Category Archives: earthquake insurance

Markel Reports First Quarter 2012 Results

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1336817718 88 Markel Reports First Quarter 2012 Results

RICHMOND, Va., may 9, 2012 — /PRNewswire/ – Markel Corporation (NYSE: MKL) reported diluted net income per share of $5.92 for the quarter ended March 31, 2012 compared to $0.85 for the first quarter of 2011.  The combined ratio for the first quarter of 2012 was 100% compared to 112% for the first quarter of 2011.  The combined ratio for the first quarter of 2012 included $20 million, or 4 points, of underwriting, acquisition and insurance expenses related to the Company’s prospective adoption of Financial Accounting Standards Board Accounting Standard Update No. 2010-26, Accounting for Costs associated with Acquiring or Renewing Insurance Contracts.  The combined ratio for the first quarter of 2011 included $69 million, or 15 points, of underwriting loss related to the Australian floods, the new Zealand earthquake and the Japanese earthquake and tsunami.  Book value per common share outstanding increased 6% to $373.20 at March 31, 2012 from $352.10 at December 31, 2011. 

Alan I. Kirshner, Chairman and Chief Executive Officer, commented, “Business conditions are improving as we are seeing more opportunities and achieving better prices. In our insurance operations, we saw a 10% increase in premium volume and improved underwriting performance. our acquisition activity continued in 2012 and we are excited about our two most recent acquisitions – the THOMCO insurance business and the Markel Ventures acquisition of Havco.  our book value per share achieved an all time high driven by favorable investment returns.”

The Company also announced today it has filed its Form 10-Q for the quarter ended March 31, 2012 with the Securities and Exchange Commission.  a copy of the Form 10-Q is available on the Company’s website at www.markelcorp.com or on the SEC website at www.sec.gov.  Readers are urged to review the Form 10-Q for a more complete discussion of the Company’s financial performance.  The Company’s quarterly conference call, which will involve discussion of the Company’s financial results and business developments and may include forward-looking information, will be held Thursday, may 10, 2012, beginning at 10:30 a.m. (Eastern Daylight Savings Time).  any person interested in listening to the call, or a replay of the call, which will be available from approximately two hours after the conclusion of the call until Monday, may 21, 2012, should contact Markel’s Investor Relations Department at 804-747-0136.  Investors, analysts and the general public also may listen to the call free over the Internet through the Company’s web site, www.markelcorp.com.

About Markel Corporation

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

SOURCE Markel Corporation

Markel Reports First Quarter 2012 Results

Under new management: Sony, Panasonic seek rebound

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1336612547 99 Under new management: Sony, Panasonic seek rebound

Journalists are silhouetted against a board showing Sony’s logo at its news conference in Tokyo February 2, 2012.

Credit: Reuters/Kim Kyung-Hoon

TOKYO | Wed may 9, 2012 2:36pm EDT

TOKYO (Reuters) – Shares in Japan’s consumer electronics giant Sony Corp (6758.T) slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple (AAPL.O) and Samsung Electronics (005930.KS).

On Thursday, Sony will post a record annual net loss of around $6.4 billion, and investors will look to new CEO Kazuo Hirai for signs he has the strategy to fix the group and return it to profit.

At a briefing last month, he sketched out a future driven by smartphones, games and cameras, as well as medical devices and electric car batteries, along with big cost cuts in a TV business that has lost more than $10 billion in 8 years.

Hirai, little more than a month into his job as CEO, set a target for group sales of 8.5 trillion yen ($105 billion) in two years, with an operating margin of more than 5 percent. “This is our only chance to change,” he told an April 12 news conference.

On Friday, Panasonic Corp (6752.T), too, will post a record full-year net loss – of close to $10 billion as it restructures its ailing TV operations.

Both companies have promised long-awaited turnarounds and are under new leadership. Kazuhiro Tsuga takes over as president of Panasonic next month. Investors want to see signs of a common solution to the challenge of consumer electronics convergence – where consumer electronics, telecoms, content and software meet – and nimbler foreign competitors.

Operating profit at Panasonic – which, on a play on its earlier name of Matsushita, has been called Maneshita, or copycat – should increase almost 10-fold to 241 billion yen ($3 billion) in the current year to next March, according to a mean estimate of 20 analysts surveyed by Thomson Reuters I/B/E/S.

