Archive for April, 2010

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Texans tell The Hartford: Our Cities are Driveable, Mostly

April 14th, 2010 by Iris | Comments Off | Filed in auto insurance, insurance news

A recent study performed on behalf of The Hartford Financial Services Group says that, even with incidents of road rage, and complains from people who are on the road a log, most Texas residents would consider their city streets to be “drivable.” Further, at least sixty percent of motorists in the major Texas cities of Austin, Dallas, and San Antonio say that their local officials do a good job at road maintenance.

Even so, residents of those cities still see room for improvement, with the following results being offered:

* Dallas drivers, besieged by weather-related potholes and rough roads, would recommend improving the condition of existing roads to improve drivability (39 percent of drivers).
* Austin drivers, with narrow roadways restricted by development, would like to see more lanes added to highways (39 percent).
* San Antonio drivers would appreciate a combination of the two solutions, with road improvements slightly nudging out adding more lanes as the No. 1 choice for improved driving conditions (32 percent vs. 28 percent).

The point of the study was to ask Texans how road conditions could be best improved, and The Hartford is using the results of the survey to help launch it’s “Pothole Patrol” initiative in key markets throughout the United States – including Dallas – with the end goal the creation of smoother commutes by filling damage-causing potholes.

The Driveablity Survey polled drivers across the country, and examined several metro areas, including the three Texas cities named above. Why Texas? Because generally, Texas motorists:

* Spend more hours driving per week than in other cities studied.
* Spend more time driving on highways.
* Spend more time driving during rush hours.
* Spend more time in traffic jams.

The survey also shows that 73 percent of Texas drivers believe traffic is worsening in their cities, and acknowledge that the existing roads were not designed to handle the amount of traffic they currently do.

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Earthquake Activity Not Just in California

April 12th, 2010 by Iris | Comments Off | Filed in earthquake insurance

If you believe that only Californian’s need to consider earthquake insurance, this may change your mind: already this year, there have been 47 recorded earthquakes and aftershocks in Oklahoma, and 40 of them measured at least 2.0 on the Richter scale. (Generally speaking, quakes that register at least 2.5 are the smallest we can actually feel.)

At 7:42 AM on April 8th, the The U.S. Geological Survey recorded another earthquake in central Oklahoma, this one measuring 3.2 in magnitude, and centered about two miles southwest of Jones and 10 miles northeast of Oklahoma City. There was an additional earthquake recorded in central Arkansas, as well.

The Arkansas quake measured only 1.46, and was recorded at 11:01 PM on April 8th. The USGS said the epicenter was roughly five miles northwest of Greenbrier, and 2 miles south-southwest of Twin Groves.

Officials from the USGS say these earthquakes are part of a phenomenon referred to as a “swarm” but that they don’t present a serious threat.

Even so, if I lived in that part of the country, I’d consider comparing earthquake insurance quotes – just in case.

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Washington Enacts Data Security Law

April 9th, 2010 by Iris | Comments Off | Filed in business insurance, insurance news

In our current age where technology reigns supreme and both credit card and insurance companies are designing apps for iPhones and smartphones to help protect consumers and capture business, who is guarding our information? In Washington, the government is…well, sort of.

According to the Insurance Journal, Governor Christine Gregoire of Washington signed into law this week, legislation that requires financial institutions to comply with existing data security recommendations, or face potential liability if there should be a data breach.

According to the tect of the bill, HB 1149:

“Protecting Consumers from Breaches of Security,” the state recognizes that breaches of credit and debit card information can contribute to identity theft and fraud, and can be costly to consumers. “The legislature also recognizes that when a breach occurs, remedial measures such as re-issuance of credit or debit cards affected by the breach can help to reduce the incidence of identity theft and associated costs to consumers,” the bill text states. Consequently, the new law encourages the re-issuance of credit and debit cards, when appropriate, and allows financial institutions to recoup data breach costs associated with the the re-issuance from large businesses and card processors who are “negligent in maintaining or transmitting card data.”

If a business or data processor doesn’t take “reasonable care” to prevent data breaches, it can be liable to the financial institution for “reimbursement of reasonable costs,” even if no physical injuries occur. Further, a financial institution can ALSO recover attorneys fees and costs of legal action, so long as they are not excessive.

The law will take effect on July 1, 2010.

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Drinkers Exercise More than Non-Drinkers, Study Says

April 7th, 2010 by Iris | 1 Comment | Filed in health insurance

It’s no secret that healthy habits help you save money on health insurance, but did you know that that alcohol consumption is linked to those habits in ways most of us never considered?

There have been several clinical studies of the way alcohol consumption affects health, and one of them found that people who regularly drink alcohol also tend to exercise more than people who don’t, and a completely separate study discovered that drinkers are more likely to eat unhealthy foods.

