Author: Farkas Laura

Tropical Storm Fay, July’s Midwest flooding, wildfires in California – all highlight the need for small business owners who are dealing with damage caused by these catastrophes to have adequate insurance coverage.    According to insurance industry experts, many small businesses are underinsured, either in dollar terms or in the kinds of policies they’ve taken… Continue reading Need for Business Insurance Highlighted by Recent Storms, Floods and other Catastrophes

Jamaica was hit by Tropical Storm Gustav with rain, flooding streets and resulting landslides, while Louisiana is preparing for the system to strengthen into a hurricane before hitting areas devastated by Katrina in 2005. Gustav packed sustained winds of 65 miles an hour and was centered 85 miles west of Kingston, Jamaica, according to the… Continue reading Gustav Heads for US, Louisiana Prepares for Hit

The nation’s largest bond insurer, MBIA Inc., announced an agreement to reinsure $184 billion of municipal bond risk from shaky competitor FGIC Corp, in a transaction that regulators say will strengthen both companies. In exchange for providing reinsurance, MBIA will receive $741 million in premiums. New Yew York Department of Insurance, which brokered the deal,… Continue reading $184 Billion in Bonds to Be Reinsured by MBIA

Good news for New York employers: New York Governor David Paterson announced that the state’s employers will see a 5% reduction in workers’ compensation rates, thanks to completed implementation of reforms started last year. The 5% dip follows a 20.5% drop in 2008 rates. The rates take effect on Oct. 1 each year. Under the… Continue reading 5% Drop for NY Workers Comp Rates

The Securities and Exchange Commission announced the start of a process yesterday that could ultimately require all publicly listed American companies to follow an international model instead, essentially heralding the demise of U.S. accounting standards as they are known today. Introduced in two steps, the shift could eventually cut costs for companies and smooth cross-border… Continue reading SEC Decision Adds Up to Demise of Nation’s Accounting Standards

Iowa’s record June floods have caused more than $1 million in damage to Great Ape Trust, one of the largest great ape research centers in North America.      Two to three feet of water swamped much of the center, which was built in a floodplain on land donated by the city. Two administrative buildings were… Continue reading Flood Causes $1 Million in Damage to Ape Research Center

Exxon Mobil Corp. announced its agreement to pay 75% of a ruling amounting to $507.5 million in damages ruling in order to settle the 19989 lawsuit stemming from the worst oil tanker crash in U.S. history, the Exxon Valdez oil spill off Alaska. In a deal that will release a portion of the damages as… Continue reading Exxon to Pay 75% of 507.5 Million in Damages Re Valdez Spill

California Insurance Commissioner Steve Poizner today announced the availability of a new, green auto insurance option available for California consumers. Poizner says the so-called “pay-as-you-drive” auto insurance is a way for motorists to more accurately pay for the coverage they need, by linking their premium more closely with the number of miles they drive. It… Continue reading Commissioner Announces Green Auto Insurance Options for California Drivers

Almost three years to the day after Hurricane Katrina savaged the Louisiana coast, New Orleans residents are facing possible forced evacuation as Tropical Storm Gustav makes its way to the Gulf of Mexico after killing 16 people in Haiti and the Dominican Republic, and is now forecasted to strike anywhere from the Florida panhandle to… Continue reading Trop Storm Gustav May Force Evacuation; Fay an Expensive Memory for Floridians

Not all analysts share a doom and gloom opinion about Fannie Mae’s fate: The mortgage finance titan’s capital and reserves positions actually are better than market expectations, according to Bruce Harting, an analyst at Lehman Brothers, who goes on to say that Fannie may not need any more externally raised capital. According to Harting, Fannie… Continue reading Lehman Says Fannie’s Capital Is Healthier Than Many Perceive