The Insurance Journal has identified the top ten insurance stories of 2007. We addressed some of the topics in this Blog, including climate change, hurricane coverage, and the recent passage of Terrorist Risk Insurance Program Reauthorization Act of 2007.
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Big Island Hotel Sues Excess Carrier for Failure to Cover Earthquake Damage
By Tred R. Eyerly on
Today’s Honolulu Advertiser reports that Mauna Kea Beach Hotel on the Big Island has sued one of its excess carriers for failure to provide coverage for earthquake damage suffered in October 2006. The story reports that three of the Hotel’s carriers have paid policy limits amounting to $30 million. Affiliated FM Insurance Co., …
Terrorism Risk Insurance Act Extended
By Tred R. Eyerly on
President Bush signed today H.R. 2761, the Terrorism Risk Insurance Program Reauthorization Act of 2007, preventing the expiration of the Act on December 31, 2007, and extending the federal insurance program for seven years. The Act extends coverage to catastrophic acts of not only foreign terrorism but also domestic terrorism.
White House Mulls Over Extension of Terrorist Risk Insurance Act
By Tred R. Eyerly on
In our continuing coverage of Congress’ rush to beat the December 31, 2007 expiration date of the 2002 Terrorist Risk Insurance Act, we note the House on Tuesday bowed to pressure from the Senate and the White House to pass a less ambitious extension of the Act than it had previously passed. Earlier
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House Passes Bill Extending Terrorism Risk Insurance Act
By Tred R. Eyerly on
Last week, we reported Congress was considering extending the Terrorism Risk Insurance Act of 2002, set to expire on December 31, 2007. Today, the House approved a bill 303-116 to extend the Act and expand coverage despite the threat of a presidential veto. While the Senate bill merely extends the existing program for …
Climate Change Study Recommends That Insurers Take Active Role
By Tred R. Eyerly on
Given the heavy rain and 60-mile an hour winds that descended on Hawaii this past week, a recently issued report on climate change by the Organization for Economic Co-operation and Development seems particularly timely.
The study seeks to help policy makers determine where to focus adaptation strategies to climate extremes and
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