Insurance

Connecticut Business Owner Indicted for Million-Dollar Fraud Scheme Involving Prize Insurance Business

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NORWALK, Connecticut – A business owner from Norwalk, Connecticut has been indicted on six counts of fraud related to his prize insurance business. Kevin Kolenda, the owner of Hole-In-Won LLC, allegedly defrauded dozens of organizations and individuals out of nearly $1 million. Hole-In-Won provided prize insurance for events such as golf tournaments and fishing contests through its website, claiming to be the most successful prize insurance company in the world. The indictment accuses Kolenda of collecting approximately $850,000 in insurance premiums under false pretenses and failing to pay more than $100,000 in prize costs. The … Read more

The Surprising Impact of Mass Tort Lawsuit Advertisements on the Insurance Industry

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Boston, Massachusetts – When mass tort lawsuit advertisements appear on TV screens, many consumers are quick to change the channel. However, according to Rustin Silverstein, president and founder of legal services company X Ante, it may be unwise to ignore these ads, particularly for those in the insurance industry. Silverstein believes that the surge in attorney advertising promoting mass tort lawsuits requires attention. In a recent webinar hosted by the Travelers Institute, Silverstein revealed that lawyers and others spent an estimated $1.2 billion on TV ads last year. More than 16 million advertisements ran in … Read more

Donald Trump’s Fight Against $83.3 Million Defamation Penalty Requires High-Value Collateral and Insurance Bond

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New York, USA – Former President Donald Trump is set to challenge the $83.3 million defamation penalty imposed by a federal jury in the E. Jean Carroll case. However, before pursuing an appeal, Trump will need to pay the amount in question to the court. This poses a challenge for Trump, as the hefty sum exceeds what most individuals, even the extremely wealthy, have readily available. To meet this requirement, Trump will likely need to obtain an appeal bond, a specialized form of insurance that demands substantial collateral. Trump will not be able to simply … Read more

Insurance Recovery Expert Reveals 3 Tips for Businesses to Navigate a Challenging Property Insurance Market

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New Jersey, USA – Eric Jesse, a partner in Lowenstein Sandler’s Insurance Recovery Group, provides insights into the current state of the property insurance market and offers three tips for companies to make their commercial properties more appealing to insurers. Commercial property insurance is a vital coverage for businesses as it safeguards their buildings, structures, and the property and equipment within them. It also typically covers lost business income resulting from covered events. During the COVID-19 pandemic, the importance of this coverage became evident when businesses faced closures and restrictions. The property insurance market is … Read more