Former California Insurance Commissioner and current Lt. Gov. John Garamendi announced Thursday morning that he will run for the state's governor post in 2010. Gov. Arnold Schwarzenegger is in the second of his two terms.
North Carolina Insurance Commissioner Jim Long has reached an agreement with insurance companies that want to charge more for mobile homeowner's insurance.
ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, has launched a new audio podcast (or Internet-distributed program), discussing the broader issues connected with securities, derivative and regulatory litigation against today’s executives.Zacharias commented further on her findings, “There are some common characteristics and elements in these cases, but certainly the most important driver is increasing investor losses, and a significant driver of those losses today are the credit and subprime problems.” She explained that median investor losses for cases settled in 2007 were $310 million, whereas median investor losses for cases filed in 2007 were $355 million, a 15 percent increase and the highest in the past three years. “It appears that recently filed cases seek greater damages than those filed in prior years, which may translate into even more expensive settlements and judgments in the future.”
Zacharias commented on the typical plaintiff in a securities case, noting, “Years ago, the shareholder was the typical plaintiff in a securities case. Today, the adversaries are much more varied and resourceful, making the cases more complex to litigate and settle.”
To access the ACE Professional Risk audio podcast program (approximately 26 minutes in length), visit www.aceusa.com/News/Pages/Podcasts.aspx. To access the white paper, visit www.aceusa.com/News/Pages/ArticlesSpeeches.aspx.
New York Gov. David Paterson has signed into law a bill which establishes clear rules to determine when livery cab drivers in New York City, Westchester, and Nassau County are considered employees or independent contractors of livery bases--cab companies that dispatch livery drivers across the City.
A Whitley City, Kentucky woman will be in McCreary District Court on Aug. 7 for a preliminary hearing on charges that she falsified a workers’ compensation claim by exaggerating the extent of her injuries.
The Board of Directors for the Independent Insurance Agents & Brokers of New York Inc. has called on insurance companies to stop giving customer data to insurance agents when a competing agent originally submitted the information.
How many Twin Cities drivers are driving with one hand on the wheel and the other preoccupied with a cell phone, iPod, BlackBerry or hamburger?AAA Minneapolis' "Twin Cities Driving Behavior" Survey results echo national driving trends.
In 2007, more than 1 million drivers at any given daylight moment across the nation were using hand-held phones, according to the National Center for Statistics and Analysis of the National Highway Traffic Safety Administration. A recent insurance survey found that nationally 80 percent of drivers drank non-alcoholic beverages, 73 percent talked on cell phones, 68 percent ate snacks, 41 percent ate meals, 19 percent fixed their hair, 12 percent put on or adjusted their make-up, 5 percent read a magazine or newspaper, and 31 percent admitted to daydreaming while driving.
The AAA Minneapolis' study also found that more (10 percentage points) Twin Cities men than women admit to text message while driving.One piece of good news revealed from the AAA Minneapolis survey is that an encouraging 91 percent of Twin Cities drivers claim they "always" wear their seat belts when driving or riding in a vehicle. This figure is 10 percentage points higher than the 2007 national seat belt use average of 81 percent cited by the National Center for Statistics and Analysis of the National Highway Traffic Safety Administration (NHTSA).
Three Syracuse residents are accused of staging a two-car accident in an unsuccessful attempt to obtain a $4,632 insurance payment, the New York State Insurance Department reported. Eric Odom, 41, Katrina Norvell, 30, and Carmen Bryant-Cunningham, 24, were arrested by Thomas Hurley of the Department’s Frauds Bureau, assisted by Syracuse police.
According to Hurley, Odom and Bryant-Cunningham purposefully caused a two-car accident with cars they were driving on Dec. 26, 2006, so that Odom could file a claim with Esurance Insurance Company. It is alleged that Odom, Bryant-Cunningham and Norvell planned to share the insurance payment for damages to Odom’s car.
The three were released pending future appearances in Syracuse City Court.
If convicted, Bryant-Cunningham could be sentenced to up to four years in prison for insurance fraud, while Norvell and Odom face up to one year in prison for conspiracy.
