • Are shopping for permanent life insurance or homeowners insurance, since these policies require extra consideration
  • Can find a lower rate from an insurer Policygenius doesn't partner with
  • Prefer in-person communications
  • Want a mobile app

The bottom line: Policygenius is a good free insurance marketplace choice, provided you're comfortable communicating online and having a third party cull down your options. However, if you're looking to buy homeowners or life insurance, it's generally better to talk with experts such as an insurance agent and financial advisor to find the best policy for your needs.

What is an online insurance marketplace provider?

Online insurance marketplace providers offer you quotes from several insurance companies, allowing you to compare policy prices in a similar way to how you can use Expedia to compare airline ticket prices.

Not all insurance marketplaces give you quotes for all types of insurance. Quotes can be real-time or estimated, and you'll receive them after entering basic information about yourself and your financial situation, depending on the type of insurance you want.

Policygenius review

Policygenius is an online insurance marketplace that offers quotes for several types of insurance policies. The platform is free to use and makes its money by getting paid a commission from insurance companies for the policies they sell.

Depending on the type of insurance you're looking for, you'll have to put in a varying amount of information to get your quotes. For instance, applying for pet insurance will require you to fill out basic information about your furry friend, its previous medical history, and the coverage you're looking for. Then the system will spit out the low and high coverage limits for your pet.

Some insurance types are better suited to using a marketplace. For example, renters and car insurance processes are relatively straightforward. On the other hand, for bigger investments like homeowners or life insurance, you'll want to talk to experts like your accountant or financial advisor as you think through this decision more thoroughly. Insurance marketplaces can give you a good rough estimate of pricing, but should not be the last stop on your insurance journey.

Insurance companies submit their prices to state regulators and each insurance marketplace has to use those prices, so you won't get a discount at Policygenius. On the bright side, this means you won't find a lower rate for a certain insurance company on a different marketplace.

You can contact Policygenius customer support Monday through Sunday, 9:00 a.m. to 9:00 p.m. ET. You can also chat online with a representative 24/7, or shoot the service team an email at any time.

A standout feature of Policygenius is the number of articles it has dedicated to breaking down the different types of insurance options they offer. Before taking you to a page to get a quote, Policygenius will redirect you to a guide explaining the type of insurance you are about to apply for and key steps to get the best possible rate.

Policygenius also offers a referral program where you can earn Amazon gift cards if a friend or family member goes through the process. You'll receive a $100 Amazon Gift Card after your referral gets a decision from an insurer on their life insurance application, or a $50 Amazon Gift Card after your referral gives the info needed to calculate their home and auto insurance quotes.

Currently, you can only access Policygenius on a web browser - it doesn't have a mobile app on either the Apple or Google Play stores.

Call customer support Monday through Sunday, 9:00 a.m. to 9:00 p.m. ET. You can also chat online with a representative 24/7, or shoot the service team an email at any time. Unfortunately, there is currently no option for face-to-face communication with an agent.

Insurance options through Policygenius Homeowners insurance

With homeowners insurance, you are financially protected in the event something bad happens to your home, and many mortgage lenders will require that you have insurance for the life of your loan. Homeowners insurance might be the lengthiest process you'll have to undergo to get a quote, but it's with good reason - homeowners insurance is one of the most comprehensive coverage plans available on this list.

To start applying for homeowners insurance on Policygenius, you'll need to enter information about your home, and if it's new, when you plan to close on it. Then, you'll fill out a bunch of specifics about your home, such as when it was built, the total square footage of your home, and your home's primary heating system, among other questions.

You'll answer miscellaneous questions about home renovations, additional natural disaster coverage, and what protective devices are installed in the home. Finally, you'll enter basic personal information about your occupation, annual income, and credit score before inputting your contact information. In Insider's test profile, Policygenius was unable to find a homeowners insurance option on its site, and instead directed us to a partner's website.

Policygenius renters insurance

If you're renting a place and your belongings are damaged or lost due to fire, theft, water damage, or other circumstances, renters insurance will pay to replace them.

When aiming for renters insurance, Policygenius will first ask you basic personal information about who you are and where you live, and then will follow up with questions about topics like current damage to the home and if you have or are planning on getting a dog within a year. Then you'll answer a few more questions about the safety of your home and what other types of coverage you'd like baked into your renters insurance.

That's all the information you need to enter - then you'll choose how large of a policy you'd like to take out and Policygenius will give you an estimate for how much your coverage will cost per month.

Policygenius auto insurance

Auto insurance financially protects you and your car in case you get in an accident that injures someone or damages their property. Almost every state has a minimum amount of car insurance required.

To receive your auto insurance quote on Policygenius, you'll enter information about yourself, your car, and your current policy, including answering questions about your Social Security number, when you got your license, and your employment status. Policygenius will provide you quotes within a couple of days of receiving your information and send you an email with your choices.

You can also get your quotes at the same time as your quotes for your homeowners insurance, should you select the option.

Policygenius life insurance

Life insurance provides a tax-free amount of money, called a death benefit, to a specified beneficiary, paid out after the policy holder's death. It can offer financial stability to the family left behind after a loss. Term life insurance lasts for a certain period before you'll need to renew it (often with a higher rate as you age), while permanent life insurance lasts forever and has a death benefit for your beneficiaries as well as a cash value that you can use during your lifetime.

Whichever type of life insurance you choose, it's important to talk through the right life insurance policy for you with experts.

To find out your personal life insurance quotes, you'll need to decide where you're at in your life insurance process. Are you getting started, comparing quotes, or ready to apply? You'll have to figure out if you match any specific criteria that can have an effect on finding the right policy, such as if you have kids or need coverage for a divorce. The next step in the process is to enter basic personal, medical, and contact information, and then you're done.

After inputting your information, you won't be presented with a list of quotes to evaluate. Instead, one of Policygenius' licensed experts will call to review your quotes and verify your information over the phone. If you're more comfortable handling insurance quotes over the internet, Policygenius' life insurance quotes may not be for you. According to a Policygenius representative, the marketplace offers quotes for both term and permanent life insurance, and term policies can be converted to whole life later in their term.

Policygenius disability insurance

If you're not able to work because of an injury or illness, long-term disability insurance (more than 30 days out of work) replaces your income. Disability insurance could be a good move to protect your income in the case of an emergency.

On Policygenius, you start off by entering basic information about yourself, your job, your education, and your income. Then, you select a monthly benefit amount, your waiting period (the amount of time between the start of your disability and when you begin to receive benefits), and how long you want your coverage to last. Finally, you'll have to answer some questions about your medical history and acknowledge that you'll have to take a medical exam.

After entering this data, you'll receive a quoted price range.

Policygenius pet insurance

You may consider pet insurance to cover up to the entirety of your vet bill and protect you against large, unexpected costs.

Beginning the process to get a quote for pet insurance on Policygenius is simple - just enter the name of your furry companion. Then you'll have to enter information about your pet's breed, gender, age, and pre-existing conditions, as well as your zip code. Next, you'll answer some questions about your eligibility for certain discounts and you'll choose what coverage type you want. After that, you're all set - Policygenius will give you the low and high limits for coverage options.

Policygenius health insurance

While you can't get health insurance quotes directly on Policygenius' website, the company breaks down the essentials about the topic for you with a lengthy informational guide about health insurance basics, types of health insurance, and common health insurance costs. It also provides a state-by-state list of where you can find each health insurance marketplace. Most redirect to healthcare.gov, the federal healthcare portal.

The open enrollment period for healthcare opens at the end of each year and is currently closed. However, you may qualify for a special enrollment period if you've experienced certain life events, like losing a job, getting married, or having a child.

Additional types of insurance available through Policygenius

In addition to the main types of insurance quotes Policygenius offers above, you can also get quotes on:

  • Vision insurance
  • Long-term care insurance
  • Jewelry insurance
  • Travel insurance
  • Identity theft insurance.

Depending on the type of insurance you select, you may be directed to an external site or be presented with a list of trusted partners to select from.

Beyond insurance options, Policygenius also allows you to create a will or trust through its site, starting at $120.

Is Policygenius trustworthy?

The Better Business Bureau gives Policygenius an A- in trustworthiness because the company has several complaints on the website. The BBB evaluates trustworthiness by judging a business's response to consumer complaints, honesty in advertising, and clarity about business practices.

Policygenius does not have any recent scandals. As a result of its clean history and solid BBB rating, you may decide you're comfortable using Policygenius as your insurance marketplace.

