Earthquake insurance legislation introduced in Oklahoma

Earthquake Insurance

New legislation may force insurers to honor claims associated with man-made quakes Earthquake insurance is becoming a major issue in Oklahoma. Lawmakers have introduced new legislation that would prevent insurers from denying claims for damage caused by man-made earthquakes. These disasters are becoming increasingly common due to hydraulic fracturing, also called “fracking.” This process is used to harvest natural gas from the earth and has been linked to seismic activity in the state. Lawmakers want to ensure that consumers are adequately protected from such disasters and that their insurance policies…

Read More

Oklahoma’s homeowners insurance sector becomes shrouded in controversy

Oklahoma earthquake insurance coverage

Homeowners claim that insurers are refusing to cover damage caused by earthquakes Controversy has erupted in Oklahoma’s homeowners insurance sector, and earthquakes are part of the problem. Many homeowners have begun issuing complaints that their insurance providers are refusing to cover damage caused by earthquakes. Oklahoma has been rocked by quakes in recent months, with these disasters becoming somewhat more frequent over the past year. Notably, these quakes may be being caused by injection wells, which are used to extract natural gas from the earth. Even homeowners with earthquake insurance…

Read More

Cyber insurance is becoming more important for businesses

Cyber Insurance Coverage

Fallout from major data breach at Anthem highlights the need for cyber insurance Following the major cyber attack against health insurance provider Anthem, numerous insurers are beginning to promote cyber insurance. Last week, Anthem confirmed that it was the victim of a major data breach, wherein hackers stole personal information concerning the company’s clients from its databases. Anthem noted that no financial information was compromised by the attack, but more insurers are beginning to stress the importance of adequate cyber insurance protection. Oklahoma Insurance Commissioner is promoting digital protection In…

Read More

New auto insurance law in Oklahoma may not be an effective solution

traffic car auto insurance

New law aims to encourage drivers to purchase insurance coverage, but it may not be successful A new law has been passed in Oklahoma that allows the state’s law enforcement to seize the vehicle tags of uninsured drivers. The law allows for these vehicle tags to be held for extended periods of time, forcing the vehicle’s owner to pay for insurance coverage every day that the vehicle is being held. The vehicle is released when its driver acquires private auto insurance coverage. The law may be a hit or miss…

Read More

Insurance industry feels financial impact of Oklahoma tornados

Oklahoma tornado damage - homeowners insurance industry

Insurance industry sees payments top $1 billion The Oklahoma Department of Insurance has released the financial information concerning a powerful tornado outbreak that struck the state in May of this year. The information suggests that the tornado outbreak may be one of the most costly natural disasters in the state’s history. Insurance Commissioner John Doak claims that the financial impact of these tornadoes is staggering and notes that the rebuilding effort for communities stuck by tornadoes has only just begun. The cost of these disasters could have a significant impact…

Read More