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Jim Flynt
Registered User
Username: Jimflynt

Post Number: 379
Registered: 6-2001
Posted on Sunday, July 28, 2002 - 11:00 pm:   

Insurance: The Bermuda "Connection"

Besides providing total freedom from various state taxes and regulations, an insurance subsidiary domiciled in Bermuda is granted a wide range of operating powers not available onshore. International businessmen and foreign investors enjoy the charm of a premier tourist resort that provides excellent hotels and restaurants, outstanding recreation and entertainment, and an attractive climate. The all-importance of a stable Government and legal system has undoubtedly given Bermuda the necessary edge in establishing international recognition as the premier captive domicile. Today there are more than 4,000 Captive insurance companies worldwide. Due to its sophisticated infrastructure, accessible location, stable political climate and relative freedom from regulation and investment restriction, close to 40% of these companies are located in Bermuda.

With a combined capital and surplus of over $50 billion, the Island generates more than $25 billion premium dollars annually. Total assets of Bermuda companies are more than $116 billion. International recognition as an offshore financial center enables Bermuda to offer numerous advantages to the foreign investor.



Jim Flynt
Registered User
Username: Jimflynt

Post Number: 378
Registered: 6-2001
Posted on Sunday, July 28, 2002 - 10:13 pm:   

THE NEED FOR MINE SUBSIDENCE INSURANCE

If your home is in an area where underground coal and clay mining has occurred, there is a chance that collapsing mines could damage your dwelling or other buildings on your property. Mine subsidence causes millions of dollars of damage each year. Standard home-owners' insurance policies usually exclude coverage for losses caused by mine subsidence.

In 1961, the Commonwealth of Pennsylvania established the Mine Subsidence Insurance Fund to provide a reliable source of insurance against losses caused by underground coal and clay mine subsidence. The Mine Subsidence Insurance Board, through the Pennsylvania Department of Environmental Protection (DEP), administers this nonprofit Insurance Fund, which is sustained by its policyholders' premiums. All residents of Pennsylvania are encouraged to inquire into the mining conditions in their area and to apply for insurance if they believe they are at risk from loss caused by subsidence.
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 377
Registered: 6-2001
Posted on Sunday, July 28, 2002 - 10:02 pm:   

Majority of homes underinsured

Nearly 70 percent of all homeowners have insufficient insurance coverage to rebuild homes destroyed in a disaster, according to a study of claims records filed in the last three years. The study, conducted by Marshall & Swift, examined files of losses on more than 10,000 homes valued at under $500,000.

"The study was undertaken to better understand the widespread problem of underinsurance and the difference between what a new house costs and what it costs to rebuild a home after an insured total loss," said Pascal Lorthioir, vice president of research and development at Marshall & Swift.

Researchers found 70 percent of homes were consistently undervalued by 25 percent, and only 30 percent were adequately insured or over insured by 5 percent, according to an article in The Insurance Record. Researchers also learned that 60 percent of the claims studied, which were believed to be total losses by carriers, were in fact for partial losses that exceeded policy limits.

The study found that upgrades and renovations, including remodeling, repairs and additions that increase the value of a property, are often left unreported and not made part of the policy’s coverage. Over the course of several years, such physical improvements as porches, decks, kitchen and bathroom enhancements, and finished basements can significantly alter the true replacement cost of a home.

(Source: Marshall Swift Study)

Jim Flynt
Registered User
Username: Jimflynt

Post Number: 376
Registered: 6-2001
Posted on Saturday, July 27, 2002 - 7:51 am:   

Some Interesting Tornado Facts:

Chickens have often been plucked clean during tornadoes. Humans have had their clothes blown off.

Entire herds of cattle have been transported by tornadoes and left virtually unharmed.

The most deadly tornado in U.S. history, known as the Tri-State Tornado, killed nearly 700 people in the Midwest in 1925.

In a tornado in Florida recently, a baby disappeared from a home that was destroyed and was later found, unharmed, in a tree.

It is traditional to snip a pair of silver scissors at the upcoming funnel in the belief that this will "cut" the twister and render it harmless.

