Gempa Hari Ini Mengguncang Banten 5,2 SR Selasa 30 Oktober 2018 Pagi, BMKG: Tak Berpotensi Tsunami

Ohio Supreme Court: Subcontractor’s Faulty Work Not Covered by Contractor’s Policy The Ohio Supreme Court in early October ruled that a general contractor’s commercial general liability policy does not cover the faulty work of a subcontractor. In its consideration of Ohio N. Univ. v. Charles Constr. Servs., Inc., the court relied on its 2012 ruling in Westfield Ins. Co. v. Custom Agri Sys., Inc., in which the court held that an insurance claim filed by a contractor under a CGL policy for property damages caused by its own faulty workmanship is not a covered occurrence under the policy. In that case the court looked at the definition of occurrence in the CGL policy and found that it is defined as an accident. The court, in Custom Agri, held that because the “property damage caused by a contractor’s own faulty work” was not an accident, it was not covered under the CGL policy. The court said the issue in the appeal of Ohio N. Univ. v. Charles Constr. Servs. is virtually the same as the issue it considered in Custom Agri — with one difference. In Ohio Northern, the question “is whether the general contractor’s CGL policy covers claims for property damage caused by a subcontractor’s faulty work,” the court said. By applying the holding of Custom Agri and considering that the damage to the property in the Ohio Northern case was caused by the faulty work of a subcontractor, the court held once again that the damage is not covered under the contractor’s CGL policy, because the damage was not caused by an accident. The case stems from 2008 and an approximately $8 million contract between Ohio Northern University and Charles Construction Service, under which Charles Construction was to build The University Inn and Conference Center at Ohio Northern in Ada. The complex was completed in September 2011 but shortly after its opening extensive water damage was discovered. According to the Ohio Supreme Court’s written slip opinion, under the contract “Charles Construction promised to perform all the work itself or through subcontractors.” Charles Construction was required to secure and maintain a CGL policy that included a products completed operations hazard (PCOH) clause, which “covers damages ‘arising out of completed operations,’ and terms that specifically apply to work performed by subcontractors,” the court’s document states. Charles Construction obtained the CGL with the PCOH clause from Cincinnati Insurance Co. The CGL provided a maximum payout of $2 million and the maximum payout for the PCOH was another $2 million. In the course of repairing the water damage to the Ohio Northern complex, other serious structural defects were found. The cost of repairing the property damage caused by those defects came to about $6 million. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. Ohio Northern sued Charles Construction for breach of contract and other claims related to damage to the hotel complex. Charles Construction filed third-party complaints against some of its contractors and submitted a claim to CIC, asking the insurer “to defend it in court and indemnify it against any damages,” the court’s opinion states. CIC sought a declaratory judgment against Charles Construction and stated “that it would defend Charles Construction while reserving its right to argue that the CGL policy did not cover ONU’s claim.” CIC later sought declaratory judgment that it did not have to defend Charles Construction and in 2015 the trial court agreed. The Third District Court of Appeals reversed the trial court’s decision, noting that Custom Agri applies to construction defects caused by the insured’s own work but does not address PCOH or subcontractor-specific claims. It also found the CGL policy language regarding subcontractors to be ambiguous and so found in favor of the insured. The Ohio Supreme Court disagreed, reversed the decision of the appeals court, and reinstated the trial court’s finding that CIC had no duty to defend Charles Construction. In its opinion, the court noted that after the Arkansas Supreme Court in a similar case found that the language in the CGL policy did not include coverage for damage caused by a subcontractor’s faulty workmanship, that state’s legislature amended the insurance code to provide that a CGL policy sold in Arkansas must define occurrence to include property damage resulting from faulty workmanship. “If it were so inclined, the Ohio General Assembly could take similar action in response to our opinion today,” the Ohio Supreme Court suggested.

