Tag: california wildfires

Governor Newsom declares California state of emergency in three counties

Marc
California state of emergency - Wildfire in California

The alert is regarding the Glass and Zogg wildfires which threaten Napa, Sonoma and Shasta counties. Governor Gavin Newsom has declared a California state of emergency in three counties as a result of the Glass and Zogg fires. Those wildfires have already killed three people and have torched their way through thousands of acres since last Sunday. The governor included Napa, Sonoma and Shasta in his statement and sent a letter to President Trump. In Governor Newsom’s letter regarding the California state of emergency in the three counties, he addressed…

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Edison must pay insurers $1.16B for Thomas Fire and Montecito mudslides

Nordstrom
Thomas Fire - Money burning

The power company announced the settlement of the lawsuit with insurance companies. Southern California Edison has announced that it has reached a settlement with insurance companies that sued it over the Thomas Fire and Montecito mudslide disasters. The utility will pay $1.16 billion to insurers over the disasters in Ventura and Santa Barbara counties. Edison announced this settlement in a news release in which it explained that the agreement was not an admission of any wrongdoing or liability. “We are making significant progress toward resolving wildfire-related litigation,” stated president and…

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California wildfire risk increases homeowners’ insurance challenge

G. Turner
California wildfire risk - homes near fire

Insurers are facing massive losses and have been withdrawing from areas prone to fires. The California wildfire risk has been causing problems for homeowners in the state that extend beyond the devastation left behind by the widespread uncontrolled blazes that are becoming increasingly problematic. As massive blazes become more commonplace, the cost associated with them is sending insurers away. Due to the California wildfire risk, insurers are falling out of love with the opportunity to insurer the properties there, particularly in areas most prone to the fires. “The marketplace has…

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Smoke affected vineyards advised to look into their California crop insurance

H. Cutner
California crop insurance - Vineyard

Growers impacted by the wildfires in the state should review their policies to understand coverage. Vineyards and other growers whose plants are affected by wildfire smoke are being advised to take a look at the fine points of California crop insurance coverage on their policies. Many wine grape growers have found that a loophole that has removed their smoke taint coverage. A California Association of Winegrape Growers (CAWG) online webinar placed the California crop insurance situation in the spotlight last week. As the majority of the state has been affected…

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Allstate Corporation July losses offset by substantial income generation

Logan B.
Allstate Corporation - Money - Puzzle

Though there were a number of catastrophic events, PG&E subrogation recoveries made up for it. Allstate Corporation has reported that even though it faced a spectrum of catastrophic events during July 2020, the losses it experienced were more than offset by its incomes. The insurer faced losses of $145 million in July due to catastrophic events of various forms. The losses faced by Allstate Corporation were more than offset to the PG&E subrogation recoveries income generation that occurred during that same month. In July, the catastrophic event losses were quite…

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