In the days of the Old West, it was noticed that tornadoes destroyed churches more frequently than they did saloons. One explanation offered later was that churches were often closed up during the week. This created an interior air pressure that was more prone to the effects of an approaching tornado's lower barometric pressure.

A woman in Mississippi was taken 75 feet into the funnel of a tornado while still in her Volkswagen - and survived.

The U.S. has more tornadoes than all the other areas of the world combined.



(Sources: August 2002 Esquire Magazine and A World Turned Over: A Killer Tornado And The Lives It Changed Forever by Lorian Hemingway.

http://www.amazon.com/exec/obidos/ASIN/0684856344/qid=1027769514/sr=1-1/ref=sr_1_1/104-9236889-0512707
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 375
Registered: 6-2001
Posted on Friday, July 26, 2002 - 7:39 am:   

Drop Down Coverage

Personal Liability Umbrella insurance policies are extremely broad (ask President Clinton; Chubb, his PLU underwriter, settled with six figures with Paula Jones).

The coverages provided by Personal Liability Umbrella policies which are broader than the coverages of the underlying policies are commonly referred to as "Drop Down" coverages.

"Drop down" coverage derives its name from situations in which a Personal Liability Umbrella policy covers an entire loss (minus the chosen self-insured retention limit (SIR). This occurs when the cause of loss is covered by the Personal Liability Umbrella policy, but excluded from the underlying policy. Please note that a self-insured retention limit (SIR), typically $250, applies only in the case of "drop down" coverage, and does not apply to covered losses above a primary underlying personal liability policy.


For example, a Personal Liability Umbrella policy covers "personal injury" liability such as: bodily injury, property damage, sickness, disease, disability, mental anguish, false imprisonment, wrongful entry, libel, slander, humiliation, defamation of character, invasion of privacy, etc.; while most primary personal liability policies cover only "bodily injury" and "property damage" liability. Thus, a loss involving liability regarding a libelous statement in the newspaper, would be excluded by the underlying Homeowners policy, but covered by the Personal Liability Umbrella policy; the loss would be covered from the first dollar amount above the self-insured retention limit (SIR), up to the policy limit.



Jim Flynt
Registered User
Username: Jimflynt

Post Number: 369
Registered: 6-2001
Posted on Thursday, July 25, 2002 - 6:13 am:   

UMBRELLA OR EXCESS LIABILITY POLICY?

Do you know the difference?

Fundamentally, a straight Excess Liability policy is distinguished from an Umbrella policy in that the Umbrella policy affords broad blanket excess liability coverage and applies to certain areas that are not covered by underlying policies. Generally, Excess Liability coverage is not broader than the underlying primary coverage and may be even more restrictive depending on the specific insuring agreements, exclusions, conditions, etc.

Excess Liability coverage may be provided by either a stand alone form or a following form. A "stand alone" policy relies exclusively on its own policy terms, conditions, and exclusions. The "following" form policy literally honors the specific terms of the underlying coverages it supplements.

One of the outstanding features of the true Umbrella policy is the fact that its coverages go beyond the scope of the underlying coverage, thereby giving the insured coverage in many instances where there would be no primary coverage at all! In some Umbrella policies this broadened coverage is subject to a self insured retention (SIR), usually varying anywhere from nothing to $25,000 per claim depending on the policy.

Tomorrow's question is: What is a drop down coverage form?

(Resource: The Insurance and Planning Resource Center)

Jim Flynt
Registered User
Username: Jimflynt

Post Number: 367
Registered: 6-2001
Posted on Wednesday, July 24, 2002 - 8:09 am:   

So. Do you have your Bumbershoot insurance in order?

Have you heard of a bumbershoot policy or even know what it is?

Bumbershoot is an umbrella liability insurance policy that provides coverage for ocean marine risks and can also include general liability, protection and indemnity, and Longshore and Harbor Workers' Compensation Act coverages. Collision coverage can be provided and general average and salvage charges can be included. A shipyard would be interested in a Bumbershoot policy.

Bumbershoot policies provide a 'drop down' cover over uninsured marine exposures and feature Combined Single Limit/Occurrence and Aggregate Limits and provides an excess over primary program.