In the year just ended, the maker of Viera TVs, Lumix cameras and a range of household appliances, is expected to eke out an operating profit of around 25 billion yen, according to Thomson Reuters I/B/E/S, hit by a stronger yen that ate into overseas earnings and by production disruption from last year’s earthquake.

Shares in Panasonic, valued at around $18 billion, have dropped by a quarter in the past 6 weeks

Sony, too, should return to an operating profit this year, of 173 billion yen, according to a mean estimate of 18 analysts surveyed by Thomson Reuters I/B/E/S. Sony’s own target of 180 billion yen is “not out of the question,” said JP Morgan analyst Yoshiharu Izumi. “But the target is not an easy one.”

The central issue for Sony and Panasonic is that losses in TV operations are wiping out profits in other divisions – music, movies and insurance at Sony and household appliances and solar panels at Panasonic.

Sony’s Hirai has promised to end TV losses in two years, while winning back market share with Sony’s Xperia smartphones and other gadgets.

“Sony is looking to double its smartphone market share, but we saw no clear strategy for differentiation,” Goldman Sachs analyst, Takashi Watanabe said in a report last month.

At Panasonic, Tsuga’s growth hopes lie in solar energy, batteries and in selling more washing machines and hair dryers to developing Asian markets.

“All the general Japanese electronics makers have the same problems, they’ve all become maneshita,” said Yuuki Sakurai, the CEO of Fukoka Capital Management in Tokyo.

($1 = 79.7750 Japanese yen)

(Editing by Ian Geoghegan)

Under new management: Sony, Panasonic seek rebound

Canty SMEs flexible after tremors

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1336598120 72 Canty SMEs flexible after tremorsALAN WOOD

the earthquakes have led to significant behavioural changes by Canterbury’s small to medium enterprises so they are more adaptive to crises and changes in the business environment, a new study shows.

the Massey University-based study found a high degree of vulnerability and a lack of formal crisis planning amongst small businesses across new Zealand.

only a small proportion of 1127 businesses surveyed had a formal business continuity plan and less than 10 per cent had a written crisis management plan. Of these, less than half had tested their plan in practice.

however, the experience of dealing with the aftermath of the earthquakes “has had a significant impact on the behavioural readiness of Canterbury SMEs, so that they have increased their capability to adapt to major changes in the business environment”, university researchers said.

This included changes they had made to their businesses, such as better computer and online systems, the ability to trade outside their premises, or additional staff training for a crisis.

A total of 102 “surviving” Canterbury firms took part in the study with most having less than 50 employees.

the study was national but Canterbury firms were more likely to have been affected by the availability of staffing, premises and supplies, and by insurance premiums and wage and salary costs.

new Zealand urgently needed a programme to help small and medium-sized businesses prepare for crises like the Canterbury earthquakes, the researchers said.

Their recommendations come in a BusinesSMEasure report from the university’s Centre for Small and Medium Enterprise Research prepared for the Ministry of Economic Development.

Centre director Professor David Deakins said the study was the first to examine the effects of the earthquakes on SMEs across new Zealand, as well as their readiness for dealing with a crisis or a natural disaster.

the proportion of SMEs undertaking continuity planning did increase after the first Canterbury earthquake in September 2010, and the experience of dealing with the impact of the subsequent earthquakes had made surviving Christchurch SMEs more resilient, Deakins said.

Christchurch results showed that of the firms affected by the September 4 quake or subsequent aftershocks, 64 per cent were forced to close at least temporarily.

“It was interesting to see how much better prepared and less vulnerable Canterbury SMEs were compared to those in other parts of the country. the experience of dealing with a natural disaster clearly raised the level of companies’ crisis management planning and awareness,” he said.

the experiences of the Canterbury businesses could be useful to others. the BusinesSMEasure report concluded with a recommendation that a national programme of measures to improve SME resilience should be given a high priority.

Deakins said such a programme could include training in business continuity planning, using online computer systems for financial and office management, developing methods for maintaining customers, and better dealing with trauma and psychological elements.

– © Fairfax NZ News

Pardon Me, but too many TLA’s exist in the Media.!

I read every day, an excruciatingly interesting article, only to find the TLA refers to an UNknown Refrenced Abbreviation(URB) that few people have any idea what the TLA refers to. This means a Subset Search Paradigm (SSP) exists outside the CMP (Co-existant Media Prose) that defeats the CCP (Common Communication Purpose) and renders the whole "Less than the Sum of It’s Parts (SOIP).

