Courts Upholds $28 Million Award in Grand Canyon Skywalk Case

A federal court dealt a blow to the business arm of a northern Arizona tribe that owns the Grand Canyon Skywalk by upholding a $28.5 million judgment in favor of a Las Vegas developer who invested the money to build the horseshoe-shaped glass bridge on tribal land.
The ruling by U.S. District Judge David Campbell rejected arguments by the Hualapai Tribe that the award isn’t enforceable, calling one of the arguments “nonsensical” and another “odd.” The American Arbitration Association had determined David Jin is owed the money, mostly for management fees that he was to receive under a 2003 contract with the tribe.

Mark Tratos, an attorney for Jin, said Monday the ruling shows U.S. citizens have recourse in contract disputes with American Indian tribes.
“Their idea is, ‘We can do what we want to anyone we want, anytime we want because we’re a sovereign,”’ Tratos said.
The judgment applies to the Hualapai Tribe’s business arm, Sa’ Nyu Wa Inc., which had argued the arbitration association lacked jurisdiction and declined to participate in the final arbitration hearing. The tribe said proceeding with arbitration was unnecessary because it had already enforced eminent domain over the contract, taking sole control of the Skywalk.
Campbell said Sa’ Nyu Wa could not take away the right of Jin’s company to arbitrate its claims, and that the corporation failed to identify what public good would be served by doing so.
A spokesman for the tribe, Dave Cieslak, said Sa’ Nyu Wa is reviewing its options.
The Skywalk has been a popular tourist attraction for the Hualapai Tribe, giving some 300,000 visitors a year a view of the Colorado River 4,000 feet below. Jin invested $30 million to build the bridge that lies just west of Grand Canyon National Park, but he and the tribe have disagreed on management fees and an incomplete visitors’ center.
The arbitrator found Sa’ Nyu Wa and the tribe failed to keep adequate financial records or make those records available for Jin’s company to audit. The arbitrator also found the corporation and tribe failed to pay management fees and the Skywalk operation’s business expenses, which constituted a breach of contract.
The tribe has said it took over the contract last year because Jin never completed a visitors’ center that people must pass through to access the Skywalk and did not finance the utilities. Cieslak said the tribe would pay Jin the fair market value for the Skywalk to “protect the rights of the tribe and end this painful dispute.”
Sa’ Nyu Wa had asked Campbell to reject the arbitration award by arguing that the tribe’s 2003 agreement with Jin didn’t allow for financial damages. The corporation also argued tribal members never voted to waive liabilities in excess of $250,000, and said the arbitrator exceeded his powers because only a federal court could order arbitration.
Campbell said the agreement makes no mention of a $250,000 limit and allows arbitration for any controversy, claim or dispute when either party sends such a notice to the other. Campbell found that Sa’ Nyu Wa clearly waived it sovereign immunity with respect to financial damages awarded in arbitration that could be enforced in federal court.
“No other reading of the agreement is plausible,” the judge said.
Tratos said it’s doubtful Jin will receive the $28.5 million in a lump sum but suggested the award could be fulfilled by having the proceeds of ticket sales at the Skywalk directed to Jin by a court order.
Jin also is challenging the jurisdiction of the Hualapai court in a related case that went before a three-judge panel of the 9th U.S. Circuit Court of Appeals last year. The Hualapai court in Peach Springs is overseeing the eminent domain case.

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Banks Sitting on $208M in Insurance Checks for N.Y. Sandy Victims

Nearly $208 million in insurance payments in 6,600 checks haven’t been released from banks to victims of Superstorm Sandy, according to New York Gov. Andrew Cuomo.He says his administration is working with banks to pay the money more quickly. The insurance company payments must get over several bureaucratic hurdles when homeowners have mortgages on their properties.


State Financial Services Superintendent Ben Lawsky said Monday the banks are cooperating in trying to get the funding to victims faster so they can pay for repairs. He said his office has received hundreds of complaints from Sandy victims.

