NEWS

Massachusetts business in brief

Staff Writer
Mount Shasta Herald

Employer confidence drops again

BOSTON – Confidence among employers in Massachusetts declined again slightly in September in the fifth straight month that the Associated Industries of Massachusetts’ employer confidence index has been in negative territory.

The index fell to 46.5 from 47.1 in August. September’s reading marked the second-lowest point for the index this year, following the drop to 44.6 in July – the index’s lowest point in its 17-year history. Readings below 50 indicate that the mood among employers is generally more pessimistic than optimistic about the economy.

About 51 percent of survey respondents said they believe a recession is already under way. Confidence was considerably higher among manufacturers than employers in other industries, and higher among employers in the rest of the state compared with those in Greater Boston.

Boston man charged with insurance fraud

BOSTON – A Boston man was charged on Tuesday with attempting to defraud insurance companies by reinsuring expensive jewelry that had been allegedly stolen and by presenting his home as a Marshfield address to obtain cheaper insurance premiums.

Attorney General Martha Coakley’s office said David Fioravanti, 43, was charged by a Suffolk County grand jury with insurance fraud, larceny and making a false statement on a motor vehicle registration.

Coakley’s office said Fioravanti had bought a policy from Chubb Insurance Co. in May 2002 to insure $63,000 of jewelry, including his wife’s engagement ring. In February 2003, he reported that the insured jewelry was stolen after a thief broke into his apartment. Chubb paid the entire $63,000 claim based on the police report, but investigators later discovered that Fioravanti had purchased insurance polices from OneBeacon and Vermont Mutual to cover the same jewelry.

Investigators also discovered Fioravanti had motor vehicle insurance policies with Arbella that listed his mother’s address in Marshfield when he actually lives in Boston.

Army selling property in South Boston

BOSTON – The U.S. Army Reserve is putting some valuable South Boston real estate on the block, including the 620,000-square-foot Barnes Building at 495 Summer St.

GVA Williams, a real estate brokerage hired to market what it’s calling the Seaport Xchange properties, said the land consists of 13 parcels totaling 8.1 acres – including the nine-story Barnes Building, a 14,000-square-foot garage and six acres of developable land. GVA Williams said that construction on an Army Reserve facility in Fort Bevoir, Va., needs to be done before a sale of the South Boston properties can be completed.

NewCom leases space in Randolph

RANDOLPH – NewCom Metal Products has leased 21,600 square feet at 29 Teed Drive in Randolph. Cushman & Wakefield’s Boston office represented landlord Atlantic Management of Framingham in the lease negotiations. R.W. Holmes Realty Co. of Wayland acted on behalf of NewCom.

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