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Possible Mold in Grain Harvest May Threaten Wisconsin Farmers’ Profits Wet weather this year has delayed Wisconsin’s grain harvest and caused widespread mold problems in farm fields, according to agriculture experts. The U.S. Department of Agriculture expects Wisconsin farmers to harvest a record amount of soybeans this year, but farmers say they’re worried the wet weather will prevent them from seeing improved profits, Wisconsin Public Radio reported. “On paper, there’s a lot of grain out there, in these fields that are harvesting that haven’t been flooded out,” said Paul Mitchell, director of the Renk Agribusiness Institute at the University of Wisconsin-Madison. “The big question is how good is (the grain) and is it all usable.” Farmers should send crop samples to a lab to be tested for mycotoxin, a toxic substance that can produce mold and can cause health problems in cattle and other livestock, said Shawn Conley, a soybean and small grains specialist at the university. “It’s really hard to ask farmers to slow down, given the value of that crop in the field and they want to get it out before it’s all laying on the ground,” he said. “But I think in the long run, it may behoove them to maybe slow down a little bit and just get an assessment.” Farmers with significant mold issues should talk to an insurance agent before harvesting the crops, Mitchell said. “What people forget sometimes is that quality losses are an insurable loss as well,” he said. “(The grain) is still sellable in general at some reduced price. Sometimes there’s mitigation, you have to clean it up, there’s different activities you have to do.” Copyright 2018 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Brightway Insurance Opens New Locations in Midwest, South Central Regions Florida-based insurance agency franchisor, Brightway Insurance, has recently opened new stores in Louisiana, Michigan and Texas. Ankur Patel and Vipul Hapani opened Brightway, The Blue Water Agency in Ann Arbor, Michican. Joseph Bohrer opened Brightway, The Joseph Bohrer Agency in Covington, Louisiana. Thomas Hall opened Brightway, The Thomas Hall Agency in College Station, Texas. Brightway agency owners enjoy comprehensive business support including customer service, carrier relationships, marketing, accounting and technology. Brightway Insurance is a national property/casualty insurance retailer selling through a network of franchised independent stores throughout the country. With more than $551 million in annualized written premium, the company is one of the largest personal lines agencies in the United States and now has stores in 21 states. Source: Brightway Insurance

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American Family Merger with Main Street America Set to Go Into Effect Oct. 31 Madison, Wisconsin-based American Family Insurance Mutual Holding Co. announced its policyholder members have approved the company’s merger with Florida’s Main Street America Group Mutual Holdings Inc. More than 86 percent of votes cast by proxy or in person supported the merger. Main Street America members approved the merger at a member meeting Oct. 19, with more than 90 percent of votes cast in favor. The merger was previously approved by state insurance regulators in Wisconsin, Florida, Indiana, Minnesota and South Carolina, and by the American Family and Main Street America boards of directors. The merger is effective on Oct. 31. At that time, Tom Van Berkel and Idalene F. Kesner, a Main Street America board member since 2010, and dean and professor of strategic management at Indiana University Kelley School of Business, will join the board of directors of American Family Insurance Mutual Holding Co. Main Street America has a robust commercial insurance business, and its strong presence in east coast states complements the American Family brand footprint and helps reduce the geographic concentration risk of Midwest storms. While American Family sells its branded products primarily through exclusive agents, Main Street America uses independent agents, offering the American Family group of companies a new sales channel. Main Street America will operate as a stand-alone brand within the American Family Insurance group, similar to The General and Homesite, acquired in 2012 and 2013, respectively. The combined equity of the merged entities is expected to be more than $9 billion. Service, coverage, premium rates and claims handling under existing American Family insurance policies are unaffected by the merger with Main Street America. Source: American Family Insurance

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J.D. Power Adds Schmitt to Global Insurance Practice in Chicago Kyle Schmitt has been hired as managing director of the Global Insurance Practice at J.D. Power. He is based in Chicago. He will report directly to Keith Webster, senior vice president and general manager, Global Financial and Service Industry Division. Schmitt will lead the growth strategy for the Global Insurance Practice by managing a team of talented practice leaders and working closely with the sales, marketing, analytics and research groups. Schmitt, who most recently worked as a director leading Business Strategy within key operating units at State Farm Insurance Companies, has spent his career focusing on growth, market strategy and corporate finance solutions. Prior to State Farm, Schmitt was vice president of Investment Banking in the insurance mergers and acquisitions (M&A) division at Barclays in London where he advised global executives and boards on market strategy, deal structuring, risk management and valuation optimization. J.D. Power is a global provider of consumer insights, advisory services and data and analytics. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer. Source: J.D. Power