Much of the delay is because federal mortgage agencies require proof of repair work before paying insurance reimbursements.

After insurance companies have sent homeowners checks to pay for repairs, the money should not be sitting with (banks and other lenders) because of red tape,” Cuomo said of the companies that manage mortgage accounts. “Servicers need to use maximum discretion to get money into homeowners’ hands as quickly as possible.”
Lawsky said insurance companies and banks — regulated by his office — are working together to speed the process. Some of that is simply applying more workers to the task. Other steps include electronically transmitting payments rather than sending them through the mail.
Four banks alone — Wells Fargo, Bank of America, Citibank and JP Morgan Chase — have 4,000 checks worth $131 million that they and Lawsky are trying to free up faster.
“In December, we reached an agreement with the servicers that resulted in freeing up a portion of insurance funds,” Lawsky said.
“But we are seeing now that the money is still not moving as quickly as homeowners need. While we understand there are some limits on how servicers release funds, we want to make sure that servicers are pushing those limits and getting insurance money out quickly.”
The December agreement speeded smaller, emergency repair checks to homeowners. But now larger checks are being issued and companies are being stricter about verifying the repairs. That verification is required by Fannie Mae and Freddie Mac, the government programs that help many middle class homeowners secure mortgages.
Lawsky is contacting banks now. He said homeowners who are current on their mortgage payments and suffered only partial losses during Sandy should be subject to less restrictive and time-consuming reviews and approvals.

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Reliance Life Insurance launches super endowment plan

Mumbai: Reliance Life Insurance, a part of Reliance Capital, today announced a new plan that offers guaranteed life cover and maturity benefits.
The plan Reliance Life Insurance Super Endowment Plan would provide life insurance coverage for the full policy term by paying for just half of the selected policy period, a company statement said.

"This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents," Reliance Life Insurance Chief Executive Officer Anup Rau said.
The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs 1 lakh. The policyholder can opt for two policy terms ¿ 14 years or 20 years.
An interesting feature of the policy is that the premium payment term is only half the policy term - 7 years for a 14 year policy; and 10 years for a 20 year policy ¿ while the Life Cover is valid for the entire period.
"This is ideal for people who want to limit their premium payment commitment period but like to enjoy Life Cover for a longer time. Policyholders will be entitled for guaranteed maturity benefits at the end of the policy period," Rau said.
Reliance Life Insurance is one of India's top private sector life insurance companies with business premium, including renewal premium of over Rs 5,498 crore for the year ended March 31, 2012

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Aon Benfield’s 2012 Cat Review Finds 36% Rise in Insured Losses at $133 Billion

Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has published its Annual Global Climate and Catastrophe Report along with the establishment of a new website, Catastrophe Insight, which, it noted, “provides 10 years of catastrophe data, including economic and insured losses across nine key natural perils. It covers the “tiop 10″ cat losses for the years 2005 to 2012.
The Annual Global Climate and Catastrophe Report reveals that 295 natural peril events occurred worldwide in 2012, compared to 257 in 2011. Together they caused total economic losses of $200 billion, only slightly above the 10-year average of $187 billion.