A New Jersey man has sunk quite a prize.Defendants in the lawsuit offered no admission of liability as it relates to terms of the settlement.
California Insurance Commissioner Steve Poizner Tuesday visited a Malibu residence to encourage Southern California homeowners to protect their assets in the event of a disaster.Out of control wildfires swept through Southern California last October, ravaging nearly 2,000 homes and causing $2 billion in damages, including $130 million in damages and nearly 100 destroyed homes in Los Angeles alone.
This year's wildfire season is already under way, months ahead of schedule. Wildfires have charred nearly one million acres and destroyed 158 homes throughout the state this year, and the worst may still be ahead. Poizner urges all homeowners to prepare themselves, and conduct a home inventory to maintain detailed records of their belongings.
Poizner also announced today that the Department of Insurance has recovered more than $9 million for 2007 wildfire survivors who notified CDI of a problem obtaining claims payments from their insurance companies. The Department of Insurance has received 359 complaints from consumers relating to the 2007 wildfires. Of those complaints, 83 involved underinsurance. The Department of Insurance has recovered $3.4 million for underinsurance complaints. Insurers have paid out $1.8 billion in claims for the 2007 wildfires, which caused more than $2 billion in damages.
"Insurance companies have done a great job overall in paying claims to wildfire survivors on time, and in full," said Poizner. "And when a small portion of claims were not paid out fully or on time, the Department of Insurance continues to make sure that homeowners receive every penny they deserve. If any fire survivors have questions or would like to file a complaint, I urge them to contact the Department of Insurance."
Philadelphia Insurance Companies has introduced its new Performing Arts product.To locate your nearest office or for more information, visit www.phly.com or contact Paula Negro at 800-873-4552 ext. 3227.
A San Diego area restaurant suffered more than $1 million in damage Tuesday morning as the result of a fire.
Prosecutors in Winslow, New Jersey have charged a 34-year-old woman with leaving the scene of a fatal accident. The person involved in the fatal accident? The woman's husband.
Only 12 percent of California homeowners currently own earthquake insurance policies, potentially leaving millions of Californians financially unprotected in the event of a catastrophic quake.Though Tuesday’s Chino Hills temblor caused only minor damage, it was the first sizable quake to strike a Southern California metropolitan area since the 1994 Northridge earthquake. At the time of the Northridge quake, nearly 30 percent of California homeowners purchased earthquake coverage.
IINC research has indicated that Californians may errantly believe that their homeowner and renters’ insurance cover earthquake damage. Past surveys by IINC revealed that far more Californians believed they had insurance for earthquake and flood damages than actually purchased the policies. Like flood insurance, however, earthquake coverage is purchased separately from standard homeowner and renters’ policies.
In 2006, an IINC poll found that 31 percent of Californians believed they had earthquake insurance, when sales trends indicated that fewer than 13 percent of California homeowners had earthquake coverage. Today, roughly 88 percent of California homeowners reject earthquake coverage.
The 2006 IINC poll also found that less than half of Californians considered themselves prepared for an earthquake.
“Financial preparedness is a key and often overlooked part of disaster readiness,” Miller said. “It may sound like a chore, but understanding your insurance coverage is a critical step in protecting your home and assets.”
IINC offers a number of free Web-based tools to help consumers track and evaluate their insurance and finances, including software to create a home inventory, track financial goals and create a wallet-sized insurance information card.
BB&T Insurance Services, the nation's sixth largest insurance broker, said it plans to expand its coastal South Carolina operation with the acquisition of the Grand Strand's largest insurance agency.The merger would give BB&T the largest insurance market share in greater Myrtle Beach, a little more than a year after gaining the No. 1 banking market share in the same area.
The transaction is expected to be completed in early August.
Puckett, Scheetz & Hogan President Mike Hogan founded the agency in 1989. It began as a coastal branch of the former Puckett, Scheetz & Hagler agency based in Greenville, S.C.
