Frances delivers more commercial claims.Hurricane Frances This article is about the Atlantic hurricane of 2004; for other storms of the same name, see Hurricane Frances (disambiguation)
Hurricane Frances was the sixth named storm, the fourth hurricane, and the third major hurricane of the 2004 Atlantic hurricane season. is expected to bring in more than the 135,000 commercial claims Hurricane Charley This article is about the Atlantic hurricane of 2004; for other storms named Hurricane Charley, see Hurricane Charley (disambiguation).
Hurricane Charley was the third named storm, the second hurricane, and the second major hurricane of the 2004 Atlantic hurricane season. brought in, but the claims from Frances are expected to be at a smaller dollar value, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Property Casualty Insurers Association of America.
Hurricane Charley, which was a Category 4 hurricane that hit the west coast of Florida and swept across the state on Aug. 13, resulted in commercial insurance claims of $2.7 billion, or 40% of the estimated $6.8 billion in total damages for Charley, PCI (1) (Payment Card Industry) See PCI DSS.
(2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). said in a statement. About one in every five claims from Charley was a commercial claim.
As of early September, industry estimates of commercial claims and losses weren't yet available for Hurricane Frances, a Category 2 hurricane that slammed Florida's east coast over the Labor Day Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. weekend. Although damage from Frances was less severe, it was wide and affected a large number of counties in Florida The links in the column FIPS County Code are to the Census Bureau Info page for that county.
List of 67 counties in the U.S. state of Florida:
State Code State
FL 12 Florida
Index # on Map FIPS County Code County Name
1 001 Alachua County , particularly the areas of Fort Pierce Fort Pierce, city (1990 pop. 36,830), seat of St. Lucie co., SE Fla., on Indian River (a lagoon; part of the Intracoastal Waterway); settled in the 1860s around a fort; inc. 1901 as a city. and Orlando, said Roger Morris, a PCI vice president. Flooding throughout the state has made it hard for claims adjusters to reach affected areas and has slowed down recovery efforts, he said.
Although commercial policies don't cover business interruption as a result of power outages This is a list of famous wide-scale power outages. 1965
equipment failure, breakdown - a cessation of normal operation; "there was a power breakdown" , said William Stander, Tallahassee-based regional manager for PCI.
Cynthia Michener, spokeswoman for the Hartford Insurance Group, said the company had tallied 3,500 claims arising from Frances through Sept. 7, although the company could not yet provide an estimate of insured loss. Although Hartford is the fourth-largest commercial insurer in the state, with $596 million of direct commercial premium written in 2003, the company said the bulk of its claims thus far have been on homeowners policies, with a smaller number arising from auto, and only a few commercial lines claims.
Highlights of BestWire hurricane coverage ...
MOLD: Insurers are protected from large mold losses in Florida. Virtually all insurers have mold exclusions, said Bob Lotane, a spokesman for the Florida Office of Insurance Regulation. Many companies were approved to cap mold coverage in their policies at a total of $10,000 per policy period. Mold is a new post-hurricane concern for insurers. State Farm didn't have any mold claims after Hurricane Andrew This article is about the 1992 hurricane; there was also a Tropical Storm Andrew during the 1986 Atlantic hurricane season.
Hurricane Andrew is the second-most-destructive hurricane in U.S. history, and the last of three Category 5 hurricanes that made U.S. hit Florida in 1992, said Tom Hagerty, a spokesman for State Farm Florida Insurance Co.
PUBLIC ADJUSTERS: Florida's Chief Financial Officer Tom Gallagher issued an emergency rate-banning rule stopping public adjusters from requiring cash up front to adjust claims for victims of Hurricane Charley. He also limited public adjuster fees to 10% of the claim amount. There are 400 licensed public adjusters in Florida, according to the Department of Financial Services.
CONSTRUCTION CODES: After Hurricane Andrew hit Florida in 1992 the state adopted strict construction codes for homes. The homes built under the new codes may have lost clay tiles that caused damage to other homes, and their double doors may have failed, but very few had structural damage, said Timothy Reinhold, vice president of engineering for the Institute of Business and Homes Safety. Among total housing in Florida, only about 2% to 4% are new construction.
