Something starts to emerge from these reports: the River Birch pits are very, very bad. We’ve seen the possibility of it in the WBV-14b.2 reports above, we’ve seen it mentioned definitely in the WBV-14a.2 reports – also above – and we’ve seen it mentioned in the WBV-14c.2 reports earlier. Now it shows up in the most recent inspection report from project WBV-14e.2.
As one might guess, the title of this post was inspired by my bulging drafts file and the incredible interest in Sop’s coverage of what first appeared a simple case of insurance lagniappe in Jefferson Parish.
First up, a collection of news stories that remind us risk is not limited to the states on the Gulf Coast.
Two snow storms that hit the United States this month will cause insured damages in excess of $2 billion, according to a catastrophe risk modeling firm…Meanwhile, Gary Kerney, assistant vice president of Property Claim Services, a unit of Insurance Services Office in Jersey City, N.J., said he expects PCS to have loss estimates for the storms sometime next week. He said PCS is classifying both storms as catastrophes, meaning each storm should have insured losses in excess of $25 million.
AIR Worldwide issued a statement on Feb. 10…noting that business interruption is likely to be another major driver of insured losses. Regarding roof collapse claims, Tim Doggett, principal scientist, AIR, said the combined storms could cause havoc for roofs, particularly light metal, long span, low slope and flat roofs.
According to the Insurance Information Institute, winter storms are the third-largest cause of catastrophe losses, behind hurricanes and tornadoes, and result in about $1 billion in insured losses each year. I.I.I. said winter storms resulted in more than $7 billion in insured losses from 1999-2008.
Providence officials estimate the transfer will save the city $500,000 annually and millions more in upkeep over the course of the coming years…In addition [to the legislation authorizing the transfer], [U.S. Senator Jack] Reed helped secure $4 million in federal funding for the Corps to make repairs to the barrier’s pumping system and has arranged nearly $1 million to operate the barrier over the last two years.