"Bumbershoot" is a British word for umbrella and is used in this context to indicate the broad nature of this type of policy.

(Sources: Lloyds & AIG)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 366
Registered: 6-2001
Posted on Wednesday, July 24, 2002 - 7:52 am:   

What is a Long Tail?

Long Tail is a term used to describe a risk that may have claims notified or settled long after the risk has expired. So that he can close the underwriting account for the year, it is often necessary for an underwriter to arrange reinsurance protection to cover claims which may arise after the account has been closed. A term used to describe risk covered as those of liability rather than physical damage.

(Source: Lloyd's of London Glossary)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 344
Registered: 6-2001
Posted on Saturday, June 15, 2002 - 9:52 am:   

Sinkhole collapse?
Mine subsidence?

What's the difference?


That could be a fatal question as far as your Errors and Omissions Coverage is concerned. A young Childersburg, Alabama couple decided to buy their first home and had arranged financing with a local savings bank. The couple was advised by their bank that they would be required to add a Sinkhole Collapse endorsement or the loan could not be made. Sinkholes were common in the area and loss by sinkhole was not covered by a homeowners policy without this endorsement. This was communicated to their agent who, after several attempts to place the coverage, found a carrier willing to accept the risk with the required endorsement.

Sinkholes are openings in the ground caused by the collapse of the surface when underground water streams wear away the limestone usually encasing it. The result is a constant wash of water which slowly erodes the dirt and washes it away. Eventually the resulting erosion makes its way to the surface and the ground collapses. The hole will expand in size depending on how strong the underground current is, and will swallow up anything in proximity, including a house.
This is just what happened to the Childersburg couple. It started out as a small hole that the couple thought had been dug out by a gopher or some other animal. They filled it in with rocks and covered it up with dirt. The next day, the fill was gone and the hole had grown in diameter to over 4 feet. It eventually expanded to over 20 feet in diameter and part of their home foundation collapsed into the hole. They were lucky. They had the proper coverage.

Much luckier, in fact, than the Jefferson County couple who found themselves in the same predicament. Only in their case, it wasn't a sinkhole that opened up under their home. It was mine subsidence.

What's the difference? The difference is being covered for the loss and not being covered for the loss.

The Sinkhole Collapse (HO 04 99) endorsement provides coverage for the action of water on subterranean limestone. This loss was not related to water action but the simple effects of time on an abandoned coal mine. The ceiling of this particular mine shaft gave way and collapsed under their home. The Sinkhole Collapse endorsement recommended by their insurance agent did not cover this loss.

The Mine Subsidence (HO 23 83) endorsement would have covered this loss.

When the carrier denied the loss, the agent thought to present the claim and this time list it as a "collapse" loss because, after all, "collapse" is listed as an insured peril in the homeowners policy. Although the policy provided coverage for the peril of collapse, the insurer denied coverage under the exclusions for loss from "any earth movement, including but not limited to earthquake, landslide, mud flow, earth sinking, rising or shifting," and "water below the surface of the ground." This is the exclusion which eliminates coverage for all earth movement losses including sinkhole and mine subsidence.

The Jefferson County couple sued for failure to provide adequate coverage and you know the rest of the story.

(Source: Big I Virtual University)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 341
Registered: 6-2001
Posted on Thursday, June 13, 2002 - 7:39 am:   

Did you know?

Alaska has experienced 10 of the 15 largest earthquakes to occur in U.S. history. Out of these top 15, Alaska earthquakes claim the first 8 positions with Richter scale magnitudes ranked at 8.0 or higher.

1.Prince William Sound, Alaska, March 24,1964. Magnitude 9.2.
2. Andreanof Islands, Alaska, March 9, 1957. Magnitude 8.8.