A number of studies have been conducted about alcohol consumption and your health. One recently found that people who consume alcohol on a regular basis tend to exercise more than teetotalers. On the other hand, another recent study (conducted by a different organization) discovered that drinkers are more likely to eat unhealthy foods.

The first study, which was published late last fall in the American Journal of Health Promotion, said that heavy drinkers exercised almost 20 minutes more per week than people who didn’t drink at all, while moderate and light drinkers found time in their weeks for 10.1 and 5.7 extra minutes of exercise, respectively. Based on a phone survey of 230,000 Americans, conducted annually, the report cited a “strong statistical association” between alcohol use and moderate-to-vigorous exercise.

On the other hand, the National Institute on Alcohol Abuse and Alcoholism has done some studies of their own, and with help from the U.S. Department of Agriculture and the National Cancer Institute, they took a look at the habits of about 15,000 American adults, and learned that exercise aside, drinkers tend to eat less fruit than non-drinkers. In addition, drinkers go for the fatty foods and, because of those foods, and the sugar content in alchoholic drinks, also tend to consume more calories than their teetotaling peers.

Does this mean everyone should immediately do an extra mile on the treadmill every time they have a glass of red wine with dinner? Probably not. But it does mean that even if we’re not trying to improve our insurance rates, we should all pay more attention to diet and exercise.

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Crisis Management Products Now Offered by Fireman’s Fund

April 5th, 2010 by Iris | Comments Off | Filed in business insurance

In an effort to help their business clients weather crisis situations, Fireman’s Fund has created a new line of crisis management products, which coverage will be available to certain clients with commercial umbrella policies.

The specific coverage includes a crisis management response costs endorsement, which provides a sub-limit of $250,000 for response costs to a company wide crisis, no matter who is deemed to be at fault. Such costs include funeral expenses, medical expenses, psychological counseling, security expenses, travel expenses, and temporary living expenses. In addition there is a loss coverage element of the product which provides $50,000 over the written policy limit in order to cover fees and expenses incurred by a public relations or crisis management firm, as well as any costs for the printing, mailing, or advertising of material, and any required travel.

What’s an example of a covered crisis? An airline, for example, could use such a policy to help reclaim their brand after a plane crash.

Clients purchasing property coverage or umbrella policies from Fireman’s Fund are eligible to purchase the crisis management coverage.

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Storm Surge Warnings Might Be Added to Weather Alerts

April 2nd, 2010 by Iris | Comments Off | Filed in flood insurance

We’re still a couple of months away from the start of the Atlantic hurricane season, but that’s not too soon for the the National Hurricane Center (NHC) to be considering a new addition to their already vast collection of watches and warnings typically issued during hurricane seasons.

Specifically, NHC officials pitched the idea of a storm-surge warning to the group of first responders, meteorologists and emergency managers who attended the recent 2010 National Hurricane Conference held in Orlando, Florida, but no actual decision will be made for another two or three years.

What’s the reasoning behind a storm surge warning? It’s because there are places that aren’t necessarily inside the cones of hurricanes but are still susceptible to storm surge, and would benefit from such warnings, according to Bill Read, director of the National Hurricane Center in Miami. Read explained, “In a storm like Hurricane Ike, surges are far more dangerous than wind in a particular location. We’re thinking we need to have that warning.”

Hurricane Ike, which struck in 2008, damaged 75% of the houses in Galveston, Texas, but also submerged many acres of farmland and ranches in salt water, ruined still more acres of vegetation, and scoured away beaches.

If storm surge warnings are adopted, they will take two or three years to implement because of the technical requirements involved in incorporating surge models into pre-existing tide levels and rainfall runoff information. Two years ago, Read said the NHC was working on a program that could mate a Google application with storm surge data, so that property owners could determine the flooding threat from any category of storm.

With the debate on surge warnings comes the biggest change to the hurricane warning system in several decades: beginning in mid-may, the NHC will begin issuing storm watches and warnings roughly half a day sooner than it used to, so when a storm is approaching land, forecasters will send watches advising tropical storm conditions could be expected in 48 hours, rather than in 36, while warnings will be sent 36 hours ahead, not 24. By the middle of this decade, the NHC expects to be able to issue forecasts seven days out.

The Atlantic hurricane season begins on June 1, and despite vulnerable areas in the US, the NHC’s main concern this summer will be Haiti, where over a million people were made homeless by January’s devastating earthquake. Read says that this year, if a storm is heading in that direction, more and earlier briefings will be held, to give residents more time to prepare.

“Most people know we’ve got an impossible situation there,” Read said. “God forbid a major hurricane went across Haiti while we have this many people in a distressed state during the peak of the hurricane season.”

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