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☆ Baltimore bridge insurer is reportedly set to write a $350 million check
▼ + stars: | 2024-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Chubb, the Baltimore bridge insurer, is set to pay out $350 million, per The Wall Street Journal. The bridge's collapse in March killed six people and shut down the port of Baltimore. Chubb, the state of Maryland, and victims' families will likely sue the ship's owners, per the Journal. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe insurer of Baltimore's Francis Scott Key Bridge is gearing up to issue a $350 million payout to the state of Maryland, The Wall Street Journal reported on Thursday.

Persons: Chubb, Baltimore . Chubb, —, Francis Scott Key, Henry Daar, WTW, Daar, Dali, Chubb didn't Organizations: Street, Service, Barclays, Business Locations: Baltimore, Maryland, London

☆ Tesla launched its own car insurance. These drivers say it's a lemon.
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +20 min

Tesla Insurance, launched in 2019 by the electric-car company, has promised policyholders “vastly better” service than rivals, as Tesla chief Elon Musk put it in April 2022. “What do they have, three people answering phone calls?”Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance.

Persons: Mark Bova, lurched, “ I’m, ” Bova, policyholders “, Elon Musk, Musk, Bova, he’s, Tesla, ”, Musk’s, Virginia –, Phil Fioresi, Tesla’s adjusters, adjusters, ” Zachary Kirkhorn, ” Kirkhorn, Teslas, InsureMyTesla, it’s, It’s, Chanda Santiago, ” Santiago, Lester F, Aponte, haven't, Understaffed, “, —, Policyholders, Jonathan Garcia, Garcia, adjuster, Scott Sawyer, Sawyer, Lauren Lee Sawyer, ” Sawyer, –, Steve Stecklow, Koh Gui Qing, Norihiko, Mike Scarcella, John Emerson, Brian Thevenot Organizations: Green, U.S . Army Special Forces, Tesla Insurance, Tesla, Reuters, Bureau, Twitter, U.S, SpaceX, Ohio Department of Insurance, California Department of Insurance, Data, AAA, The Auto Club Group, Liberty Mutual Insurance Co, Liberty Mutual, Markel, National Insurance Company, State National, State, Facebook, Better, policyholders, Better Business Bureau Locations: Maryland, That’s, California , Utah , Illinois, Virginia, South San Francisco , California, California, Draper , Utah, Texas, policyholders, InsureMyTesla, U.S, Illinois, Colorado, Ohio, Florida , Georgia, Washington, Santiago, Los Angeles, Draper, North Carolina, Riverside , California

☆ Seeking the ‘Right’ Customers, an Insurer Is Accused of Discrimination
▼ + stars: | 2023-10-30 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

A spokesman for the Maryland Insurance Administration declined to comment. The dispute reveals how a long-used insurance industry technique, ostensibly aimed at managing risk, can open the door to bias. As they evaluate a customer, agents are expected to decide whether a potential customer seems honest or reliable, or judge how tidy or well maintained their home is. “There are all kinds of conscious and unconscious biases involved.”Insurers have also been accused of discriminating against Black and Hispanic customers in other ways. But the accusation against Erie is that its policies kept Black and Hispanic homeowners out of its customer rolls in the first place.

Persons: Matthew Cummings, ”, Daniel Schwarcz Organizations: Maryland Insurance, University of Minnesota Law School, State Farm, Erie Locations: Erie, Chicago

☆ Kansas farmers abandon wheat fields after extreme drought
▼ + stars: | 2023-05-22 | by ( Tom Polansek | ) www.reuters.com time to read: +4 min

[1/4] Romulo Lollato, a wheat agronomist for Kansas State University, examines wheat in a field, as part of an annual crop tour, near Clay Center, Kansas, U.S., May 16, 2023. REUTERS/Tom PolansekWICHITA, Kansas, May 22 (Reuters) - Farmers in Kansas, the biggest U.S. producer of wheat used to make bread, are abandoning their crops after a severe drought and damaging cold ravaged farms. Kansas farmers are expected to abandon about 19% of the acres planted last autumn, up from 10% last year and 4% in 2021, according to the report. Soaring prices for hay also pressure wheat farmers not to harvest their fields for grain so they can be fed to cattle, Gilpin said. Kansas farmers are expected to produce just 191.4 million bushels of wheat this year, the smallest since 1963, according to the latest monthly government forecast.

☆ Biden vows new bank rules after SVB collapse, cites Trump rollback
▼ + stars: | 2023-03-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

"Americans can have confidence that the banking system is safe. The managers of the banks will be fired, Biden noted, and investors will lose money. Biden also promised new regulation after the biggest U.S. bank failure since the 2008 financial crisis. The U.S. Federal Deposit Insurance Corporation on Monday said it had transferred all Silicon Valley Bank (SIVB.O) deposits to a newly created bridge bank and that all depositors would have access to their money beginning Monday morning. Silicon Valley bank had $209 billion in assets at the end of last year.

“One of the worst things you can hear from your child is them screaming ‘I don’t want to die! Residents across the state are just beginning to understand the full extent of the damage, especially in marginalized communities, as they recover from the deluge. But instead of work, Naranjo and other farmworkers are faced with some 20,000 flooded farmland in Salinas, according to early estimates from the Monterey County Farm Bureau, a nonprofit association of farmers and ranchers. When asked if he would return to work soon, Naranjo answered: “I don’t know.”Cars driving through a flooded roadway in Planada, Calif., on Jan. 10. “In my head, I thought if it was that bad, someone would come tell us, but no one ever did.

☆ Some Florida homeowners have to wait a year to fix hurricane damage, and that's only one of the many struggles they face
▼ + stars: | 2022-12-31 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Hurricane Ian was the second-costliest hurricane in US history, causing up to $65 billion in damage. Florida homeowners face other challenges, too, from rising insurance costs to suffering home values. In December, about three months after Hurricane Ian struck the Gulf Coast of Florida, the sounds of construction rung out in one community. Meanwhile, roofers are overstretched, said Mike Silvers, the director of technical services of the Florida Roofing and Sheet Metal Contractors Association. Out-of-state contractors both have to learn Florida's code and become licensed in the state in order to do any roofing work.

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