At least, I have explained each abbreviation – OOps! (TLA = Three Letter Abbreviation!!)

Thank you – please take notice.

Canty SMEs flexible after tremors

$2m health blowout leads to cost cuts

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1336522520 28 $2m health blowout leads to cost cuts

the Nelson Marlborough District Health Board has spent nearly $2 million more than its budget so far this financial year.

the board budgeted for a $480,000 surplus but has a $1.48 million deficit.

It plans to tighten up on staff replacement and travel.

A financial report to the board shows a range of budget blowouts such as staffing costs, clinical supplies and extra earthquake insurance.

the board, which has $405m revenue for the year to June, is having to deal with increases in demand for surgery and health services, pushing up its costs from personnel to medical supplies.

Although its revenue to the end of March is $2.9m more than it budgeted for, its expenses were $4.9m more than budget, so it is $2m in the red.

Board corporate services general manager Nick Lanigan said Statistics NZ had indicated that Nelson and Tasman’s population had jumped 1.5 per cent, largely because of to people moving to Nelson from Christchurch because of the earthquakes, and that had put pressure on the board.

the other factor was ensuring it complied with the health minister’s target to have no-one waiting more than six months for either an elective surgical procedure or a first specialist assessment.

That meant it was having to deal with a backlog, Mr Lanigan said.

It also had a much higher level of acute cases.

Examples of the pressure in the medical and surgical area include personnel costs $453,000 over budget, largely in nursing, and clinical supplies $1.4m over budget. Community-based services personnel costs are also over budget by $366,000.

In its infrastructure costs consulting fees are now $232,000 over budget, and insurance on buildings is $224,000 over budget due to the increase in all insurance after the Christchurch earthquake.

Sending patients to Wellington instead of Christchurch has added an extra $254,000 to travel costs.

an increase in new patients enrolling at GP practices has cost $120,000. the DHB says growth in enrolled population for Nelson Bay PHO is higher than estimated when the budget was set.

Now that it was $2m in the red, Mr Lanigan said the DHB did not need to seek more money from the Health Ministry to balance its budget as it had substantial reserves. “While we can afford it, there’s definitely an expectation that we break even, and the concern is if this level of activity continues into next year.”

the DHB was strengthening its controls over costs such as recruitment and minimising staff travel, Mr Lanigan said.

“We are a large organisation so always have staff resigning. Justifying replacement will always be easier in clinical areas while back office roles will require more examination.”

the board met on Tuesday. “While it wants us to do whatever we can to achieve our annual plan goals, it does recognise the additional money we are spending is on patient care.”

Offsetting the increased costs, the DHB has been selling assets, such as Wakatu House and three Kawai St properties in Nelson and gained $235,000 above their book value, income from the Canterbury DHB for aged residential care of Christchurch residents has added $735,000 to revenue, and interest it received is above budget. Fairfax NZ

TAKING THE PULSE

EXPECTED: $480,000 surplus

GOT: $1.48 million deficit

BLOWOUTS: Staffing, supplies, insurance

CUTBACKS: Staff replacement, travel

OTHER FIX: Selling assets

– the Marlborough Express

Lets not pay health professionals at all.Lets have them study for years,work easter,christmas,weekends and right through the night 24hrs a day 7 dayes a week so when grandma trips over whist visiting they can look after her broken hip for us while we enjoy the rest of our xmas break. as it is they are all moving to aussie anyway.

$2m health blowout leads to cost cuts

Radio New Zealand : News : Christchurch Earthquake : Insurance claimants treated ‘inconsistently’

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1336288512 22 Radio New Zealand : News : Christchurch Earthquake : Insurance claimants treated inconsistently

Updated at 6:48 pm on 21 April 2012

A Christchurch residents association says insurance companies are treating homeowners’ earthquake claims differently even when their circumstances and policies are largely the same.

The majority of claims have yet to be settled, especially in areas of the city where there is doubt about the stability of the land.

A spokesperson for the Ferrymead Brookhaven residents association David Stringer says they have formed cluster groups based on the insurance company a person is with.

He says they have uncovered inconsistencies in the way people are being dealt with by certain companies.