Puckett, Scheetz & Hogan now has 50 employees, all of whom will remain with "BB&T-Puckett, Scheetz & Hogan" following the acquisition.
Hogan and his management team will remain as managers with BB&T-Puckett, Scheetz & Hogan.
Catastrophe risk modeling firm AIR Worldwide estimates insured losses in Taiwan from Typhoon Fung-Wong are unlikely to exceed USD100 Million.
Florida Attorney General Bill McCollum announced that a Lee County man has been sentenced to five years in prison for his role in a motorcycle theft ring operating in Southwest Florida. Andres Lopez pleaded guilty to 12 counts of grand theft auto and was prosecuted by the Attorney General’s Office of Statewide Prosecution.
Information sharing among Internet users via web-based communities such as social-networking sites has today become a real liability threat for many organizations, businesses and universities around the country.To address the growing concern around threats now associated with the functionalities of Web 2.0, Hartford Financial Products, an underwriting unit of The Hartford Financial Services Group Inc. has developed a new liability product, CyberChoice 2.0 that provides businesses with a robust, technology-related insurance policy that goes beyond traditional business insurance.
CyberChoice 2.0 includes both errors and omissions and first-party coverage designed to help meet the needs of today’s traditional companies that recognize their technology exposure and information risks. Companies and/or organizations with personally identifiable information (PII) include:
Key features of The Hartford’s new CyberChoice 2.0 product include:
CyberChoice 2.0 is available via The Hartford Financial Products unit. To learn more about CyberChoice 2.0 visit www.hfpinsurance.com or contact Patricia Fitzgerald at (212) 277-0457.
The CEA’s emergency response plan for policyholders has been implemented and staff members mobilized immediately upon notification of today’s 5.4 earthquake. Damages were minor, according to reports available within two hours of the event. The quake struck some 29 miles east-southeast of downtown Los AngelesCEA policyholders who experienced or suspect damage should contact their residential or renters insurance agents or companies to file claims. A list of toll-free telephone numbers for insurance companies that sell and service CEA insurance is available at www.EarthquakeAuthority.com.
Of the approximately 12 percent of households statewide that have earthquake insurance, CEA provides about 70 percent of those policies. About 250,000 CEA policyholders – nearly one-third of CEA’s total 770,000 policyholders – live in the greater Los Angeles area and may have been affected by today’s earthquake.
An earthquake recorded at 5.4 magnitude shook Southern California this morning, startling residents from Los Angeles to San Diego.
Warren Heck, chairman and CEO of GNY Insurance Companies, a group comprised of Greater New York Mutual Insurance Company, Insurance Company of Greater New York, Strathmore Insurance, and GNY Custom Insurance Company, a surplus-lines company, announced that the companies have expanded their business operations into the state of Michigan. Heck notes that GNY “looks forward to forming deep partnerships with commercial lines producers, particularly those with habitational business in Michigan similar to the way it has in the state of Illinois, adding that no matter how large we get, GNY remains a hands-on company, dedicated to offering our brokers and insured’s the highest level of service and integrity, as well as growing our market in this area.”
Authorities in Maine continue to investigate a major fire in Northeast Harbor, on Mount Desert Island.
Under the National Flood Insurance Program (NFIP), Nebraskans who bought flood insurance that was in effect at least 30 days before the May 22-June 24 period of storms and flooding, may qualify for funds to help repair and flood proof damaged buildings. An Increased Cost of Compliance (ICC) provision is written into all NFIP policies purchased or renewed since June 1, 1997. The program allows up to $30,000 to offset the costs of mitigation or of relocating a home or business. The damaged structure must be in a High Risk Flood Zone "A" and the total claim, including the ICC funds, cannot exceed the policy maximum.
"The ICC provision will make it more likely policy holders are financially able to take steps to reduce flood losses in the future," said Federal Coordinating Officer Willie Nunn of the Federal Emergency Management Agency (FEMA)-the agency that manages NFIP. "The funds may not cover all the costs of repairing or moving a structure but the person who takes advantage of the provision, insures their home or business and its surroundings are more secure."
