Business Insurance and the Myth of Hurricane Flood Risk Modeling in N.O.
~Paul R. Becker, president of the construction practice at Willis North America Inc. in Nashville, Tenn., and another participant on the October tour, said in talking with Willis brokers in New Orleans last week, “they really haven't seen much change based on the tour.” “We're choosing to look at it as half full,” Mr. Becker said, the glass' full half being that insurers participated on the tour and they are underwriting business in New Orleans.
In the construction area and the market for builders risk property coverage, “generally it's available, although you need to get multiple carriers for things that are over $20 (million) to $25 million in size in the zone because (insurers) don't want to put that much capacity at risk,” Mr. Becker said. That coverage typically involves a high deductible, he said. In the fixed-property market, “our property guys are seeing what they characterize as massive increases—30%, 40%, 50%—and that's due to the infamous RMS 11 modeling,” Mr. Becker said in referring to Risk Management Solutions Inc.'s version 11 U.S. hurricane model. “The fixed property seems to be much more driven by the cat modeling than the builders risk.”
~Photo: Curtsey of our friends and comrade compadnas at The New Orleans Levee, who snapped this secret under cover lapel pin camera shot of a Corps Risk Reduction Handlin' Officer, CoRRHO, as he nervously Handles his Ratty Hands, furtively eying a newly completed Corps Risk Reducin' Experimental Action Model Assemblage, or CoRREAMA, made up entirely of print copies of The New Orleans Levee.
Well, they don't hold anything back either!
Army Corps Cooks the Books Again
And you’re still outta here! Big D Fazzio’s lawyers remain disqualified and that’s all we’ll be hearing ’bout that for a while ~Slabbed
Road Home buyout properties being sold back to New Orleans~David Hammer
Four major weekend events obscure the important coastal happening ~LaCoastPost
~Yesterday I was reminded by a coastal colleague that a fifth important event will happen Monday, January 9…but with extremely little fanfare. I’m talking about the release of the much anticipated* 2012 Louisiana Master Plan for Coastal Protection and Restoration.
Major Bayou Lafourche cleanup seeks volunteers~Nikki Buskey
What's the word, Hummingbird?
New Orleans Fuit Tree Project spreads the wealth ~Katy Reckdahl
Chefs looking to start small carve out temporary quarters in established kitchens
~Naomi Martin
Do you love brunch? Here are some of Nolamaven's favorite places in New Orleans
Sunday: Lady Jetsetters 2012 second line parade! ~Big Red Cotton, Gambit
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