Mr Stringer says the clusters ensure everybody in a similar situation is armed with the information they need to progress their claim successfully.

He says the cluster groups’ existence can also benefit insurance companies when it comes to communicating with policy holders.

Federation of groups wanted

The group behind Council Watch wants residents’ groups in Christchurch to form a federation, to ensure they are heard.

Almost half of the 80 groups met on Saturday to share ideas and come up with ways to work together.

Organiser Jarrod Coburn says the views of residents’ associations are being drowned out by various experts and politicians and it is time these groups were recognised for their work.

He says a federation would empower the groups and would also allow for concerns to be expressed to the Canterbury Earthquake Recovery Authority and the Earthquake Commission, instead of these organisations being bombarded with complaints and questions from different quarters.

Copyright © 2012, Radio new Zealand

Radio New Zealand : News : Christchurch Earthquake : Insurance claimants treated ‘inconsistently’

Engineers Associations

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1336284918 42 Engineers Associations

Earthquakes in California are common occurrences as the state is located on the San Andreas Fault.  There are hundreds of other active faults located throughout the state and they are all capable of producing large earthquakes.  In fact, seismologists are saying that the west coast is long overdue for an earthquake that will measure 8 or 9 on the Richter scale.  Most people in the United States believe that California residents and commercial property owners carry earthquake insurance, especially since so much of the state is located on or near fault lines.  Amazingly, only 12% of those who own residential or community property in California manage to get affordable earthquake insurance.  Cost is a major factor to contend with, however denial of coverage is the other major issue.

Earthquakes will always be a concern for California residents, especially since they are the most expensive disaster from which to recover.  Earthquake insurance in California comes at a high premium and many property owners simply choose not to add this extra expense, especially in these tough economic times.  If you are lucky enough to get earthquake insurance, the deductibles are quite high. in addition, the amount of coverage often doesn’t completely cover the potential cost of damage or complete property loss.

There are two important points to consider if you live in California, especially in close proximity to a fault line, and you are considering earthquake insurance for your commercial property:

  • Buildings that are older than 10 years are most likely not up to the current, more strict, building codes
  • You are still responsible to pay off the balance of a mortgage, even if the property is damaged or destroyed

So the question is this: is there a way to get accepted for coverage with affordable rates?

If you have ever looked to get financing on your commercial property, you may have heard about the importance of building safety and the PML (Probable Maximum Loss) rating for lenders. Most financial institutions, including banks and insurance companies, are always concerned with minimizing the amount of risk they carry. If you have a commercial property that is more than 10 years old, it is very likely that the building is not strong enough, as is, to withstand the force of a strong earthquake. Fortunately, a substantial number of lenders, who require a PML under 20%, are typically satisfied when a comprehensive and professional earthquake retrofit has been done to strengthen the building.  an earthquake retrofit assures the lender that necessary reinforcements are in place to reduce the chances of catastrophic damage and devastation that would most likely result in the owner walking away from their loan.

In the future, insurance companies may decide not to write coverage for earthquakes due to past losses and other events. Rates have increased 3 to 6 times since 2005 and policy denial is often the norm.  many property owners are carrying an overly high PML on older buildings.  These older commercial properties were constructed in ways that experts now expect to fail if a powerful quake occurs.  an earthquake retrofit is one of the best ways to protect your property and to make earthquake insurance possible and affordable.

If you are trying to determine if an earthquake retrofit is a solid investment and also the best way to reduce the cost of earthquake insurance, you will want to get a quote. Saunders Commercial Earthquake Retrofit provides property owners an insurance quote based on present and after-retrofitting values so clients can easily calculate their investment return. by partnering with a number of insurance providers, Saunders can easily demonstrate the potential return on investment.  the bottom line is that it’s a lot more inexpensive and safe to earthquake retrofit a structure prior to an earthquake than to fix costly damages afterward.  for additional information on the best ways to get affordable earthquake insurance and to get a quote for an earthquake retrofit for your commercial property, call Saunders Commercial Earthquake Retrofit today!

Southern California Office

Engineers Associations

Bismarck Tribune Online – World and National News

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1336252508 64 Bismarck Tribune Online World and National News

OMAHA, Neb. (AP) — Warren Buffett’s company said Friday its first-quarter profit more than doubled because Berkshire Hathaway Inc.’s insurance units avoided major disaster losses and the paper value of its derivative contracts improved.

