Posts by Y@DminG

Insurance Agent Pleads Guilty to Embezzlement The chief executive officer of a Taunton, Massachusetts insurance agency pleaded guilty to embezzlement charges in a scheme that stole $295,278 from local businesses, state Attorney General Maura Healey’s office said Friday. David G. … Source: Claims Journal

Plaintiffs’ California dreamin’ became a reality when a Los Angeles jury went nuclear with a verdict of $464.6 million after an eight-week trial in June. The verdict included $24.6 million in compensatory damages and a staggering $440 million in punitive … Source: Claims Journal

LONDON — Lloyd’s of London insurer Ascot and broker Marsh MMC.N on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway. Russia and Ukraine … Source: Claims Journal

Insureds cannot recover damages from the insurance company if they failed to comply with the policy and failed to allow the insurer to make the needed repairs, a Florida appeals court decided Wednesday. Florida’s 3rd District Court of Appeal upheld … Source: Claims Journal

NEW YORK (AP) — The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little … Source: Claims Journal

A disbarred New York lawyer was sentenced yesterday to 36 months in prison for defrauding investors in his now bankrupt litigation finance firm called Cash4Cases. According to the U.S. Attorney for the Southern District of New York, Jaeson Birnbaum previously … Source: Claims Journal

BERLIN (AP) — A large wildfire on the German-Czech border is spreading and threatening to destroy a forested national park popular with tourists. The fire in the region, called Bohemian Switzerland on the Czech side and the Saxon Switzerland national … Source: Claims Journal

Kentucky’s death toll from record flooding has risen to 16 people and many more are missing as incessant rain inundates homes, washes away roads and forces residents to seek shelter on rooftops. “We have 16 confirmed fatalities, and folks that … Source: Claims Journal

HUNTINGTON BEACH, Calif. (AP) — The owner of an underwater oil pipeline that spilled some 25,000 gallons of crude into the ocean off Southern California last year will pay nearly $1 million in cleanup costs. The Orange County Board of … Source: Claims Journal

The ordinance-or-law endorsement in a commercial property policy may require Cincinnati Insurance Co. to pay $1.3 million to replace a roof that suffered only $23,000 in tornado damage. A panel of the 8th Circuit Court of Appeals on Thursday reversed … Source: Claims Journal