Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (135419)	8/31/2005 3:16:18 PM
From: Lazarus_Long	Respond to of 794534

The damage to private property by Loma Prieta was fairly minimal. Public property was another matter. But we generous taxpayers get to insure that. In 1996, the California Legislature established the California Earthquake Authority (1) as a privately financed, publicly managed entity to help California residents protect themselves against earthquake loss. Today, the CEA is the world's largest residential earthquake insurer. Acting through its participating insurers, the CEA sells earthquake policies to homeowners, mobilehome owners, condominium owners, and renters throughout California and provides retrofit assistance to help people protect their houses against earthquakes. Key dates in the CEA's history: * January 1994: The Northridge earthquake hits Southern California, registering 6.7 on the Richter scale. Insured residential damage ultimately totals $12.5 billion.(2) * January 1995: Fearing potential insolvency from another huge earthquake, insurers representing about 93 percent of the homeowners insurance market in California severely restrict - or refuse to write altogether - new homeowner policies because of the mandate that they also offer earthquake insurance. This triggers a crisis that by mid-1996 seriously threatens the vitality of the state's housing market and stalls the state's recovery from recession. * September 1995: The State Legislature designs a catastrophic residential earthquake insurance policy known as the "mini-policy," effectively setting a new minimum standard for coverage that must be offered to every residential policyholder. * September 1996: The State Legislature establishes the California Earthquake Authority. * December 1996: The CEA begins to write earthquake policies. earthquakeauthority.com