The accounting errors to be addressed in the restatements relate primarily to the following: (a) misapplication of a method of revenue recognition for certain contracts in the Latin America region, resulting in misallocation of revenue and costs between periods; (b) research and development costs that were inappropriately capitalized rather than expensed; (c) unrecorded sales and use tax liabilities; (d) unrecorded gains associated with insurance proceeds received in excess of the net book value of the insured assets
during the third quarter of 2013; and (e) unrecorded stock based compensation expense associated with performance units granted during the third quarter of 2013.
detailed specifications of the insured assets
are listed in annex 3 of the tender documentation.
There are $10 trillion in insured assets
along the vulnerable portions of U.
For instance, OIL's globally insured assets
surpassed the $2 trillion mark and OIL had paid over $12 billion in claims to its members.
Furthermore, these "smart" systems will automatically monitor insured assets
to create a more accurate picture of the real risk.
Under the APS, Lloyds would be responsible for a first loss of up to pounds 25bn on the insured assets
as well as 10% of further writedowns.
During Hurricane Ike, hundreds of thousands of claims were filed involving large trees that had fallen on homes, fences, cars and other insured assets
The ratings reflect RVI's stable operating results and risk-adjusted insured assets
for 2011 after a downturn in the economy in 2008 resulted in a significant decline in (1) the market values of its insured assets
, (2) operating results, and (3) demand for RVI's primary insurance product, residual value insurance.
Steve Hearn, Deputy Chief Executive Officer of Willis Group, said: Traditional construction and property policies will cover the damage caused by a cyclone, but not the financial impact of project delays and additional wages where there is no damage to the insured assets
The NFIP remains the nation's largest single-peril insurance program with more than $1 trillion in insured assets
and more than 5.
A non-Y2K compliant bank, for example, would not likely suffer physical damage to insured assets
as the result of Y2K problems (such as a bank branch).
As a result, Fitch expects existing Canadian covered bond programs secured by insured assets
to be wound down.