The report notes that, “while economic losses were close to average, insured losses in 2012 were 36 percent higher the ten year average at $72 billion (vs. $53 billion), because the two most costly events of the year occurred in the U.S. which has higher than average insurance penetration. 2012 insured losses were significantly lower than the record 2011 insured loss of $133 billion.” The report also points out that U.S. natural disasters account for more than half of 2012 global economic losses.
Stephen Mildenhall, CEO of Aon Benfield Analytics, stated: “Despite growing support for ‘the new normal’ theory of a world dominated by rapidly escalating global catastrophe losses, our study highlights that 2012 returned to a more normal level of losses after the extreme economic and insured losses of 2011.
“While nominal catastrophe losses are increasing at an alarming rate, economic losses as a percent of global GDP – a measure appropriately normalized for inflation and economic development – has remained relatively stable over the past 30 years. The moderate level of catastrophe losses for 2012 is reflected in strong growth in reinsurer capital during the year.”
Two U.S. natural peril events, Hurricane Sandy and a year-long drought, accounted for two-thirds of all 2012 insurance losses globally and nearly half of all economic losses for the year.
Hurricane Sandy was the costliest single event of the year, to date causing an estimated $28.2 billion in insured losses across private insurers and government-sponsored programs, and approximately $65 billion in economic losses across the United States, the Caribbean, the Bahamas, and Canada.
The most deadly event of 2012 was Super Typhoon Bopha, which killed more than 1,900 people after making landfall in the Philippines.
A total of 14 tropical cyclones made landfall globally in 2012, compared to a long term average of 16. Major flooding affected China and the United Kingdom, with other floods recorded elsewhere in Asia, Europe and Oceania.
Two earthquakes struck Italy causing considerable damage in the Emilia-Romagna region.
In 2012, Europe, Asia and North America (outside the U.S.) all sustained aggregate insured losses above USD1 billion due to flooding, earthquakes and tropical cyclones. Losses in Asia and Oceania were well below their recent 10-year averages, and Europe was slightly below its average.
Steve Bowen, Senior Scientist and Meteorologist at Impact Forecasting, pointed out: “After a year in which Asia and Oceania sustained significant natural disaster losses, the focus shifted back to the United States in 2012. The country was hit by nine separate billion-dollar insured loss events, including Hurricane Sandy and the most extensive drought since the 1930s.
“Tornado activity was dramatically lower than 2011, which can partially be attributed to the drought. U.S. severe weather losses were close to the recent five year average and 46 percent less than the record losses seen in 2011. Finally, 2012 marked the seventh consecutive year that no major hurricane made landfall in the U.S*, a streak not seen since the 1860s.”
Records show that 2012 ended as the eighth warmest year in world history since global land and ocean temperature records began in 1880.
Source: Aon Benfield
*IJ Ed. note: The report is a bit condusing on this. Perhaps Sandy wasn’t technically still a hurricane when it came ashore on the U.S. mainland, but it sure acted like one.

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Reasons to hire Product Liability Lawyer

Dangerous or defective product injure thousands of individuals each year. Tragically, many folks even die due to faulty shopper or industrial product. A product liability professional person will facilitate these victims file an efficient suit to assist get the compensation they have and be.

A word of warning: these lawsuits are often troublesome to win. The burden of providing proof is on the litigator, thus because the victim you'll ought to have sturdy proof that the defective product caused your injury. firms generally defend themselves vehemently against these lawsuits to guard the name of their whole. you'll expect the business and its insurance firm to fight your claim tooth and nail with delay ways and legal maneuvers, in hopes that you just can eventually drop your case.

So why pay the time, expense associate degreed aggravation of hiring an attorney? Here square measure 3 wonderful reasons which will create winning your product liability suit well worthwhile within the long-term.

Get cash for Your Recovery

The effects of a dangerous product may cause you to may suffer financially and physically; you will incur high medical prices for doctors, rehabilitation, prescribed drugs, medical instrumentality, and alternative styles of care. you will even be briefly or for good disabled, leading to a loss of wage. If the defective product caused your injury or sickness, a product liability professional person will file a suit to form the corporate pay all of your medical expenses and reimburse you for your lost wages. These specialists may get you compensation for the pain and suffering caused by your injury. This cash can assist you get the most effective medical aid in order that you'll recover as absolutely as attainable from the incident.

Hold the Business chargeable for Its Wrongdoing

Businesses UN agency sell product to the overall public or to alternative firms have a legal and responsibility to confirm that those product square measure safe to use. after they fail during this duty and distribute a defective product, customers will get hurt, or worse, killed.

