Steadfast Insurance files lawsuit against oil and gas companies for causing earthquakes

Steadfast Insurance - Oil and Gas Drilling Rig

The insurer is suing seven oil and gas companies in order to achieve subrogation for quake damage. Steadfast Insurance Company is suing seven oil and gas companies, seeking subrogation in an effort to recover the almost $400,000 it has paid out in policyholder claims. The lawsuit is over the wastewater injections that occurred near Pawnee. The complaint is not entirely unique, as four other pending lawsuits of a similar nature have been filed. On September 3, 2016, the Pawnee Nation’s government buildings were damaged by a magnitude 5.8 earthquake. Since…

Read More

Lloyd’s insurance claims see rapid response and payments following storms

Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

Read More

Italy earthquake insurance losses may be minor

italy earthquake insurance

Damage from the quake was extensive and the aftershocks continued over a span of several days. The total damage from the devastating Italy earthquake has yet to be tallied as it is too early to know. That said, the insurance industry has predicted that the insured losses will not be significant. The property values in the affected towns and the lack of coverage has meant limited losses for insurance companies. Despite the fact that there won’t be tremendous insurance losses, the disaster left behind for the people is horrifying. In…

Read More

Earthquake insurance is gaining more attention in Kansas

Earthquake Insurance

Recent quake leads to spike in interest for insurance coverage Demand for earthquake insurance is on the rise in Kansas. The state’s insurance agents are reporting that more people are becoming interested in coverage for natural disasters. Since a 4.8 magnitude earthquake struck the state last week, several insurance agencies have been receiving queries about the type of coverage they have to offer that can protect against such disasters. This new trend represents the most significant attention that earthquake insurance has received in the state in recent history. State is…

Read More

Earthquake insurance is too expensive to be worth the risk in California

oklahoma earthquake insurance industry

For many people in the state, the premiums are higher than the perception of the threat. Just over a week ago, the Napa Valley of California was shaken by a 6.0 magnitude tremor that led to surprising amounts of damage, particularly in terms of broken bottles of alcohol, but at the same time, on the whole, homeowners and business owners still feel that earthquake insurance is too expensive to be worthwhile. Even some of the companies most affected were not convinced that insurance coverage would be worth the price. Despite…

Read More