Investor to help with Fla. hurricane claims

Published - 07/03/2008 12:00 AM

TALLAHASSEE — If a catastrophic storm hits Florida this year, investor Warren Buffett will be there to help out. Under the agreement, if hurricane damage in the state reaches $25 billion, Berkshire would buy bonds worth $4 billion that the state would use to pay insurance claims. The state is on ... 

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Tropical Storm Douglas forms off Mexico

Published - 07/03/2008 12:00 AM

MEXICO CITY (AP) — Tropical Storm Douglas formed off Mexico's Pacific coast Wednesday but forecasters said it was not expected to hit land. Douglas was located about 245 miles (395 kilometers) southwest of Manzanillo with winds clocked at 40 mph (65 kph), according to the National Hurricane Center in Miami, which ... 

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Massachusetts: Comprehensive Property Legislation on the Move This Week

Published - 07/02/2008 12:00 AM

After months of dormancy, comprehensive legislation aimed at addressing conditions in the state’s coastal property insurance market started to move through the legislative process this week. Yesterday, the Senate Ways and Means Committee approved a new draft of comprehensive legislation and a summary. The bill, S-2778, which ... 

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Conditions Foreshadow Tropical Storm Activity

Published - 07/01/2008 12:00 AM

TAMPA - The first month of hurricane season is in the rear-view mirror without even the slightest hint of anxiety in the Atlantic. The 2008 season has produced only Tropical Storm Arthur, which popped up May 31 in Central America. But signs are piling up that the tropical Atlantic Ocean, cradle of ... 

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Fireman's Fund Ordered to Reduce Homeowners Insurance Rates by $35 Million for California Policyholders

Published - 06/27/2008 12:00 AM

SANTA MONICA, Calif., June 26 /PRNewswire-USNewswire/ -- California homeowners with Fireman's Fund insurance coverage will save a total of $35.1 million per year under an order issued last week by Insurance Commissioner Poizner that requires Fireman's Fund to lower its premiums by 17.9%. The savings come as a result of ... 

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Hurricane Center says improving forecasts costly

Published - 06/26/2008 12:00 AM

MIAMI (AP) — The National Hurricane Center's director says it could take tens of millions of dollars for research and up to 10 years if officials want to substantially reduce errors in forecasting the intensity of hurricanes. In an interview with The Associated Press on Tuesday, Bill Read (REED') said reducing ... 

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Lightning Strikes – Again and Again

Published - 06/25/2008 12:00 AM

Lightning Claim Costs Continue to Increase, Causing Nearly $1 billion in Insured Losses, I.I.I. Study Finds They say that lightning never strikes in the same place twice, but for insurers it strikes hundreds of thousands of times annually, causing millions of dollars in damage. In fact, the cost of homeowners’ claims ... 

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Hurricane Center director talks forecasting in interview

Published - 06/25/2008 12:00 AM

MIAMI (AP) — Substantially improving the accuracy of hurricane intensity predictions could take years and tens of millions of dollars, the National Hurricane Center's director said Tuesday. In an interview with The Associated Press, Bill Read said reducing by half the errors made in tasks such as determining whether a storm ... 

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