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Six months into the coronavirus pandemic, many Hollywood companies still can’t head back into production on film and TV projects because of one major roadblock: Insurers have made no moves to incorporate pandemic coverage into policies, leaving big studios to self-insure and smaller production companies to seek pricey alternatives — or gamble on shooting without any coverage at all. Productions that bought policies before March are largely safe, as multiple insiders tell TheWrap that most policies procured before the pandemic shutdown did not have COVID-19 or infectious disease exclusions, and cast insurance and civil authority policies cover expenses incurred due to the coronavirus. However, any policy written since March now has a “platter of exclusions” as insurers seek to mitigate potential losses, according to Brian Kingman, managing director at Gallagher Entertainment, who helps find coverage for Hollywood’s stars. Plus, no major insurance carriers will offer COVID-related coverage moving forward. “In

Here’s what Florida insurance experts say about the current cost crisis

October 10, 2020

As home insurance prices are poised to increase sharply, the South Florida Sun Sentinel asked leading insurance experts to provide their views of the disintegrating state of the market. Here’s what they had to say. Responses have been edited for length and clarity.

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Locke Burt, president and CEO, Security First Insurance Co.

Insurance cost drivers are well known and have been reported before — bad weather, increased reinsurance costs, shady contractors, aggressive plaintiffs bar with a favorable legal environment, water losses, fraud. What’s different is the trends seem to be accelerating and the Legislature has not done anything meaningful to change the trajectory of increased costs which, under Florida law, must be passed on to consumers in the required annual rate filings.

The private sector is shrinking and raising rates as fast as they can because the losses are not sustainable and the providers of additional investment capital

Insiders sound off on Florida insurance cost hikes

October 10, 2020

As home insurance prices are poised to increase sharply, the South Florida Sun Sentinel asked leading insurance experts to provide their views of the disintegrating state of the market. Here’s what they had to say. Responses have been edited for length and clarity.

Locke Burt, president and CEO, Security First Insurance Co.

Insurance cost drivers are well known and have been reported before — bad weather, increased reinsurance costs, shady contractors, aggressive plaintiffs bar with a favorable legal environment, water losses, fraud. What’s different is the trends seem to be accelerating and the Legislature has not done anything meaningful to change the trajectory of increased costs which, under Florida law, must be passed on to consumers in the required annual rate filings.

The private sector is shrinking and raising rates as fast as they can because the losses are not sustainable and the providers of additional investment capital simply do

Here’s the Real Cost of Stock Splits That Buffett Knows and Apple and Tesla Ignored

October 8, 2020

Name three things these five companies have in common: AutoZone,

Booking Holdings,

Cable One,

NVR

and

Seaboard.

One: Their shares are among the priciest in the U.S. stock market — all in four figures. Two: They have almost never split their stock. Three: All enjoy among the highest-quality shareholders measured by long-term horizon and portfolio concentration.

These are not coincidences, yet the shared experience seems lost on the increasing number of companies doing stock splits, from

Apple

(ticker: AAPL) to

Tesla

(TSLA). Both of these companies recently split their stock in order to cut share price. They apparently are trying to attract shareholders who will also be customers. But while that might be good product marketing, it is definitely bad investor stewardship: Stock splits degrade a company’s shareholder quality.

Managers and investors alike should care about which shareholders grace a company’s shareholder list. At companies brimming with transient

His tweet “cost people a lot of money”

October 7, 2020

| money

Brian Kilmeade hosts “FOX & Friends” at FOX Studios Steven Ferdman/Getty Images

Fox News host Brian Kilmeade cast blame Wednesday on Donald Trump for killing stimulus talks after the president called off negotiations before bartering with himself on Twitter.

Trump declared Tuesday on Twitter that he had instructed his administration to “stop negotiating until after the election” before tweeting that he would sign bills to extend portions of coronavirus relief immediately.

Trump’s tweet announcing the end of stimulus talks sent the stock market plummeting. The tweet came about an hour after Federal Reserve Chairman Jerome Powell warned Congress that inaction would result in “tragic” consequences, and there was little risk in lawmakers “overdoing it” by pumping more money into the economy.

“For the president to come out with a tweet like that, with the markets still open, just crashed the market and cost people a lot of money,”

FAFSA Is Open: Not Applying Right Away Could Cost You

October 7, 2020

By Cecilia Clark

An influx of college financial aid applications this year means that money could run out for students who don’t file early.

Due to financial strain caused by Covid-19, nearly 40% of families that didn’t previously plan to apply for federal financial aid now expect to do so, according to a recently released survey from Discover Student Loans.

The federal government, states, colleges and other organizations use the Free Application for Federal Student Aid, or FAFSA, to award financial aid. You must complete the FAFSA to be considered for financial aid.

>> Plus, from Robert Powell’s Retirement Daily on TheStreet: 529 Plans Are Good for More than College Tuition

You have 21 months to submit the FAFSA for any given academic year. For the 2021-22 school year, the FAFSA opens Oct. 1, 2020, and closes June 30, 2022. But that doesn’t mean you should wait.

“There is no

Allianz CEO: Vast COVID-19 Cost Will Anger Many Ordinary People | Investing News

October 7, 2020

By Guy Faulconbridge, Kate Holton and Paul Sandle

LONDON (Reuters) – Allianz

CEO Oliver Baete said on Tuesday that European governments needed to be careful about spending record amounts on the COVID-19 crisis as many ordinary people would be angry when they were handed such a vast bill.

The coronavirus pandemic has prompted a debt-fuelled spending splurge by governments across the world as lockdowns batter economies, shred millions of jobs and push whole sectors towards collapse.

The boss of Allianz, which has 2.3 trillion euros under management, said that there were a lot of “zombie” companies being kept afloat with government money though many private households were more resilient than some thought.

Many ordinary people, Baete said, were clearly smarter than the political classes who were spending record amounts of money – an issue that he said could one day hurt social cohesion.

“Our people are apparently much smarter than

Exxon To Ax 1,600 Jobs Across Europe As Pandemic Forces Cost Cuts

October 6, 2020

Texas-headquartered Oil and Gas company Exxon Mobil Corporation (NYSE: XOM) announced plans on Monday to cut jobs across its affiliates in Europe. The country-specific impact of the layoffs is still uncertain, and the decision would be based entirely on the company’s presence in the local markets and the prevailing market conditions.

In the last six months, Exxon stock has dropped close to 17%, and approximately 52% on a year-to-date basis.

What Happened: Exxon’s plan to reduce staff is driven by cost competitiveness and it estimates up to 1,600 employees across Europe could face the ax by the end of next year. According to the Financial Times, this represents more than one-tenth of its total headcount in the European region.

In an earnings guidance shared last week, the company said it expected to post anywhere between a loss of 68 cents and a profit of 7 cents in the current

If you got a subsidy to buy health insurance, it could cost you come tax time

October 4, 2020