Filing a product liability suit is an efficient thanks to hold the corporate chargeable for its negligence. several firms that manufacture dangerous product do thus, as a result of they were cutting corners on analysis, testing, materials or correct documentation so as to extend their profit margins. These devil-may-care firms cause injuries associate degreed hurt to several people; filing a suit for product liability with an professional professional person will penalize the corporate and insure that they're control chargeable for their negligence.

Do Your half to guard the general public

You not solely facilitate yourself once you file a product liability suit, you furthermore may facilitate keep the overall public safer. Lawsuits show to the defective product, that results in an organization recall to get rid of it from the marketplace thus others do not suffer a similar fate as you. Lawsuits inspire the devil-may-care company to enhance its safety standards, therefore manufacturing a warning for alternative firms to try to to a similar.

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Definition of Insurance

Perhaps one of the issues contributive to the rising value of insurance stems from the actual fact that a lot of people have lost sight of the meaning of insurance. once you ask someone what is necessary to them concerning their insurance, you may typically hear things like 'good preventative care benefits' or 'low copays for workplace visits and prescriptions' or 'low deductible.' once we inform those that they will save plenty of cash on premiums by choosing a higher deductible with less coverage for the regular expenses, they typically respond by expression something like "what's the purpose of getting insurance in the least if you are still attending to be paying for all of your own doctor visits?" Or they will say "Well, I ne'er have $2000 price of medical expenses in an exceedingly year, therefore with a deductible that top, it would not even be price having insurance."

The problem with this logic is that folks area unit thinking of insurance premiums as direct payment for AN equal-value service. once you purchase a automobile, if you pay $10,000, you'll be able to expect to finish up with a automobile valued at $10,000. Insurance could be a completely completely different trade goods. you are paying premiums for AN intangible profit, ie. the peace of mind of knowing that if you ever do have a health crisis, it will not leave you bankrupt. Insurance is AN contract, that by definition means that 'depending on AN unsure event or contingency on each profit and loss.' this is often why you'll be able to pay comparatively low premiums compared with the potential profit - as a result of each you and also the underwriter understand that the chance of you needing the profit is low.

So so as for insurance to figure because it was designed, you have got to be willing to shop for a policy hoping that you're going to ne'er got to use it, and knowing that the premiums you pay can solely offer you a tangible profit within the unlikely event that you just have a significant unwellness or injury. The intangible profit, having the ability to sleep at midnight as a result of you recognize you have got AN insurance safety internet in situ, is that the one that brings you daily peace of mind.

When individuals begin to expect insurance carriers to hide expenses that they understand they will be acquisition (ie, maternity, preventative care, etc.), insurance begins to lose its unpredictable nature. It then becomes a tangible product, therein individuals area unit paying premiums and totally expecting to appreciate short-run financial advantages. Insurance corporations area unit usually for-profit entities. therefore you recognize they don't seem to be giving shoppers something for gratis. If we tend to area unit shopping for insurance and totally expecting it to hide planned events, we've to acknowledge that the price of these services is enclosed in our premiums.

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Home Insurance

Home insurance could be a contract between associate insurer and the owner of the house to cover bound sorts of damage to the property and its contents, thievery of private possessions, and liability just in case of lawsuits supported incidents or events that occur on the property.

This is most vital type of insurance when life assurance as a result of folks usually create their biggest investment in home. it's not concerning|almost|almost about|around|as regards to|close to|concerning|near to|on the subject of|regarding|with reference to|with regards to} cash however conjointly about emotional attachment to the property. Hence, it's extraordinarily necessary for folks to safeguard their home and its belongings from loss or destruction by taking over home insurance.

