Many Canadians do not know the true cost of the country’s public health system, a new report says, noting health care in Canada is not “free” but paid for through the tax system. This knowledge gap is partly because Canadians don’t see the bills for the medical services they use, and partly because there is no…
Many Canadians Not Aware of True Cost of Health Care System: Report
Farmers Insurance to Use Robot for Catastrophe Claims, Property Inspections
WOODLAND HILLS, Calif.—A robotic insurance adjuster? Woodland Hills-based Farmers Insurance announced Monday the company will soon deploy a robot to assist with catastrophe claims and property inspections. The digitally controlled robot will assist claims personnel in the field, in a move the company says will improve safety and efficiency. Farmers Insurance is one of the…
Is Umbrella Coverage Worth It?
Dear Dave, Are umbrella insurance policies worth it, or do they just entice people to sue more frequently? Tammi Dear Tammi, I don’t think there’s any indication umbrella policies entice folks to bring lawsuits more frequently. If you hadn’t noticed, we live in a lawsuit-happy world. There are lots of greedy people out there who…
Insurers Could Face $1 Billion In Offshore Rig Damage Claims from Hurricane Ida
Insurers are bracing for a hit of some $1 billion from physical damage to offshore rigs and structures from Hurricane Ida, according to preliminary estimates from property data and analytics company CoreLogic. A CoreLogic spokesperson disclosed the estimates to Reuters, noting also that the preliminary projections don’t include losses from disruptions to production. The Bureau…
Insurers May Take $18 Billion Hit From Hurricane Ida: Industry Experts
September 1, 2021
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Insurers are bracing for a hit of about $18 billion from Hurricane Ida in the United States and the Caribbean, catastrophe modeling company Karen Clark & Co (KCC) said on Wednesday. The number, closer to the lower end of the initial estimates given by insurance analysts while the storm was still raging earlier this week,…
Does My Mom Need Long-Term Care Insurance?
Dear Dave, My dad passed away about a year ago, but he left my mom in really good shape financially. They never had any consumer debt, the house is paid for, and they had about $1 million in assets. Dad also left her a $500,000 trust. Mom is going to be 60 next year. She…
Borrow Your Own Money?
Dear Dave, I have a question about self-banking with whole term life insurance. The way I understand it, you can accrue a cash balance, borrow against it, and then pay interest to yourself. Is this worth it, or should I stay away from it and continue using a bank? Kunal Dear Kunal, Actually, it’s a…
10 Tax Write-Offs Not to Overlook for 2021
Running a business can be an expensive undertaking. After the financial uncertainty of the past year and a half, you may face more financial pressure than usual. While many business owners dread tax season, it can be an opportunity to save money and mitigate recent losses. As a small business owner, many of your expenses may be deductible….
‘Simply Not Enough’: Surfside Condo Has $48 Million in Insurance Coverage, Court Hears
The first court hearing was held Thursday for a handful of initial lawsuits stemming from the Surfside condo collapse, and a Miami-Dade judge acknowledged that the building’s $48 million in total insurance coverage likely won’t be enough. “There’s going to be a very serious allocation issue between those people who tragically lost loved ones and…
Travel Insurance in the COVID-19 Era
After more than a year of the pandemic lockdown, we’ve planned a June trip to Anguilla, a Caribbean island known for its gorgeous beaches and great food. We’ve booked a house at Long Bay Villas to celebrate all the missed birthdays and milestones for our multigenerational family. We’re happy, hopeful, and also hesitant. After all,…
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