How Policygenius compares to other insurance marketplaces

We've compared Policygenius to two other insurance marketplaces with similar offerings and sign-up processes: The Zebra and Insurify.

Policygenius The Zebra Insurify Types of insurance quotes offered Life, homeowners, renters, auto, disability, pet, health, vision, long-term care, jewelry, travel, identity theft Life, homeowners, renters, auto, boat, condo, travel trailer, RV, motorcycle, mobile home Life, homeowners, auto How can you contact the company? Online chat, email, phone Email, phone Online chat, email, phone Mobile app? No No No Shop for insurance quotes Shop for insurance quotes Shop for insurance quotes Policygenius review vs. The Zebra review

Policygenius and The Zebra both offer an expansive list of insurance types you can receive quotes for. You may like The Zebra if you're looking to get a quote on a unique type of vehicle like a motorcycle or RV, while Policygenius might be better for a niche type of insurance like jewelry or identity theft.

If you prefer to get your questions answered quickly via an online chat with a human, Policygenius may be right for you, as The Zebra doesn't have this option. You can contact both companies by email or phone, and neither offer in-person service.

The Zebra will give you your quotes shortly after you input basic information, while Policygenius may ask you to call them to receive your quotes, though the exact process depends on what type of insurance you want.

Your choice may come down to what quotes you are looking for and how quickly you want to get your quotes.

Policygenius review vs. Insurify review

You may prefer Insurify if you want a more streamlined process to get your quotes. For car insurance specifically, Policygenius will direct you to partner sites to get quotes while Insurify lists quotes from multiple companies immediately after you fill out your information.

Both marketplaces have resources to help you understand the ins and outs of different types of insurance, but only Policygenius directs you to these guides before sending you to find quotes. Policygenius' guides are also more comprehensive than Insurify's articles.

Insurify only offers quotes on life, homeowners, and auto insurance, so you may want to consider Policygenius if you're looking for a more specialized type of insurance.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

Related Content Module: More Life Insurance Coverage Read the original article on Business Insider

[Author: rwangman@insider.com (Ryan Wangman)]

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Mon, 12 Apr 2021 17:18:07 +0000 BlogLikes - Find Most Popular Blogs Amazon Personal Finance Trends Insurance Health Insurance Life Insurance American Express Better Business Bureau Travel Insurance Expedia PolicyGenius Auto Insurance Amazon Gift Card The Zebra Insurify Disability Insurance Vision Insurance Long term care insurance Homeowners Insurance Jewelry Insurance Pet Insurance Renter's Insurance IP Graphics Alyssa Powell PFI Related Content Module Identity Theft Insurance Trust And Will PFI Reviews Policygenius Homeowners Ryan Wangman
Austin’s newest unicorn: The Zebra raises $150M after doubling revenue in 2020 http://feedproxy.google.com/~r/Techcrunch/~3/42JEsBRcEIo/ The Zebra, an Austin-based company that operates an insurance comparison site, has raised $150 million in a Series D round that propels it into unicorn territory.

Both the round size and valuation are a substantial bump from the $38.5 million Series C that Austin-based The Zebra raised in February of 2020. (The company would not disclose its valuation at that time, saying now only that its new valuation of over $1 billion is a “nice step up.”)

The Zebra also would not disclose the name of the firm that led its Series D round, but sources familiar with the deal said it was London-based Hedosophia. Existing backers Weatherford Capital and Accel also participated in the funding event.

The round size also is bigger than all of The Zebra’s prior rounds combined, bringing the company’s total raised to $261.5 million since its 2012 inception. Previous backers also include Silverton Partners, Ballast Point Ventures, Daher Capital, Floodgate Fund, The Zebra CEO Keith Melnick, KDT and others. 

According to Melnick, the round was all primary, and included no debt or secondary.

The Zebra started out as a site for people looking for auto insurance via its real-time quote comparison tool. The company partners with the top 10 auto insurance carriers in the U.S. Over time, it’s also “naturally” evolved to offer homeowners insurance with the goal of eventually branching out into renters and life insurance. It recently launched a dedicated home and auto bundled product, although much of its recent growth still revolves around its core auto offering, according to Melnick.

6 VCs talk the future of Austin’s exploding startup ecosystem

Like many other financial services companies, The Zebra has benefited from the big consumer shift to digital services since the beginning of the COVID-19 pandemic.

And we know this because the company is one of the few that are refreshingly open about their financials. The Zebra doubled its net revenue in 2020 to $79 million compared to $37 million in 2019, according to Melnick , who is former president of travel metasearch engine Kayak. March marked the company’s highest-performing month ever, he said, with revenue totaling $12.5 million — putting the company on track to achieve an annual run rate of $150 million this year. For some context, that’s up from $8 million in September of 2020 and $6 million in May of 2020.

Also, its revenue per applicant has grown at a clip of 100% year over year, according to Melnick. And The Zebra has increased its headcount to over 325, compared to about 200 in early 2020.

“We’ve definitely improved our relationships with carriers and seen more carrier participation as they continue to embrace our model,” Melnick said. “And we’ve leaned more into brand marketing efforts.”

The Zebra CEO Keith Melnick. Image courtesy of The Zebra

The company was even profitable for a couple of months last year, somewhat “unintentionally,” according to Melnick.

“We’re not highly unprofitable or burning through money like crazy,” he told TechCrunch. “This new raise wasn’t to fund operations. It’s more about accelerating growth and some of our product plans. We’re pulling forward things that were planned for later in time. We still had a nice chunk of money sitting on our balance sheet.”

The company also plans to use its new capital to do more hiring and focus strongly on continuing to build The Zebra’s brand, according to Melnick. Some of the things the company is planning include a national advertising campaign and adding tools and information so it can serve as an “insurance advisor,” and not just a site that refers people to carriers. It’s also planning to create more “personalized experiences and results” via machine learning.

“We are accelerating our efforts to make The Zebra a household name,” Melnick said. “And we want a deeper connection with our users.” It also aims to be there for a consumer through their lifecycle — as they move from being renters to homeowners, for example.

And while an IPO is not out of the question, he emphasizes that it’s not the company’s main objective at this time.

“I definitely try not to get locked on to a particular exit strategy. I just want to make sure we continue to build the best company we can. And then, I think the exit will make itself apparent,” Melnick said. “I’m not blind and am very aware that public market valuations are strong right now and that may be the right decision for us, but for now, that’s not the ultimate goal for me.”

Why VCs are dumping money into insurance marketplaces

To the CEO, there’s still plenty of runway.

“This is a big milestone, but I do feel like for us that this is just the beginning,” he said. “We’ve just scratched the surface of it.”

Early investor Mark Cuban believes the company is at an inflection point.

” ‘Startup’ isn’t the right word anymore,” he said in a written statement. “The Zebra is a full fledged tech company that is taking on – and solving – some of the biggest challenges in the $638B insurance industry.”

Accel Partner John Locke said the firm has tripled down on its investment in The Zebra because of its confidence in not only what the company is doing but also its potential.

“In an increasingly noisy insurance landscape that includes insurtechs and traditional carriers, giving consumers the ability to compare everything in one place is is more and more valuable,” he told TechCrunch. “I think The Zebra has really seized the mantle of becoming the go-to site for people to compare insurance and then that’s showing up in the numbers, referral traffic and fundraise interest.”

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Mon, 12 Apr 2021 07:00:30 +0000 BlogLikes - Find Most Popular Blogs Fundings & Exits Startups London Finance Animals Funding Insurance Tech Model Austin United States United Kingdom Mark Cuban Venture Capital Machine Learning Life Insurance Financial Services Accel Auto Insurance Silverton Partners The Zebra John Locke Ballast Point Ventures Melnick Zebra Connect Insurtech Hedosophia Keith Melnick Recent Funding KDT Floodgate Fund Weatherford Capital Hedosophia Existing
How To Find the Best Home Insurance https://www.thefashionablehousewife.com/best-home-insurance/?utm_source=rss&utm_medium=rss&utm_campaign=best-home-insurance

The insurance business can be rather confusing for the uninitiated consumer. Getting the best home insurance coverage can often feel like a bit of a hit-and-miss endeavor. Here are some tips for making good, informed decisions when buying home insurance. 