MARINE INSURANCE: Hurricane Frances' assault on Florida, although not as severe as Hurricane Charley's but longer lasting, seemed to cause more damage to boats around the peninsula because it took hours for lashing winds and waves to settle down, according to a boat association. Boats in Fort Pierce and Stuart, Fla., probably suffered the most damage, said Carroll Robertson, vice president of claims for Boat U.S., a national boat-owners association that offers yacht insurance through CNA (Certified NetWare Administrator) See Novell certification. Insurance Cos. to its members. Hurricane Frances hit an area of Florida where more lavish, expensive boats are located, including Ivana Trump's boat, Robertson said, adding that Boat U.S. doesn't insure her boat. Some of the boats in the area can cost $10 million to $30 million or more, she said.
BUSINESS INTERRUPTION COVERAGE: Paul McVey, managing director of property claims practice for Marsh Inc., the nation's largest insurance brokerage, said changes in deductibles have manifested themselves in business-interruption coverage, which generally is based on a percentage of gross earnings value, sometimes in concert with time deductibles of 24 or 48 hours in service-interruption coverage. Among the businesses reporting the biggest interruption hits from Charley was Tampa-based Outback Steakhouse Inc., which maintains 12.5% of its branch locations in Florida. According to Outback, the company lost about 130 operating days and between $1.8 million and $2 million in revenues through Aug. 17 because of mandatory evacuations and a lack of power and water in Florida and parts of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures
Area, 52,586 sq mi (136,198 sq km). Pop. and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. .
CATASTROPHE BONDS: Used to supplement reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. coverage at high excess-of-loss levels in high-risk areas, catastrophe bonds have been issued by several insurers and reinsurers for Florida hurricane risks.
According to a report by Marsh & McLennan Cos.'s MMC See MultiMediaCard and Microsoft Management Console. Securities unit, as of year end 2003, the most recent cat bonds issued included Residential Re 2002, the latest in a yearly series issued by insurer USAA USAA United Services Automobile Association
USAA Urban Superintendents Association of America
USAA United States Achievement Academy
USAA United States Arbitration Act of 1925
USAA United States Axemen's Association
USAA United States Air-Table-Hockey Association Group, covering $125 million in hurricane risk for the East and Gulf Coasts and Hawaii. Swiss Re's SR Wind bond, issued in 2001, covers windstorm wind·storm
A storm with high winds or violent gusts but little or no rain.
A storm with high winds or violent gusts but little or no rain. risks in Florida and Puerto Rico, at $58.2 million each. Zurich Re--now Converium--issued the Trinom Ltd. cat bond in 2001, covering $60 million in Florida and Gulf Coast hurricane risks. Also in 2001, American Re issued Gold Eagle II, covering $116.4 million in hurricane risks for Florida and the Gulf Coast. In 2000, Munich Re issued its Prime Capital I bond, covering $168 million in hurricane risks for Miami and New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of .
Chris McGhee, a managing director with MMC Securities, said that to his knowledge, no cat bonds have been triggered by Charley. "As an event, Charley is not likely to be of a size to cause major losses to catastrophe bonds," he said.
Top 5 Fla. Commercial Multi-Peril Writers--2003 Group market share rankings are based on direct premiums written. Zurich/Farmers Group 13.7% ProAssurance Group 7.5% Hartford 7.4% Insurance Group Nationwide Group 6.9% Travelers Property/ 5.8% Casualty Group Note: Table made from bar graph. Source: A.M. Best State/Line data Top 5 Fla. Homeowners Multi-Peril Writers--2003 Group market share rankings are based on direct premiums written. State Farm Group 23.7% Allstate Insurance Group 11.5% USAA Group 5.3% Nationwide Group 5.1% HDI U.S. Group 4.3% Note: Table made from bar graph. Source: A.M. Best State/Line data Top 5 Most Costly Catastrophes, U.S. Rank Date Peril 1 Sept. 2001 WTC, Pentagon Terrorist Attacks (2) 2 Aug. 1992 Hurricane Andrew 3 Jan. 1994 Northridge, Calif. Earthquake 4 Aug. 2004 Hurricane Charley 5 Sept. 1989 Hurricane Hugo Insured loss ($ millions) Dollars In When 2002 Rank Occured Dollars (1) 1 $20,300 $20,620 2 15,500 19,874 3 12,500 15,173 4 7,400 5 4,195 6,086 (1) Adjusted to 2002 dollars by the Insurance Information Institute (2) Property coverage only Source: Insurance Services Office, Inc. (ISO); Insurance Information Institute