Aspen Claims Service

Alabama buys hurricane policy

 Tuesday, August 10, 2010

 Insurance Journal

Alabama will pay $800,000 annually for three years to an insurance company as a hedge against heavy damage to state property on the coast from a major hurricane. Under the deal that took effect last month, global insurer Swiss Re will pay the state $5 million if a Category 3 or 4 hurricane with winds between 111 mph and 155 mph hits the Alabama coast.
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