What is TIRSA? The Title Insurance Rate Service Association (TIRSA) is an organization licensed by the New York State Department of Financial Services that provides guidelines for the pricing and availability of title...more
Yemeni-based Houthi forces have attacked more than two dozen vessels transiting the Red Sea since the October 7, 2023, start of the current Israel-Hamas conflict, leading to a surge in marine war insurance premiums. Houthi...more
Life insurance is a very important part of many people’s long-term plans because it provides a way for families to ensure the financial well-being of their loved ones after they’re gone. However, life insurance is a highly...more
We keep hearing about how difficult it is for our clients to get property insurance these days, both for homes and businesses in Northern California’s wildfire-prone areas. Which, of course, is most of Northern California. ...more
The softening D&O market has continued into 2023, with 91% of our clients experiencing a cost reduction in their renewal in the first half of the year. Self-insured retentions have also continued to fall. The soft market is a...more
After being squeezed out of the R&W insurance market in 2021, deals in the healthcare services sector have regained interest from insurers and are seeing lower rates and greater competition....more
In recent years, especially through 2019 and 2020, the cyber insurance market in the U.S. has seen significant growth. Middle-market companies have been actively requesting cyber insurance policies with low rates and broad...more
On February 3, 2023, the United States District Court for the Eastern District of Missouri granted MetLife’s motion to dismiss for failure to state a claim in Collins et al v. Metropolitan Life Ins. Co. In granting MetLife’s...more
In Cost of Insurance Litigation, Courts Continue to Disagree Over the Meaning of the Key Contractual Provision - If you see a movie that is “based on a true story,” how close to the story are you expecting the movie to be?...more
On May 25, 2022, in Grossman v. GEICO Cas. Co. (No. 21-278), the Second Circuit Court of Appeals affirmed the District Court’s dismissal of an attempted class action by two automobile policyholders alleging that GEICO...more
In this report, we identify the emerging trends that are impacting insurance for the tech sector, with a specific review of the property, general liability, and workers’ compensation (WC) coverage areas. The big takeaway?...more
Though the market remains difficult amidst claims costs and underwriting issues, we are cautiously optimistic and see opportunities for you to improve your insurance portfolio in 2022. Join Woodruff Sawyer experts Carolyn...more
On September 1, 2021, Texas SB 1367 went into effect, exempting certain lines of commercial property and casualty insurance from rate and form filings, as summarized below. In other words, Insurers are no longer required to...more
With more frequent and more severe ransomware attacks against health care platforms and vendors and the increasing use of telemedicine, it is critical to understand how to proactively defend your organization using robust...more
Amid the demands of the COVID-19 pandemic, telemedicine became a vital resource for physicians and patients alike. Even with a potential “new normal” on the horizon, telemedicine is here to stay. But with the expansion of...more
The New Hampshire Supreme Court recently ruled that New Hampshire’s regulation that places certain caps on long-term care insurance premium rate increases exceeds the Insurance Commissioner’s rulemaking authority and,...more
On February 18, 2021, California Insurance Commissioner Ricardo Lara announced a revision to proposed regulations regarding the use of affinity groups in insurance rating. The commissioner will hold a virtual workshop on the...more
The New Jersey Senate passed Senate Bill S111, sponsored by Senators Nia Gill, M. Teresa Ruiz, Nilsa Cruz-Perez and Nellie Pou, which would prohibit the use of education, occupation, or credit score in certain automobile...more
In an effort to alleviate the COVID-19 public health threat, the Ohio Department of Insurance (ODI) issued bulletin 2020-03, titled “Health Insurance Coverage Flexibility for Ohio Employees” (the Bulletin), effective March 20...more
Over the past decade, as commercial property insurance rates softened, so too have terms and conditions. In some instances, attempts to broaden coverage have also had the effect of diluting the clarity and consistency of...more
Under the widow penalty, insurance companies charge women as much as 200% more; HB 5111 will stop women from being discriminated against by auto insurers - The widow penalty is one of the cruelest and most shameful things...more
• Insurtech start-ups are using technology to improve the underwriting process and obtain a competitive advantage. • The CDI’s new legal opinion clarifies that even proprietary underwriting rules must be available to the...more
Duggan ignores redlining and credit scoring, two issues that hammer Detroiters and drive up car insurance rates in Motown; time to enact HB 5111 - Detroit Mayor Mike Duggan has recently filed a lawsuit in federal court...more
A long-term care insurance class action filed in May 2018 highlights the importance of clearly defined policy language. At dispute in the lawsuit pending in the United States District Court for the Northern District of...more
Here’s the easy fix to Mayor Duggan’s lawsuit to find Michigan’s auto No Fault law unconstitutional and repeal No Fault law - There’s an easy fix staring us in the face to Mayor Duggan’s lawsuit that was filed last...more