Unless they have experienced flooding, homeowners may not consider the impacts a possible storm surge can have on their home or economy.
Even individuals living in a flood plain or other risky area are often hesitant to buy the insurance necessary to protect against these damages, according to a recent report by the Insurance Journal. The report looked at research from First American Spatial Solutions showing that a category 5 hurricane could cause some $53.6 billion in damage if it struck Miami.
“Homeowners can mitigate against wind damage, but they’re powerless, really, to do anything against storm surge,” Howard Botts, FASS vice president and director of development, told the Journal.
Knowing about their risk and the cost it would take to rebuild a structure may help homeowners understand the importance of flood insurance, according to Botts.
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Insurance agents trying to attract new customers may benefit by building their business online, according to a recent report by AIS Media.
A survey of more than 4,500 Americans showed that 59 percent of them preferred researching insurance rates online rather than making a phone call. Search engines are the second-most popular tool for this research, according to the Insurance Customer Interactive Media survey, and were used by 32 percent of respondents. Friends and family were the top resource for insurance information.
Less than 10 percent of respondents in the survey did not have insurance. Health insurance was the most common type of coverage.
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The Federal Emergency Management Agency recently recommended that homeowners in one Arkansas community increase their protections against floods.
However, one Trumann Levee District official is now calling these suggestions a scam to raise money, according to a recent report by the Associated Press. FEMA is currently finishing a Flood Map Modernization Plan aimed at determining the necessary levees and insurance premiums for flood-risk areas.
Many of these maps provide more protection than necessary – even in the worst-case flooding scenario, according to the wire service.
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Because of their increased likelihood of causing accidents, first-time drivers often face higher auto insurance premiums than their more experienced counterparts.
In many states, they are also subject to restrictions on the number of passengers they may have and the hours in which they are allowed to operate a motor vehicle. First-time drivers in New Jersey are required to attach a decal to their vehicles that will make it easier for law enforcement officials to identify and regulate them.
However, many of these teenagers are neglecting to abide by the law, according to a recent report by the Associated Press.
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One of the worst oil spills in history may also be one of the costliest to the insurance industry, according to a recent report by the Insurance Information Institute.
The Deepwater Horizon oil rig may cause some $1.4 billion in losses for companies invested in its processes. Types of insurance that will be involved in covering these claims include business interruption insurance, environmental liability, comprehensive general liability, property damage insurance and more.
Workers compensation will be responsible for covering claims related to the 11 deaths resulting from the oil rig’s April 22 explosion, according to the report.
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Streamlining the insurance buying and risk management process can be an attractive offer to entertainment businesses. This is especially true in a locale like San Diego, which has served as the background for such classic films as “Top Gun,” Lethal Weapon 4,” “Traffic,” and “Almost Famous.” So although film production risks can involve multiple jurisdictions and unusual activities from helicopters to bungee jumpers, the San Diego Film Commission tries to help make meeting insurance requirements a painless process, according to Kathy McCurdy, SDFC director of features.
Any time a production company wants to film a television show, movie or music video in the city, SDFC streamlines the process by bringing all of the people to the table to present the scope of work, address the concerns, address the liabilities and make sure all of the safety and law enforcement personnel assigned to manage and control the activities can anticipate any problems.
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No matter how long homeowners pay them, they’ll never go away.
This is why obtaining affordable home insurance premiums is important early on. The Insurance Information Institute offers advice for homebuyers hoping to factor insurance coverage into their property purchase, and highlights some ways they can bring costs down.
Build and location of a home play the biggest role in determining rates. Those situated close to a fire department are likely have lower premiums, according to the report, while houses easily exposed to high winds or water will cost more to insure.
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Bermuda-based PartnerRe Ltd. announced that Patrick Thiele, the Company’s President and CEO, has decided to retire, effective December 31, 2010. He will also step down from the Company’s Board of Directors at that time.
Thiele has held the position of President and CEO since December 1, 2000. PartnerRe said its Board of Directors had “anticipated Mr. Thiele’s decision to retire and is executing its CEO succession plan. The Board expects to announce a successor following the Company’s Board meeting that will take place on May 12, 2010.”
Mr.
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