Berkshire said it generated $3.245 billion in net income, or $1,966 per Class A share. That’s up from last year’s net income of $1.511 billion, or $917 per Class A share. the earnings report was released as thousands of Berkshire shareholders were gathering in Omaha for Saturday’s annual meeting.

Last year’s results were hurt by $1.1 billion in insurance losses from the Japanese earthquake and tsunami, Australian floods and the new Zealand earthquake.

The overall results fell short of what the four analysts surveyed by FactSet expected. they had forecast Berkshire would report earnings per Class A share of $2,297.50 on $39.154 billion in revenue.

Berkshire says its revenue grew 13 percent to $38.1 billion from last year’s $33.7 billion.

Berkshire’s insurance division, which includes Geico and General Reinsurance, contributed $54 million to the Omaha-based company’s profits. that was much better than last year’s $821 million loss, but slower than past years. Two years ago, Berkshire reported a $226 million underwriting gain in the first quarter.

Berkshire said Geico’s expenses grew as it began to comply with new accounting standards for certain policies and losses were slightly higher.

Price competition remained tough in reinsurance, so Berkshire said its companies continued to refuse to write policies when they considered the premiums inadequate.

The Burlington Northern Santa Fe railroad contributed $701 million to Berkshire’s net income, up from $607 million a year ago.

BNSF said it hauled three percent more carloads in the first quarter of 2012 than it did last year. the railroad said growth in the number of consumer and industrial products it carried offset decreases in coal and agricultural goods.

Last year’s acquisition of specialty chemical maker Lubrizol boosted Berkshire’s manufacturing, retail and service unit. that diverse group of businesses added $854 million net income, up from $558 million a year ago.

Several of Berkshire’s manufacturing companies, such as Acme brick, Shaw carpeting and Benjamin Moore paint, make building products, so their performance continues to be hurt by the slow pace of housing construction.

Berkshire’s utility unit, MidAmerican Energy, added $338 million, up from last year’s $301 million.

Berkshire estimated that its derivative contracts were worth $650 million at the end of the first quarter, well ahead of last year when they were worth $176 million.

The swing in the value of Berkshire’s derivatives contributed to an overall gain on investments and derivatives of $580 million. A year ago, Berkshire recorded an $82 million loss on its investments and derivatives.

The true value of the derivatives won’t be clear for at least several years, because they don’t mature until at least a decade from now on average. But Berkshire is required to estimate their value every time the company reports earnings. Buffett has told investors he believes the contracts will ultimately be profitable because the premiums are being invested.

Berkshire’s operating earnings were $2.67 billion in the first quarter, up 67 percent over last year’s $1.59 billion. Buffett has said Berkshire’s operating earnings are a better measure of how the company is performing in any given period, because those figures exclude the value of derivatives and investment gains or losses.

Berkshire owns roughly 80 subsidiaries, including clothing, furniture and jewelry firms. its insurance and utility businesses typically account for more than half of the company’s net income. It also has major investments in such companies as Coca-Cola co. and Wells Fargo & co.

Berkshire Hathaway Inc.: http://www.berkshirehathaway.com

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Bismarck Tribune Online – World and National News

LA Fire Department & partners educate consumers on Natural Disaster Preparedness

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1336198513 62 LA Fire Department & partners educate consumers on Natural Disaster Preparedness

ALTHOUGH California residents are aware of the recent major natural disasters in Southern California such as earthquakes, windstorms, and wild fires, many people have not taken the necessary steps to safeguard their homes and protect their personal finances. To address this issue, six organizations are encouraging consumers to become advocates for natural disaster preparedness and safety.

In a press conference held last week at the Los Angeles County fire Department Headquarters, in 1320 North Eastern Avenue, Los Angeles, fire Chief Mark Savage, from the Public Information Office of the Los Angeles County fire Department, joined corporate leaders from Farmers Insurance, Southern California Gas Company, Southern California Edison, Verizon Wireless, Walmart and Wells Fargo to help educate consumers about the importance of natural disaster preparedness and highlight ways in which consumers can take a more active role in protecting themselves and their loved ones.

“The citizens we serve can be confident that the Los Angeles County fire Department remains committed to providing the highest level fire and life safety service,” said Chief Mark Savage. “During times of crisis and disaster, first responders are likely going to be overwhelmed. it is critical that citizens take some basic steps to prepare so that in the aftermath of a disaster, essential needs can be met until help arrives.”