Home insurance provides compensation for harm or destruction of a home from disasters. In some geographical areas, the quality insurances exclude bound sorts of disasters, like flood and earthquakes that need extra coverage. Special insurance will be purchased for these prospects, together with flood insurance and earthquake insurance. Insurance should be updated to this and existing price at no matter inflation up or down, associated an appraisal paid by the insurer are going to be intercalary on to the policy premium. insurance would require a special premium charge, and the addition of smoke detectors and on web site hearth suppression systems to qualify. Maintenance-related issues square measure the homeowners' answerability. The policy may embody inventory, or this will be bought as a separate policy, notably for folks that rent housing.

A homeowner's policy within the U.S. usually includes property insurance covering harm to the house and also the owner's belongings, insurance covering bound legal claims against the owner, and even atiny low quantity of insurance for medical expenses of guests WHO square measure battle-scarred on the owner's property. 7)HOME loan borrowers ought to make sure that their debt don't continue on the far side their death. One choice is to shop for insurance or regular premium insurance for a tenure a minimum of capable the loan tenure and for a total that equates the loan quantity. the opposite choice could be a mortgage reducing insurance (MRTI) on cluster life assurance platform. the duvet offered falls monthly in line with the reducing principal quantity outstanding when each EMI is paid. In alternative words, the duvet reduces because the recipient goes on repaying the loan. just in case of contingence, the insurance underwriter pays off the total assured at the time of death of the recipient to the bank and settles the loan.

The good half for those with home loans WHO don't have this cowl is that one will decide on associate MRTI within the currency of the loan if he's not bought at the origination of the loan. The total insured reduces because the outstanding loan reduces. If cash is left when paying for the loan outstanding, the bank pays the cash to the borrower's candidate. this is often attainable in loan half pre-payment cases. however a degree to notice is that the duvet ceases because the loan involves associate finish.

Some insurers supply extra advantage of total and permanent incapacity although at an additional price. although such extra advantages carry a group of exclusions and a provision of waiting amount, they enhance the insurance solutions. The key advantage of MRTI on cluster life platform is that the construct that the recipient needn't endure medical check if he satisfies bound norms in terms of total assured needed, age, occupation and level of education earned. in fact this profit is subject to sign language a decent health declaration (GHD). Here the merchandise covers over a insurance product in terms of easy purchase.

"In case of claim settlement, the banker incorporates a aid because the banker is associate interested party. The claim settlement is quicker in cluster merchandise than within the individual life merchandise," same a senior govt with a personal sector bank

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Does Combining Your Home Insurance and Auto Insurance Save

Very often I hear people say "I have my car insurance, home insurance, and life insurance in a package, therefore I must be getting the best deal." The reality is that this is not necessarily the case.

Insurance companies have convinced consumers that by bundling all of their insurance products with one company, they will get the best rate. The reality is you may be paying more by having everything combined. Insurance companies know customer are less likely to change when all the products are bundled. Therefore, insurance companies may justify increasing your rate for your home insurance while keeping the same rate for your auto.

Think of it this way; what is the likelihood you will change banks when you have your: credit card, checking and savings account, car loan, mortgage, online banking, etc, probably not, its too much hazel. Insurance companies know consumers are slow at making any kind of drastic change.

Insurance companies know the statistics of a customer leaving if per say, they increase the rate on the home insurance, but not the auto insurance and/or increase the auto insurance, but not the home insurance. They use this tactic to increase your rate and have you convinced you are getting the best deal.Insurance companies may raise your rate a few percentage points per year. Compound this increase by a few years and you have a drastic change in price. Money you could have saved if you just shopped your rate periodically.

Life and Health Insurance Bundle
Be aware of this, because you have your auto and home insurance with a particular company, does not mean you will get a discount on your life insurance. Unlike property and casualty insurance (auto and home insurance) which is based on loss ratios and recurring risk and hazards, life insurance is based on mortality tables based on what statistics say a particular demographics' life expectancy. Life insurance is a product you should definitely not believe you are getting the best price when it is bundled with your home and auto insurance.

