Tag: California Earthquake Authority

Earthquake insurance authority in California receives international applause

H. Cutner
Insurance News

CEA’s innovative financial transactions earn honors for excellence. The approach used for financing earthquake insurance in the state has drawn international attention and an industry panel of experts have now given important recognition. The California Earthquake Authority has received the Sponsor of the Year award. This award is given to ongoing coverage linked securities issuance and the integration of new technology for risks in trading, or to a new entrant to the marketplace that has managed to effectively research its sector and sponsor a deal that is considered to be…

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California earthquake insurance could be shaky if Seismic Safety Commission loses its funding

Julie Campbell

California insurance market getting a shake down A 2010 ballot initiative could cause the Seismic Safety Commission in California to lose its funding before the end of 2012. The ballot initiative was designed to help to make it more difficult for government fees to be imposed on individuals and businesses. It also caused the California Legislative Analyst’s Office to decide that the proposed funding method by the governor to the Safety Commission is now unconstitutional. The analyst made the recommendation that there be a rejection by the Legislature of the…

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What consumers should know about buying earthquake insurance

Marc

The number of earthquakes in states that are not known for tremors – such as the recent 5.6 point quake in Oklahoma and the earthquakes in Colorado and Virginia this summer – have underlined the fact that flooding, severe weather, and fires are not the only types of natural disaster that can cause damage to a home, no matter where you live. Though California is the state that is at the highest risk of earthquakes, and it is also long overdue for another major tremor, states that consider quakes to…

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Most California homeowners lack earthquake coverage

Data from the Insurance Information Network of California has shown that less than 12 percent of homeowners within the state were protected by earthquake insurance in 2010, and that less than 10 percent of businesses had this protection. According to the California Earthquake Authority’s CEO, Glenn Pomeroy, the standard insurance coverage for homes and businesses will not provide protection against the damage resulting from a tremor. This organization is nonprofit and works to offer homeowners in California affordable earthquake insurance products. Pomeroy also stated that among homeowners without any form…

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Disaster recovery cost reduction efforts receive applause from California Earthquake Authority

U.S. Rep. John Campbell (R-48), from California, has received praise from the California Earthquake Authority, for his introduction of H.R. 3125, which was legislation to pair with S. 637, that was introduced by U.S. Sen. Dianne Feinstein, earlier in 2011.  Together, the two bills will work to bolster the system for natural disaster recovery in the United States, by setting the Earthquake Insurance Affordability Act (EIAA) into effect.  CEO Glen Pomeroy from the California Earthquake Authority, has announced his gratitude to Sen. Feinstein and Rep. Campbell for the bipartisan efforts…

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