Insurance Archives - Page 54 of 67

December 15, 2021

Tips On Travel Insurance, Airlines And More

Experts have been saying that this Thanksgiving is going to kick off one of the busiest holiday travel periods in recent history—and the crowds are already proving it. The Transportation Security Administration reported that more than 2.2 million travelers passed through airports in the United States on Friday—a record. It was the most people the TSA has screened in a single day since the start of the pandemic. Travel sites are also seeing the same kind of traffic: Tripit is experiencing nearly triple the volume of last year, with flight bookings up 298{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, hotels up 258{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, vacation rentals up 175{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and car rentals up 390{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

From travel insurance to advice on the airlines to the best travel deals, here’s what you need to know, whether you’re traveling over the coming week or anytime during the holiday travel season:

Arrive at the airport early. A third of all Thanksgiving travelers will be taking to the skies on Tuesday and Wednesday, so expect lines at airports. “Arriving at the airport two hours early is usually the gold standard, but this year I would recommend two and a half hours if possible,” says Jen Moyse, senior director of Product at TripIt. According to Tripit, some of the busiest airports will be San Francisco International Airport (SFO), Los Angeles International Airport (LAX), Denver International Airport (DEN), Seattle-Tacoma International Airport (SEA) and Chicago O’Hare International Airport (ORD).

Related: Best Pandemic Travel Insurance Plans

The holiday travel season has begun—and it’s not going to be pretty.

getty

Be aware of COVID-19 protocols. It is the law that people must wear a mask in airports and on planes or any other type of public transportation in the U.S.—but that’s not the only place you’ll need it. “Be sure to keep a mask on hand when visiting hotel common spaces like the front lobby or dining area, and bring your vaccine card or negative COVID test results with you when out and about (tucked away safely) in case somewhere you hope to visit requires one,” says Moyse.

Pack light. If possible, carry your bags on the plane, since checking luggage can add time (and expense). Another advantage: You won’t have to wait for luggage when you land, so your vacation can start right away.

Think about travel insurance. Is it too late to get travel insurance to cover delays or trip interruptions? “The simple answer is you can technically get travel insurance the day before (even the day of) your trip, however, your coverage options will be very limited,” says Meghan Kayata, a spokesperson for InsureMyTrip. “You can put in your trip info on InsureMyTrip.com and see what options there are available. Our customer care call center is also available for those who would like to be walked through the options.” A note: For future trips, it’s a good idea to get a travel insurance policy as soon as you put any kind of money down to get the most options, like Cancel for Any Reason insurance.

Covid insurance: Speaking of travel insurance, if you’re traveling internationally, you’ll need to get a Covid test to return to the United States. It’s a good idea to get Covid insurance, even if the destination doesn’t require it. You’d hate to get stuck somewhere and have to pay a ton of money out of pocket for hotels and more.

Confirm your rental car. There’s been a massive rental car shortage that has already impacted many plans this year—and it’s only going to get worse. “With reservations up 390{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 2020, it’s worth calling ahead and triple confirming your reservation,” says Moyse. Another tip: Check with your provider to learn the quickest and easiest way to get your car when you arrive. “And don’t forget to keep them in the loop if your flight plans change,” says Moyse.

Plan your drive wisely: Expect traffic delays. According to transportation analytics company INRIX, road travel will be about 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher than normal over the holiday. Drivers should plan for traffic if they’re leaving on Wednesday—which will be the busiest day of the Thanksgiving travel season. Leave after 9 p.m., if you can. Or a better bet: drive on Thanksgiving Day before 11 a.m. If you’re returning on Saturday or Sunday, leave before noon.

Get Your Car Ready: According to the U.S. Department of Transportation, 24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of all accidents are weather-related, so as you head into the holiday travel season, it’s a good idea to make sure your car is weather-proofed. Check your windshield wipers to ensure optimum visibility in the event of inclement conditions and consider getting a portable jump starter like the Michelin High-Capacity Jump Starter and Power Bank.

Book your next trip now. If you’re a procrastinator, there’s good news and bad news. The good news? “We’re currently seeing more last-minute deals on cheap flights than ever before,” says Willis Orlando of Scott’s Cheap Flights. “The bad news? This golden opportunity for last-minute deals probably won’t last much longer.” So where to go? “Demand to hot leisure destinations like Miami and Las Vegas is back with a vengeance, whereas business-heavy destinations like San Francisco have been slower to bounce back,” says Orlando. If you’re traveling abroad or to one of these business-heavy domestic destinations, Orlando predicts that you can expect to see a couple more months of last-minute deals, as demand creeps back to normal.