Know What You Want to Cover

You don’t always need to cover everything in your house to get good insurance. Often, you can save money and get better coverage if you specify what you want to protect. In the past, insurance companies came under fire for selling needless natural disaster insurance and very specific content insurance to homeowners. Those days are thankfully fading away, but you’ll still have to have a good think about what you actually need to insure. If you do live in an area that suffers from natural disasters, you might find that insuring your home against them is a mightily good idea

Check the Excess

This is something that often catches people out when they are shopping around for home insurance. Some deals can seem too good to be true – and they are. Insurance companies will often offer great insurance prices but include extortionate excess charges. Excess charges are the amounts of money a homeowner is expected to pay themselves before the insurance kicks in and takes care of the rest of the payment through a claims system. Always choose an insurer that is transparent about their excess policies. Companies like KBD in Canada are upfront about all of their charges and excesses. Never sign anything with a company that obscures their charges. 

Make Your Home Secure

Some insurers charge people with insecure homes more for their coverage. This is because a home that is easy to break into is likely to be the subject of an insurance claim. Using the same logic, it is easy to see why homeowners with security systems receive discounts from insurers. Take as many precautions as you can to make your home hard to break into. Store electronics safely, install good locks, and always close your windows. Insurers won’t physically come and check your house, but they will ask you to fill out a form detailing your security measures. If you are found to have been lying, then your insurance will be void. 

Install Safety Features

Fire is a major cause of home insurance claims. For this reason, owners of houses susceptible to fire are usually charged far more for their insurance and get worse deals in general. Installing some up-to-date alarms and fire doors can help make your house safer from fire and also get you a much better deal on your home insurance. Likewise, you’ll want to install gas alarms if you want the best deals around.

Pay Annually

Insurers will usually offer you the choice between paying monthly and paying annually. If you have the money to spare, always pay annually. Annual fees are far cheaper than monthly ones in almost all circumstances. You’ll get more coverage for your money if you pay in larger amounts.  

The post How To Find the Best Home Insurance appeared first on The Fashionable Housewife.

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Fri, 09 Apr 2021 15:43:05 +0000 BlogLikes - Find Most Popular Blogs Fashion Insurance Canada Home Insurance Insurance Company Home Life Homeowners Insurance KBD Home Owners Insurance Best Home Insurance
No Duty to Defend Under Renter's Policy http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/AJjN-o4QGVA/no-duty-to-defend-under-renters-policy-2.html     The court agreed that the insurer had no potential liability under a policy where the insured allegedly concealed facts and made misrepresentations regarding the condition of the property it sold. State Farm Fire & Cas. Co. v. TFG Enterprises, LLC , 2021 Neb. LEXIS 27 (Neb. Feb. 19, 2021).

    TFG sold a house to Jeffrey Barkhurst. Thereafter, Barkhurst filed suit alleging that TFG failed to disclose and actively concealed several defects, including water intrusion, the presence of mold, substandard repairs and structural issues. State Farm agreed to TFG defend under a reservation of rights. State Farm then filed a declaratory judgment action to determine its obligations under the policy. 

    State Farm relied upon various exclusions in the rental policy issued to TFG. The exclusions provided there would be no liability coverage for "property damage to property owned by an insured"; "property damage to property rented to, occupied or used by or in the care of the insured"; or "property damage to premises the insured sells. . . if the property damage arises out of these premises."

    In the underling lawsuit, TFG admitted none of the conditions or defects identified in the Barkhurst's lawsuit existed when it bought the house. TFG further admitted that it used the house and the house was in its care and possession up until the time it was sold. 

    The lower court granted summary judgment to State Farm.  Any negligent misrepresentation by TFG did not cause property damage. Nor was there an occurrence. 

    The Nebraska Supreme Court affirmed, but focused on the policy exclusions. To the extent that the underlying lawsuit was one for property damage to the house, it fell squarely within each of the exclusions. It was undisputed that the house was owned, in the care of, and then sold byTFG. 

    Given the plain language of the exclusions, State Farm had no potential liability from the underliyng lawsuit under the rental policy. 

[Author: Tred Eyerly]

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Wed, 07 Apr 2021 11:15:45 +0000 BlogLikes - Find Most Popular Blogs Insurance State Farm Misrepresentation Nebraska Supreme Court Duty to Defend Tred Eyerly Duty to Indemnify State Farm Fire Cas Co TFG Enterprises LLC Jeffrey Barkhurst Barkhurst
Hyundai Blue Link Connects Owners and Insurance https://www.thetruthaboutcars.com/2021/04/hyundai-blue-link-connects-owners-and-insurance/ Hyundai Blue Link, a connected-car service first offered in 2018, can now be used to save on auto insurance. Hyundai’s usage-based insurance (UBI) program and Driving Score promotes safe, efficient driving habits. Through Verisk, a global data analytic firm, Hyundai drivers can opt-in to share their driving quirks. Receiving substantially lower insurance rates is the […]

The post Hyundai Blue Link Connects Owners and Insurance appeared first on The Truth About Cars.

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Mon, 05 Apr 2021 17:44:27 +0000 BlogLikes - Find Most Popular Blogs Technology Safety Marketing Insurance Analysis Korea Autos Connected Cars Hyundai Fuel Economy Connected Vehicles Incentives Auto Insurance By The Numbers Verisk Hyundai Blue Link Slow Drive Driving Analysis Hyundai Blue Link Connects Owners and Insurance
Illinois Federal District Court Finds Duty to Defend COVID-19 Claim http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/uoaNFQKY4VY/illinois-feder-court-on-covid-19.html     The federal district court found that the insurer had a duty to defend the underlying suit based on damages allegedly arising from exposure to COVID-19. McDonald's Corp. v. Austin Mutual Ins. Co. , No. 20 C 5057, Order (N.D. Ill. Feb.22, 2021). The decision is here

    McDonalds was sued for pubic nuisance and negligence based on its decision to remain open during the COVID-19 pandemic without enhanced health and safety standards. The underlying plaintiffs sought an injunction requiring McDonalds to: (1) provide employees with adequate protective equipment; (2) preclude the reuse of face masks; (3) supply hand sanitiser; (4) require that customers wear face masks; (5) monitor employee COVID-19 infections; and (6) provide employees with accurate information about COVID-19. 

    The suit was tendered to Ausin Mutual, but coverage was denied. Austin Mutual contended that the underlying suit did not seek "damages because of bodily injury." McDonalds responded that but for the underlying plaintiffs contracting COVID-19 (a bodily injury) it would not have to expend money as "damages" to comply with the mandatory injunction in the underlying suit. Further, exposure to the virus constituted "bodily injury" and money spent to comply with the mandatory injunction would constitute "damages" "because of" the exposure to the virus.

    McDonalds sued. Austin Mutual moved to dismiss. Regarding "damages," the court found that the mandatory injunction sought by the underlying plaintiffs was also a "damage" because it would require McDonalds to expend money to remediate the continuous and ongoing exposure to the virus. 

    Considering the phrase "because of," the policy did not say "proximately because of," but merely said "because of." So simple "but for" causation was enough. McDonalds had adequately alleged "but for" causation because "but for" the underlying plaintiffs actual contraction of COVID-19, McDonalds would not have to incur "damages" to comply with a mandatory injunction. Therefore, McDonalds met it burden of alleging that it might be on the hook for "damages" "because of" or "but for" the employees contracting COVID-19. 

    Finally, three employees had suffered  "bodily injury" by contracting the virus. Further, if the underlying plaintiffs prevailed, McDonalds would have to spend money to prevent the virus from entering the restaurants, and to eliminate or mitigate its presence in the restaurants. Those strategies would decrease the risk of bodily injury from exposure to the virus and from the possibility of reinfection. Further, Austin Mutual could have explicitly included a virus exclusion had it intended to not provide coverage for "bodily injury" caused by a virus. 

    Austin Mutual's motion to dismiss was denied.

[Author: Tred Eyerly]

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Mon, 05 Apr 2021 11:12:36 +0000 BlogLikes - Find Most Popular Blogs Insurance Mcdonalds McDonald s Corp Comprehensive General Liability Duty to Defend Tred Eyerly Illinois Federal District Court COVID-19 COVID Austin Mutual Ins Co Ausin Mutual Austin Mutual Further Austin Mutual
QOTD: What New Vehicle Would You Picture Yourself in? https://www.thetruthaboutcars.com/2021/04/qotd-what-new-vehicle-would-you-picture-yourself-in/ Jan, Toyota’s innocuous ad spokesperson, poses our question of the day (QOTD)  to picture yourself in a new Toyota. We’re asking, what new vehicle of any make would you picture yourself in? Assuming, of course, dealers still exist. We cover dozens of brands from around the world and many hundreds of vehicles. Which would you […]

The post QOTD: What New Vehicle Would You Picture Yourself in? appeared first on The Truth About Cars.

