Before providing Vacant Building coverage, a carrier may require that certain protections be in place. For example, it may ask the insured to warrant that the building has a central burglar alarm and that it is working.
Medical Malpractice insurers are struggling against a dwindling client base, a soft market, burgeoning jury awards and new federal health-care regulations as they try to retain current business and attract new clients.
The U.S. Consumer Product Safety Commission gets some 400 product reports a year, says CPSC spokesman Alex Filip. The reports come in through the CPSCs Safer Products website, www.saferproducts.gov, which it set up a year ago as an information portal for consumers.
In 2010, McDonalds Corp. set the bar for product-liability response when it managed to recall some 12 million Shrek Forever After 3-D collectible drinking glasses manufactured by ARC International of Millville, N.J.
Competition in the product-recall arena is heating up, and not because the economy is encouraging consumption. Rather, increased product scrutiny across markets is giving headaches to nearly every industry but insurance.
For the past two-and-a-half years, members of IASA have been taking the pulse of the insurance community. Now theyre upgrading their survey distribution methods via social media outlets to better attract feedback from the thousands of IASA members.
