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| Santa Maria & Company Risk News |
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Janelle, Thank you for viewing this material. We are pleased to provide this service to you, and to provide up to date information regarding risk management, insurance industry news, products and changes. Santa Maria & Company
With over a million buildings in the U.S. already designated as historic, and an ever-increasing stock of vintage properties that require specialized insurance protection, the need for this perfectly targeted policy is growing bigger every day. Not only are currently certified buildings eligible for coverage, but also buildings which could be certified or exhibit historical character, materials and workmanship. The older the building, the more likely it is to inadequately insured. Groundbreaking Coverage in the Industry:
BOSTON-A fatal ceiling collapse of Boston's "Big Dig" tunnel one year ago was caused by a certain type of glue used in the tunnel's construction, the National Transportation Safety Board has concluded. In July 2006, a Boston woman traveling through the Interstate 90 tunnel was crushed when the vehicle in which she was a passenger was hit by a section of concrete panels weighing about 26 tons that had detached from the tunnel roof. The NTSB's full report on its investigation into the accident is slated for release in a matter of weeks.
NEW YORK (Reuters)-U.S. class-action lawyers who have sued subprime mortgage lenders are now scrutinizing Wall Street banks that sold packages of risky loans to investors and credit analysts that served up top ratings on the securities. Litigation stemming from the collapse of the subprime mortgage market is expected to grow as more investors run for cover after suffering losses on bonds tied to mortgage-backed securities. Plaintiffs' lawyers say they want to know more about the relationship between the credit rating services and investment banks that assembled complex debt structures known as collateralized debt obligations, or CDOs, tied to risky mortgages. Two leading rating services this week downgraded billions in subprime debt, but critics say they should have acted earlier.
MIAMI (Reuters)-Nearly eight weeks have passed since the last tropical storm in the Atlantic-Caribbean region faded away, but banish any notion the 2007 hurricane season has been unusually slow and beware the coming months, experts say. The peak of the six-month season is just around the corner and forecasters are still predicting a busy one. "There's absolutely nothing out of the ordinary," Gerry Bell, a hurricane forecaster for the U.S. National Oceanic and Atmospheric Administration, said of the Atlantic season's first two months. "It's not slow. It's not fast."
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