If you're well into your insurance claim, you might have noticed that the insurance company sometimes does not give you the full "Replacement Cost Value" (or RCV) up front. In most policies they have the right to hold back the depreciation and only give you the "Actual Cash Value" (or ACV) of an item then once you've expended the money to replace the item you can recover the depreciation. The difference between the RCV and the ACV is the held back depreciation.For example, say you had a couch that...Read More
Ninety-eight percent of the 1.7 million Hurricane Katrina-related claims were settled within a year, a new white paper said.
The Property Casualty Insurers Association of America (PCI) released a white paper, titled “The Hurricane Katrina Experience—A Property Casualty Insurance Perspective: Five Years Later,” that highlights the damage caused by Katrina and steps insurers are taking to manage catastrophic risks more effectively.
Forecasting is a dicey business. The atmosphere is complex, making it hard to model. So its easy for meteorologists and climatologists to miss the mark. But the predictions are important to consider, particularly when they involve public safety.
SAN DIEGO — San Diego Gas & Electric says an audit of its fire insurance purchase process is unwarranted. Ratepayers' advocates had asked for the audit last month to better understand why the power company wants to raise customer rates to offset higher insurance premiums since the 2007
SAN DIEGO — A judge could hear oral arguments next month on a request by San Diego Gas and Electric to raise rates to cover higher fire insurance costs. SDG&E also wants approval for an abbreviated process for future insurance-related rate increases.
SDG&E wants a $29-million rate increase to cover what it says are higher fire insurance expenses. In order to win this increase, SDG&E must meet eight conditions.
With predictions for a severe 2010 hurricane season, coastal residents should heed the lessons learned from Hurricane Katrina by making sure to have the right type and amount of insurance, according to the Insurance Information Institute (I.I.I.).