Random Miscellaneous

Energy firms not seeking insurance against disasters

Published on: August 26, 2009 | By Berniard Law Firm

The Wall Street Journal reports that companies in the Gulf and outside of it are not seeking insurance for catastrophe this hurricane season. Citing “improved technology and increased regulations” as rationale for avoiding the provisions, these companies still stand at some peril as hurricane season escalates. The article notes

Many energy companies are facing the late-blooming Gulf Coast hurricane season without insurance against storm damage to their offshore platforms, pipelines and drilling rigs.

Although the annual storm season has been mild so far, the first hurricane, Bill, brewed up in the Atlantic last weekend, and federal forecasters are predicting three to six hurricanes this year, one or two of which will probably qualify as major.

Consider trip insurance this hurricane season

Published on: August 23, 2009 | By Berniard Law Firm

Virginia’s WSLS recently did a piece on traveling and the use of travelers insurance that is very relevant to anyone across the United States who may be visiting or doing business in regions such as the Gulf Coast. When visiting areas like Florida, Louisiana, Mississippi or Texas, travelers may want to consider the slightly extra fees to guarantee their trip is financially supported in the event hurricane season flips on it.

Bradford tells WSLS travelers can expect to pay anywhere from $50 to hundreds of thousands of dollars for trip insurance, but she says it pays for itself if they have to use it.

“If it’s a situation where you’ve paid $4,000 for a trip and it gets cancelled because of a hurricane and you didn’t take out any insurance, you’re in bind,“ said Bradford.

Atlantic Hurricane Bill downgraded to Category 3 – still missing US

Published on: August 20, 2009 | By Berniard Law Firm

For updated views of Bill’s projected Bath, bookmark this Blog entry.

CNN Money: 5 Tips in the event of hurricane damage

Published on: August 20, 2009 | By Berniard Law Firm

An article from 2005 while Hurricane Katrina raged through the States remains relevant today.

In today’s five tips, we’re going to tell you what you need to know about your insurance if your home as been damaged or destroyed in the hurricane.

1. Contact your insurer, stat.

Builder looks to help homeowner that has Chinese drywall

Published on: August 19, 2009 | By Berniard Law Firm

WBRZ News 2 features the story of how a Livingston Parish homeowner with Chinese drywall may receive some help from a builder.

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States rolling dice by not seeking reinsurance

Published on: August 18, 2009 | By Berniard Law Firm

The New York Times recently brought up a casualty of the economic climate facing many states: the cost/benefit analysis being made by states in regards to insurance against dangerous storms. Often extremely costly and unnecessary, this reinsurance looks to bolster defenses against disastrous natural calamities but, with budget cuts at a premium, states are beginning to count every dollar and looking to go without.

Public insurance programs in some coastal states are flirting with the notion of saving millions of dollars every year by shrinking or canceling the coverage they buy from private reinsurers — the deep-pocketed companies that insure insurers whose exposure to loss exceeds the budgets of some nations.

States are the insurers in this case. And they are either tired of paying piles of cash for reinsurance policies that are rarely needed, or too broke financially to maintain coverage that has saved state residents from paying billions in hurricane damage claims. In the parlance of the insurance business, without coverage or a hedge against their expensive risks, they are “running naked.”

Three storms pop up in 24 hours

Published on: August 17, 2009 | By Berniard Law Firm

In something around 24 hours, 3 tropical storms have popped up according to the National Weather Service. While two (Ana and Bill) are still off into the Atlantic, Claudette hit Florida late last night.

Now is as good a time as any to prepare for any future storms that may come. You can check out our section on various storm and hurricane preparedness tips, available here, and make sure that your home preparation checklist is complete before the height of storm season gets here.

Storm preparation discounts in Florida may soon disappear

Published on: August 14, 2009 | By Berniard Law Firm

A quick blog posts for those residents of Florida who have been enjoying state-enabled discounts for storm-preparedness: get them while you can as they might not be around much longer.

“What we’re giving them now is not right,” Apopka State Representative Bryan Nelson (R) said.

Nelson is both a lawmaker and an insurance agent. He said those discounts need to be cut so inland homeowners can stop subsidizing premiums for coastal homeowners.

State Farm prices to rise by almost 30 percent in Florida

Published on: August 11, 2009 | By Berniard Law Firm

Reported late last week, State Farm Florida is looking to shore up its finances and reduce discounts for customers… at the expense of those very customers. The Daytona Beach News-Journal reports

Trying to shore up its finances, State Farm Florida will eliminate or reduce some insurance discounts it offers to homeowners — leading to an average premium increase of 28.4 percent.

The move, which comes as State Farm prepares to pull out of Florida’s property-insurance market, will have widely varying effects on policyholders because they qualify for different levels of discounts.

Reminder: Louisiana sales tax holiday today and tomorrow

Published on: August 7, 2009 | By Berniard Law Firm

Just a reminder to Louisiana residents that Friday and Saturday are sales tax holidays, where “eligible items will be exempt from the state’s 4 percent sales tax, though parish and municipal taxes will still apply.” The Daily Advertiser reports

Because the savings are greatest on big-ticket items, furniture and electronics retailers tend to promote the holiday the heaviest, often tacking on their own specials as an added incentive.

Elliott said that when the program started, she and some retailers were doubtful that a 4 percent savings would attract buyers, but it did.