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California Residential Earthquake Recovery Fund

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NEWS
February 17, 1992 | DANIEL M. WEINTRAUB
California's earthquake recovery program, hailed as a major achievement less than two years ago, now may be put on the shelf before it gets under way. Insurance Commissioner John Garamendi, who voted for the program when he was a state senator, now says it will not work and should be repealed.
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NEWS
February 17, 1992 | DANIEL M. WEINTRAUB
California's earthquake recovery program, hailed as a major achievement less than two years ago, now may be put on the shelf before it gets under way. Insurance Commissioner John Garamendi, who voted for the program when he was a state senator, now says it will not work and should be repealed.
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CALIFORNIA | LOCAL
February 27, 1992
The logic of The Times' recent analysis (Feb. 17) of the effort to repeal the California Residential Earthquake Recovery Fund was as shaky as an unreinforced brick home on the San Andreas fault. The repeal effort is bipartisan and is based on the simple facts: The program will never be financially sound; it promises benefits that cannot be delivered; it exposes taxpayers to millions of dollars in unbudgeted liabilities; and it requires the creation of a costly and unnecessary new state bureaucracy.
CALIFORNIA | LOCAL
February 1, 1994
A number of legislators are eager to revive the short-lived California Residential Earthquake Recovery Fund, an insurance pool that was supposed to provide up to $15,000 in quake loss coverage to every homeowner, but which had to be liquidated as it teetered toward insolvency. The impulse to again offer some form of protection against major loss is understandable. But a limited, localized response falls well short of what's needed.
BUSINESS
February 7, 1991 | KATHY M. KRISTOF, TIMES STAFF WRITER
Insurance Commissioner John Garamendi asked state legislators Wednesday to stall implementation of California's low-cost earthquake insurance program--designed to provide minimum earthquake coverage to all homeowners--until next year. The insurance plan, which was to go into effect July 1, is so flawed that it could fall apart in the face of a large quake, Garamendi told the Senate subcommittee on earthquake insurance.
NEWS
January 30, 1994 | DAN MORAIN, TIMES STAFF WRITER
In the wake of the Northridge earthquake, several legislators hope to revive a short-lived state insurance fund to help homeowners repair earthquake-damaged homes in the future--even as opponents insist that the state cannot afford such a program. The effort to re-create the fund comes a year after legislators urged by Insurance Commissioner John Garamendi concluded that the California Residential Earthquake Recovery Fund was bordering on insolvency and had to be dismantled. Critics say the only way such a program can work is to spread the costs nationwide by creating a federal coffer for all types of calamities, including hurricanes and tornadoes in the South, East and Midwest, and volcanoes and earthquakes in the West.
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