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Disaster Insurance

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.
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CALIFORNIA | LOCAL
January 22, 1994
The time has come for Congress to take a hard look at making earthquake insurance mandatory for all homes, apartment houses and commercial buildings in California. The goal would be a minimum level of coverage, with a reasonable deductible, for all property owners exposed to such destructive events as last Monday's Northridge earthquake. The full scope of the damage produced by that magnitude 6.6 shaker and its aftershocks can't yet be calculated.
CALIFORNIA | LOCAL
May 26, 1993 | JAMES MAIELLA JR.
Simi Valley officials say the Federal Emergency Management Agency has reversed itself and removed from the city's designated flood plain 800 homes that it originally considered to be at risk of flooding. Mayor Greg Stratton announced the decision at the City Council's regular meeting Monday, saying the new designation means that owners of those homes will not have to spend an estimated $300 to $500 a year to buy flood insurance.
CALIFORNIA | LOCAL
February 21, 1993 | CAROL CHASTANG, TIMES STAFF WRITER
Agoura Hills residents whose homes were damaged by last week's fierce storms accused the city Saturday of lack of support during the crisis. They also said they are frustrated by statements from city officials that the property owners are probably responsible for the damage. At a news conference, the homeowners said they have spoken with attorneys to try to determine whether anyone else can be held liable. One of the lawyers the homeowners consulted was Richard D.
BUSINESS
December 23, 1992 | MARTHA GROVES, TIMES STAFF WRITER
Allstate Insurance Co. has agreed to pay an unprecedented $1-million fine to settle charges brought by the state Department of Insurance that it mishandled claims from the devastating 1991 fire in the Oakland and Berkeley hills, the agency said Tuesday. The department had charged in September that Allstate delayed coming to terms on replacement costs with some customers and put them through an arduous process of getting estimates.
CALIFORNIA | LOCAL
August 25, 1992 | RICK HOLGUIN, TIMES STAFF WRITER
An insurance consultant Monday concurred with an earlier opinion that the Queen Mary needs millions of dollars in immediate repairs and improvements to make it safe for tourists and employees. The risk management division of consultant Towers Perrin also recommended that the city of Long Beach or the vessel's operator carry at least $20 million of coverage to protect against huge losses should there be a disaster on the ocean liner.
BUSINESS
May 5, 1992 | PATRICE APODACA, TIMES STAFF WRITER
Many San Fernando Valley-area businesses affected by the rioting of the past several days tried to assess the financial impact Monday and organize efforts for a smooth transition back to normal operations. Local banks began contacting business customers in affected areas to offer assistance in seeking financial aid to recover from the damage caused by fires, looting and vandalism. Insurance companies started processing claims and sending adjusters to inspect damage.
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