• The Most Stressed Out State In America Will Surprise You

• The Top 19 Cheap Hotels: Five-Star Luxury Under $50 A Night

December 14, 2021

Building “a fine-tuned Swiss watch” of a specialty insurance business

This is the latest milestone in Canopius USA’s quick evolution since Davis joined the firm as president and chief underwriting officer in September 2020. A 30-year insurance veteran and experienced leader in the US specialty insurance industry, Davis was hired with the remit of bringing Canopius’s existing US business units together, and building a specialty insurance company with a flexible and entrepreneurial spirit, backed by the strength and stability of multiple world-class insurance platforms.

Prior to Davis’s appointment, Canopius was operating in the US via two distinct platforms: Canopius US Insurance, Inc. (CUSI), an insurance company licensed in all 50 states that writes excess and surplus (E&S) lines binding authority business through select distribution partners; and Canopius Underwriting Agency, Inc. (CUAI), an MGA, underwriting solutions for open market property, ocean marine, management & professional lines, and cyber business.

“There was not a lot of interaction between the organizations [CUSI and CUAI], and as we look to grow in the US, we identified a need to bring everything together,” said Davis. “That’s what I was hired to do. We’ve been working on that for the past year, and I feel like we’re in a really good spot in terms of connecting all the dots together.”

Read next: Canopius Group names new COO

Over the past few years, Canopius USA has achieved significant growth in gross written premium (GWP), jumping from approximately $100 million across CUSI and CUAI in 2019 to $200 million by the end of 2020, and the business is now on track to close 2021 with about $400 million in GWP.

“We’re in the process right now of putting together our full five-year plan for the US that will encompass additional growth, with a goal of getting us to somewhere around $1.5 billion or $2 billion GWP over the next five years. So, it’s ambitious,” Davis told Insurance Business. “[At present] we’re tiny in the US, but that really opens up a lot of opportunity because when you’re small, there’s a lot of things you obviously haven’t explored yet.

“We’re in the process of exploring: How do we grow the lines that we’re currently in? Are there adjacent lines we can add to that? Are there things we can do more on admitted paper that we haven’t really had the ability to do in the past? It’s a combination of all those three things that [will enable us] to make that real growth trajectory.”

As a first step under the agreement with SFMI, the ocean marine and management & professional lines teams of CUAI will write admitted business using SFMI’s paper. This complements Canopius USA’s existing ability to write non-admitted business through CUSI and Canopius Lloyd’s Syndicate 4444.

“My vision for Canopius USA as an organization is really to be able to write on Lloyd’s paper, other non-admitted paper, as well as SFMI paper,” said Davis. “I think it gives us a really distinct opportunity in the specialty market to really have multiple platforms, multiple distributions, and really concentrate on following and finding solutions for different niche areas.

“We’re not trying to be all things to all people. We’re really trying to set up something that’s a little bit more boutique and focused on specific risks. What we’re looking to do, and what we can do, is build really deep expertise in a few areas, and then use that as our base jumping off point [for] adjacent lines of business. We differentiate ourselves by being nimble, responding quickly [to the market], and developing products in partnerships.”

Read more: Canopius launches algorithmic underwriting MGA

The finalization of the admitted partnership with SFMI will fuel Canopius USA’s plans to expand its offerings in the specialty insurance market. Currently they include open market property, ocean marine, management and professional and cyber business distributed through a broad range of insurance market intermediaries including retail and wholesale agents and brokers. Canopius USA also supports additional lines including property, general liability, auto and surety through partnerships with specialized MGAs.

While Canopius USA is a relatively young firm in the grand scheme of things, Davis insists it is not a start-up. “We’re not starting from scratch like so many others in the class of 2020,” she said, referring to Canopius USA’s parent company Canopius Group, a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US, as well as its relationships with Lloyd’s and established partners like SFMI.

“We already have a strong base, and now we’re ramping up what we’ve been doing with more focus. I think that that gives us a little bit of an edge over some of the other folks out there that are trying to make every step all at once,” said Davis. “We’ve already made the baby steps, and now we’re looking to really accelerate and grow.”

