Courier to pay $575,000 for misclassifying drivers under FLSA
The Department of Labor said Friday that a courier service will pay $575,000 in back wages and liquidated damages to 62 drivers under a consent order for allegedly misclassifying drivers as independent contractors and denying them their rights under the Fair Labor Standards Act.
Specialty Underwriting offers cover focused on real estate
Specialty Underwriting Insurance Solutions, an excess casualty managing general agent, said Friday it is introducing coverage targeted at real estate owners and real estate investment trusts with large apartment unit portfolios.
EEOC sues emergency transport companies over beard policy
The U.S. Equal Employment Opportunity Commission said Friday it has filed suit against emergency transport companies for discriminating and retaliating against applicants and employee first responders who wear beards.
Across virtually all lines of insurance – life, health, commercial and personal lines – data and analytics are enabling the insurance industry to improve its business performance as well as enhance its risk solutions and service for customers. Learn more from Verisk in this Business Insurance Risk Perspective.
Military contractor must prove worker was employee to avoid suit
An appeals court in Texas on Wednesday ruled that a military contractor must prove a worker was an employee to avoid a substantial jury award over negligence stemming from a workplace accident in 2016.
Barclays hit with $361M US penalty for staggering blunder
British lender Barclays agreed a $361 million penalty with U.S. regulators on Thursday for staggering failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO C.S. Venkatakrishnans first year in charge.
Cat modeler estimates Hurricane Ian losses could hit $47 billion
Insurers are bracing for a hit of between $28 billion and $47 billion from Hurricane Ian, in what could be the costliest Florida storm since Hurricane Andrew in 1992, according to U.S. property data and analytics company CoreLogic Inc.
Ease of doing business is key to achieving and sustaining growth. If your existing technology platforms are making your insurance company difficult to do business with, that is costing your company opportunities. In this Business Insurance Risk Perspective from ClarionDoor, discover how the right technology can improve and accelerate business processes, so insurers can deliver effective risk solutions and achieve their growth goals.
Medical errors occur in healthcare because the industry lacks broadly applied standards. Data and analytics such as artificial intelligence and machine learning can help providers reduce the risk of errors, enhance patient care and facilitate better outcomes. In this Business Insurance Risk Perspective, Coverys discusses how the healthcare industry can take advantage of innovative technology to reduce risks and improve care quality.
Ian to firm up property rates; insurers positioned to absorb losses: S&P
Hurricane Ian is likely to be a significant loss event for the U.S. property/casualty and global reinsurance sectors and is expected to accelerate the firming of property rates in 2023, Standard & Poors Global Ratings said in a note Friday.
Karen Clark pegs Hurricane Ian losses at $63 billion
Boston-based catastrophe modeler Karen Clark & Co. said Friday insured losses from Hurricane Ian in the U.S. and the Caribbean will be close to $63 billion.
UP CLOSE THIS WEEK
Trader Joe’s relieved of sticky situation over honey labels
Honey, no reasonable consumer would expect Trader Joe’s Co. to make sure all of its honeybees get all of their nectar from the same kind of flower.
Here’s your trip to court, lady
A Nashville, Tennessee, storefront travel club promising great deals in exchange for thousands in membership fees is suing one woman for posting negative reviews.
Online retailer, luxury brand sue counterfeit shoeseller
When shooing Buffalo, New York-based Kaitlyn Pan Group LLC off the Amazon selling platform over the discount company’s imitations of luxury shoes by Italian brand Valentino didn’t work to curb the sale of knockoffs, the online retailer and the Italian fashion company paired up and decided to sue.
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