ICC claims are adjusted separately from flood damage claims. Homeowners and businesses can file an ICC claim if there is "substantial flood damage" or "repetitive damage" as determined by the appropriate local government agency. This assessment is made when the owner applies for a permit to make repairs. Once the local government has confirmed damage is substantial or repetitive, the policyholder should call his or her insurance agent to file an ICC claim.
Substantial damage is defined as a structure so destroyed by flooding, repairs will cost 50 percent or more of the building's pre-flood market value. Repetitive damage means the property had flood damage at least twice in the past 10 years and repair costs were 25 percent or more of its market value at the time of flooding.
ICC funds can be used to elevate a building to, or above the flood level adopted by the community, to relocate a building out of the floodplain, to flood proof non-residential buildings, or to demolish a damaged building. Repairs and mitigation done under this program must be in accordance with local building codes and comply with local floodplain ordinances.
Injury Management Partners LLC, www.injurymanagementpartners.com, a firm dedicated to creating products and services that reduce the number, cost and duration of employee injuries, is rolling out a Certified Partner Program to market and implement its Employer STEP AdvantageSM.“This suggests that safety programs are helping to prevent injuries, but when injuries do occur, they are not being managed as well as they could be,” Toussaint said. “Employers need comprehensive programs to ensure that patients receive the right care at the right time and can remain on the job or return to work as soon as possible.”
By consolidating her 20 years of experience in sales, health care and injury management, Toussaint has developed turnkey consulting programs to be marketed and managed by Certified Partners. Partners include occupational medical centers, workers’ comp insurance agents, and safety and risk-management consultants.
The Employer STEP Advantage enables partners to work with employers to reduce the number of employee injuries and cost of workers’ comp claims. The proprietary system equips partners with training, marketing plans and tools, a fine-tuned assessment methodology, and step-by-step plan to implement the system in the workplace.
Innovation Group, a provider in accident management services for the property and casualty industry, announced the next event in a series of Auto Physical Damage Claims Forums.At the Dublin forum, auto physical damage experts will discuss the issues facing industry executives as they determine how to best address their respective Direct Repair Program needs. Planned topics include:
Scheduled speakers include:
For additional information on the forum, visit http://www.us.innovation-group.com/news_forum.aspx, and to register, visit www.us.innovation-group.com/columbus.aspx.
Gov. Marc Racicot, president of the American Insurance Association (AIA), today commended the U.S. Senate Banking Committee for holding a hearing to focus on the state of the insurance industry and examine its current regulatory and oversight structure.“AIA is a long-time advocate of an optional federal charter in order to create a stronger and more resilient insurance system," Racicot said. "We live in a new world of integrated and interconnected financial markets. Our current, disjointed state-based regulatory structure cannot keep pace with rapidly changing needs for risk protection, and the inefficiencies of the current system undermine competition and distort the market, to the detriment of all U.S. consumers, including drivers, homeowners, and businesses.
“As the rest of the world moves forward with regulatory standards suited for the 21st century, U.S. insurers and consumers are captive to an increasingly outmoded state-based regulatory system, as U.S. insurers are handicapped in their efforts to meet the needs of clients both nationally and internationally.
“Even if state insurance regulators agree with standards set by their international counterparts, they cannot bind the states to these standards. As the European Union, for example, moves to a regulatory initiative (Solvency II) that is intended to increase solvency protection, U.S. insurers may find themselves operating at a competitive disadvantage when doing business in the EU.
“We applaud the Senate Banking Committee for this needed look at insurance regulation, and trust that as the best course of action is deliberated, an optional federal charter will be at the heart of the debate.”
George (Shad) Steadman, chairman of The Council of Insurance Agents & Brokers, urged Congress today to take a major step toward modernizing the insurance regulatory system by adopting legislation to provide a uniform approach to regulating the commercial surplus lines market.In testimony before the Senate Banking Committee during a broad hearing on insurance regulatory reform, Steadman told lawmakers that adopting surplus lines reform legislation would be a “practical solution to real marketplace problems” that could cure a fundamental flaw in state insurance regulation while Congress considers other regulatory changes.
