What’s new: In brief (January 03, 2005)

Canadian Alliance of Physical Damage Appraisers (CAPDA) and U.S.-based Insurance Appraisal Network (IAnet), national networks of appraisal and adjusting services, have signed a strategic relationship to offer services in both countries. CAPDA is a network of automotive appraisers and inspectors in various specialties, which also offers certification of collision damage appraisers. IAnet includes a network of 2,800 independent adjusters, appraisers and insurance claims professionals.

Berkshire Hathaway’s General Re Corp. (GenRe) is the latest to receive a subpoena from the U.S. Securities Exchange Commission (SEC). In a press release, the company says the subpoena relates to the investigation into “non-traditional or loss mitigation insurance products”. Regulators are looking into the appropriateness of finite risk reinsurance products.

Volkswagen America has decided to launch a pilot in two states over the next three months wherein it will pay for one year of insurance on selected 2005 models. The program, underwritten by Nationwide insurance, includes liability and physical damage coverage for one year, although Volkswagen notes that insureds may choose to maintain existing insurance and use the coverage on an excess or pro-rata basis. The coverage is not optional and will be applied to all applicable vehicle purchases or leasing agreements, but comes at no additional cost, and is in lieu of traditional low-interest incentives or cash rebates for which buyers may not qualify.