Business Insurance Analyse

The Deepwater Horizon Gulf disaster is reported to have cost $8 billion according to BP “including the cost of the spill response, containment, relief well drilling, static kill and cementing, aid to Gulf States and other claims.”

It is not clear how much of that cost is covered by business insurance.

An explosion in 1988 called the Piper Alpha explosion cost Lloyd’s of London an estimated $11.7 billion in claims over four years. With $8 billion being the cost to date, it is not certain that the Deepwater Horizon disaster will be the “largest” oil platform disaster in terms of dollars. But, it is already close.

So you just moved to the state of Wyoming and you want to get a car so you can cruise around your new home state. That would be great. However, you can never be too sure in terms of the unpredictability of road travel. For this reason, getting your car insured is your best possible protection against unpleasant occurrences that may happen once you are out on the road. While purchasing car insurance sounds easy enough, you need to get the right information first before you get insured. You need to know certain basic things before signing up for WY car insurance.

In WY car insurance, the policies are set to a minimum. Motorists are required to carry liability insurance and WY car insurance policies are set at 25/50/20, minimum. Liability insurance covers the insured if he or she is responsible for an accident that causes damages both medical and property.

This translates to $25, 000 as the amount coverage for the medical expenses when there is a single injured party in an accident. $50,000 is the set minimum coverage for medical costs if there is more than one person injured during a vehicular accident. This amount covers the collective medical expenses of all the injured parties. 20 thousand dollars is then the amount that covers for any repairs to any property damaged in the accident, be it to the vehicle or any other material things. Note that liability insurance will only cover for the repairs on the victim’s vehicle. T

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Jones/Feuer Effort Defeated; Schwarzenegger/Leno Bill Clears Legislature Allowing Insurers to Charge “Unreasonable” and “Unjustified” Premiums
 
Santa Monica, CA – Sacramento lawmakers, buffeted by hundreds of thousands of dollars in insurance company contributions, defeated a strong insurance rate reform bill supported by consumer and labor organization (AB 2578- Jones/Feuer) late Tuesday night. Democratic opponents of the Jones/Feuer legislation supported an alternative bill, proposed by Governor Schwarzenegger and carried by Senator Mark Leno (SB 1163), that allows insurers to charge excessive health insurance premiums under a new, industry-preferred standard that merely requires rates to be “actuarially sound.”  
 
“While Californians face ever-increasing insurance premiums and a looming requirement to buy coverage, Sacramento politicians sided with health insurance companies to defeat rate regulation and let insurers charge whatever they want,” said Consumer Watchdog’s Executive Director Doug Heller.  ”The hundreds of thousands of dollars health insurers spread around the Capitol is chump change compared to the hundreds of millions that insurers will be allowed to overcharge Californians as a result of yesterday’s votes.”
 
The defeated rate regulation bill – AB 2578 – would have prohibited insurance companies and HMOs from charging excessive rates and required approval from regulators before health insurance rate increases took effect. Joining al Read more…

Recently, President Barack Obama visited the campus of Xavier University to mark the five-year anniversary of Hurricane Katrina, one of the costliest natural disasters to ever befall the United States.

During his speech in New Orleans, one of the areas hardest hit by the hurricane, Obama noted the government has tried to make strides to help avoid the devastating effects such a storm can have on the city and the region. Although he recognized the recovery is ongoing, the president said that officials are getting ready for future threats.

“The largest civil works project in American history is underway to build a fortified levee system. And as I – just as I pledged as a candidate, we’re going to finish this system by next year so that this city is protected against a 100-year storm,” Obama said. “We should not be playing Russian roulette every hurricane season.”

Consumers being ready

While Obama’s comments may come as somewhat of a relief to residents of the Gulf States, consumers may take them as advice to guide their own plans for being ready for a natural disaster. Some people may not realize that standard home insurance policies do not generally cover against certain damages from hurricanes.

In order to make sure they are protected, consumers have been urged by organizations like the Federal Emergency Management Agency and the Insurance Information Institute to make sure they have the proper home insurance coverage. Along

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