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Earthquake Coverage

Our March Success List

NEW YORK – Restaurant Supply Store – Metal Goods Manufacturing for Restaurants/Bars/Hotels – Very large slip and fall loss 2 yrs prior – $20,000 Premium – NY – Household goods mover MTC account – Trucker’s GL also separately placed – $800 Premium – NY CALIFORNIA – Large Pallet MFG for $13K in premium in CA. – Large Used Car Dealership in CA for $35K. – Large ($50 Million) TIV Vacant Building – 25 Rental Dwellings to “flip” – CA – $10,500 Premium – Door and Window MFG – CA – $4,000 Premium – Excess added for $750 to Premium FLORIDA,… Read More »Our March Success List

California Earthquake Authority (CEA) sells $150M catastrophe bond

SACRAMENTO, Calif.—The California Earthquake Authority said it has sold the first earthquake-only catastrophe bond issued without using reinsurers, and it plans to return to the market every four to six months for as long as investors show interest. The CEA, a publicly managed but privately funded organization that writes 70% of all residential earthquake policies sold in California, said it had entered into a reinsurance contract with Embarcadero Reinsurance Ltd. The Bermuda-based special-purpose reinsurance vehicle, which was established for such CEA arrangements, then sold $150 million in three-year catastrophe bonds to investors. The money, which the CEA said “is the… Read More »California Earthquake Authority (CEA) sells $150M catastrophe bond

The ShakeOut Scenario

Remember you’ve declined the EQ (earthquake coverage) on your Homeowners Insurance Policy? Or on Business Personal Property Insurance Coverage? Or on your inland marine insurance coverage? Well, think again… US Geological Survey predicts strong EQ (6.7) in California before 2038 with a probability of 99%. 63% probability that Los Angeles and San Francisco will appear in the epicenter. Probability of the EQ with magnitute 7.5 is lower, at 45%. This is the initial publication of the results of a cooperative project to examine the implications of a major earthquake in southern California. The study comprised eight counties: Imperial, Kern, Los… Read More »The ShakeOut Scenario