3. Rat Islands, Alaska, Feb. 4, 1965. Magnitude 8.7.

4. East of Shumagin Islands, Alaska, Nov. 10, 1938. Magnitude 8.3.

5. Lituya Bay, Alaska, July 10, 1958. Magnitude 8.3.

6. Yakutat Bay, Alaska, Sept. 10, 1899. Magnitude 8.2.

7. Near Cape Yakataga, Alaska, Sept. 4, 1899. Magnitude 8.2.

8. Andreanof Islands, Alaska, May 7, 1986. Magnitude 8.0.

9. New Madrid, Mo., Feb. 7, 1812. Magnitude 7.9.

10. Fort Tejon, Calif., Jan. 9, 1857. Magnitude 7.9.

11. Ka'u District, Island of Hawaii, April 3, 1868. Magnitude 7.9.

12. Kodiak Island, Alaska, Oct. 9, 1900. Magnitude 7.9.

13. Gulf of Alaska, Alaska, Nov. 30, 1987. Magnitude 7.9.

14. Owens Valley, Calif., March 26, 1872. Magnitude 7.8.

15. Imperial Valley, Calif., Feb. 24, 1892. Magnitude 7.8.

And all of you cat adjusters were pinning your hopes on California.

(Source: U.S.G.S.)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 337
Registered: 6-2001
Posted on Wednesday, June 12, 2002 - 8:24 am:   

America's fire death rate is one of the highest per capita in the industrialized world. Fire kills over 4,000 and injures more than 23,000 people each year. Firefighters pay a high price for this terrible fire record as well; approximately 100 firefighters die in the line of duty each year. Direct property losses due to fire exceed $8.5 billion a year.

In fact, America's fire losses today represent a dramatic improvement from more than 20 years ago. In 1971, this Nation lost more than 12,000 citizens and 250 firefighters to fire. Acting to halt these tragic losses, Congress passed P.L. 93-498, the Federal Fire Prevention and Control Act, in 1974; it established the United States Fire Administration (USFA) and its National Fire Academy (NFA). Since that time, through data collection, public education, research and training efforts, USFA has helped reduce fire deaths by at least half -- making our communities and our citizens safer.

(Source: United States Fire Administration)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 334
Registered: 6-2001
Posted on Tuesday, June 11, 2002 - 8:57 am:   

Insurance: Facts & Trends

Build a Framework
It is helpful to have a mental framework of what functions financial services firms do when looking at job possibilities in this area. Professors Zvi Bodie and Robert Merton of Harvard Business School argue that financial service institutions, systems and products can be understood by providing the following functions: a payments system for exchange of services; a mechanism for the pooling of funds to undertake large-scale enterprises; a way to transfer resources; a way of managing uncertainty and controlling risk; a body of price information to help coordinate decentralized decision-making; and a way of dealing with agency problems created by asymmetric information.

Huge Part of the Economy
The insurance industry is a powerful part of the U.S. economy. In 1998, policy premiums exceed $700 billion dollars.

Banks Becoming More Important
Life insurance is increasingly sold through banks. Today, 32% of all annuities were sold through banks.

A Big Employer
Over two million people work in the insurance industry. Insurance is one of the biggest employers in the United States.

Hiring is Red Hot
Hiring is hot in 1999. The National Insurance Recruiters Association is seeing "phenomenal activity" in hiring. Last year, the association averaged 25 new job listings per week; this year it is averaging between 35 and 45. Employers are selective, however, and are looking for unusual experience and specialty talents.

Demand for Insurance Products Rising
Most analysts expect the demand for insurance to rise as risks become more complex and abundant in the economy. The growth in the industry, according to the Bureau of Labor Statistics is expected to be within 20 to 40 percent over the next fifteen years. There is also an expanding set of employee benefits including child care, employee savings accounts, payroll deduction property and casualty that will expand opportunities in the insurance industry.

Malpractice Insurance a Growth Area
A huge growth area is physicians malpractice insurance. Companies like MICOA are aggressively hiring and have built a strong niche servicing physicians with malpractice insurance, risk reduction advice and other financial services.

Fewer and Fewer Life Insurance Agents Coming Online
The number of persons becoming life insurance agents is down dramatically. There were 23,000 new agents in 1994 vs. 56,000 in 1975. It's tough to make it as an agent these days with competition from employer-provided insurance, banks and stock brokerages. It's now estimated that four in five persons making less than $50,000 a year will never see an actual life insurance agent in their lifetimes.