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Fri, 02 Apr 2021 14:00:57 +0000 BlogLikes - Find Most Popular Blogs Sales Insurance Industry Autos New Cars Qotd Consolidation Incentives News Blog Low Cost Cars New Car Sales Question of the Day Studies & Reports QOTD Question of the Day New Or Used Affordable Or Not Dwindling Options Fewer Models Higher Average Prices
Next Insurance raises $250M, doubling its valuation to $4B in under a year http://feedproxy.google.com/~r/Techcrunch/~3/dw3Pf1rVq9E/ Next Insurance recently announced that it has raised a $250 million round, valuing the SMB-focused insurance provider at $4 billion. The company last raised another $250 million in September 2020, at a valuation of $2 billion. This funding also comes after Next Insurance acquired Juniper Labs in December, and AP Intego more recently.

Next sells small-business coverage across a number of categories (workers comp, commercial auto, general liability, etc.) for different classes of workers. Think fitness companies, or construction concerns. Put together, Next’s bet is that its ability to price coverage across different categories and industries will allow it to scale its gross written premium (GWP) quickly by attracting myriad small businesses, and upselling them to other products over time.

Next Insurance’s new round and new valuation come at an interesting time for the insurtech space more broadly. Some air has come out of Lemonade’s share price, the rental-insurance unicorn being an early public debut for the broader tech-enabled, neo-insurance niche.

Since Lemonade’s debut, we’ve seen Root Insurance go public as well. The car insurance tech startup has struggled since its debut, losing value and attracting lawsuits despite besting investor growth expectations. MetroMile, another neo-insurance company focused on automotive went public via a SPAC-led combination, has been slightly uneven since starting to trade. Hippo, which focuses on home insurance, intends to list via a SPAC itself at a $5 billion valuation.

Inside those numbers you can find optimism, and some lackluster trading results. How to parse the mix will depend on one’s perspective.

For Next Insurance’s backers, however, it’s all systems go. And there’s reason to believe that their enthusiasm is not misplaced, despite some chop in Next’s broader market.

Next says its GWP in the half-year after its last round. That makes its valuation doubling seem somewhat reasonable — if private investors were willing to pay for its shares at a certain GWP multiple, why not re-up at double the price and double the GWP while the company continues to scale?

As Next Insurance makes its first acquisition, insurtech looks energetic

Just how big is Next today? It reached a GWP run rate of $100 million back in February of 2020. And it reached a $200 million GWP run rate in February of this year. So, larger than that by a few months’ growth, exclusive of the AP Intego business, which had around $185 million in active premium around the time its deal with Next Insurance was announced.

To clarify the numbers, TechCrunch reached out to Next Insurance for detail on when it doubled its GWP, and when the AP Intego deal started to count towards its numbers. Per an email from CEO Guy Goldstein, the doubling metrics regarding GWP was “in relation to that 2020 figure and [was calculated] before the AP Intego acquisition.” So, we can presume that the firm is now well north of the $200 million GWP run rate that it had previously cited.

Finally, TechCrunch asked the company about the SPAC boom and if it intended to avoid that rapid path to the public markets. “We’re always evaluating our options but right now, the main focus remains on growing the business,” Goldstein responded.

That’s a no.

As Metromile looks to go public, insurtech funding is on the rise

]]> Thu, 01 Apr 2021 08:44:50 +0000 BlogLikes - Find Most Popular Blogs TC MetroMile Insurance Tech Ceo Next Lemonade SPAC Hippo Goldstein Next Insurance Guy Goldstein AP Intego Neo-insurance Juniper Labs Insured's Claim Under Computer Transfer Fraud Provision Denied http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/H_Z5HkolJRA/insureds-claim-under-computer-transfer-fraud-provision-denied.html     The Fifth Circuit upheld the district court's denial of coverage under the policy's Computer Transfer Fraud provision. Mississippi Silicon Holdings, L.L.C. v. Axis Ins. Co. , 2021 U.S. App. LEXIS 3112 (5th Cir. Feb. 4, 2021).

    Mississippi Silicon Holdings' (MSH) chief Financial Officer, John Lalley, received an email from a regular vendor, Energoprom, advising that future payments should be routed to a new bank account. The email body also contained previous emails between Lalley and Energoprom concerning invoices and shipment details. Lalley authorized two wire transfers from MSH to Energoprom's new bank account totaling approximately $1.025 million. 

    In December 2017, MSH realized it had sent the wire transfers to the fraudster's bank account, not that of Energoprom. MSA submitted a sworn proof of loss to Axis. The claims was granted under the Social Engineering Fraud provision and Axis paid MSH the $100,000 policy limit. Coverage under the Computer Transfer Fraud provision, with a limit of $1 million, was denied. Axis determined that the Computer Transfer Fraud provision did not apply because: (1) the funds were transferred with MSH employees' knowledge; and (2) the fraud was accordingly not confined to the computer system, as the policy required. 

    The Computer Transfer Fraud provision read:

The insurer will pay for loss of . . . Covered Property resulting directly from Computer Transfer Fraud that causes the transfer, payment, or delivery of Covered Property from the Premises or Transfer Account to a person, place, or account beyond the Insured Entity's control, without the Insured Entity's knowledge or consent. 

MSH contended that the receipt of the fraudulent email fell within the Computer Transfer Fraud provision. Axis argued the Computer Transfer Fraud provision was not implicated because the scheme only involved emails that did not have any functionality that permitted them to do anything other than sit in MSH's email system. 

    MSH sued. Both parties moved for summary judgment. The district court granted summary judgment to Axis because the loss was not caused by the fraudulent computer use, but by the affirmative acts of MSH employees in initiating and authorizing the transfer. 

    On appeal, the Fifth Circuit agreed with Axis. The manipulation of emails did not constitute Computer Transfer Fraud as defined by the policy. The fraudsters apparently gained access to the company's email system, but they did not manipulate those systems through the introduction of data or programs that could independently instruct the computer system to act upon electronic data. Unfortunately for MSH, coverage did not extend to the fraud scheme at issue here.

[Author: Tred Eyerly]

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Wed, 31 Mar 2021 11:12:43 +0000 BlogLikes - Find Most Popular Blogs Insurance Fifth Circuit MSH Tred Eyerly First Party Insurance Cyber Risk Social Engineering Fraud Lalley Mississippi Silicon Holdings L L C Mississippi Silicon Holdings MSH John Lalley Energoprom Energoprom MSA Computer Transfer Fraud
Oklahoma Finds Policy Can Be Assigned Post-Loss http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/j0gJLLV2C2Q/oklahoma-finds-policy-can-be-assigned-post-loss.html     Oklahoma joined the majority of court in finding that after a loss occurs, the insured can assign the policy to another. Johnson v. CSAA Gen. Ins. Co ., 2020 Okla LEXIS 118 (Okla. Dec. 15, 2020).

    Johnson's property was damaged in a storm. She filed a claim with her insurer. She also executed an assignment of her claim in order to repair the property with the execution of assignment to Triple Diamond Construction LLC. An appraiser retained by Triple Diamond determined the storm damage was $36,346.06. The insurer paid only $21,725.36 for the loss.

    Johnson and Triple Diamond sued the insurer for breach of contract, seeking $14,620.70, not inclusive of interest, attorneys' fees and costs. The insurer filed a motion to dismiss, or an alternative motion for summary judgment to dismiss Triple Diamond as a party. The insurer argued that both the policy and an Oklahoma statute barred the assignment. The district court granted the insurer's motion.

    After review of Oklahoma law and cases across the country on assignments of a policy post-loss, the Supreme Court reversed. Distinguishing between an assignment of a policy and an assignment of a post-loss chose in action which did not increase the insurer's risk was recognised by the majority of courts as implementing an important public policy. An assignment by an insured possessing an insurable interest when the subject of the assignment was a post-loss chose in action was valid in Oklahoma. The district court's dismissal of Triple Diamond was reversed. 

 

[Author: Tred Eyerly]

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Mon, 29 Mar 2021 11:12:01 +0000 BlogLikes - Find Most Popular Blogs Supreme Court Insurance Oklahoma Johnson Tred Eyerly First Party Insurance Assignment CSAA Gen Ins Co Triple Diamond Construction LLC Triple Diamond
The Road To Sustainable Finance Will Be Long And Thorny http://feedproxy.google.com/~r/ForresterMarketing/~3/eTkHIMcPUN8/ Mon, 29 Mar 2021 04:44:30 +0000 BlogLikes - Find Most Popular Blogs Marketing Insurance Investing Sustainability Banking Financial Services Blackrock Age Of The Customer Wealth Management Morningstar Sustainable Finance Tariq Fancy The Secret Tax Benefits Of A Term Insurance Plan And How To Claim Them https://www.youngupstarts.com/2021/03/27/the-secret-tax-benefits-of-a-term-insurance-plan-and-how-to-claim-them/ Do you know term insurance plans can benefit you in tax? Read about the  secret tax benefits of a term insurance plan and how to claim them.

