Archive for June, 2010

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West Virginia Sees Decline in Motorcycle Deaths

June 30th, 2010 by Iris | Comments Off | Filed in auto insurance, motorcycle insurance

Fatalities related to motorcycle accidents are declining in the state of West Virginia. In fact, there have been only seven so far this year.

According to Barbara Lobert, manager of the Governor’s Highway Safety Program, this is a marked improvement over last year, which had a total of 25 motorcycle-related fatalities, which, in turn, was less than half of the number – 52 – from 2008.

What’s improving the life expectancy of West Virginia bikers? Lobert suggests that more of them may be wearing helmets.

According to Bridgeport Police Chief John Walker, and Clarksburg Police Chief Marshall Goff, two of this year’s fatal accidents took place in Harrison County, where there has also been a spate of non-fatal accidents involving motor bikes.

Goff and Walker believe that most such accidents are due to increased speed, lack of attention, and a greater number of bikers on the road.

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How Does Alcoholism Affect Life Insurance?

June 29th, 2010 by Iris | Comments Off | Filed in insurance facts, life insurance

If you’ve ever applied for life insurance, you know that the health questionnaire asks about whether or not you drink alcohol, and if so, how often. While some of you may be concerned that admitting to the occasional beer or cocktail will change your coverage eligibility, this is not the case.

According to The Life Insurance Blog, it is only when alcohol use is excessive that it has any impact on the way life insurance policies are underwritten.

Actual alcoholism may or may not cause a life insurer to deny coverage, in much the same way as any other pre-existing condition. (Life insurers are still allowed to exclude applicants. It is only health insurance that has been reformed.) In fact, more and more insurance companies recognize that alcoholism stems, at least in part, from genetics, as do other diseases.

What aspects of alcoholism affect life insurance underwriting? According to Prudential Life Insurance, there are several significant complications that arise from excessive drinking. They are:

* Cardiac: Atrial fibrillation, cardiomyopathy, hypertension
* Nervous System: Blackouts, seizures, delirium tremens (DTs), peripheral neuropathy, tremors, brain damage, psychosis, balance and gait impairments.
* Gastrointestinal: Fatty liver, hepatitis, cirrhosis, pancreatitis, gastrointestinal bleeding due to gastritis, cancer, diarrhea.
* Bone marrow: Abnormal blood counts including anemia.
* Miscellaneous: Aspiration, pneumonia, accidents and trauma.

One important thing to note is that if an alcoholic stops drinking without relapsing, after seven to ten years he or she will have a mortality rate more in line with that of the general population.

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Tropical Storm Alex Affects BPs Recapture Plans

June 28th, 2010 by Iris | Comments Off | Filed in insurance facts, insurance news

Reuters is reporting that the high waves expected to come as Tropical Storm Alex passes through the Gulf of Mexico will delay BP Plc’s plan to increase oil-capture capacity to up to 53,000 barrels a day. This is according to a company executive.

Kent Wells, senior vice president of exploration and production shared with reporters in a briefing earlier today that the storm was not expected to interrupt the drilling of a pair of relief wells intended to stop the leak by August, or interfere with current oil-capture systems. He said those operations are scheduled to continue, “…unless unfortunately a storm heads directly our way.”

The storm is slowly intensifying, and by tomorrow, according to the U.S. National Hurricane Center, will strengthen into the first hurricane of this year’s Atlantic hurricane season. The storm will likely make landfall near the Texas-Mexico border early Thursday.

Wells said that a week-long delay in hooking up a third oil-capture system could be caused by waves of up to twelve feet. “While we are on track for the end of June, it will be roughly a week after that, the 6th or 7th of July,” he said.

The amount of oil continuing to flow into the sea from under the rig’s cap and through vents on top is not certain, but U.S. science teams are estimating that it adds up to about 60,000 barrels a day. The current capture system involves a drill ship and a service rig that can handle a maximum of 28,000 barrels of oil every day. It will take an additional rig to increase capacity to 53,000 barrels a day, according to BP.

Wells said that a plan to increase capacity to 80,000 barrels a day by the middle of July is still on track. Yesterday, BP said, the existing capture systems either collected or burnded off 24,450 barrels of oil.

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Flagstaff Fire Damage Claims Reach $5 million

June 25th, 2010 by Iris | Comments Off | Filed in fire insurance, insurance news

Arizona residents are feeling the heat from more than the sun this summer, especially near Flagstaff.

