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California Earthquake Authority

CALIFORNIA | LOCAL
May 3, 1997 | KENNETH REICH, TIMES STAFF WRITER
The governing board of the California Earthquake Authority on Friday named Greg Butler its permanent chief executive officer, drawing an unusually sharp blast from state Senate Democratic leader Bill Lockyer (D-Hayward). Lockyer called Butler, who has been serving as interim head of the state insurance agency, "a young political hack with little or no expertise in insurance or earthquakes" and charged that the appointment is "a slap to California homeowners." "It is outrageous. It is corrupt.
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BUSINESS
September 29, 2001 | From Bloomberg News
The California Earthquake Authority said it's protected at least until the end of next year from any damage to the reinsurance industry after the terror attacks that toppled the World Trade Center. The earthquake authority, a privately funded, publicly managed agency that provides earthquake insurance to homeowners, had secured $1.97 billion in reinsurance contracts through December 2002 before the attacks Sept. 11.
REAL ESTATE
December 12, 2004
Regarding "Earthquake Policies Dwindle in California," [by Jeff Bertolucci, Nov. 28]: At the time of the Northridge earthquake, I had earthquake insurance. My house had about $60,000 of structural damage but little loss of personal possessions. Because my wife has asthma, we could not live in the house while repairs were underway. Our insurance not only paid for the repairs (after the deductible) but also for us to live in an apartment for seven months. After the Legislature "reformed" earthquake insurance, I allowed our policy to lapse.
OPINION
March 10, 2010
Despite the near certainty of a major temblor in the coming decades, relatively few Californians insure their homes against earthquakes. That's because the cost of the coverage is high and the value is low. Owners of modest homes in Southern California pay more than $1,000 a year for policies that won't provide a dime in benefits unless their houses have suffered more than $30,000 or $40,000 in damages. The high premiums reflect the cost of building financial reserves at the California Earthquake Authority, the agency that provides most of the state's policies.
BUSINESS
September 11, 1998 | LIZ PULLIAM, TIMES STAFF WRITER
Earthquake policies with a lower deductible and more extensive coverage may be available next year through the California Earthquake Authority, a state-run pool that provides most of California's earthquake insurance. Policyholders and consumer advocates have complained since the CEA's 1996 inception that the policies' 15% deductibles are too high and that its coverage is too skimpy.
CALIFORNIA | LOCAL
March 20, 1998
The science of earthquake prediction is imprecise at best, and that's a continuing problem when it comes to setting insurance premiums for California homeowners. The high rates charged by the California Earthquake Authority have been under challenge since the day the state agency was created in 1996; now there is new scientific information that is likely to stir up that dispute even more.
BUSINESS
March 1, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
The temblor that hit the Seattle area Wednesday may cause more Californians to think about buying earthquake insurance, but the 6.8-magnitude shaker shouldn't otherwise affect policies or rates here, insurance officials said.
NEWS
May 14, 1999 | VIRGINIA ELLIS, TIMES STAFF WRITER
Democrats took control of the multibillion-dollar California Earthquake Authority on Thursday, using their muscle on the governing board to outvote the lone Republican on everything from a management audit to the number of times they will meet. The authority, which has been the focus of a tug of war between Democratic state Treasurer Phil Angelides and Republican Insurance Commissioner Chuck Quackenbush, met for the first time since December.
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