The post The Secret Tax Benefits Of A Term Insurance Plan And How To Claim Them appeared first on Young Upstarts.

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Sat, 27 Mar 2021 06:00:04 +0000 BlogLikes - Find Most Popular Blogs Startups Taxes Insurance Others Tax Issues Term Insurance Plan
Stat Of The Week: It’s Time To Talk Maritime Law http://feedproxy.google.com/~r/abovethelaw/~3/1nStnssgE4o/ Fri, 26 Mar 2021 17:47:24 +0000 BlogLikes - Find Most Popular Blogs Law Insurance Suez Canal Stat of the Week Maritime Law Vibrant raises $7.5M for a drug-free mechanical pill to treat constipation http://feedproxy.google.com/~r/Techcrunch/~3/N8mzKb3TQPQ/ Vibrant, a medical technology company that’s developed a disposable vibrating pill to treat chronic constipation, today announced its Series E for $7.5 million. The company is based in Tel Aviv and is lead by Lior Ben-Tsur, a startup veteran. Since its founding in 2007, the company has raised a total of $25 million. This round is being led by Unorthodox Ventures with participation by Sequoia.

Vibrant, which is going through its third and final round of Food and Drug Administration (FDA) testing, plans to launch in the U.S. in the next year. The capsules are about the size of a multi-vitamin, Ben-Tsur said.

“Patients are used to taking drugs day in and day out, so this wouldn’t be a different experience in that regard, but this pill doesn’t have any medication,” Ben-Tsur said. While Ben-Tsur is not a founder, he was brought on about 10 years ago to serve as the company’s CEO.

According to a study published in the American Gastroenterological Association, about 16% of American adults suffer from constipation, and the number jumps to 33.5% in adults between the ages of 60-101. Also, constipation is 1.5 times more common in women than in men.

The most common way to treat constipation is through the use of over-the-counter or prescription drugs, most of which target the nerves in the colon which in turn prompt a bowel movement. The Vibrant Capsule, however, “once swallowed, kickstarts the natural impulses of your intestinal wall to contract, relax and get things moving again — without the use of chemicals,” the company said in a statement.

In addition to being medication-free, the value of Vibrant over laxatives, according to the company, is that the bowel movements are more controlled, whereas laxatives can cause unexpected diarrhea and long-term side effects. Also, while laxatives are meant to be taken on a daily basis, the disposable capsule can be used anywhere from 2-5 times per week. The capsules connect to an app that automatically records when you take a pill, and upon having a bowel movement, the person notes it in the app which then sends a monthly report to the patient’s doctor, allowing them to monitor and adjust the treatment protocol as necessary.

In a 2019 human trial organized by Vibrant, 250 patients were enrolled in a double-blind study (Vibrant Capsule = 133, placebo = 117). The results showed that those who took the Vibrant Capsule were more likely to experience a bowel movement within three hours. The trial details and the results were published in the journal of Neurogastroenterology and Motility.

Several years ago a group of doctors and engineers performed a test in a live pig’s colon, and accidentally pinched the side of the colon wall. As a result, they noticed that the pig promptly had a bowel movement. The test was actually about something totally unrelated to constipation, and the results were a random discovery. To replicate the effects, the team created a vibrating belt that when worn for about three hours, would also cause a bowel movement.

“The problem is no one wants to shake for three hours to have a bowel movement,” said Ben-Tsur. With this information in hand, the group set out to develop a treatment for constipation in humans that would produce similar results but where the vibrations couldn’t be felt. There were other mechanical capsules already on the market such as the Smart Pill, a mechanical diagnostic capsule that reports on generalized motility through the entire digestive tract and aids doctors in diagnosing motility disorders, so the team knew that people could safely swallow and excrete capsules.

According to Ben-Tsur, there hasn’t been any development in the treatment of constipation in the last 20 years — the treatment protocol has continued to focus on medication. When he learned about the market size, the lack of innovation in the space, and the potential, he was convinced that he wanted to lead Vibrant.

Vibrant plans on using this round of funding to take the capsule to market in the U.S. — its first market. The company is currently speaking with healthcare providers and insurance companies so that the capsule will be covered by insurance starting at the time of launch. The Smart Pill, while only used once as a diagnostic test, is still not covered and costs, on average, about $1,400 out of pocket. Ben-Tsur and his team aim to offer a product that is accessible. “From day one we were on a mission to build something that wouldn’t be more expensive than existing drugs,” he said.


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Fri, 26 Mar 2021 08:00:08 +0000 BlogLikes - Find Most Popular Blogs Health TC Tel Aviv Insurance Tech Ceo United States Food And Drug Administration Biotech Chemicals Health Tech Medical Technology Medical Tech Food and Drug Administration FDA American Gastroenterological Association Capsule TCARTICLE Lior Ben Tsur Unorthodox Ventures Sequoia Vibrant Ben Tsur Neurogastroenterology
New York Cybersecurity Regulation – Enforcement https://specialtyinsurance.typepad.com/specialty_insurance_blog/2021/03/new-york-cybersecurity-regulation-enforcement.html Thu, 25 Mar 2021 18:57:13 +0000 BlogLikes - Find Most Popular Blogs New York Insurance New York Department of Financial Services Pie Insurance raises $118M for data-driven workers’ comp coverage http://feedproxy.google.com/~r/Techcrunch/~3/g7AGwwHM07g/ Pie Insurance , a startup offering workers’ compensation insurance to small businesses, announced this morning that it has closed on $118 million in a Series C round of funding.

Allianz X — investment arm of German financial services giant Allianz — and Acrew Capital co-led the round, which brings the Washington, D.C.-based startup’s total equity funding raised to over $300 million since its 2017 inception. Pie declined to disclose the valuation at which its latest round was raised, other than to say it was “a significant increase.”

Return backers Greycroft, SVB Capital, SiriusPoint, Elefund and Moxley Holdings also participated in the Series C financing.

The startup, which uses data and analytics in its effort to offer SMBs a way to get insurance digitally and more affordably, has seen its revenues climb by 150% since it raised $127 million in a Series B extension last May. Its headcount too has risen — to 260 from 140 last year.

Pie began selling its insurance policies in March 2018. The company declined to give recent hard revenue numbers, saying it only has g rown its gross written premium to over $100 million and partnered with over 1,000 agencies nationwide. Last year, execs told me that in the first quarter of 2020, the company had written nearly $19 million in premiums, up 150% from just under $7.5 million during the same period in 2019.

Like many other companies over the past year, Pie Insurance — with its internet-driven, cloud-based platform — has benefited from the increasing further adoption of digital technologies. 

“We are riding that wave,” said Pie Insurance co-founder and CEO John Swigart. “We believe small businesses deserve better than they have historically gotten. And we think that technology can be the means by which that better experience, that more efficient process, and fundamentally, that lower price can be delivered to them.”

Foresight raises $15M for its construction workers’ compensation platform

Pie’s customer base includes a range of small businesses including trades, contractors, landscapers, janitors, auto shops and restaurants. Pie sells its insurance directly through its website and also mostly through thousands of independent insurance agents.

Workers’ compensation insurance is the only commercial insurance mandated for every company in the United States, points out Lauren Kolodny, founding partner at Acrew Capital.

“Historically, it’s been extremely cumbersome to qualify, onboard and manage workers’ comp insurance — particularly for America’s small businesses which haven’t been prioritized by larger carriers,” she wrote via email. 

Pie, Koldony said, is able to offer underwriting decisions “almost instantly,” digitally and more affordably than legacy insurance carriers.

“I have seen very few insurtech teams that come close,” she added.

Dr. Nazim Cetin, CEO of Allianz X, told TechCrunch via email that his firm believes Pie is operating in an “attractive and growing market that is ripe for digital disruption.”

The company, he said, leverages “excellent,” proprietary data and advanced analytics to be able to provide tailored underwriting and automation. 

“We see some great collaboration opportunities with Allianz companies too,” he added.

Looking ahead, the company plans to use its new capital to invest further in technology and automation, as well as to grow its core workers’ comp insurance business and “lay the groundwork for new business offerings in 2021 and beyond.”

