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14

Jul

Crop insurance companies agree to subsidy cuts

by InsureNow

WASHINGTON (AP) — All 16 private insurance companies that participate in a federal crop insurance program have signed off on a plan designed to cut their subsidies by $6 billion over the next 10 years.

The U.S. Department of Agriculture announced the agreements Tuesday.

The USDA’s Risk Management Agency had sought the reductions because it contended the crop insurance companies were making excessive profits. Industry groups had resisted the cuts, saying the companies needed to maintain high reserves in case of widespread crop disasters, but they ultimately accepted the deal.

The agency says $4 billion of the savings will go toward reducing the federal deficit, while $2 billion will support risk management and conservation programs for farmers.

Farmers’ premiums won’t change.

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14

Jul

Insurance company reports nearly 50% rise in Austin home burglaries

by InsureNow

insurance

Insurance company Allstate says that it has seen an almost 50 percent
increase in home burglaries in Austin in the last year, according to
data released Wednesday.

For the last year, Allstate says that it has had claims rise on large items stolen from homes, especially flat-screen televisions, computers, and jewelry, rise 47 percent.

The insurance company said Austin police reports show that flat-screen tvs are the most targeted item for thieves, and that some of the thefts are performed by street gangs who are given “shopping lists”. A common tactic, according to police, is for thieves to back a large vehicle into the driveway, knock, and kick open the door if no one is home.

The company offered some tips to help keep homes protected:

Lock all doors and windows, even for short trips. Steel doors and deadbolts do the most to keep thieves out.
Don’t forget to lock and secure garage doors.
Advertise deterrents, like an alarm system, and make sure it is armed correctly.
Don’t publicize your plans, even through online services like Facebook or Foursquare.
Put lights on timers and stop delivery of papers and mail.
Create a home inventory including photos, videos and serial numbers of your valuables.
Keep cash, jewelry and guns in a safe.

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14

Jul

Insurance brokers arraigned on charges tied to $200G allegedly paid for bogus health benefits in Perth Amboy

by InsureNow

insurance

MIDDLESEX COUNTY — Three Maryland insurance brokers accused of bilking Perth Amboy out of more than $200,000 for a wellness program that did not exist should get a better idea of the case against them in the next month.

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14

Jul

Allied Insurance Changes Quoting Process for Writing Business Insurance

by InsureNow

insurance

July 14, 2010

Allied Insurance, based in Des Moines, Iowa, announced new changes to its commercial quoting process that it says will allow independent agents to write business insurance quicker and easier. Among the new features:

25 percent – 45 percent of previously asked commercial application questions have been eliminated (depending on the specific business-owners-product program);
Elimination of up to six supplemental applications;
Addition of clearer questions to improve underwriting efficiency and turnaround times.

Allied Insurance President W. Kim Austen said the “changes reflect direct feedback from our agents, so we felt compelled to take steps that make Allied easier to do business with.”

Allied Insurance has also recently announced significant product changes with expanded coverage options and is now offering coverage enhancement endorsements for a wide range of industries and products.

With a new application process for premier business owners and business auto, independent agents will be better equipped to meet their clients’ needs with superior service and coverage from Allied, the company said.

Allied operates in 34 states through a network of independent agents with regional offices in Denver, Colo.; Des Moines, Iowa; Lincoln, Neb.; Gainesville, Fla; and Sacramento, Calif. Allied has been a member of the Nationwide family of companies since 1998, and is responsible for Nationwide’s independent agency system.

Source: Allied Insrurance.

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14

Jul

State insurance group puts tornado losses at more than $22 million

by InsureNow

insurance

The Ohio Insurance Institute said Wednesday the deadly tornadoes in June that tore through Wood, Ottawa, and Fulton counties caused at least $22.1 million in damages.

“These are preliminary loss estimates and don’t represent all insurance companies,” said Daniel J. Kelso, president of the Ohio Insurance Institute. “We expect damage figures to rise once all claims are accounted for.”

The Wood County village of Millbury, Ohio, with a population of 1,161, saw about a third of its 441 homes impacted, with many of them destroyed or uninhabitable.

The total uninsured impact from last month’s tornado damage will exceed $1.3 million, beyond the ability of state and local governments to respond, Gov. Ted Strickland told federal officials on July 7.

Six people were killed by the storms and there were numerous injuries.

The Ohio Insurance Institute is a trade association representing insurance companies and agent groups for the property/casualty insurance industry.

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