GEICO Loses Appeal that Sought Coverage From Another Insurer for Lamborghini Crash
In a dispute between two insurers, a federal appellate court ruled that GEICO is solely liable for the cost of replacing a Lamborghini worth more than $100,000 that was totaled in a collision with another vehicle.
A panel of the 1st Circuit Court of Appeal rejected GEICO’s argument that Ameriprise Auto & Home Insurance should share in the cost because it insured the other vehicle involved in the crash near Tampa, Fla. and had improperly rescinded coverage. In an opinion written by Chief Judge Jeffrey R. Howard, the court found that Philip and Claudia Feldberg “snowbirds” who split their time between Massachusetts and Florida had violated the terms of their insurance contract by failing to notify the carrier that their Toyota Highlander had been left behind in Florida, where it was regularly operated by a relative.
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Press release content from Business Wire. The AP news staff was not involved in its creation.
Commercial insurtech Bold Penguin joins American Family
January 14, 2021 GMT
MADISON, Wis. (BUSINESS WIRE) Jan 14, 2021
Madison, Wisconsin-based American Family Insurance Mutual Holding Company (American Family) today continued its innovative and collaborative approach to serving customers, this time focusing on small businesses with the acquisition of insurtech company Bold Penguin.
Bold Penguin, based in Columbus, Ohio, is a technology company that simplifies and quickens the often complicated and time-consuming process of obtaining small business insurance. The Bold Penguin digital exchange is used by insurance agents, brokers and other distributors to match, quote and bind policies from a range of insurers to meet customer needs.