As Next Insurance makes its first acquisition, insurtech looks energetic

]]> Thu, 25 Mar 2021 09:00:24 +0000 BlogLikes - Find Most Popular Blogs Fundings & Exits Startups Washington Funding America Insurance Tech United States Venture Capital Financial Services Underwriting Allianz Lauren Kolodny Washington D.c Insurtech SVB Capital Recent Funding Allianz X Nazim Cetin Pie Insurance John Swigart Insurance Policies Moxley Holdings Acrew Capital Acrew Capital co Greycroft SVB Capital SiriusPoint Elefund Pie Koldony Learn From Natural Language Processing Use Cases To Build Your Projects In Production http://feedproxy.google.com/~r/ForresterMarketing/~3/r8LcPqD1QEM/ Thu, 25 Mar 2021 02:10:37 +0000 BlogLikes - Find Most Popular Blogs Marketing Insurance Banking Emerging Technology Financial Services APAC Application Development & Delivery AI Insights natural language processing (NLP Life Insurance Claim Against Employer Prevails In Ninth Circuit Review http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/tp6dmHsWEFY/life-insurance-claim-against-employer-prevails-ninth-circuit-review-.html     The estate's claims against the life insurance company failed, but the Ninth Circuit remanded for further review claims against the decedent's employer. Estate of Foster v. Am .Marine Sys. Group Ben. Plan, 2021 U.S. App. LEXIS 3555 (9th Cir. Feb. 9, 2021). 

    The estate filed suit under the civil enforcement provision of ERISA against American Marine Corporation (American Marine) and United Omaha Life Insurance Company (United) alleging defendants wrongfully denied a claim for life insurance benefits after the decedent died of oesophageal cancer on June 24, 2016. The district court dismissed some claims and granted summary judgment to defendants on remaining claims. 

    The decedent worked for American Marine as a Health, Safety, Environmental & Security Manager. He became terminally ill in March 2015. On February 1, 2016, American Marine laid him off, but assisted him in filing a claim with United for long-term disability (LTD) benefits.  The application for LTD was approved on February 15. American Marine also allowed the decedent to exhaust twenty accrued vacation days and thirty-five accrued sick days before he stopped receiving a salary. Therefore, he was on the payroll until April 15. LTD benefits continued until the decedent's death on June 24. 

    The estate filed a claim with United for life insurance benefits. The claim was denied because American Marine had stopped paying life insurance policy premiums on his behalf as of April 30. This appeal addressed whether the decedent received sufficient notice that his life insurance coverage would end on that date unless he converted the policy to an individual policy and started paying the premiums himself. 

    American Marine employees were entitled to group life insurance benefits under a policy issued by United and administered by American Marine. The decedent had been given a life insurance handbook explaining how to convert the policy when an individual terminated work at American Marine. If any employee's life insurance ended because his employment ended, he was entitled to a "conversion privilege," meaning that he could apply for an individual policy within thirty-one days. If the employee died during the conversion period, United would pay the amount of group life insurance the employee was entitled to convert.

    United concluded that the decedent was ineligible for life insurance benefits when he died because American Marine stopped paying premiums on April 30 and the decedent failed to exercise his conversion privilege within thirty-one days, or by May 31. 

    On appeal, the Ninth Circuit noted that as a fiduciary, American Marine had an obligation to convey complete and accurate information material to the beneficiary's circumstance, even when a beneficiary did not specifically ask for the information. American Marine argued that the handbook apprised the decedent of his conversion rights. But the Ninth Circuit held that American Marine was required to provide further explanation under the circumstances. 

    Although the decedent had the handbook, it was ambiguous as to the exact date that the thirty-one day conversion clock started. It could have been February 29, or the last day of the month in which he was laid off. It could have been April 30, the last day of the month when the decedent was no longer being paid. Or it could have been a later date, so long as American Marine continued paying premiums and the decedent remained totally disabled. 

    Therefore, a genuine issue of material fact existed as to whether the decedent knew when his coverage would expire. While summary judgment in favor of United was upheld, the district court decision that American Marine had no duty to notify the decedent that his life insurance would end on April 30, 2016, other than sending him the handbook, was in error. 

[Author: Tred Eyerly]

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Wed, 24 Mar 2021 23:11:55 +0000 BlogLikes - Find Most Popular Blogs Insurance United ERISA Ninth Circuit Tred Eyerly American Marine Estate of Foster American Marine Corporation American Marine United Omaha Life Insurance Company United
Life Insurance Claim Against Employer Prevails Ninth Circuit Review http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/tp6dmHsWEFY/life-insurance-claim-against-employer-prevails-ninth-circuit-review-.html     The estate's claims against the life insurance company failed, but the Ninth Circuit remanded for further review claims against the decedent's employer. Estate of Foster v. Am .Marine Sys. Group Ben. Plan, 2021 U.S. App. LEXIS 3555 (9th Cir. Feb. 9, 2021). 

    The estate filed suit under the civil enforcement provision of ERISA against American Marine Corporation (American Marine) and United Omaha Life Insurance Company (United) alleging defendants wrongfully denied a claim for life insurance benefits after the decedent died of oesophageal cancer on June 24, 2016. The district court dismissed some claims and granted summary judgment to defendants on remaining claims. 

    The decedent worked for American Marine as a Health, Safety, Environmental & Security Manager. He became terminally ill in March 2015. On February 1, 2016, American Marine laid him off, but assisted him in filing a claim with United for long-term disability (LTD) benefits.  The application for LTD was approved on February 15. American Marine also allowed the decedent to exhaust twenty accrued vacation days and thirty-five accrued sick days before he stopped receiving a salary. Therefore, he was on the payroll until April 15. LTD benefits continued until the decedent's death on June 24. 

    The estate filed a claim with United for life insurance benefits. The claim was denied because American Marine had stopped paying life insurance policy premiums on his behalf as of April 30. This appeal addressed whether the decedent received sufficient notice that his life insurance coverage would end on that date unless he converted the policy to an individual policy and started paying the premiums himself. 

    American Marine employees were entitled to group life insurance benefits under a policy issued by United and administered by American Marine. The decedent had been given a life insurance handbook explaining how to convert the policy when an individual terminated work at American Marine. If any employee's life insurance ended because his employment ended, he was entitled to a "conversion privilege," meaning that he could apply for an individual policy within thirty-one days. If the employee died during the conversion period, United would pay the amount of group life insurance the employee was entitled to convert.

    United concluded that the decedent was ineligible for life insurance benefits when he died because American Marine stopped paying premiums on April 30 and the decedent failed to exercise his conversion privilege within thirty-one days, or by May 31. 

    On appeal, the Ninth Circuit noted that as a fiduciary, American Marine had an obligation to convey complete and accurate information material to the beneficiary's circumstance, even when a beneficiary did not specifically ask for the information. American Marine argued that the handbook apprised the decedent of his conversion rights. But the Ninth Circuit held that American Marine was required to provide further explanation under the circumstances. 

    Although the decedent had the handbook, it was ambiguous as to the exact date that the thirty-one day conversion clock started. It could have been February 29, or the last day of the month in which he was laid off. It could have been April 30, the last day of the month when the decedent was no longer being paid. Or it could have been a later date, so long as American Marine continued paying premiums and the decedent remained totally disabled. 

    Therefore, a genuine issue of material fact existed as to whether the decedent knew when his coverage would expire. While summary judgment in favor of United was upheld, the district court decision that American Marine had no duty to notify the decedent that his life insurance would end on April 30, 2016, other than sending him the handbook, was in error. 

[Author: Tred Eyerly]

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Wed, 24 Mar 2021 11:12:12 +0000 BlogLikes - Find Most Popular Blogs Insurance United ERISA Ninth Circuit Tred Eyerly American Marine Estate of Foster American Marine Corporation American Marine United Omaha Life Insurance Company United
A Cyberattack Allegedly Knocked Insurance Giant CNA Offline https://gizmodo.com/a-cyberattack-allegedly-knocked-insurance-giant-cna-off-1846538473

CNA Financial, one of the largest insurance providers in the U.S., is currently experiencing widespread network disruptions.

Read more...

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Tue, 23 Mar 2021 16:09:00 +0000 BlogLikes - Find Most Popular Blogs Science Insurance Ransomware Cybercrime Cyberattack Internet Security Cyberwarfare Data Security Computer Security CNA CNA Financial Corporation Cyber Insurance Business Finance CNA Financial Joshua Motta Technology Internet
Insuretech startup Counterpart raises $10M in funding round led by Valor Equity Partners http://feedproxy.google.com/~r/Techcrunch/~3/IjBpzXzdkYk/ Insuretech startup Counterpart, has raised $10 million in funding led by Valor Equity Partners. Also participating was Susa Ventures and Felicis Ventures. Counterpart works in the ‘management liability’ insurance market. Counterpart will also partner with Markel Specialty, a specialty insurance division of Markel Corporation, to offer its management liability insurance products.