December 14, 2021

Will travel insurance cover you if you catch COVID abroad? What to look for in your policy to make sure your vacation is protected

SAN FRANCISCO (KGO) — The new travel restrictions announced Thursday may be just the beginning of tightened rules — not only in the United States, but other countries too. If you’re traveling in the next few weeks, especially abroad, experts say be ready for more limits, even border closures that can disrupt your trip.

So will travel insurance cover you?

This may be a time to get some insurance. There are specific COVID-19 policies that cover everything from a potential quarantine, to medical expenses to canceled tours. And with the new rule requiring a negative test result within 24 hours to come back home, experts say plan now.

RELATED: How omicron COVID-19 variant is changing holiday travel plans

Globetrotters were just beginning to come out of isolation, when the new variant brought a fresh set of travel restrictions. And experts say be ready for even more rules during the holiday travel rush ahead.

Travel insurance CEO Omar Kaywan says some countries may enact new restrictions, or even close borders if the new variant spreads.

“We are walking into the next six weeks of complete uncertainty. There’s a lot of last-minute decisions that are being made, a lot of restrictions are being put in place by many countries,” he says.

VIDEO: Travelers react to ‘stress’ of new omicron variant, possibility of new restrictions

New rules already require passengers to show a negative COVID test within 24 hours of their flight back to the U.S.

“This is something that they need to plan, and they need to start as soon as possible, wherever their destination is to book their appointments ASAP, because this is a requirement. and you will not be essentially getting on a plane coming back home, if you don’t have your proof of negative COVID-19 test,” Kaywan says.

A positive result could mean being stranded overseas in quarantine. Border restrictions may mean losing money for tours, lodging and transportation.

However, many companies offer specific COVID-19 travel insurance.

If you’re going overseas, check for policies that cover:

Expenses in case you are quarantined

Medical coverage if you get sick from COVID

Cancelations for lodging, tours transportation and airfare

Finally, look for policies that let you cancel for any reason, such as not wanting to travel during a COVID surge.

“From what we’ve seen in the last couple days people are continuing with their travel plans and they’ll see how it goes and what it’s going to end up being,” Kaywan says.

One thing that’s still to be announced: what type of rapid test will be acceptable within that 24-hour window. 7 On Your Side will keep checking so you’re ready if you’re traveling over the holidays.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

Have a question for Michael and the 7 On Your Side team? Fill out the form HERE! 7OYS’s consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area. We assist individuals with consumer-related issues; we cannot assist on cases between businesses, or cases involving family law, criminal matters, landlord/tenant disputes, labor issues, or medical issues. Please review our FAQ here. As a part of our process in assisting you, it is necessary that we contact the company / agency you are writing about. If you do not wish us to contact them, please let us know right away, as it will affect our ability to work on your case. Due to the high volume of emails we receive, please allow 3-5 business days for a response.

December 13, 2021

trip insurance: Omicron and Travel: So, now do I need trip insurance?

While the pandemic has depressed travel, it may have encouraged travel insurance, say those in the industry.

“The biggest question we get from customers is: ‘What happens if I get COVID during travel and what if I have to quarantine?’” said Jeremy Murchland, the president of Seven Corners, a travel insurance management company. “COVID has created a much broader awareness of travel insurance.”

But will it help you in light of the new omicron variant, which has already led to new travel restrictions and requirements? In the early days of the pandemic, travel insurance largely failed to protect travelers who wanted or needed to cancel as the world shut down.

The following are answers to common questions about travel insurance now.

Does travel insurance cover COVID-19, including the new omicron variant?
For the most part, yes, travel insurance policies now treat COVID-19 in all its variants — including omicron — like any other medical emergency.

“Consumers should know that most travel insurance plans with medical benefits now treat COVID like any other illness that you could contract while traveling or that could prohibit you from going on your trip,” said Carol Mueller, a vice president of Berkshire Hathaway Travel Protection. “If you become ill before your trip, you’ll need a doctor’s note confirming your illness and that you are unable to travel in order to be eligible for benefits. The benefits are the same regardless of whether you contract omicron, another variant of COVID or any illness for that matter.”

Buyers should read the policies carefully and look out for those that exclude pandemics, COVID-19 and its variants. To make a claim, you must have had travel insurance before becoming ill.

