Best Cheap Insurance Quotes

Health and Human Services (HHS) Secretary Kathleen Sebelius writes a good letter.

Yesterday, she posted the text of her letter to Ms. Karen Ignagni, President and Chief Executive Officer of America’s Health Insurance Plans (AHIP). The Secretary takes aim at what she states is misinformation from AHIP members to their enrollees. Specifically, it appears some members have taken to blaming health insurance premium increases on the patient protection provisions of the Affordable Care Act and the Secretary takes issue with that assertion.

Lloyd’s started out in a coffee house in 1688 and grew with the marine insurance industry over the last 300+ years.

Lloyd’s will launch an iPad pilot program starting in early September. Lloyd’s has joined with brokers Marsh, Cooper Gay and RK Harrison Group to trial the use of iPads in its underwriting room.

“The trial, set to commence in early September, will see the iPads used as an alternative to the traditional underwriting slips. At present these huge bundles of paper make up most of the intricate insurance contracts handled at Lloyd’s.” The trial will last three months (begging the question: what are you doing with those iPads if the trial doesn’t work out? Call me.) and more brokers are expected to join the program throughout the trial.

The Deepwater Horizon Gulf disaster is reported to have cost $8 billion according to BP “including the cost of the spill response, containment, relief well drilling, static kill and cementing, aid to Gulf States and other claims.”

It is not clear how much of that cost is covered by business insurance.

An explosion in 1988 called the Piper Alpha explosion cost Lloyd’s of London an estimated $11.7 billion in claims over four years. With $8 billion being the cost to date, it is not certain that the Deepwater Horizon disaster will be the “largest” oil platform disaster in terms of dollars. But, it is already close.

A massive egg recall is occurring throughout the United States. Millions of shell eggs are suspected of being infected with Salmonella Enteritidis. The recall is countrywide and the Food and Drug Administration has regular updates and explanations of the recall.

Is there business insurance for such an event?

Typically, product liability insurance will cover only third-party claims. This means claims from those outside of the business claiming to have been injured by the product. But, massive product recalls involve expenses beyond potential claims such as loss of revenue, business interruption, and costs associated with the recall. Those costs are generally not covered in a traditional product liability policy.