Not All Companies Will Survive
It's important to know the stability of the insurance company you go to work for. In the 1980s four large insurance companies failed including Executive Life and Mutual Benefit.

Lloyds a Centerpiece
Lloyds of London is one of the most important financial institutions in the world. Lloyds provides liquidity to the reinsurance market throughout the world by providing a venue for insurance companies to share risks with other large investors.

Securitization a Possibility
There is increasing speculation that many insurance companies will get out of the business of bearing risk altogether and will reinsure all contracts, perhaps through securitization or derivative contracts. Thus far, however, the idea hasn't gone far. The few catastrophe bonds underwritten haven't found investors.

IT Types in High Demand
There are tremendous opportunities in the management of information in insurance with all the different state rules and products. It is increasingly the case that companies are hiring information services professionals because of the high demands for automation caused by insurance paid for by payroll deduction.

Health Insurance Area Hot
The aging of the population has been dramatically increasing the demand for health insurance. Despite recent regulatory reexamination, the health insurance business is likely to see tremendous future growth, even if health care reform takes place.

Banks Playing Important Role
A sector in life insurance which is seeing tremendous growth is insurance sold through banks. People are increasingly relying on their bankers to sell them a variety of financial services. Banks charge much lower commissions and benefit by helping their customers become financially secure in retirement.

(Source: Careers in Finance Dot Com)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 333
Registered: 6-2001
Posted on Monday, June 10, 2002 - 4:16 am:   

What makes the Santa Ana wind in California hot?

A The notorious Santa Ana winds start out very dry; they originate in California's eastern deserts. During Santa Ana episodes, the winds blow through mountain canyons into Los Angeles and Orange County.

Sinking air is the key, because air always dries and warms as it sinks, says meteorologist Tim McClung of the National Weather Service office in Los Angeles.

Being forced through ever-narrowing canyons speeds the winds even more. In the most severe Santa Anas, the winds blast out of the canyon at 100 miles per hour. Those speeds are usually localized to the mouths of canyons, however.

During fierce Santa Ana windstorms, houses shake, big tractor-trailer rigs flip, and the eyes, sinuses and skin of Los Angeles residents can take a beating. ``We all reach for the hand lotion,'' says McClung.

The biggest worry, though, is the ability of the winds to fan flames and start firestorms that can destroy blocks of canyon homes at a time.

The winds have become legendary, but the origin of their name remains controversial, according to a 1988 article by retired meteorologist Arthur G. Lessard in the journal Weatherwise. Some say the name arose when an Associated Press correspondent stationed in the town of Santa Ana called them Santa Ana winds in a 1901 dispatch. Others say the name was originally Santana wind, or devil wind.

Folklore has the so-called devil winds bringing out crazed behavior among Californians. In her essay collection ``Slouching Towards Bethlehem,'' sixth-generation Californian Joan Didion calls the time of the Santa Anas ``the season of suicide and divorce and prickly dread, wherever the wind blows.''

(Source: Boston Globe Online Archives)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 332
Registered: 6-2001
Posted on Sunday, June 09, 2002 - 8:56 am:   

Car-Deer Crashes

Michigan had 65,006 reported motor vehicle-deer crashes during 2000 -- a four percent decrease from the 67,669 vehicle-deer crashes in 1999. Those collisions killed eight people. Michigan motorists experienced an average of 186 deer-vehicle crash each day, mostly in southern Michigan near cities and on main highways where traffic is heaviest. With an average property damage cost of about $2000, that adds up to more than $130 million problem for Michigan insurers.

(Source: Michigan Insurance Federation)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 330
Registered: 6-2001
Posted on Saturday, June 08, 2002 - 9:28 am:   

People may take solace in the fact that only one of the top 10 most deadly hurricanes has occurred in the second half of the century, even though 6 of the top 10 most destructive U.S. hurricanes has occurred during the same period. This can be attributed to a better advanced warning system, due in large part to the advent of satellites and forecasting advances. Also, an improved road system has allowed for more efficient evacuations.

On the average, a category 4 or stronger hurricane strikes the United States once every 6 years. Even though two category 4 hurricanes struck within three years, (Hugo in 1989 and Andrew in 1992), they represent the only category 4 hurricanes since 1969.