“We always say, you can’t buy auto insurance after you’ve already had an accident,” said Meghan Walch, the product manager of InsureMyTrip, an insurance sales site. “It is designed for unforeseen issues. You have to purchase it before an event.”

I am traveling internationally. If borders close because of omicron, am I covered through travel insurance?

No, most policies do not cover you if your foreign destination closes its borders to visitors, as Israel did recently. With a few exceptions, that also goes for a government-issued travel warning to a destination, which is generally not a covered reason to make a claim.

Given the added uncertainties of omicron, should I consider a ‘Cancel for Any Reason’ policy?

Cancel for Any Reason, or CFAR, provisions would allow you to claim some of your nonrefundable costs if you decide not to go on a trip for any reason, including border closures or fear of contracting COVID-19. The rub is that this form of insurance — in addition to being more expensive — must generally be purchased within a few weeks of booking the trip and will return only 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of nonrefundable trip costs.

“Most travel insurance policies do not cover you for wanting to cancel out of fear of COVID. We say this 10 times a week,” said Sarah Groen, the owner of the agency Bell and Bly Travel.

She counsels clients to consider their worst fears — illness, for example, or quarantine — in troubleshooting travel insurance.

“We’ve become like therapists,” she said.

What about quarantine and medical expenses?
Make sure the policy you choose covers these. In the case of medical coverage, check with your regular health insurer; many policies will not cover you abroad, which is an additional reason to consider coverage if you are traveling internationally.

“What travel insurance can do is cover additional hotel stays if you are able to self-quarantine and additional airfare when you’re able to come home,” said Megan Moncrief, the chief marketing officer for Squaremouth, a travel insurance sales site.

She added that most policies will extend to seven days past your originally scheduled return date, effectively covering only about seven days in case of quarantine.

Do some destinations require travel insurance?
Yes, primarily to cover medical care or quarantine accommodations in the event that a traveler tests positive for COVID-19. For example, Singapore requires medical insurance with a minimum coverage of 30,000 Singapore dollars, or about $22,000. Fiji requires travel insurance to cover potential treatment for COVID-19, and makes it available from about $30. Some destinations, such as Anguilla, recommend rather than require travel insurance. InsureMyTrip.com has a page devoted to countries that require travel insurance.

It bears thinking about what it would take to get home for treatment should you contract COVID-19 abroad. Thailand, for example, requires travelers to have medical insurance with the minimum coverage of $50,000.

“Evacuation out of Thailand would be higher,” said Sasha Gainullin, the CEO of Battleface, a travel insurance startup that unbundles benefits.

In the case of a Thailand trip, he advised taking medical coverage up to $100,000 for treatment locally and $500,000 for medical evacuation and repatriation.

Do I need insurance if I have bookings with flexible cancellation policies?
Probably not, if you have hotel reservations that allow free cancellation 24-48 hours in advance. The same with flights; if your flight is changeable and will provide a voucher or refund in case of cancellation, you’re covered.

I have rented a house with restrictive cancellation penalties. Can I insure against those?

Yes. Vacation home rentals from Airbnb and the like can be treated just like other accommodations that do not offer refunds. In this case, you would want to get a policy in the amount you would forfeit if you had to cancel for a covered reason like illness. Again, fear of travel is not a covered reason; for that, you would need CFAR.

December 12, 2021

Insurance rates soar to cover M&A boom

(Reuters) — The cost of insurance to cover problems involving mergers and acquisitions has nearly doubled in just two years, underwriters and brokers say, after an explosion of global dealmaking during the COVID-19 pandemic.

Potential buyers take out insurance to protect against issues such as misrepresentation by a target of its performance or order book, while sellers buy cover to ensure a clean exit.

After years of falling rates due to tough competition, 2021 was the first in which M&A insurance rates have risen since the market began more than two decades ago, said Andrew Johnson, director of M&A at broker Paragon.

Some in the insurance industry said a lack of due diligence has led to a spike in claims, while the M&A boom has translated into steeply higher premiums.

“From August/September last year, we saw incredible deal volumes. That has encouraged insurers to raise rates,” said James Swan, a partner at insurance broker McGill and Partners.

Global M&A activity hit a record $4.33 trillion in the first nine months of 2021, leaping 97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from $2.2 trillion scored in the first nine months of a pandemic-hit 2020, as companies positioned themselves for life after COVID-19.