Steadman, who is president and COO of Rutherfoord Inc., of Roanoke, Va., noted that there is rare consensus on the need to have a less complicated and conflicting regulatory approach to surplus lines reform. Presently, more than 25 percent of commercial insurance in the United States is placed in surplus lines market, which is also known as the non-admitted insurance marketplace.
“All of the major stakeholders are supportive of this legislation – large and small insurers and reinsurers, large and small intermediary firms, and the only organization whose explicit purpose is to represent commercial insurance consumers – the Risk Insurance Management Society,” Steadman said. “I should also note that despite our disagreements on broader federal reforms, the National Association of Insurance Commissioners has taken a progressive stance on the surplus lines title of this legislation.”
The Council is a strong supporter of an optional federal charter for the insurance industry as well as a federal Office of Insurance Information that has been proposed by the Bush administration’s Treasury Department and is currently gaining some traction in the House. However, Steadman said nothing in the surplus lines reform legislation should be seen as either advancing the optional federal charter movement or threatening it.
The OFC debate is likely to be long and complicated and most certainly will not be resolved in the near future, Steadman said. However, surplus lines reform has already passed the House by unanimous vote during this Congress as well as the previous Congress and could easily receive final legislative approval in the Senate before lawmakers adjourn for the year and end the 110th
“Surplus lines regulatory reform will not detract at all from the debate over the OFC, nor is it a substitute for that legislation,” he said. “But in the meantime, it is an achievable reform of the state-based regulatory system; it is a somewhat uncontroversial reform that even the state insurance regulators support; and its resolution will save millions of dollars for brokers and consumers and, we believe, ultimately increase compliance with state premium tax requirements by resolving the conflicts that make compliance difficult, if not impossible, today.”
The Senate surplus lines legislation is sponsored by Florida Sens. Bill Nelson, a Democrat, and Mel Martinez, a Republican. It proposes to replace the current crazy quilt of state regulations with a uniform approach that makes the rules of the insureds’ home state apply in the case of multistate placements.
The current system works if there is only one state involved, since regulatory compliance involves only a single set of rules. However, if multiple states are involved, which is the norm in the surplus lines market, “full regulatory compliance is difficult if not impossible because the laws of every state in which an exposure being insured is located may technically apply to the transaction,” Steadman said. “Simply keeping track of all the requirements can be a Herculean task.”
For example, he said, it is nearly impossible to determine the correct allocation for surplus lines premium taxes because of the differences among the states with respect to tax rates, the tax exemptions, taxing authorities and timing of tax payments. In one state, surplus lines taxes are levied not by the state at all but by municipalities. He said to comply in that jurisdiction, one Council member firm actually uses electronic maps to determine the city and county in which a risk is located.
The rules are equally divergent when it comes to other issues such as declinations, insurer eligibility, regulatory filings and producer licensing.
“We believe this bill offers the committee a political and substantive trifecta – lowering costs to insurance consumers, providing greater access to affordable products and doing so with little to none of the political controversy that surrounds other federally preemptive insurance legislation,” Steadman told members of the banking panel. “We hope that you will seize this opportunity this year.”
Pennsylvania Gov. Ed Rendell and an assembly of transportation and political leaders gathered beneath the I- 95 viaduct in North Philadelphia today to address the need for greater investment in the nation's bridges. As the Aug. 1 anniversary of the Minneapolis I-35W Bridge tragedy approaches, Pennsylvania Transportation Department Secretary Allen Biehler announced the release of Bridging the Gap: Restoring and Rebuilding the Nation's Bridges, a new report by the American Association of State Highway and Transportation Officials (AASHTO) that outlines the critical challenges ahead.
Among the report's key findings:
"Our point today is about putting the country on a solid foundation and not about gaining political advantage or using statistics as scare tactics," Gov. Rendell said. "The release of this report and our ongoing campaign on behalf of realistic transportation investment is all about ensuring public safety and rebuilding our economy. We simply can't wait. We need solutions, not rhetoric."