On the health insurance product, the companies who offer health insurance are usually not the ones who offer auto, home, and life insurance because these are completely different types of business. There are a few companies who do offer all of these products, but I have seen they are usually not competitive on all the products at the same time, so what out!

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Farmers Insurance Group

Farmers Insurance Group (informally Farmers) is an American insurance and financial services company headquartered in Los Angeles, California and a wholly owned subsidiary of Zurich Insurance Group. It provides home, auto, commercial and life insurance and other financial services throughout the United States.

Farmers is the third-largest provider of both private passenger auto and homeowners insurance in the U.S., servicing over 10 million households with more than 20 million individual policies. It has around 24,000 employees and 50,000 exclusive and independent agents.

Operations   

• The Farmers Exchanges, headquartered in Los Angeles, CA, are three reciprocal insurers or inter-insurance exchanges (Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange) owned by their policyholders. The Farmers Exchanges, directly or through their subsidiaries and affiliates, offer homeowners insurance, auto insurance, commercial insurance, and financial services throughout the United States. Farmers Group, Inc. (dba Farmers Underwriters Association) and its subsidiaries, Truck Underwriters Association and Fire Underwriters Association, provide certain non-claims administrative services for the Farmers Exchanges as their attorneys-in-fact. The Farmers Exchanges do not hold an ownership interest in Farmers Group, Inc., and neither Farmers Group, Inc. nor its ultimate parent, Zurich Financial Services Ltd., a Swiss company, holds an ownership interest in any of the Farmers Exchanges.
• The Foremost Insurance Group, headquartered in Grand Rapids, Michigan, is a group of companies that primarily insure specialty products such as mobile homes, motor homes, travel trailers and specialty dwellings, motorcycles, off-road vehicles, boats and personal watercraft. It was founded in 1952 and was acquired by the Farmers Exchanges in March 2000. The Foremost companies are subsidiaries of the Farmers Exchanges.
• The Bristol West Insurance Group became a part of Farmers in July 2007. In 1973, it began providing private passenger auto insurance to residents in Florida and now provides liability and physical damage insurance - focusing exclusively on private passenger vehicles - across the United States. The Bristol West companies are subsidiaries of the Farmers Exchanges.
• 21st Century Insurance, headquartered in Wilmington, Delaware, became a part of Farmers in July 2009. Using the internet and direct response marketing channels, 21st Century markets personal auto insurance to consumers throughout the United States. The 21st Century Insurance companies are subsidiaries of the Farmers Exchanges.
• Farmers New World Life Insurance Company started as Catholic Life Insurance Company in Spokane, Washington in 1910. Later that year it was renamed New World Life Insurance Company. In 1953, it was acquired by Farmers Group, Inc. In 1954, its name was changed to the current Farmers New World Life Insurance Company. Farmers New World Life Insurance Company is now based in the Seattle suburb of Mercer Island, Washington. It offers flexible universal life insurance, traditional term life insurance, whole life insurance and annuities. Farmers New World Life Insurance Company is a subsidiary of Farmers Group, Inc.
• Farmers Financial Solutions, LLC. was created by the Farmers Exchanges in 2000 to provide financial products to customers.

Farmers' products and services include:

• auto insurance;
• home insurance, including homeowners, condominium and renters insurance, mobile and manufactured home insurance, specialty home insurance, including landlord and rental properties, seasonal homes, and vacation homes, and flood insurance through the National Flood Insurance Program;
• motorcycle insurance;
• life insurance, including term, whole and universal life insurance;
• recreational insurance, such as insurance for boats, ATVs, RVs, and travel trailers;
• business insurance for small and medium sized businesses, such as liability and property insurance, commercial auto and workers compensation insurance for apartment and commercial property owners, artisan contractors, condominium homeowner associations, offices, religious organizations, educational and non-profit organizations, and other businesses in the light manufacturing, service, restaurant, retail, wholesale, and auto service & repair industries; and
• financial services and products, such as mutual funds and variable annuities.

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