Category Archives: Insurance

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Colorado Flood Damage Estimated at Over $2 Billion

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Colorado River at Flood Level

Economic damages from the recent flooding in Colorado are expected to surpass $2 billion, according to a recent report from catastrophe risk modeler Eqecat. Most of that financial burden will fall on residents because very little flood risk is insured in the state.

Between 1,500 and 1,800 homes have been destroyed and thousands of homes have been damaged, leaving more than 10,000 people displaced. The estimated total cost to repair destroyed homes averages $300 million and early reviews of residential flood damage indicate an average of $20,000 to restore each of the 17,500 flooded homes that were not destroyed. But because of exclusions to the basic homeowners insurance policy, most of the losses will not be covered by insurance.

Historically, a very small portion of homeowners purchase flood insurance on homes outside of the 100-year flood zones outlined by the U.

S. National Flood Insurance Program, which provides insurance as part of a mortgage. Of the 17 counties impacted, most of the areas are not within defined flood zones.

President Obama declared a major disaster in nine of the hardest-hit counties, making residents eligible for direct federal grants to repair their flood-damaged homes, replace personal property and provide rental assistance, Reuters reported. This status also allows workers left jobless by the disaster to claim unemployment payments of up to 26 weeks and makes special low-interest loans available to farmers and small businesses to help cover their uninsured flood losses.

While these measures may help with immediate need, the extensive damage will require months of recovery and more rain is currently expected to cause rivers to crest another foot above flood stage today. With hundreds of miles of road flooded and many bridges and dams damaged or destroyed, Eqecat estimated losses to commercial and government properties and related expenses to total around $1 billion. Colorado officials announced a Dec.

1 target to complete temporary fixes to at least some of the heavily damaged roads, according to the Weather Channel. State highway crews and National Guard troops have already begun work to repair highways to mountain towns cut off by the flooding – roads that will only lead to more treacherous situations in remote areas as winter approaches.

Residents of one town have been told they will be displaced for up to six months, according to NBC News. Lyons town administrator Victoria Simonsen told a public meeting last week that E. coli bacteria had contaminated the drinking water system and the wastewater system incurred at least $1 million in damage, leaving the town unlivable for the foreseeable future.

This morning, authorities announced the eighth confirmed death from the flooding. Reuters reported that the search for hundreds of missing residents is winding down, with all but a half-dozen people now accounted for.

California Town Must Improve Risk Management or Lose Insurance Coverage

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Insured City

One southern California town has officially been warned that their insurance will be cut off if city officials do not adopt risk management policies.

Irwindale’s insurer, the California Joint Powers Insurance Authority, issued a performance improvement plan on August 28 and said city liability and workers compensation insurance will be terminated if it does not adopt the measures. Allegations of corruption have cast a pall over the police department and local government, and the city has been forced into almost $2 million in settlement payouts over the past five years, according to the Pasadena Star News.

“They’re on notice that they need to improve their risk management practices within the city’s operations, specifically in the police department, to maintain their insurance coverage with our agency,” JPIA’s risk management program manager Bob May told the paper.

Irwindale has been mired in controversy over the past few years.

Of 24 police officers, three are on paid administrative leave and the department is conducting 14 internal affairs investigations. A local woman recently filed a $20 million lawsuit against the city, alleging that an officer sexually assaulted her during a traffic stop. Police Lt. Mario Camacho has been accused of retaliation by an officer under his command and of sexual harassment by a female cadet. Four city officials are charged with of misappropriation of public funds, embezzlement and conflict of interest resulting from a series of lavish trips to New York City that utilized over $200,000 of public funds.

Under the guidelines from JPIA, the city must hire a permanent human resources manager and council members must complete training on council relations and cooperation. If they do not complete the improvement plan, they risk losing coverage and will have to go to the open market or self-insure.

In September 2011, the JPIA issued a similar warning to the city of La Puente, Calif. As part of the “healthy members program” criteria, which outlines what members should do to stay within risk management guidelines, Insurance Journal reported that the town’s performance improvement plan required that La Puente “hire a permanent city manager, give notice of any harassment and retaliation complaints, and send council members to etiquette classes to learn how to get along.” The city recently completed the program and remains insured.

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So far, the only town to be officially cut off by the California Joint Powers Insurance Authority is Maywood. The city was dropped in 2010 and the lack of insurance forced the local government to lay off almost all of its employees and disband the police department.

FEMA Releases Premium Guidelines for “High-Risk” Flood Zones

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Anton Oparin / Shutterstock.com

Insurers have historically used FEMA’s Specific Rating Guidelines to calculate premiums for properties at high risk of flooding, particularly those built with the lowest floor elevation below the Base Flood Elevation (BFE). Prior to the National Flood Insurance Program’s extension in 2012 owners of these properties received subsidized rates well below the true flood risk. Many of these properties will now be rated using the Specific Rating Guidelines which FEMA released to the public last Wednesday.