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Ohio Village Has 10 Years to Refund Drivers in Traffic Camera Case A judge will allow an Ohio village 10 years to refund an estimated $3.2 million collected from drivers for speeding citations from automated camera. New Miami’s automatic camera enforcement was ruled unconstitutional in 2014. Butler County Judge Michael Oster later ruled the village must pay back about 33,000 drivers who paid fines under that system. The Hamilton-Middletown Journal-News reports Oster recently ruled to allow New Miami to pay the judgment plus interest over a 10-year period. Police now use hand-held cameras under state law requiring an officer be present during camera enforcement. Josh Engel, an attorney for one of the drivers, said he may consider appealing the 10-year ruling. New Miami’s outside counsel argued that refunding the drivers at one time would have a devastating impact on the village. Copyright 2018 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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New Jersey Insurance Broker Stole Nearly $1M While Selling Fake Health Insurance An insurance broker who stole nearly $1 million while continuing to sell health care coverage he knew was fake has been sentenced to 18 months in prison. David Clark, 75, of Morristown, N.J., previously pleaded guilty before U.S. District Judge Michael Shipp to an information charging him with conspiracy to commit wire fraud. Judge Shipp imposed the sentence in Trenton federal court. According to documents filed in this case and statements made in court, Clark owned and operated Real Benefits Association LLC (RBA), a New Jersey limited liability company he incorporated on Dec. 17, 2003, under a similar name. Clark established RBA as a purported labor organization and as a way to market and sell health insurance to the general public through the RBA Welfare Plan. Initially, the Welfare Plan was fully insured through Perfect Health, a licensed New York insurance company. Participants paid insurance premiums to bank accounts of RBA or the Welfare Plan, which Clark then remitted to Perfect Health. Perfect Health was purchased by Health Insurance Programs (HIP) in 2008, and HIP discontinued its insurance policy with the RBA Welfare Plan. The federal government notified Clark that RBA did not qualify as a labor organization and was required to cease operating. Clark continued, however, to market and sell the health insurance plans to unsuspecting participants. Participants began to complain to their respective state insurance departments when their medical claims were not being paid, which prompted various departments throughout the United States to issue cease and desist orders. Clark and conspirators continued to market and sell bogus health insurance, and from December 2008 to July 2011, they collected approximately $1.8 million in premiums for RBA health insurance coverage. Clark diverted $962,027 from the premiums paid by RBA participants for his personal use, including by using victims’ premiums to fund personal debit and credit card purchases, college tuition payments and deposits to a relative’s bank account. In addition to the prison term, Judge Shipp sentenced Clark to two years of supervised release. Source: U.S. Department of Justice

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New York Says Exxon Misled Investors About Climate Risks New York’s attorney general on Wednesday sued Exxon Mobil, saying the Texas energy giant has misled investors about the risks that climate change poses to its operations. The lawsuit filed by Attorney General Barbara Underwood is the latest in a series of actions against the company claiming it has not been forthcoming with investors and the public about climate change. The complaint states Exxon courted investors such as the state’s public pension funds with inaccurate information, assuring them it was accounting for the possibility of stricter regulations of greenhouse gas emission in its planning, when it was doing much less than it claimed. “Exxon built a facade to deceive investors into believing that the company was managing the risks of climate change regulation to its business when, in fact, it was intentionally and systematically underestimating or ignoring them, contrary to its public representations,” Underwood said in a statement. Exxon Mobil looks forward to refuting the claims and getting the lawsuit dismissed, spokesman Scott Silvestri said Wednesday. “These baseless allegations are a product of closed-door lobbying by special interests, political opportunism and the attorney general’s inability to admit that a three-year investigation has uncovered no wrongdoing,” Silvestri said in an email. The lawsuit follows a three-year investigation by Underwood’s office and similar probe in Massachusetts. Exxon Mobil had sued the attorneys general of both states after they subpoenaed documents about Exxon’s research into the role of fossil fuels in climate change, calling their investigations politically motivated and accusing them of trying to take away the company’s right to free speech. A federal judge dismissed that lawsuit. The complaint asks for an order requiring Exxon to correct past misrepresentations and provide restitution to shareholders. Two of New York’s public pension funds hold Exxon shares with a combined value of about $1.5 billion, Underwood said. Sponsored by: Insurance Journal. You deserve an upgrade. Go Pro! IJPro. It's Insurance Journal on steroids. Consumer and environmental groups hailed the lawsuit as a significant step in addressing what they called Exxon Mobil’s deception around climate change. The lawsuit “opens a new front in the climate change fight, with the prospect of a judicial reckoning and severe financial penalties for one of the biggest fossil fuel companies in the world,” Blair Horner, executive director of New York Public Interest Research Group, said in a statement. A federal judge in June dismissed lawsuits brought by San Francisco and Oakland, California, that sought to hold big oil companies including Exxon Mobil liable for climate change. New York’s lawsuit comes less than three months after the Securities and Exchange Commission dropped a similar investigation. Copyright 2018 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Basarnas Pastikan Lion Air Jatuh, Pukul 10.00 WIB Jumpa Pers

