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…
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Home insurance premiums can rise due to nearby fracking
Thousands of homeowners across Yorkshire are concerned as the operations prepare to begin. Many residents in areas surrounding upcoming fracking sites are concerned about rising homeowners insurance premiums. This is the case in a number of regions around Yorkshire where the operations may soon begin. Industry experts have cautioned homeowners in those areas that they should expect to pay more. The Yorkshire Post reported that experts in home insurance premiums believe fracking may affect the amount people pay. That said, precisely how the insurance rates will be affected has yet…
Read MoreIs homeowners insurance enough to protect residents against fracking
Property owners in areas where hydrofracking are discovering that they may not be as safe as they thought. Hydraulic fracturing, also known as fracking, is spreading to a growing number of regions across the United States, and while the method of extracting natural gas from the Earth is a controversial one, homeowners insurance policyholders are starting to wonder how much protection they truly have against some of the potential damaging events that could occur as a result of the technique. In a number of parts of the U.S., many are…
Read MoreEarthquake insurance sales continue their growth in Oklahoma
As the state continues to experience one quake after the next, experts are cautioning residents to be ready for more. May was a month that brought a rash of quakes to Oklahoma (which many are blaming on the hydraulic fracturing, “fracking” being conducted in the state), and this has caused homeowners to purchase earthquake insurance, as experts warn that more tremors are likely on their way. This recent trend has been causing this sector of this insurance industry to experience rapid growth. As a person’s home is likely the largest…
Read MoreTexas insurance companies facing claims from “frack quakes”
Homeowners policy customers are discovering that their coverage may not offer protection. Customers of Texas insurance companies have been experiencing a rise in the frequency of earthquakes in their state, but are also discovering that if they result from hydraulic fracturing – otherwise known as “fracking” – coverage may not automatically be provided by their insurers. Rare cases have caused exterior propane tanks to explode but homeowners insurance didn’t provide coverage. One couple named David and Meredith Hull, have experienced an earthquake – and then thirty more – all since…
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