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2018 Workers’ Compensation & Safety Update

On May 29, 2018, insurance commissioner, Dave Jones approved a 10% reduction in pure premium rates for policies renewing on or after July 1, 2018. Not all insurers will update existing rates, however, market competition will continue to drive down workers’ compensation costs due to lower taxes, quicker closing of claims and lower loss ratios. Read on to see how rates for your classifications are changing, and much more!

Proof of Loss as a Tool to Resolve Disputed Property Claims

First Party Property losses such as stolen construction tools and equipment, should be a straight forward claim. You send in documents to support the value of your claim, and then you expect to be paid by your property insurer. Typically, the claim is paid but sometimes things get derailed. Your property insurer may dispute the value of your claim or disagree with some other issue regarding the facts of the loss or insurance coverage. It becomes an endless circle of move and counter move, similar to playing a chess game, where you are hoping for an immediate victory but knowing you are up against a powerful player (your property insurer).

Increasing Cost of Automobile Claims – Automobile Black Boxes and Economic Damages

California auto insurance rates are going up due to the escalating cost of claims. On average, insurers are paying out $1.14 for every $1.00 of premium they collect. Increased traffic on roadways, distracted drivers, escalating medical costs, rising repair costs, and finally, economic damages from severe auto injuries, are the reasons for these increased claim costs.