“During disasters, the first responders will be going to large-scale fires, building collapses etc. The public needs to be ready on their own. California residents have not taken the concerns seriously. you must have fire drills in your home. have a first aid kit and be trained in first aid. have batteries ready for your radio so you will be able to listen for updates, in case there is no power available,” stressed Chief Savage.

Partners

Jerry Davies, Assistant Vice-president of Media and PR for Farmers Insurance, discussed natural disaster preparedness for homeowners, talked about the importance of having the right insurance coverage and knowing the procedures to avail of them. “It is important to sit with your agent to review your coverages. do you have insurance for fire, floods, and earthquakes? you have to be prepared now, before a natural disaster comes,” said Davies.

Safety concerns were also discussed by Southern California Gas Company (SoCalGas)/ Sempra. at the briefing, Gina Orozco-Mejia, director of field services at SoCalGas, offered the following tips on what to do before and after a natural disaster:

-Securely strap water heaters to prevent them from moving or toppling over in the event of an earthquake.

-Know where the natural gas meter is located.

-Have a 12-inch or larger adjustable wrench handy to manually turn off the gas meter if a gas leak is suspected after an emergency. make a quarter turn of the valve with the wrench, moving it from a vertical position to a horizontal position. This will shut off the flow of gas.

-Do not turn off the gas meter after an earthquake unless you smell gas, hear the sound of gas escaping or see other signs of a gas leak and only if it is safe to do so.

-If there is a gas leak, remain calm. if it is safe to do so, turn the gas off at the meter. do not light a match, candle or cigarette and do not turn electrical devices- not even a light switch- on or off or use any other device or equipment that may cause a spark. from a safe location, call SoCalGas or call 911.

-If the gas is shut off at the meter, do not turn it back on without the help of SoCalGas.

Southern California Edison emphasized safety is paramount around power lines in the event of a disaster. Karli Massey, manager of Public Safety as Southern California edision said, “If you see a downed power line, call 911 and inform the operator it is an electrical emergency. do not approach or touch the line or any person or object in contact with it. always assume all wires are energized. only a qualified electrical workers knows when it is safe to be around electrical wires.’

Tim Youn, Multi-Cultural Marketing Manager of Verizon Wireless, discussed the necessity of staying in touch during emergencies. “Make sure your cell phones are always fully charged, in case of emergencies. Purchase added batteries and car chargers. Plan with your family on how to connect with each other. During emergencies, send brief text messages rather than voice calls. Often, text messages get through when wireless networks are overtaxed during a crisis. Maintain a list of emergency phone numbers – police, fire and rescue agencies, power companies, insurance providers, family, friends and coworkers- and program them into your phone. Forward your home phone calls to your wireless number if you will be away from your home or have to evacuate. Develop a systematic evacuation and communications plan with your family and friends that includes what to do, who calls who, where to go, and what supplies and items you will take with you,” advised Youn.

As one of the leading retailers, Walmart is continually helping disaster victims all over the world. “It is vital that every family prepare a basic emergency kit that will include the following: bottled water, food, battery-powered radio, flashlight and extra batteries, whistle, duct tape, moist towelettes, plastic bags, prescription medicines, matches, plastic utensils, and books/toys for children,” said Juliette Nam, Market Human Resources Manager at Walmart.

Wells Fargo highlighted the importance of having emergency funds and warned about risks during emergencies. Shaffi Poswal, Vice President of Cash Services in California at Wells Fargo, said, “You should save up for emergencies. and you should be aware that criminals target people who are in distress. never provide sensitive information over the internet or phone, including Social Security numbers, passwords, PINs or account numbers.”