A.M. Best Revises Outlooks to Stable for Agency Insurance Company of Maryland A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb+ for Agency Insurance Company of Maryland Inc. (AIC), based in Hanover, Md. The ratings reflect AIC’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM), according to an A.M. Best press release. The revision in the outlooks to stable reflects the company’s steady increase in net and gross underwriting leverage ratios over the latest five-year period due to its significant premium growth, which has come from the company’s personal auto book and its entry into the commercial auto space, the release added. AIC’s adequate balance sheet strength reflects the company’s strong overall risk-adjusted capitalization, conservative investment portfolio and favorable reserve development, according to the release. However, A.M. Best explained in the release that AIC’s net and gross underwriting leverage ratios are elevated and compare unfavorably with the nonstandard auto composite. As a result, policyholder surplus and operating results are exposed to potential adverse underwriting, pricing and claims trends. The strong operating performance reflects the company’s underwriting results, which when coupled with steady net investment income, have generated consistent pre-tax operating profits. AIC maintains a limited business profile as a writer of personal and commercial automobile in three states. ERM is appropriate for AIC’s risk profile as the company continues to develop and improve its risk management capabilities in the mid-Atlantic auto market, the release stated. Source: A.M. Best

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New Hampshire Restaurant Accused in Crash Death of Three Men Faces Trial A Chinese restaurant in New Hampshire accused of over-serving alcohol to three men who later died in a 2016 crash is now on trial. Prosecutors argue 21-year-old Malachi Davis, 21-year-old Hunter Vars and 20-year-old Jack Perrault were all given too much to drink while they were dining at the Jade Palace Chinese Restaurant. WMUR-TV reports the restaurant argues video from the bar shows the three men acting normally and that there was an empty case of beer found at the scene of the fatal crash. Opening statements began Tuesday at court in Rockingham County, and testimony is scheduled to continue Wednesday and is expected to last all week. Restaurant owner Alan Yang faces fines but no jail time if convicted. Information from: WMUR-TV Copyright 2018 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Delaware Workers’ Comp Insurance Rates Decrease for Second Year in a Row Workers’ compensation insurance rates will decrease for the second year in a row in Delaware, effective December 1, 2018. “I am delighted to approve yet another decrease in workers’ compensation rates in Delaware and even happier to see a double-digit average decrease in the voluntary market,” stated Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the Delaware Department of Insurance. “For many Delaware businesses, large and small, this year’s decrease means significant savings and is an incentive for smaller businesses to relocate to Delaware.” The Delaware Compensation Rating Bureau (DCRB) workers’ compensation rate decreases were approved on Monday October 15, 2018, after review by the Department of Insurance’s independent actuaries and the state’s ratepayer advocate. The decreases, which are slightly greater than the original DCRB filing, are an average -7.29% for the residual market and an average of -10% for the voluntary market. These are average changes and actual changes to a particular policy may vary depending on, among other things, class codes or insureds, the release explained. Source: Delaware Department of Insurance

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Appalachian Underwriters Names Schnarre as Midwest External Marketing Rep October 23, 2018 Appalachian Underwriters Inc. has named Nick Schnarre as external marketing representative for Illinois, Indiana and Missouri agents. He will be working remotely in the St. Louis, Missouri, area, helping agents in those states listed find the best markets and products to fit their clients’ needs. He will also be on hand to make visits to agencies in those states. Previously working as sales manager and sales specialist throughout Illinois, Indiana and Missouri, Schnarre brings a lot of workers’ compensation knowledge and agency contacts to AUI. Appalachian Underwriters Inc. offers a national wholesale brokerage outlet to agents looking for specialized commercial and personal insurance programs. Source: AUI

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Schaumburg, Illinois-based Zurich North America has entered into an agreement with program administrator Allied Public Risk LLC to provide a full range of insurance coverage to select cities, towns, boroughs, counties and special service districts with populations under 100,000. Zurich will begin writing the MuniPlus program on Nov. 1 with a policy effective date of Jan. 1, 2019. MuniPlus is available in select states through Allied’s proprietary distribution system comprised of public entity broker specialists. The program offers a full ensemble of coverages addressing the unique risks of public entities including public official’s liability, police professional liability, employment practices liability, property, general liability, auto and cybersecurity. Umbrella coverage is available with limits of up to $10 million. Zurich has served the programs business market for more than 60 years. Allied Public Risk is a specialty managing general underwriter (MGU) providing primary customized, holistic products and services to municipalities, and special districts, water-related entities, and emergency service organizations, as well alternative market solutions throughout the United States. Its parent company is K2 Insurance Services LLC. Source: Zurich North America