Claims Magazine-June 2004

Issue Gallery ›

  • Buttafuoco Earns Jail Time for Insurance Fraud

    Staff Writer

    Joey Buttafuoco, who gained infamy when his 17-year-old lover, Amy Fisher, shot his wife, recently pleaded guilty to auto insurance fraud and was sentenced to a year in jail, five years of probation,

  • Sarbanes-Oxley Audits Uncover IT Weaknesses

    Staff Writer

    The Sarbanes-Oxley Act can serve as a catalyst for improvements to financial management in areas such as risk and capital management that can further enhance operational discipline, corporate

  • Fewer Accidents, Less Fraud Slow Auto Rate Increases

    Staff Writer

    "A reduction in auto accidents, combined with improved insurer financial performance, are contributing to a significant moderation in the cost of auto insurance in 2004," said Robert Hartwig, the

  • Is Initial Mold Sampling Necessary?

    Todd Nelson

    When adjusters are faced with the coordination of water or mold damage claims, ambiguous and conflicting procedures may be required. The ambiguity arises from a lack of industry standards and,

  • Proposals for Workers' Comp Reform

    Michael Weinper

    Driven largely by skyrocketing medical costs and lack of controls for utilization, workers' compensation insurance costs have risen 50 percent nationwide in the last three years, with the greatest

  • Five Steps to World Class Risk Management

    Staff Writer

    Numbers are in vogue. Scanning recent bestseller lists, we see that numbers are popular in book titles. In fact, numbers and lists seem to dominate the charts. These include Ten Stupid Things that

  • People in Dirt Houses Should Not Throw Clods

    Bruce Hillman, JD

    We get some pretty interesting claim scenarios at The FC&S. But then, you must too. Remember "the tree was suddenly there in the middle of the road, so I hit it?" This is the insurance industry,

  • It's the Infrastructure, Stupid!

    Ken Brownlee

    In this, the first of a three-part series, the Iconoclast examines the factors that make this country's infrastructure vulnerable to terrorist attacks, and what effect such attacks might have on the

  • Unlocking Salvage Value

    Jess Millikan

    Commercial property adjuster John Rankin got the call at 8:15 Monday morning. During the night, a pipe in a commercial building's fire suppression system had burst, flooding the premises and damaging

  • Quick Responses Quell Production Nightmares

    Elizabeth Raffel

    One morning in July 2003, fire engulfed the 131,000-square-foot manufacturing facility of Accuride, a maker of steel and aluminum wheels. Luckily, the plant in Cuyahoga Falls, Ohio, was only two

  • Make Haste to Resolve Electronic Equipment Losses

    John Brezinski

    Commercial property carriers process thousands of claims involving various electronic inventories every year. When dealing with computer, medical, telecommunication, and manufacturing equipment

  • WTC Terrorist Attacks Ruled Single Event

    Staff Writer

    "Of course, I am disappointed that the jury did not see things our way with respect to most of the insurers in the WTC coverage," Silverstein said. "But let me be clear: a defeat in the courtroom is

  • Workers' Compensation, D&O Top Risk Managers' Worries

    Staff Writer

    As the risk management marketplace becomes increasingly sophisticated, risk managers are taking a more strategic approach to managing risks, according to a recent survey by Ace USA, a subsidiary of

  • Boating Season Attracts Thieves

    Staff Writer

    As boating season moves into full swing, the National Insurance Crime Bureau reminds boaters that more than one thousand water craft are stolen each month. With price tags ranging from $10,000 to

  • Fen-Phen Makers Lose Big

    Staff Writer

    A jury in a state court in Beaumont, Texas, ruled that the manufacturer of the once-popular diet aid, Fen-Phen, should pay more than $1 billion to the family of Cynthia Cappel-Coffey, who died from

  • British Supermarkets Cash in on Insurance

    Staff Writer

    In addition to providing for all the citizenry's grocery needs, British supermarkets now are offering a full range of services, from wedding ceremonies to insurance. An Asda store in York, England,

  • What Drives Us to Distraction

    Staff Writer

    Despite the bad press that cell phone use by motorists has received, it is not the most distracting, or dangerous, behavior displayed by the nation's drivers, according to the AAA Foundation for

  • Industry Backs Federal Terrorism Insurance Renewal

    Staff Writer

    Citing concerns that the market is still unable to overcome potential losses from future terrorist attacks, insurance industry representatives recently testified before House panels that the national

  • DOT Targets Side-Impact Standards

    Staff Writer

    The U.S. Department of Transportation has proposed more stirngent standards for side-impact crash protection in all passenger vehicles. The proposed changes, developed by the DOT's National Highway

  • Adjusters Gain Professional Site

    Staff Writer

    The National General Adjusters Association has launched a web site that lists executive and registered general adjusters nationwide. The association was founded in 1991 to recognize as professionals

  • Claims Scholarship Awarded to Ragan

    Staff Writer

    Ragan, who maintains a 3.8 grade point average, recently graduated from the school and intends to pursue a career in claims. Last summer, he worked in his home town, Springfield, Ill., for AIG Claims

  • State Farm v. Campbell Reaches Final Settlement

    Staff Writer

    The bad-faith case that has ricocheted through the courts for 20 years may finally be nearing resolution. The Utah State Supreme Court has awarded Inez Campbell more than $9 million in her

  • Asbestos Reform Negotiations Collapse

    staff Writer

    In early May, negotiations over legislation to establish a national asbestos victim compensation trust fund were suspended. The talks, which were mediated by retired Federal Judge Edward Becker, had

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