(www.asianjournal.com)

(LA Weekend April 28-May 1, 2012 Sec a pg.1)

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LA Fire Department & partners educate consumers on Natural Disaster Preparedness

BH Councilman: PTA’s Subway Disaster Video Kind of a Disaster – 90210′s Way or the Highway – Curbed LA

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1336169704 24 BH Councilman: PTAs Subway Disaster Video Kind of a Disaster 90210s Way or the Highway Curbed LA

The Beverly Hills PTA recently commissioned a video to tout their opposition to a subway tunnel under Beverly Hills High School (which is necessary for a Purple Line station in the heart of Century City–BH wants a station on Santa Monica Blvd., though studies show that’s dangerous because of an earthquake fault, which many BH officials dispute). The video shows the high school exploding and insinuates trains would barrel through the school itself, even though at least two studies have shown that a tunnel can safely be built under BHHS and would not keep the school from building underground parking. The PTA video is mostly outrageous and even City Councilmember Barry Brucker admits such in the Beverly Hills Weekly: “I think that if the PTA leadership had seen the video prior to them authorizing the funding of it, they may have thought twice about doing it,” Brucker said. “I understand they’re trying to appeal to the community and bring awareness of the methane gas issues, but I personally think the video does not advance our city’s position in the best light.” PTA Council Co-President Susie Roberts defends her work: “Sometimes you have to grab somebody’s attention in a way that really makes them stop.”

BH Councilman: PTA’s Subway Disaster Video Kind of a Disaster – 90210′s Way or the Highway – Curbed LA

Call for inquiry on lack of cover

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1336155313 12 Call for inquiry on lack of coverSAM SACHDEVA

Calls are growing for an independent review of a significant insurance shortfall for Christchurch’s quake-hit infrastructure.

Concerns about insurance cover have arisen in response to the Christchurch City Council’s draft annual plan, which proposes a 7.5 per cent rates increase to help fund the city’s recovery.

During draft annual plan discussions this month, Cr Tim Carter said the city’s infrastructure was “grossly underinsured” at the time of the earthquakes.

“It’s blindly obvious and it’s put us in a hard position.”

Carter said the rates rise would be a “legacy” of the organisation’s insurance problems.

Public relations consultant David Lynch told the Press an independent review was necessary to address “significant discrepancies” between the cost of rebuilding key facilities and the value they had been insured for.

Lynch, who spoke to the council’s audit and risk subcommittee last week, said clarity was lacking about the extent of the insurance shortfall and why it had occurred.

“They need to look into how in fact they ended up with such significant shortfalls between the replacement of buildings … and the insurance cover.”

Several of his clients, including commercial investors and property developers, had expressed concerns about investing in the city while uncertainty about the council’s insurance cover remained.

“Commercial and residential ratepayers are being asked to cover it, so they have every right to probe into how the council arrived at such significant shortfalls.”

Cr Helen Broughton said she would support an independent review of the council’s insurance cover, due to the lack of information available. “We’ve got to have a clearer understanding of [the situation].”

Broughton said she had struggled to get “good, accurate information” about insurance issues from council staff since the city’s earthquakes.

Councillors had not been adequately briefed on insurance issues until February this year, which made it difficult for them to make decisions relating to earthquake damage.

“It is hard to make good decisions in a vacuum. it has been very frustrating.”

Carter said he would also support an independent review.

“As has been signalled in the draft annual plan, there is a huge shortfall in our insurance payouts.

“To date, not enough information has been provided to explain the shortfall,” he said.

Council corporate services general manager Paul Anderson said he did not believe there would be “any value” in an independent review.

“The gap we’ve got with insurance is pretty obvious and pretty explainable … the cover is what it is.”

some of the additional costs were due to more stringent building codes after the earthquakes, while the council had also decided to upgrade some of the facilities during the rebuild, Anderson said.

it was also possible some of the professional building valuations had been too low, he said.

“It’s too early to say that for sure … but across 1600-odd facilities, there will be a lot of unders and overs.”

Anderson said a $196 million insurance shortfall for the city’s underground infrastructure was due to the scale of the earthquake, which had not been anticipated by insurers.

Councillors had been “comprehensively” briefed about the council’s insurance issues on several occasions, he said.

“I don’t think I’ve ever briefed a council on any issue in the last year more than I have on insurance.”

– © Fairfax NZ News

Why cant people get it through their thick heads that the replacement values of these buildings were most likely correct before the earthquakes are now no longer correct. Is it beyond anyones comprehension that buildings costs and demolition costs have gone up alot…making everyone underinsured….everyone, not just Council.

Alot of council infrastructure is not insurable….thats not that they didnt insure it, but that there isnt anyone willing to cover it. you want to blame Council for something they had no control over….

As for increases in rates well suck it up Christchurch and stop whining, its our City and if we want it rebuilt we need to help not play the blame game.

Call for inquiry on lack of cover