Written by: The Friday Five

Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: The Friday Five: Mitigating Water Claims, Mitsubishi Wins Award, Fraud in the ‘New Normal’.

Tips for homeowners on water damage

As Jason Metz writes in his Forbes article, Homeowners Insurance for Water Damage: “Water damage (including damage from freezing) is one of the most common and most costly types of homeowners insurance claims. Every year, about one in 50 homeowners will file a water damage or freezing claim, accounting for almost 24% of all homeowners insurance claims.” One way home insurers can help their policyholders lower the chance of a claim is to advise them to install smart water leak detectors, as reported in a LexisNexis Risk Solutions study of homes that had a Flo by Moen detector installed.

Mitsubishi Road Assist# wins award

Mitsubishi Motors North America, Inc. (MMNA) today announced it has received the 2020 Future Digital Awards Technology Award, Technology & Innovation Category, for its Road Assist+ smartphone app, which leverages LexisNexis telematics. Mitsubishi Road Assist+, built in association with LexisNexis Risk Solutions, is the first hardware-free, smartphone-based application developed by an automaker that allows consumers the benefits of usage-based insurance even if their vehicle does not feature the required advanced connectivity and telematics hardware solutions. Click here to read the press release.

Fraud in the ‘new normal’

Excerpted from ‘The New Normal:’ Fraudster paradise, insurer nightmare, by Mark Horne for Property Casualty 360: In March, the abrupt shift to remote living caused chaos for businesses and consumers alike, with many turning to computers and other devices for work, school, socializing and even grocery shopping. Throughout this chaos, many consumers failed to put in place the proper security measures to protect their new remote life. While consumers were throwing caution to the wind with their cybersecurity habits, contact centers were experiencing record call volumes, spiking as high as 1000% from normal levels as the virus peaked. 

Coronavirus affecting experts view of jobs

When insurance professionals were asked “has the coronavirus experience changed how they view their jobs?” the answer was a mixed “yes and no.” According to the recent Property Casualty 360 Insurance Industry Coronavirus Survey, the biggest change is that many in the industry learned they can do their job from home, and most, although not all, like that. According to the individual comments in the survey, many have gained a greater appreciation for their job, their employer and their own ability to adapt. The words they use include grateful, thankful, like, love, lucky, glad, appreciative, happy and similar positive expressions. For others, the pandemic response has revealed shortcomings of their companies and, for a surprising number, it has prompted them to think about retiring. Read more in Andrew Simpson’s PC360 article, 101 Ways Coronavirus Crisis Has Changed P/C Insurance Pros’ View of Their Job. Or Not.

COVID business interruption claim rejected by judge

Excerpted from Michigan Judge Rejects Restaurants’ COVID-19 Business Interruption Claim, by Jim Sams for Claims Journal: A trial court judge in Lansing, Michigan handed a victory to insurers in what may be the nation’s first final ruling on the question of whether a property insurer is liable for financial damages caused by a coronavirus closure order. Judge Joyce Draganchuk of Michigan’s 30th Circuit Court ruled verbally on July 1 that some tangible alteration to a property is required to trigger coverage. What’s more, a virus exclusion in the property insurance policy would have barred coverage even if the claimants had alleged the virus did cause physical damage, the judge said.

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