Insuretech startups like Oscar, Lemonade, and Root have made incursions into personal insurance. What has been less prevalent, says Counterpart, is startups tackling the $300bn corporate insurance market.

Counterpart is competing with Next Insurance which has raised $631M, and which also provides small business liability insurance, as well as the big insurance carriers, from AIG to Berkshire Hathaway.

Counterpart is used by some wholesale brokers in the United States to allow small to medium businesses get insurance coverage, because it digitizes much of the process, from application submission, coverage selection, binding, claims management, and loss prevention. Counterpart says this market has become less attractive to insurance carriers because of the increasing claims costs and severity, and their lack of digitization of the process.

Tanner Hackett, founder, and CEO, said in a statement: “The $1.2tn insurance industry is going through a digital revolution.. We saw an outsized opportunity with management liability, a critical insurance line in which we have unique expertise.”
 
Valor Equity Partners partner and Counterpart board member Jon Shulkin said: “Counterpart’s platform goes beyond the scope of a traditional insurer, layering in insights, tools, and services to help business stakeholders navigate this extremely challenging operating environment.”

Valor was an early backer of Tesla, SpaceX, Addepar, and GoPuff. Susa has previously backed Robinhood, PolicyGenius, and Newfront Insurance. Felicis has funded Hippo, Plaid, and Credit Karma.

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Tue, 23 Mar 2021 05:47:40 +0000 BlogLikes - Find Most Popular Blogs TC Europe Spacex Insurance Tech Tesla Ceo Companies Aig United States Oscar Felicis Ventures Susa Ventures Credit Karma Lemonade Addepar Markel Corporation Valor Equity Partners Board Member InsureTech Newfront Insurance Markel Specialty Berkshire Hathaway Counterpart Tanner Hackett Jon Shulkin GoPuff Susa Robinhood PolicyGenius Newfront Insurance Felicis
No Coverage for Insured Who Plants Hidden Camera in Neighbors' Bathroom http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/X5oXmmFUb6g/no-coverage-for-insured-who-plants-hidden-camera-in-neighbors-bathroom.html     The homeowners policy did not cover the insured after he was sued for planting a hidden camera in the bathroom of his neighbors. State Farm Fire & Cas. Co. v. Rodriguez , 2021 U.S. Dist. LEXIS 22161 (D. Haw. Feb. 5, 2021). 

    The insured's neighbors brought suit alleging that the insured secretly installed a hidden miniature camera in their bathroom. The discovery of the camera shocked and outraged the neighbors and their girls, aware that someone had snuck into their home and placed a hidden camera in their upstairs bathroom. The underlying action alleged that the insured was arrested and had pleaded no contest to criminal charges. A SIM card from the camera revealed several pictures of the neighbors and their girls in the bathroom and a few pictures of the insured who appeared to be adjusting the camera as it was installed. The neighbors sued the insured. 

    The insured tendered to State Farm under his homeowners and umbrella policies. Coverage was denied and State Farm filed suit for a declaratory judgment that it had no duty to defend or indemnify.

    The court found there was no occurrence under the homeowners policy. The underlying action alleged no "accident." Under Hawaii law, an occurrence could not be the expected or reasonable foreseeable result of the insured's own intentional acts or omissions. The underlying complaint described entirely intentional acts by the insured by placing a hidden camera without permission of the neighbors. Nor did the underling action alleged an bodily injury. The policy stated that bodily injury did not include "emotional distress, mental anguish  . . . or any similar injury . . ." Even if the underlying complaint did allege a bodily injury, the injury would still be excluded as "either expected or intended by the insured" or "the result of wilful and malicious acts of the insured."

    Nor was coverage owed under the umbrella policy. Again, there was no accident because the insured's acts were entirely intentional or knowing.

[Author: Tred Eyerly]

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Mon, 22 Mar 2021 11:12:36 +0000 BlogLikes - Find Most Popular Blogs Insurance Hawaii State Farm Duty to Defend Tred Eyerly Duty to Indemnify Occurrence State Farm Fire Cas Co Rodriguez 2021 U S Dist LEXIS
Milieu-initiatieven domineren duurzaamheidsinspanningen van financiële dienstverleners http://feedproxy.google.com/~r/ForresterMarketing/~3/3h0v1JmBZ2Y/ Mon, 22 Mar 2021 05:24:07 +0000 BlogLikes - Find Most Popular Blogs Europe Marketing Insurance Sustainability Banking Financial Services ESG Age Of The Customer Sustainable Finance Duurzaamheid Akkoord van Parijs Miami startup Asteya launches to provide ‘income insurance’ http://feedproxy.google.com/~r/Techcrunch/~3/PZF5k1wYtJ4/ Asteya, a Miami-based disability insurance startup that is geared toward small business owners and gig workers, launched today with a seed round of $10 million. Co-founder and CEO Alex Williamson, who was Bumble’s chief brand officer, describes Asteya as an “income insurance” startup. 

The announcement comes on the heels of , signaling that former executives are already taking their cash and betting that they themselves can build the next unicorn.

While she was at Bumble, Williamson took medical leave. “Had Bumble not been so generous with me with medical leave, I would have needed disability insurance,” she said.

Alex Williamson Image Credits: Asteya

According to Williamson, 51% of U.S. employers offer disability insurance to their employees. The other 49% are left unprotected should something happen to them. In today’s changing workforce, many of these people are small business owners and gig or freelance workers. It’s this class of worker that Asteya is targeting with its first product. It offers up to $500,000 in protection through a one-time payout for a monthly fee that starts at $6/month. 

When people get sick and need to take time off work to get back on their feet, worrying about how they are going to pay rent or cover any other regular financial responsibilities can be a hardship in itself.

“If your finances aren’t in order, you can’t focus on getting help,” Williamson told TechCrunch.

People not covered by disability insurance — once they fall ill — have the option of applying for federal disability. The main distinction here is that disability insurance starts paying immediately, while federal disability only pays after you get approved by the government, but the process can be cumbersome and is known to take several months. Many people who attempt to file for federal disability on their own are often denied and then subsequently need to use a lawyer to get approved. And after all that, payments — which range from only several hundred to a couple thousand dollars a month — kick in six months after you’re approved.

Signing up — and getting approved — for disability insurance with Asteya takes minutes, the company said. Like many other startups, Asteya, through its hassle-free approach in a sector that’s known to be tangled in bureaucracy, sees an opportunity to bring humanity into insurance, Williamson said.

Women are often charged a significant premium for disability insurance compared to men — which makes them a more expensive hire for companies — adding another unnecessary difficulty for female candidates. New York and Massachusetts are a few of the states that outlawed the policy in 2019, and following their lead, Asteya’s first product is gender-neutral, Williamson said. 

Why VCs are dumping money into insurance marketplaces

The company has a managing general agent (MGA) and broker’s license, and through its MGA license, all policies are offered through insurance heavyweights Munich Re and Lloyd’s of London. In short, if the startup doesn’t succeed, your coverage won’t be affected.

Considering Williamson’s contacts and those of the founding team members, they were able to line up funding pre-launch, and Bumble’s founder and CEO, Whitney Wolfe Herd, is an angel investor. 

Other investors include 2BF Ventures, Capital Factory, Cap Meridian Ventures, Northstar Ventures, Atrum, and angel investor Geeta Sankappanavar.

The company is planning to offer a product for longer-term disability, as well as one that covers people with pre-existing conditions. “It’s an area we’re on a mission to cover,” said Williamson.

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Thu, 18 Mar 2021 07:00:00 +0000 BlogLikes - Find Most Popular Blogs Startups TC New York London Massachusetts Insurance Tech Miami Lloyd Williamson MGA Munich Re Asteya Northstar Ventures Capital-factory Whitney Wolfe Herd Alex Williamson Recent Funding 2BF Ventures Cap Meridian Ventures Miami startup Bumble Williamson Geeta Sankappanavar
Limited Coverage For Computer Fraud Claim http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/U53qZ-DJPw4/limited-coverage-for-computer-fraud-claim.html     While the Arizona Appellate Court found limited coverage for a computer fraud attack against the insured, it also determined there were multiple occurrences. AIMS Ins. Program Managers, Inc. v. Nat'l Fire Ins. Co ., 2921 Ariz. App. Unpub. LEXIS 123 (Ariz. Ct. App. Feb. 4, 2021).

