Doctors urge task force to reinstate medical malpractice limits
August 30, 2005Advisen -- Medical MalpracticeSource: Associated Press Alert"MADISON, Wis._A court ruling striking down limits on damages to medical malpractice victims is causing some doctors to think twice about practicing in Wisconsin, groups representing doctors and hospitals told a legislative panel Tuesday..."
August 30, 2005Advisen -- Medical MalpracticeSource: AHC Newsletters"Is your facility vulnerable to a malpractice lawsuit?""Documentation, communication are the key""In today's litigious society, it's more important than ever for case managers to take steps to protect themselves in case of a medical malpractice lawsuit, says Jacqueline Carolan, JD, an attorney with Fox Rothschild in Philadelphia..."
August 30, 2005The Insurance Journal"Although they are still relatively rare, compared to the number of commercial property policies in force, a number of cat bonds covering specific property risks were briefly threatened by Hurricane Katrina..."
By Arthur D. PostalNational Underwriter P&CNU Online News Service, Aug. 26, 2:40 p.m. EDT"A new Illinois medical malpractice law is winning only measured support from the insurance industry, which is voicing concern about some provisions..."
By Daniel Hays National Underwriter P&CNU Online News Service, Aug. 25, 12:57 p.m. EDT"Illinois Democratic Gov. Rod Blagojevich signed a medical-malpractice reform measure today designed to limit liability awards and setting requirements for insurer rate hearings and disclosure..."
August 26, 2005The Insurance Journal"New York-based Integro Ltd. has announced it has hired three former Marsh senior vice presidents for its San Francisco office. Charles F. Shay Jr. will serve as Managing Principal, Management Risk Solutions; Tim Candy will be Principal, Management Risk Solutions; and John H. Kim will be Principal, Environmental Brokerage Solutions..."
August 29, 2005AdvisenSource: AP Online"NEW ORLEANS--Hurricane Katrina edged slightly to the east early Monday as it bore down on the Gulf Coast, providing some hope that the worst of the storm's 150 mph winds might not directly strike this low-lying city..."
August 29, 2005AdvisenBy John M. Biers and Andrew DowellOf DOW JONES NEWSWIRES"HOUSTON (Dow Jones)--Hurricane Katrina in a matter of days has grown from a smallish storm threatening Florida into the worst-case scenario for the energy industry, posing a much greater threat than even Hurricane Ivan..."
"Policies on auto parts suit ruled to be too diverse to qualify for class-action status"By Arthur D. Postal"In a huge victory for the property-casualty insurance industry, the Illinois Supreme Court last week threw out the $1.05 billion auto parts class-action judgment against State Farm..."
"Interest re-ignited, but carriers change models, better define appetites"By Susanne SclafaneNational Underwriter P&C"The once-tarnished program business segment of the specialty property-casualty insurance business is in vogue again, according to experts who participate in the market..."
By Mike FitzgeraldBelleville News-Democrat"Six weeks have elapsed since a controversial tort reform bill landed on Gov. Rod Blagojevich's desk."Blagojevich has promised to sign the measure, which aims to rein in medical malpractice insurance rates by placing caps on "pain and suffering" awards, although he hasn't confirmed when. The event is expected to take place some time in the next five days at a metro-east hospital...."
National Underwriter P&CWashingtonBy Arthur D. Postal"House committee mulls plans to diminish backstop, perhaps replace it with pools""Proposals for extension of the Terrorism Risk Insurance Act coming out of the House Financial Services Committee will likely call for a far more modest federal backstop and might not include coverage of commercial auto and general liability, the National Underwriter has learned..."
AVRECO Invites You to Save the Date...
...for AVRECO's Upcoming EPLI Seminar to be held at the prestigious Union League Club in downtown Chicago. The Seminar
Are you a retail agent interested in EPLI? Do you need IL CE credits? AVRECO's upcoming EPLI Seminar aims to be one of the most informative seminars you will attend this year. Beautiful location and delicious food aside, AVRECO's EPLI Seminar for retail agents, to be held Tuesday, September 27, 2005, will be given by some of the most experienced persons in the industry: a Lloyd's underwriter, a Lloyd's broker, and a Lloyd's lawyer extremely familiar with EPLI coverage. Held in the morning from approximately 8:30-12:00, the seminar will be approved for CE credits in the state of Illinois and includes a fantastic hot breakfast buffet.
Need more information? If you would like to know more about our upcoming seminar, please contact Linda Deiss at ldeiss@avreco.com or by phoning her directly at 312.294.5475. We look forward to seeing you there!
August 11, 2005The Insurance Journal"Fire sprinklers will soon be required in all nursing homes, in new construction of one- and two-family dwellings, and in all new construction of nightclubs and like facilities, as well as for existing nightclubs and like facilities with capacities over 100, under new national building safety codes..."
August 9, 2005 The Insurance Journal "Trends in premium volume, loss reserves and admitted assets show that the captive insurance industry has reached a level of stability as it absorbs the benefits of the recent hard market while coping with legacy issues still affecting some within the industry, according to a special report released by A.M. Best Co...."
Did you know that the staff of AVRECO has been underwriting professional liability insurance for the A&E industry for almost 35 years? Highlights of our program are as follows: - Worldwide coverage
- Plain language wording
- Retroactive coverage available to previously uninsured and new firms
- First dollar defense cost coverage is normally included
- Available for an Architectural or Engineering Firm
- Available to a Design and Build contractor--both for in-house design and for contingent liability arising out of sub-let design
- Can consider construction managers--both "as agent" or "at risk"
- Limits up to $2,000,000 (higher to be negotiated)
- $2,500 minimum deductible
- 100% Lloyd's Underwriting Security (A.M. Best A
- Insured is consulted prior to settlement of a claim
- Installment payment plans are available for certain risks
- Specific project excess is available
- Coverage available to moonlighters
- Small annual project policies are available
You can obtain an application by clicking HERE. Please don't hesitate to contact Linda Deiss (ldeiss@avreco.com, 312.294.5475) for more information or to submit a completed application.
Future Accountant Born?
Congratulations to Staff Accountant Jamil Qureshi, who became a father July 21, 2005 at 4:21PM. His son, Fayaz, is happy and healthy and adorable (see his nursery picture here). We only hope Jamil will bring baby Fayaz to the office soon!
By Ann Rudd Hickman, CPCU, ARM, CRISInternational Risk Management Institute Inc. / Dallas, Texas Published Online in American Agent & Broker (www.agentandbroker.com/)"THOSE who hire contractors to construct, renovate or repair property typically want to be protected from lawsuits associated with the contractors’ work. Contractors want similar protection from any subcontractors they hire. Most often, such protection has two parts..."
National Underwriter P&CBy Susanne Sclafane"Disaster losses, reserve charges, price pressure might make boom short-lived"
"The property-casualty insurance industry didn’t just experience its best first-quarter underwriting result on record in 2005. The 91.9 first-quarter combined ratio was the best result for any quarter, period, according to the record-keepers..."
National Underwriter P&CWashingtonBy Matt Brady and Arthur D. Postal"As Democrats, Republicans battle over whether to extend terrorism insurance backstop, industry leaders lobby for more permanent solution"
"Democrats and Republicans in Congress were at odds last week over the appropriate way to provide an ongoing federal backup to terrorism insurers—or whether to offer such coverage at all—raising concerns that the current program may expire Dec. 31 with no transition to an acceptable private market..."
