PROTECTINGAMERICA.ORG E-NEWS Massachusetts: CAT Fund discussion ‘centerpiece’ of proposed insurance solutions The Massachusetts Legislature’s Special Commission on Homeowners Insurance endorsed the creation of a national backstop for state catastrophe funds. Most importantly, the Commission agreed to support the establishment of a Massachusetts catastrophe fund to reduce insurance costs and pass savings on to consumers. These recommendations are a major step forward in providing adequate and affordable homeowners insurance to Bay State residents who are vulnerable to massive hurricanes or other natural catastrophes According to an analysis conducted by Milliman, Inc., an independent international actuarial firm, Massachusetts homeowners could save a total of $158 million, per year, through the creation of the state and national catastrophe funds similar to that which was endorsed by the special commission. Read more Clinton, Nelson Introduce Catastrophe Legislation U.S. Senators Hillary Clinton and Bill Nelson introduce legislation to help ensure that property insurance is available and affordable for every homeowner. Earlier this month, U.S. Senators Hillary Clinton of New York and Bill Nelson of Florida introduced the Homeowners’ Defense Act of 2007, legislation that supports the creation of a national catastrophe fund. The bill is companion legislation to the Klein-Mahoney bill, recently passed by the U.S. House of Representatives. 'The current insurance market isn’t responding fast enough to the new and heightened risks that many homeowners face. We need a fresh and innovative approach to the current insurance problem that will help homeowners get access to effective and affordable disaster insurance. I applaud Congressmen Klein and Mahoney for their vision and leadership in championing this legislation in the House, and I am proud to introduce the Senate companion bill with Senator Nelson, which deserves the Senate’s consideration,' states Sen. Clinton. Read more October Wildfires Scorch California;
Remind the Nation of Nature’s Fury Wildfires that ripped through California were a rude awakening for California residents and families nationwide. In addition to emotional devastation, the disaster brought billions of dollars in damage to homes and property. Though unfortunate, the calamity adds momentum to the Homeowners’ Defense Act of 2007 by reminding the nation that residents need protection against all types of catastrophe, and that disaster can occur anywhere at any time. ProtectingAmerica.org co-chair James Lee Witt states, 'Catastrophic events are not just about hurricanes. It's about fires, tornadoes, earthquakes.' Read More Scientists Measure Earthquake Risk in New York Six scientists have been studying seismic risk in Manhattan and have determined that there is potential for an earthquake to cause significant damage in the region. Using portable seismographic stations, the researchers measure how the buildings will shake during an earthquake. Dr. Arthur Frankel, as seismologist with the U.S. Geological Survey in Colorado said, '[The risk] isn’t as high as it is in California, but because of the high population and the built-up infrastructure, the risk is significant.' The team of scientists point to the last major earthquake in New York, which occurred in 1884 and measured a 5.2 on the Richter scale, as a reference for how future earthquakes would likely feel. Effects were felt from Virginia to Maine, and while it didn’t cause major damage at that time, an earthquake that of equal force would wreak havoc on today’s skyscrapers, subways and bridges, and other infrastructure. Read More Insurance on the Rise in Rhode Island As the insurance crisis stretches further across our nation, residents of Rhode Island who live within 1,000 miles of the coast line report homeowners insurance to be an increasingly rare commodity. One resident is reported to have lost three policies in the past two years, with his current policy triple the cost of the original. State Senator David Bates tells East Bay Newspapers that Florida has created a situation through legislation to eliminate reinsurance, 'that may soon cause a decrease in what Rhode Island insurance companies have to pay for their insurance.' Read More SEND US YOUR NEWS DO YOU HAVE NEWS THAT YOU WOULD LIKE TO INCLUDE IN OUR COALITION SPOTLIGHT? WRITE US AT ENEWS@PROTECTINGAMERICA.ORG AND LET US KNOW HOW YOUR ORGANIZATION IS WORKING TO BETTER PROTECT AMERICA FROM CATASTROPHE. YOUR NEWS WILL BE ADDED TO THE WEB SITE AND FEATURED IN AN UPCOMING NEWSLETTER. See a list of our coalition members | 