The M&A insurance market has risen to more than $5 billion from less than $3 billion a year ago, Mr. Swan said, adding that a contract he was working on in Europe was priced at around 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the cover available, up from around 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a couple of years ago.

Caroline Rowlands, an executive director at insurance broker Howden, said rates for some deals in Britain had risen to 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the cover provided, from 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} previously.

And William Monat, global head of transactional liability at insurer Mosaic, said rates for some U.S. deals had risen to around 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of cover from below 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} previously.

Where M&A insurance had previously been bought predominantly by private equity firms, corporates are increasing the amount of cover they buy, industry sources say.

And COVID-19 has led to claims coming through sooner, said Rowan Bamford, president of Liberty Global Transactions Solutions.

“With the pandemic and issues round doing proper diligence on businesses, perhaps there’s been some corner-cutting on process,” he said, adding that buyers were not able to visit businesses easily due to restrictions, while competition for deals may have encouraged haste.

The time to complete due diligence was sometimes compressed by more than half, Liberty said in a recent report.

Adrian Furlonge, partner at Hemsley Wynne Furlonge, said that on a couple of M&A deals, the broker had received notification of a possible claim very soon after closing, suggesting there may have been insufficient research in advance.

“Everybody has been doing too much in too small a timeframe,” Mr. Furlonge said.

Manufacturing and health care are among the sectors that have seen a large number of claims, industry sources said, with workforce and supply chain problems meaning companies could not always produce what they had promised.

Most M&A insurance disputes are settled behind closed doors and only become public if arbitration fails. But that has not yet arisen for claims since the pandemic began, sources said.

December 11, 2021

Newburgh Family Members Busted For Burning Down Business For Insurance

A failing restaurateur who conspired with members of his family to burn down his Hudson Valley business as part of an insurance fraud scheme is facing a host of charges, authorities announced.

Orange County resident Zef Gjurashaj, age 59, of Newburgh, and his nephew’s wife, Yonkers resident Marina Gjurashaj, age 37, were indicted and charged with a series of crimes for allegedly conspiring to burn down his restaurant in 2017.

Specifically, the two were charged by an Orange County grand jury with:

First-degree arson;
Conspiracy;
Insurance fraud;
Tax fraud;
Various other offenses.

Orange County District Attorney David Hoovler said that the indictment alleges that the two conspired with each other to intentionally burn down Andiamo’s Restaurant on Route 9W in Newburgh in September of 2017.

It is alleged that Zef Gjurashaj, who was operating the restaurant in the fall of 2017, knew that his business was in a steep financial decline and decided to burn it down for insurance purposes.

Hoovler said that three weeks before the fire, he hired his niece, Marina Gjurashaj to work at the restaurant.

The investigation into the fire found that on Sept. 6, 2017, Marina Gjurashaj intentionally set fire to the building for the financial benefit of her “uncle”.

Thereafter, beginning in December 2017, Zef Gjurashaj, presented fraudulent Proof of Loss papers to his insurance company seeking payment for damage caused by the blaze.

As part of that scam, it is further alleged that Zef Gjurashaj submitted additional fraudulent documents to the insurance company through 2018. On two occasions in 2018, he also testified falsely during an Examination Under Oath (EUO) conducted by the insurance company regarding observations of the scene of the fire.

“Arson in the first degree is one of the more rarely charged crimes in this state due to the complexity of proof and other legal issues and I highly commend all the law enforcement agencies for their tireless work on this case,” Hoovler said in a statement. “The utter disregard for human life and property exhibited in this case is appalling.

“(Their) selfish actions, in this case, were allegedly motivated by pure greed,” he continued. ”However, the hard work dedicated by the law enforcement professionals during the course of this investigation has brought to light the crimes these defendants hoped would disappear in the flames they set.”

Both Gjurashajs were arrested on Saturday, Nov. 27, and remanded to the Orange County Jail without bail. If convicted of the top arson charge, both face a term of between 25 years to life in prison.

“Insurance fraud involving arson not only burdens consumers with higher insurance premiums but also endangers lives,” acting New York State Department of Financial Services Superintendent Adrienne Harris said.

“Thanks to the excellent and diligent work by DFS investigators in coordination with fellow law enforcement partners, the perpetrators involved in this case have been apprehended.”

Click here to sign up for Daily Voice’s free daily emails and news alerts.

Tag: Insurance