(Source: National Hurricane Center)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 329
Registered: 6-2001
Posted on Friday, June 07, 2002 - 5:31 am:   

Exorbitant insurance claims that shake the industry generally cause a reaction by excluding previously unheard of perils:

Expensive claims made by AIDS patients against others' homeowner's policies in the 1980s led to an exclusion for communicable diseases.

Claims made by victims of illegal drug use led to another.

Most homeowners insurance policies specifically exclude claims involving "hovercraft" even though almost nobody owns such a thing. One man did have one, crashed it, and received a $4 million settlement in a claim on a homeowner's policy. It took about a day for insurance companies everywhere to add a hovercraft exclusion.

It's only a matter of time before mold quits being an issue for insurance carriers because they will exclude any sort of mold coverage from any kind of homeowner's policy.


(Source: Tom Caraway, Environmental Insurance Consultant, North American Group, Seminar Speaker, Envirobay "Mold Rush of 2001" Seminar)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 327
Registered: 6-2001
Posted on Thursday, June 06, 2002 - 7:07 am:   

Spider insurance cover

A fumigation company in Australia clears houses of poisonous spiders, which tend to live under lavatory seats and whose bite can be at best serious and at worst fatal. The company gives a written promise to pay a cash sum to householders for whom they work should they subsequently be bitten. Lloyd's underwriters insure them against that eventuality.


(Source: Lloyd's of London)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 325
Registered: 6-2001
Posted on Wednesday, June 05, 2002 - 10:52 pm:   

Chuck, to answer your question:

The litigation and economic cost for tort abuse imposes a "litigation tax" which causes a deadweight loss on the economy in the form of products and services that are never produced as a result of the fear of litigation.

(Source: White House Council of Economic Advisors)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 322
Registered: 6-2001
Posted on Wednesday, June 05, 2002 - 12:38 pm:   

WHO PAYS FOR TORT CLAIMS?

According to a white paper from the Council for Economic Advisors, "With conservatively estimated annual direct costs of $180 billion, or 1.8 percent of GDP, the United States tort system is the most expensive in the world, more than double the average cost of other industrialized nations."

The paper finds that "the cost of excessive tort may be quite substantial, with intermediate estimates equivalent to a 2 percent tax on consumption, a 3 percent tax on wages, or a 5 percent tax on capital income. As with any tax, the economic burden of the “tort tax” is ultimately borne by individuals through higher prices, reduced wages, or decreased investment returns.

This cost has grown steadily over time, up from only 1.3 percent of GDP in 1970, and only 0.6 percent in 1950. The current cost amounts to nearly $650 for every citizen of the United States, and is one reason that many commentators have called for reform of the tort liability system. The cost is especially troubling because only 20 percent of these dollars actually go to claimants for economic damages, such as lost wages or medical expenses."

The full report is posted on the Web at

http://www.whitehouse.gov/cea/tortliabilitysystem_apr02.pdf

(Source: White House Council for Economic Advisors)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 319
Registered: 6-2001
Posted on Tuesday, June 04, 2002 - 1:20 am:   

The Insurance Information Institute estimates that fraud cost U.S. property/casualty insurers about $24 billion in 1999. That's billions more than the most expensive natural disaster in history — and it's a catastrophe that strikes every year.



Jim Flynt
Registered User
Username: Jimflynt

Post Number: 317
Registered: 6-2001
Posted on Monday, June 03, 2002 - 7:49 am:   

Over the last 10 years, employment in the insurance industry (all sectors) has averaged 1.9 percent of the total U.S. employment.

2,346,000 people were employed full time in all sectors of the insurance industry in 2000.


(Source: Insurance Information Institute)
Jim Flynt
Registered User
Username: Jimflynt

Post Number: 316
Registered: 6-2001
Posted on Sunday, June 02, 2002 - 9:24 pm:   

In the past 10 years, the number of insurers writing homeowners insurance in four large, catastrophe-prone states dropped by

31% in Florida
29% in Texas
23% in California
15% in Pennsylvania

(Source: ISO Executive Study (Insurance Services Office))

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