    Thieves secretly accessed from an employee of AIMS Insurance Program Manager, Inc. (AIMS) an email account to fraudulently intercept payments from AIMS to the vendor, AmWINS Brokerage of Arizona. The thieves created email accounts using the names of actual AmWINS employees and opened accounts at AmWINS' bank. The thieves then intercepted emails transmitting insurance binders and invoices from AmWINS to AIMS and replaced them with fraudulent emails, attaching the intercepted insurance binders that directed AIMS to wire payments to the thieves' accounts. 

    AIMS authorized three wire transfers, totaling $357,711.64 to the thieves in partial payment of three invoices. When AmWINS notified AIMS that it had not received payment on the invoices the fraud was discovered. AIMS was able to recover less than a quarter of the wire-transferred funds from its bank. 

    AIMS submitted a claim to its insurer, National Fire, who agreed to pay $10,000, the policy limit for a single occurrence under the "Computer Fraud'" endorsement of the policy. Coverage was denied, however, under the "Forgery and Alteration Endorsement."

    AIMS sued for declaratory judgment and the parties filed cross-motions for summary judgment. The superior court granted summary judgment in favor of National Fire.

    The forgery endorsement only insured against losses from forgeries of written promises, orders, or directions to pay a sum certain that were "similar," meaning of the same nature as checks, drafts, promissory notes, and bills of exchange. Neither the emails nor the attached insurance binders and invoices were endorsable instruments payable upon tender in the same manner as negotiable instruments.

    Regarding the number of occurrences, AIMS argued that each distinct act of fraud, namely each of the three counterfeit demands for payment, constituted a discrete "occurrence" of covered fraud under the endorsement. Therefore, the fraudulent actions resulted in three occurrences under the policy, not just one. The court agreed and AIMS was entitled to recover the per-occurrence limit of $10,000 for three occurrences. 

[Author: Tred Eyerly]

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Wed, 17 Mar 2021 11:13:17 +0000 BlogLikes - Find Most Popular Blogs Insurance Arizona Computer Fraud Tred Eyerly Occurrence Cyber Risk Limited Coverage For Computer Fraud Claim Arizona Appellate Court Ins Program Managers Inc Nat l Fire Ins Co AIMS Insurance Program Manager Inc National Fire
Insured's Claims Under Communicable Diseases Coverage Survive Motion to Dismiss http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/13Ozr2NoD3Q/insureds-claims-under-communicable-diseases-coverage-survives-motion-to-dismiss.html     While the court determined the virus or bacteria exclusion precluded coverage under business income, extra expense, or civil authority for the insured's COVID-19-related shutdown, the insurer's motion to dismiss was denied based upon the communicable diseases coverage. Salon XI Color & Design Group v. W. Bend Mut. Ins. Co. ,, 2021 U.S. Dist. LEXIS 21298 (E.D. Mich. Feb. 4, 2021). 

    The Governor's order on COVID-19 forced the insured to close its salon. The insured tendered to West Bend for business interruption losses that occurred during the closure required under the Executive Order. Coverage was denied and suit was filed.

    The court found the insured had plausibly alleged that the COVID-19 particles infected the property, exposed staff and patrons, and prevented the insured from using its property for its intended purpose. This was enough to survive a motion to dismiss when the policy promised to cover "direct physical loss or damage" and left "Loss" and "damage" undefined. 

    The policy included a virus or bacterial exclusion, however, providing that West Bend "will not pay for loss or damage caused by or resulting from any virus, bacterium or other microorganism . . ."  West Bend did not dispute that COVID-19 was a virus. However, in addition to being a virus, COVID-19 was also a "communicable disease" as defined in the policy. The insured argued a special grant of coverage for communicable diseases followed by an exclusion for virus or bacteria could not plausibly exist in the same policy. This contradictory language was ambiguous and was to be construed in favor of the insured. 

    The court found that the virus or bacteria exclusion was written to exclude "any virus" from the business income, extra expense, and civil authority coverages. Nevertheless, the virus and bacteria exclusion did not preclude the communicable disease coverage. The insured's claim under the communicable disease coverage survived the motion to dismiss.

[Author: Tred Eyerly]

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Wed, 17 Mar 2021 11:13:17 +0000 BlogLikes - Find Most Popular Blogs Insurance West Bend Tred Eyerly Business Interruption First Party Insurance COVID-19 COVID Salon XI Color Design Group W Bend Mut Ins
New York Court Finds Insurers Cannot Recover Defense Costs Where No Duty to Indemnify http://feedproxy.google.com/~r/InsuranceLawHawaii/~3/gkbPVGa-J6M/new-york-court-finds-insurers-cannot-recover-defense-costs-where-no-duty-to-indemnify.html     In a case of first impression, the Supreme Court of New York, Appellate Division, found the insurer had no right to reimbursement of defense costs paid to defend the insured. Am. W. Home Ins. Co. v. Gjoaj Realty & Mgt. Co ., 2020 N.Y. App. Div. LEXIS 8286 (N.Y. App. Div. Dec. 30, 2020).

    Gjonaj Realty was sued by Viktor Gecaj when he fell from a ladder at the premises managed by Gjonaj Realty. The matter was not tendered to American Western Home Insurance Company until four years after the accident and after a judgment of $900,000 had been entered against Gjonaj Realty after its default. American denied coverage after late notice was given. Thereafter, the Supreme Court in the underling action vacated the default judgment. American then agreed to defend under a reservation of rights.

    The Appellate Division reversed the vacatur of the default judgment and reinstated the default against the insured. American then advised Gjonaj Realty that it was denying coverage and reserving its right to recover any fees and costs incurred in defending the underlying action. 

    American sued Gjonaj Realty for a declaratory judgment, establishing that it had no duty to defend, no duty to indemnify, and was entitled to reimbursement of defense costs. The Appellate Division agreed American had no duty to indemnify and no duty to defend.

    Regarding reimbursement, a handful of cases in New York had affirmed orders allowing an insurance company to recoup its defense costs upon a determination that no duty to indemnify existed. Here, the policy and the supplementary payment provision expressly promised the insureds that the insurer would bear all the costs "to defend the insured against any suit" to which the policy applied. The policy, however, was silent as to any reimbursement by the insurer for the costs of defense incurred prior to a declaratory judgment determine that there was no duty to defend or indemnify the insured in the underlying action. Had the insurer wanted to include language that allowed it to recover the costs of defending claims that were later determined not covered, it could have done so. But it did not do so here. Therefore, American could not recover its defense costs in the underlying action absent an express provision to that effect in the policy.

    Nor could the insurer recover under an equitable argument that the insureds would be unjustly enriched if the insurer had to bear the costs of defense. New York law precluded claims of unjust enrichment where the policy governed the subject matter at issue. Where the insurer and insured were contractually bound by the terms of the policy, any resort to equitable remedies as a basis for an award of defense costs was unavailing. Further, there was no unjust enrichment here. Given New York's policy imposing upon insurers a broad duty to defend, there could be no finding that the insured was unjustly enriched as a result of the defense provided by the insurer for claims that were later found to be outside the policy. 

    Other than dicta, there is no Hawaii appellate decision on the right of the insurer to obtain reimbursement of defense costs.  See   Lexington v. Nautilus , 132 Haw. 283, 293, 321 P.3d 634, 644 (2014) (suggesting if an insurer defending under a reservation of rights determined it has not duty to defend, the insurer may recoup its expenses from the insured). While the Hawaii federal district court has come out on both sides of the issue, one decision noted that "a ruling on reimbursement would be a major decision on Hawaii insurance law that could have a tremendous impact on the duty to defend in hundreds of other cases."  Exec. Fisk Indem., Inc. v. Pac. Educ. Servs., 451 F. Supp. 2d 1147, 1163 (D. Haw. 2006). 

[Author: Tred Eyerly]

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Wed, 17 Mar 2021 11:13:16 +0000 BlogLikes - Find Most Popular Blogs New York Supreme Court Insurance Hawaii New York Court Nautilus Lexington Appellate Division Comprehensive General Liability Duty to Defend Tred Eyerly Duty to Indemnify Supreme Court of New York Appellate Division Am W Home Ins Co Gjoaj Realty Mgt Co Gjonaj Realty Viktor Gecaj American Western Home Insurance Company Exec Fisk Indem Inc Pac Educ