The Terrorism Risk Insurance Act (TRIA) expires at the end of 2020 but insurers are already grappling with the possibility of a world without TRIA. While the private market for terrorism insurance has grown, there are doubts whether the industry can write terrorism insurance without a federal backstop.
In the event of a fire or other disaster, would you be able to remember all your possessions? Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses and help you purchase the correct amount of insurance.
Rating variables are an indispensable tool for setting the cost of insurance and restricting their use can have unintended consequences, according to a new paper released jointly by the Casualty Actuarial Society (CAS) and the Insurance Information Institute.
DEDUCTIBLE- The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.
SALVAGE- Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly-damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering that property.See Full Glossary
For immediate release New York Press Office: (212) 346-5500; email@example.com NEW YORK, September 20, 2019—The Resiliency Innovation Challenge will conclude on Wednesday, Sept. Read More
For immediate release New York Office: (212) 346-5500; firstname.lastname@example.org NEW YORK, September 17, 2019—Four student entries were given top honors this month at a competition aimed at improving individual and community resilience to natural disasters and co-sponsored by the Insurance Informat… Read More