This year was one that brought disasters to areas all around the globe, and these catastrophes came with record breaking bills that have left the figures from previous years behind. According to the data from Swiss Re AG, a reinsurance company, the quakes and tsunami in Japan, the earthquakes in New Zealand, the Thailand floods, and the large number of American tornadoes brought a global disaster loss total up to a staggering $350 billion. The tremendous amount of devastation brought production at factories to a grinding halt and cut off…
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New York farmers to get more aid from insurers after tropical storms
Farmers in New York will be getting some additional help from insurers after requests for financial aid were approved by Governor Andrew Cuomo. New York farmers have been struggling to recover from recent tropical storms that struck the East Coast. Tropical Storms Irene and Lee brought widespread flooding to the state, which caused damage to more than 320 farms. In some cases, these floods completely decimated crops, leaving farmers without a way to generate revenue. Governor Cuomo has approved a plan to distribute an additional $850,000 to more than 100…
Read MoreGrants from FEMA may help to fill insurance gaps
The Federal Emergency Management Agency (FEMA) and disaster officials are continuing to request that people who have been affected by the results of Hurricane Irene to contact FEMA and register with them, even if they are already receiving payments from their insurance companies to help cover the damages. The issue that is concerning disaster and recovery officials right now is that many people are under the impression that the money they receive from their insurance companies is all that is available to them in terms of recovery aid when this…
Read MoreLegal battles expected in the wake of Hurricane Irene
Adding to the troubled following Hurricane Irene, lawyers along the East Coast are expecting a number of legal battles to break out, all centered on insurance. The most prominent litigations are expected to form around property damage and how it was caused. While most property insurance policies account for damage from wind, flood coverage is an entirely separate issue. State Farm, Allstate and Liberty Mutual are expected to bear the brunt of the legal battles as they are the primary insurers in the states battered by Irene. The extent of…
Read MoreHurricane Irene expected to birth higher insurance premiums in the East Coast
Hurricane Irene has come and gone but the storms effects may linger for several years. To date, the storm accounts for an estimated $7 billion in damages throughout the East Coast, making it one of the most costly natural disasters to strike the nation. The costs of damage are expected to influence property insurers who have long been leery of offering coverage to homes and businesses in risk prone areas. Consumers may be seeing higher premiums this year as a result of the hurricane. Higher premiums have been the theme…
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