adjustercom.com
Michael Sullivan Associates
SLT Law_Stacey Tokunaga, Attorney At Law
Home
News

 Features


Other Claims News
People
Forums
The Comp Examiner Directory
The Liability Adjuster Directory
Service Provider Directory
Post a Job
View Jobs
Resumes
View Resumes
Contact Us


 

The Comp Examiner Directory

 

Sullivan & Associates Westlake Village Office Moving

 


Welcome Guest! | Login | Register with adjustercom
 
 
News

News Archive

Email a Friend Email A Friend

More News

November 21, 2017
Dr. Brent Pratley, Workers' Compensation Orthopedic Surgeon, Died On November 10th 2017 After A Long Illness

November 20, 2017
Del Real Father And Son Plead Guilty To Four Felony Counts Of Workers’ Compensation Fraud In Salinas, California

November 16, 2017
Norma Reyna Garner Released Of All Charges In Landmark Medical Case In Orange County

November 15, 2017
California Court of Appeal Denies Defense's Petition For Writ Of Mandate In Sim Hoffman, M.D. Workers' Compensation Fraud Case



Golden Gate Bridge Insurance Premium Up, Terrorism Coverage Gone
By Michelle Logsdon - April 10, 2002

The millions of travelers who plan to cross the Golden Gate Bridge this year better dust off their personal insurance policies and make sure they have adequate coverage before putting the pedal to the metal.

As of Monday, April 8, the Golden Gate Bridge is no longer insured for acts of terrorism. That leaves drivers to their own devices or in the hands of Fate.

In May 1937, Joseph P. Strauss, the chief engineer for the Golden Gate Bridge and highway district, showed amazing foresight when he wrote these words in his poem “The Mighty Task is Done” about the completion of the bridge:

“For this was spun its lithe fine form,

To fear not war, nor time, nor storm,

For Fate had meant it so.”

The company handing off its terrorism risk to Fate is ACE USA.

The Golden Gate Bridge District Board renewed their policy with ACE after shopping around approximately 20 insurance companies. Only two of those companies would offer terrorism coverage and the premium rates were very high.

The insurance broker for the bridge, Chris Ewers, knew it would be difficult to find an acceptable policy for the Golden Gate after Sept. 11, but threats to the structure following the attacks made his job almost impossible.

London’s Royal SunAlliance was interested in the prospect of insuring the structure. A spokesman for the company, Ned Leber, told the San Francisco Chronicle, “We were eager to be a player with the Golden Gate Bridge. It’s high-profile and well-built. We definitely thought we could make a profit on it.”

Royal wanted terrorism exclusions just like most other companies approached by Ewers. Initially, he refused any policy with the exemption. Ultimately, the board of directors decided to stay with ACE but knew coverage would be minimized and rates would be much higher.

The new policy is twice as expensive. Last year, the bridge district paid $500,000 for $125 million in coverage, including terrorist attacks. The new policy costs $1.1 million for $25 million in physical damage and $25 million for lost toll revenue. And the new policy does not cover terrorist attacks because of a legislative loophole ACE was able to utilize.

Bridge director Barbara Pahre told the San Francisco Chronicle the end result policy was not what they wanted. “I think we’re being taken advantage of. We feel powerless.”

ACE was contacted by adjustercom.com. Vice President of Communications Lisa Fleishman-Hicks said the company had no comment about the bridge policy at this time.

The higher premium rates could be offset by raising the toll from $3 to $5. Public hearings on that proposal are currently in progress.

Travelers concerned about the higher toll costs and the need to rely on their own insurance policy while crossing the bridge can be comforted by the continued presence of National Guard soldiers standing watch at the Golden Gate. Governor Gray Davis has spent more than $2 million on the troops since Sept. 11.

 
 

 Hot Jobs


Adjuster / Examiner
Senior Workers Compensation Claims Examiner
York Risk Services Group, Inc
El Dorado Hills, CA
View All Jobs


Build Your Brand

SLT Law

Hefley Law, APC, Christopher M. Hefley


    Copyright 2017 | Privacy Policy | Feedback |  

Web site engine's code is Copyright © 2003 by PHP-Nuke. All Rights Reserved. PHP-Nuke is Free Software released under the GNU/GPL license.