The Schultz fire, burning near the city that was originally a railroad town, has already incurred up to $5 million in fire insurance and property damage claims, according to the latest information from the National Interagency Coordination Center‘s Incident Management Situation report. So far, the fire, which is 40 percent contained, has consumed 14,800 acres.

Fire officials in the area said local residents were being allowed to return to their homes.

The fire, which was sparked by an abandoned campfire last Saturday, has been characterized as having “extreme fire behavior with rapid rates of spread” by the NICC.

Fire officials said people were being allowed to return to their homes.

NICC said the fire, which was started by an abandoned campfire on June 19, was characterized by “extreme fire behavior with rapid rates of spread.”

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Tornado and Earthquake Hit Ontario on Eve of G8 and G20

June 24th, 2010 by Iris | Comments Off | Filed in earthquake insurance, insurance news

Reuters is reporting on the odd weather events that are plaguing Ontario, Canada this week.

As International leaders gather for the Group of Eight and G20 summits in the province, the region has been subject to a tornado and a 5.0 magnitude earthquake. In addition, violent thunderstorms are being predicted.

In the past 24 hours alone, southern Ontario has been hit by a 5.0 magnitude earthquake and a tornado. Violent thunderstorms are predicted for later Thursday.

David Phillips, meteorologist for Environment Canada, said, “You can’t go four days in a row without having some moisture … what they’re seeing is the full suite of weather possibilities at this time of year, beginning with a tornado.”

A Reuters reporter joked that a plague of frogs might be next, to which Mr. Phillips responded, “It’s unlikely because there doesn’t seem to be any weather in the area, like dust devils or waterspouts picking up frogs from wetlands and carrying them over there.”

The weather in Huntsville, the resort town hosting the G8 on Friday and Saturday, has been given a weather prediction that includes pleasant days and temperatures around 73 degrees (Fahrenheit, or 23 Celsius).

Phillips offered another reason for summit participants to be optimistic, “There’s no volcanic activity in that area so I think they’re safe from that point of view,” he said.

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National Flood Insurance Program Reauthorized…Again

June 23rd, 2010 by Iris | Comments Off | Filed in flood insurance

The House of Representatives has passed another temporary extension of the National Flood Insurance Program until Sept. 30, 2010.

The program has been suspended since May 31st, making the issue of new policies impossible. In this extension, reauthorization provisions have been embedded into legislation relating to jobless benefits and tax breaks – legislation that the Senate has already voted down twice.

The newly-passed House bill, HR 5569, was sponsored by Representative Maxine Waters (D – CA) and Representative Walter Jones (R – NC) but the Senate must still act upon it.

The Independent Insurance Agents and Brokers of America (Big “I”) commended the House for its vote and urged the Senate to act quickly.

Charles Symington, Big “I” senior vice president of government affairs, told the press. “The program has been expired since May 31, putting millions of consumers at risk from the economic dangers of flood right in the midst of the hurricane season and storm season in the Midwest. The expiration has also threatened to wreak havoc in both the real estate and insurance markets during a period of great economic difficulty. It is vital that the program be extended and we therefore urge the Senate to act on this bill without delay.”

Since the end of May, the program has not been able to issue new or renewal flood policies, though it has still been paying claims for existing policy holders. This is the fourth time in the last year that the program has been interrupted because Congress failed to reauthorize it for an extended length of time.

The Big “I” and other industry groups hope that Congress will move beyond temporary extensions and pass legislation that authorizes the program for five years and makes certain reforms to it.

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Lousiana Leglislature Denies Malpractice Coverage to Doctors Who Perform Abortions

June 22nd, 2010 by Iris | Comments Off | Filed in health insurance, malpractice insurance

In a positively scary move against women’s right to choose – one that is medically risky – the Louisiana state legislature has decided that doctors who provide elective abortions should not be covered under medical malpractice laws.

With a 31-2 vote, the Louisiana Senate passed the bill, which was sponsored by Representative Robert Johnson (D – Marksville). The bill would prohibit doctors and other health care providers and doctors from receiving coverage under state or private Medical Malpractice Acts when performing an abortion of an “uncomplicated viable pregnancy” that is not being performed in order to save the life of the mother.

Despite the concerns raised by some lawmakers over the denial of coverage for a legal medical procedure, the bill, House Bill 1453, is being sent to the governor’s desk for approval or veto. Representative Johnson admitted that he wasn’t aware of any other medical procedures that had no-coverage clauses.

No one spoke against the proposal on the Senate floor.

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