The use of these new guidelines will undoubtedly result in significantly higher premium rates for many property owners in high risk zones. In its report FEMA stated that people whose properties are four feet below base flood elevation will see premiums totaling $95,000 over a 10-year period. These rates have many property owners and elected officials speaking out strongly against the reforms. Members of the Louisiana congressional delegation, including Senator Mary Landrieu (D), Rep. Bill Cassidy (R), and Rep. Cedric Richmond (D), have urged Congress to pass legislation that will delay or lower the rate increases. “I remain very concerned about the impacts these rate increases will have on homeowners and small businesses throughout our nation,” said Sen. Landrieu. Michael Hecht, president and CEO of Greater New Orleans, Inc., went every further stating that “flood insurance will be unaffordable for home and business owners across coastal and riverine America.”

In its guidelines FEMA did provide suggestions for property owners affected by the rate increases which include elevating the property above base flood level; however, this is often easier said than done. Flood insurance policies in the northeast offered an extra $30,000 to allow owners to elevate properties that had been damaged during Hurricane Sandy, but many property owners found that this amount would not cover all of the costs associated with elevating an entire property several feet above its original base. Other FEMA suggestions include adding flood vents to the property’s foundation, taking on higher deductibles, and working with local officials about community wide mitigation strategies.

The NFIP has become a major point of contention in light of the program’s fiscal crisis which was only exacerbated by Hurricane Sandy in 2012. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) went as far as to vow that his committee would take up legislation to privatize the flood insurance market. The program is sure to draw more and more attention as rate increases go into effect October 1, 2013.

Understanding Small Business Insurance for Young Entrepreneurs

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How would you like to be a billionaire by the time you’re 23? If you think that’s a dream too good to come true, think again. That’s exactly what happened to Mark Zuckerberg, creator of Facebook.

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While it’s true he didn’t strike it rich as a teenager, he did lay the groundwork for the massive worldwide social network while still in his teens at Harvard University.

Steve Jobs was a successful entrepreneur known for his charisma and passion, but also his uncanny ability to make decisions that resulted in success. Like Steve Jobs, successful entrepreneurs tend to break away from the molds their peers seem tied to, and do what other people said was impossible. But for every success story there’s a dozen not so happy endings. If you’re wondering what it is that sets the successful apart from the failures I’d like to suggest that it comes down to understanding and managing risk.

As a young entrepreneur, navigating all the legalities and requirements of starting a business can be mind boggling. It’s easy to get overwhelmed by what you need, what you don’t need, and how much to pay for it all. In the early stages it can seem like you’re bleeding money at an unfathomable rate, but don’t fret. This is often typical in the business world, especially for new businesses.

It’s probably safe to say we’ve all heard the saying “it takes money to make money”, but have you ever heard “it takes money to save money?” When it comes to business insurance that’s the whole truth and nothing but. Without it, you and your business are exposed to more risks than I have time to list. Some risks are easy to see, while others are not. But one thing holds true, they’re all manageable with insurance. To prove my point here’s a short list of risks insurance can help reduce.

  • Preventing Financial Loss – Burglars break in and steal, vandals destroy things without reason, Mother Nature has a temper, and accidents can happen. Preventing loss is one of the best reasons to have good insurance coverage. If a thief steals equipment or a fire damages your building, you’ll have to pay out of pocket to recover the loss if you’re uninsured. A good policy makes even the biggest losses a minor bump in the road.
  • Mitigate Liability – Running a business puts you in the liability hot seat. Without an adequate policy to protect you and your business from lawsuits you’re literally flirting with bankruptcy. The average general liability insurance plan protects against all types of liabilities that every business faces on a daily basis. Everything is covered, from customers who slip and fall on your wet floors to your damaging another person’s property.
  • Insurance Looks Good – Not only does insurance give you peace of mind, it also makes your business look good. Adequate coverage gives clients and potential customers a sense of stability and responsibility; they can trust your business to weather unexpected storms. Likewise, investors and banks like it because insurance tells them their money is in good hands. If something detrimental happens to the business, you banks and investors know you won’t default on your loans. Stabilizing your image is one effect of business insurance that most entrepreneurs don’t fully realize or take into consideration, but it’s a must for success.
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  • Legal Obligations – Often times people get insurance for one reason, because it’s required. Most states have laws on the books that require certain insurance, or levels of coverage, before an individual can conduct business. As the laws vary from state to state and industry to industry you’ll want to contact an insurance agent or a small business attorney near you for more information.

Starting a business is a lot of fun, but make sure you cover your basis in the beginning.

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Having the right insurance will reduce your risk and make you more appealing to potential investors. I know you’re in this business because you’re passionate; so don’t risk the success of your business to save a few bucks.