More than 200,000 homes in England and Wales could go uninsured once a pact between the nation’s flood insurers and government comes to an end in 2013. The Association of British Insurers (ABI) has warned that these homes would have profound difficulty in attaining new flood insurance policies once the agreement comes to a close. The ABI has been examining data provided by the UK’s Environment Agency regarding the potential for severe floods in both regions of the country. The issue has highlighted a major problem in the UK’s insurance…
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Snowmobilers are advised to brush up on their safety tips at the start of the winter season
The season for snowmobiling has already edged into starting, with a few storms having already occurred in some places across the country, making it the best time to make sure that all of the right safety precautions have been taken to ensure a fun and safe ride both on and off trails. According to the Maine Snowmobile Association’s executive director, Bob Meyers, as soon as a few storms have occurred, people already start to get their snowmobiles out to ride around in fields and other open spaces. As things truly…
Read MoreWith public entities making major cutbacks, insurers are growing weary of the increasing risks found in state prisons
The effects of 2008’s economic recession are still being felt today, even as the economy shows modest signs of recovery. The lingering impact of economic turmoil is now being felt by public entities that are making major cutbacks to personnel and services. The insurance industry is keeping a keen eye on these government-backed entities as they are becoming increasingly exposed to risk. State prisons, in particular, have insurers worried due to the rampant overcrowding seen in such facilities throughout the U.S. The Professional Liability and Underwriting Society, a risk analysis…
Read MoreFlorida catastrophe fund faces major financial deficit
Florida’s hurricane fund is facing a major financial shortfall, according to Jack Nicholson, chief operating officer of the fund. The fund, which was established in the wake of 1992’s Hurricane Andrew, provides money to insurance companies in order to help those displaced by natural disasters. Nicholson issued a warning to state legislators this week that noted that the fund faces a $3.2 billion deficit and will not be able to offer aid in the event of a major storm for the immediate future. This year, the fund has provided insurers…
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…
Read MoreHurricane Irene threatens to make landfall in the U.S. this week
The first major hurricane of the season has manifested in Irene, and it has been gaining strength as it surges toward the Bahamas. Weather trackers from the National Oceanic and Atmospheric Administration are predicting that Irene may make landfall as soon as Thursday. The hurricane has been growing in strength since its formation early Tuesday and has yet to show signs of slowing. Florida will be the first state that is hit by Irene should the hurricane reach the U.S., but both South Carolina and North Carolina will bear the…
Read MoreNew dirt bike law may decrease recreational vehicle insurance rates
President Obama has signed a law that is designed to bring some relief to Americans who are affected by a product safety law that was enacted in 2008 in order to prevent children from obtaining toys containing lead. The law went into effect in 2011 and risked prohibiting the sale of four-wheelers and dirt bikes meant for children aged 12 and younger. Businesses selling these recreational vehicles, and the families who purchase those vehicles from them, asked the federal government for assistance in overcoming this struggle. Congress passed House Resolution…
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