Insurance News
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What Is D&O Coverage?
March 22, 2023
Decisions made by the boards of private companies are not immune from public scrutiny. Security holders, employees, customers, suppliers, competitors, and even the government can sue a privately-owned company and its board of directors. Additionally, as leaders of the company, the directors and officers can be found personally liable for their management decisions. D&O policies […]
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What Is Social Inflation?
March 8, 2023
We know what economic inflation is, which is bad enough, but social inflation can make claims costs rise even more, often well exceeding general economic inflation. Social inflation is an indicator of how society is shifting its preferences for determining who is best placed to absorb risk, according to a new white paper by the […]
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Why You Need Equipment Breakdown Coverage
February 14, 2023
Equipment Breakdown insurance was formerly called Boiler & Machinery insurance. But they changed the name because these policies now cover so much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting […]
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What Does “Proximate Cause” Mean in Insurance?
January 31, 2023
How does it apply in a case involving the ransomware payment from a cryptocurrency account? Proximate cause, which refers to the closest/first cause of an accident, is a basic principle of insurance. Although there are several classic examples of how proximate cause works, a case involving cryptocurrency was recently decided based on the principle of […]