August 4, 2014

Multiple System Gaps

“What this investigation uncovered were multiple gaps in multiple systems.”

—Chris Hart, acting chairman of the National Transportation Safety Board, said a report showed a distracted pilot driver and an inadequate permitting process by the state of Washington all played a part in last year’s Interstate 5 bridge collapse north of Seattle.

Homeland Security Grants

“From Sept. 11 to Superstorm Sandy, our first responders and local law enforcement agencies have been essential in protecting New Yorkers and keeping our communities safe.”

—New York Gov. Andrew Cuomo in his July 9 statement announcing homeland security grants from the state and federal governments. Cuomo said cities and towns across the state will get $185 million for anti-terrorism initiatives, bomb squads and other homeland security-related programs.

Climate Change

“We are scientists, and we would like the opportunity to explain what is at stake for our state.”

—Scientists from Florida universities who asked to meet with Gov. Rick Scott about climate change. Scott and other Republicans have been skeptical of global warming, and the governor has worked with the GOP-controlled Legislature to dismantle climate change initiatives.

Hurricane Deductibles

“To ease the potential financial burden on consumers as a result of this higher hurricane deductible, I have asked State Farm to give their policyholders statewide the option to buy back the lower 2 percent deductible.”

—Louisiana Insurance Commissioner Jim Donelon. State Farm Fire and Casualty Co. recently implemented a statewide 5 percent hurricane deductible for all new and renewal policies.

Detroit Bankruptcy

“We look forward to the confirmation hearing and demonstrating to the court that the plan cannot legally be confirmed given its unfair discrimination against financial creditors and other serious infirmities.”

—James Sprayregen, an attorney for bond insurer Syncora which, along with Financial Guaranty Insurance, insures Detroit bonds. Both stand to lose millions if the city goes ahead with its bankruptcy plan. The two insurers pledged to aggressively challenge Detroit on the plan, which they say gives retirees and city workers special treatment and is unfair to other creditors.

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Insurance Journal West August 4, 2014
August 4, 2014
Insurance Journal West Magazine

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