Biehler reminded reporters of the March 17, 2008 discovery of a widening crack in the pier support of a bridge carrying Interstate 95 through Philadelphia, a short distance from today's press conference. Biehler said "During the two day closure, 368,000 vehicles were forced to detour around this section of the interstate. This was just a small example of how vital the nation's transportation infrastructure is to our economy and quality of life," Biehler said.
The AASHTO report also points to several solutions. Among them:
AASHTO president and director of the Missouri Department of Transportation Pete Rahn said, "The current generation of baby boomer bridges are showing their age and they're going to require significant investment. We must act now."
For a full copy of the report visit www.transportation.org. To see an exclusive AASHTO video about the report visit www.youtube.com/aashtovideo.
Officials in New Mexico report that hundreds of people have been forced from homes and campgrounds as a result of flooding caused by the remnants of Hurricane Dolly. One person, a man believed to be in his 20s, was killed.
HM Risk Group LLC, a women-owned global, independent insurance brokerage, risk management and consulting firm specializing in aviation, real estate development, energy, fine arts, and musical instruments domestically and in the Middle East, has opened for business. HM Risk Group is led by Ashley Hunter, president.
The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors has received an update on the status of the BWC Coin Fund. Administrator Marsha Ryan informed the board that the process of liquidating assets related to the Coin Fund scandal is nearly complete. BWC has successfully recouped slightly more than the $50 million in original principal investments. Funds were recovered through collections from asset sales, including the sale of rare coins and collectibles purchased with BWC funds. The agency recovered other funds through negotiated settlements. The final large-scale transaction occurred recently with the recovery of $7.6 million from the liquidation of stocks by Numismatic Guaranty Corporation of America (NGC), a coin company in which Thomas W. Noe has an ownership interest.
“The efforts to recover these assets on behalf of Ohio’s employers and injured workers should be recognized as an important accomplishment on the road to recovery for BWC,” said Ryan. “BWC’s investment team, the investigators, lawyers, and liquidators deserve recognition for their diligence and hard work in recouping these funds. Today, we are building upon these recovery efforts and moving forward in our comprehensive, customer-focused reform to fundamentally improve Ohio’s workers’ compensation system.”
BWC expects to reinvest the NGC proceeds in its S&P 500 equity index fund. An additional $2 - $3 million in future settlements is still pending. The estimated cost involved in recovering BWC assets is more than $6 million.
The Occupational Safety and Health Administration (OSHA) has issued citations proposing penalties totaling $8,777,500 against the Imperial Sugar Co. and its two affiliates alleging violations at their plants in Port Wentworth, Ga., and Gramercy, La.
Audio and edited interviews with six leading captive insurance domiciles and service providers are now available online in a newly published digital edition from Best’s Review magazine. Issues & Answers: Captive Domiciles and Services covers topics such as reinsurance, captive insurance regulation, legal and more. A captive insurance organization insures some or all of the risks of its parent organization. Captives are a significant part of the growing Alternative Risk Transfer (ART) insurance sector in many nations and in the United States.
The edition can be read and listened to at no charge at http://www.bestreview.com/captives08.html.
Articles and interviews in the special section include:
The next edition of Issues & Answers: Insurance Technology will appear in the October 2008 edition of Best’s Review. Those interested in being included should contact Best’s Review’s advertising sales department at (908) 439-2200, ext. 5399. For a video explaining this section, visit http://publishing.yudu.com/Ab308/IA-Tech-Oct-2007/resources/30.htm.
Officials in Altamonte Springs, Florida report that no criminal charges will be filed against a work crew that fled the scene of a crane collapse on top of a house.
Progressive is introducing an optional car insurance program that offers lower rates on vehicles that are driven in less risky ways.Drivers who choose to sign up for MyRate receive a small wireless device that plugs into a port in their car. The MyRate device allows Progressive to see how, how much, and when the car is being driven. Cars driven less often, in less risky ways and at less risky times of day can receive a lower premium.
