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Catastrophic crop insurance (CAT) is a component of the U.S. federal crop insurance program, originally authorized by the Federal Crop Insurance Reform Act of 1994 (P.L. 103- 354). [1] CAT coverage compensates farmers for crop yield losses exceeding 50% of their average historical yield at a payment rate of 55% of the projected season average ...
Flood insurance is the specific insurance coverage issued against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands , floodplains and other areas that are susceptible to flooding.
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Conventional homeowners insurance offers little to no flood protection, and nationwide just 4% of households carry flood insurance. That gap in insurance coverage can leave homeowners with ...
The market for insurance-linked securities has been very attractive for investors and insurers. One portion of insurance-linked securities is the reinsurance of high severity, low probability events known as CAT bonds, or catastrophe bonds. [1] These include cover for natural disasters and other uncontrollable events.
The LA wildfires could cost insurance companies $30 billion. A litigator in insurance claims gave BI his top tips for getting your money. I'm a lawyer who's recovered large insurance claims.