Over 100 insurance companies sue ERCOT and 37 Texas power generators

Insurance companies - gavel

The insurers filed their lawsuit over the winter storm losses they incurred in February 2021. Over one hundred insurance companies have filed a lawsuit against the Electric Reliability Council of Texas (ERCOT) and 37 other power generators over the property damage and other losses sustained during the February 2021 winter storm. The lawsuit was filed in Travis County District County, labeling the power entities as “at fault”. The insurance companies allege in the lawsuit that ERCOT and 37 other power generators were “at fault” for the grid failure and losses…

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Will the California Department of Insurance report recreate the industry?

California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

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Five Natural Disasters You Need to Be Insured Against

Five Natural Disasters You Need to Be Insured Against

In the past few years, natural disasters have gone from being freak occurrences to a regular part of life. One of the classic examples in recent years is the wildfires that tear through California every year now with scary regularity. As climate change worsens, it is important that your business is fully insured against natural disasters, no matter whether you live in a disaster zone or not. In order to help you get insured as best as possible, then it is necessary to read this guide about disasters to be…

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Delaware Governor Carney signs storm damage fund executive order

Storm damage fund - Damaged house and car

Gov John Carney’s signature created the Delaware Resilience Fund Program. Governor John Carney signed an executive order at the end of last week, which effectively created a storm damage fund to help residents to recover from the recent destructive weather. The new program is meat to help residents to overcome the costs associated with recovery. The governor’s storm damage fund is meant to help people in Delaware who are struggling to cover the cost of recovery after having faced damage from the severe storms that happened earlier in August. The…

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Seek wildfire insurance reimbursement, says California’s Commissioner Lara

Wildfire insurance reimbursement - fire burning

Ricardo Lara recommends homeowners and renters carefully record their expenses. California residents who have been evacuated are being encouraged to record their expenses in order to seek wildfire insurance reimbursement regardless of whether or not their properties are ultimately damaged or destroyed. The recommendation was made by Insurance Commissioner Ricardo Lara. Commissioner Lara pointed out that homeowners’ policies will often cover relocation costs, even when not seeking direct wildfire insurance reimbursement for damage or destruction of property. Earlier this month, more than 10,000 lightning strikes over a single weekend led…

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Wildfire prone property insurance bill in California due for hearing

Wildfire prone property - home on fire - firefighters

The bill is expected to be heard in upcoming weeks as opposing sites prepare for major battle. A new California bill, the outcomes of which will have a lot to say about coverage for wildfire prone property in the state, will soon be headed for hearing. The hearing is expected to be a heated one as strong opposing opinions have the opportunity to be voiced. Opponents of this bill are calling it a direct attack on consumer protections in insurance. That said, proponents of the bill claim it is the…

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Severe weather damage in the US hits the $4 billion mark

Severe Weather Damage - Flooding

Hailstorms and other disasters have caused quite a bit of destruction already in 2020, says Aon. Severe weather damage from events across the United States have led to substantial costs for insurers. A sizeable portion of the $4 billion estimated economic cost is covered by insurance policies. Much or the severe weather damage caused by storms have involved hail, according to the monthly Global Catastrophe Recap report from Aon. A substantial storm outbreak struck the Plains, Midwest and Southeast on May 4 and 5. This event primarily affected parts of…

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