Drivers with more than one car can select which, if any, of their vehicles to enroll in MyRate. For example, a person with a second car that isn’t driven that often may enroll that car in MyRate but may decline to enroll their other vehicle if it is driven much more frequently or during higher risk times of day.
New Garden State customers can earn a first-term discount of up to 10 percent just for signing up. Then, when they renew their policy, their rate could decrease by up to 60 percent or increase by up to 9 percent based on their driving habits.
Progressive's initial foray into usage-based insurance started in 1999 with a program in Texas called Autograph. Its next generation of usage-based insurance, TripSense®, became available in Minnesota, Michigan and Oregon beginning in 2004. MyRate is now being rolled out countrywide, pending state regulatory approval.
Progressive has received patents on its methods and systems of implementing usage-based insurance and has licensed these methods and systems to other companies. Progressive has service marks pending on the terms Pay As You DriveSM and Pay How You DriveSM.
California Insurance Commissioner Steve Poizner on Friday joined Fireman's Fund Insurance Company and the U.S. Green Building Council to announce his approval of the first green homeowners insurance policy in California.This landmark coverage approved by Poizner will be available Aug. 1, and will enable California homeowners with conventional homes to rebuild to the latest environmental standards after a loss. The newly-approved policy will provide coverage for costs typically not covered in traditional homeowners policies, like green recertification fees and other additional expenses environmentally-conscious homeowners may incur when rebuilding.
Under the type of coverage approved by Poizner, California homeowners can for the first time rebuild covered homes, under Leadership in Environmental and Energy Design (LEED) standards set by the U.S. Green Building Council. The first-of-its-kind policy provides up to $25,000 for a LEED-certified architect to oversee the rebuilding of the home, and the LEED application process.
This newly-approved policy will allow a policyholder whose home has been partially damaged or completely destroyed to repair it with environmentally preferable materials such as:
· Energy Star-rated appliances, lighting, electronic equipment and roofing / insulation
· An Energy Starupgrade of heating, ventilation and air-conditioning systems
· Forest Stewardship Council (www.fcsus.org) certified wood for millwork, ceilings,
siding and framing, including bamboo flooring
· Non-toxic, low odor paints and carpeting
· Water-saving plumbing fixtures
· Elimination of ozone-depleting refrigerants and fire extinguishing agents, replaced
with environmentally friendly alternatives
· Debris removed after damage to a home will be recycled and diverted from landfill
Currently, Poizner is sponsoring SB 1279 (Sen. Maldonado), which will allow insurance companies to submit paperless filings to the Department of Insurance, significantly reducing the amount of trees cut down by the numerous paper filings the Department receives annually. Poizner is also working to develop regulations that will create a green auto insurance option for California drivers. "Pay as you drive" auto insurance will be a voluntary way for consumers to pay rates that most accurately reflect their coverage, and encourage Californians to drive less, reducing the environmental strain of vehicle emissions.
The Travelers Companies Inc. is mourning the loss of Carl B. Drake, Jr., former chairman of The St. Paul Companies Inc. from 1977-1984, who passed away on July 24 in St. Paul, Minn. He was 89 years old.Drake began his career with The St. Paul by working summers while in college. In 1941, he started full time with the automobile underwriting department. After serving in World War II, Drake held various field and underwriting leadership positions with the company before being elected secretary in 1960. He became president of St. Paul Fire and Marine in 1969 and then was elected president and chief executive officer of The St. Paul Companies in 1973. Four years later, Drake was elected chairman. In 1978, he relinquished the presidency but continued as chairman and chief executive officer.
In 1984, Drake retired from the position of chairman and CEO but remained on the board of directors as vice chairman. As vice chairman, Drake was an active member on the boards of several research, educational, charitable and corporate institutions. He retired from The St. Paul’s board in 1987 but maintained a close association with the company and periodically visited our headquarters.
The St. Paul Companies Inc. merged with Travelers Property Casualty Corp. in 2004 and the combined company is now known as The Travelers Companies Inc.
New York Gov. David Paterson has signed legislation to reform the laws governing insurers’ ability to deny liability claims for late notice.
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