Asset Retirement Obligation (ARO) Accounting Example for Oil and Gas Production

Asset Retirement Obligations (ARO) are commonly associated with industries such as oil and gas, mining, waste disposal, or nuclear energy. Some examples specific to the oil and gas industry include oil well plugging and abandonment and underground storage tank removal. ASC 410, Asset Retirement and Environmental Obligations, defines an ARO as a liability for the […]

BCGEU issues strike notice to LifeLabs amid wage issues

The strike comes after months of negotiations, 30 days at the bargaining table, and eight days of mediation, according to the company. BCGEU said in their statement that initial proposals from LifeLabs back in April wanted to take away sick benefits and vacation days. “Poor wages and working conditions have created a staffing crisis at […]

Listening to Agents as You Build a Digital Field of Insurance Dreams

Nothing is stitched together like a baseball. A baseball uses only two pieces of leather, each cut in an hourglass pattern and sewn in such a manner that there is a continuous line of nestled Vs, like the birds you might have drawn as a kid. The stitches are raised, allowing pitchers to vary the […]

Heritage’s Q3 catastrophe & weather losses reach $51.4m

Heritage Insurance Holdings, Inc., the Florida headquartered, nationally expansive U.S. property casualty insurer, has reported a preliminary estimate of third-quarter 2021 catastrophe and weather losses, saying the total is expected to be $51.4 million net. Interestingly, because Heritage does not sell homeowners insurance in Louisiana the company appears to have avoided a particularly significant impact […]

California Insurance Commissioner Lays Out Priorities for CPCU Crowd

Access to affordable healthcare for all, ensuring greater diversity in the insurance industry, and finding more creative solutions to deal with climate change risk were the priorities laid out by California Insurance Commissioner Ricardo Lara on Thursday. Lara was discussing …

California Insurance Commissioner Lays Out Priorities for CPCU Crowd

Access to affordable healthcare for all, ensuring greater diversity in the insurance industry, and finding more creative solutions to deal with climate change risk were the priorities laid out by California Insurance Commissioner Ricardo Lara on Thursday. Lara was discussing … Original source: https://www.insurancejournal.com/news/west/2021/10/21/638468.htm