Declarations

Back on track

“With these new appointments, the Commission is committed to a new focus for the Division of Insurance, making New Mexico a more friendly place to do insurance business, while making the industry understand that if they do business in New Mexico they will follow the laws of New Mexico.”

— New Mexico Public Regulation Commission Chairman Ben R Lujan of District 3 commenting on the appointments of a new insurance superintendent, chief market conduct analyst and general counsel for the Division of Insurance.

At a loss

“Right now, we know what we’re going to do for the next two weeks. After that? It’s up in the air.”

— Spinach grower Jack Vessey, 31, a fourth-generation farmer, commenting on the effects of the E. coli spinach contamination and product recall that occurred in September. Farmers could realize up to $74 million in losses, according to early reports from researchers working with Western Growers.

Catastrophe-free checking

“The terrorist attacks on Sept. 11, 2001, exposed the problems associated with the physical transfer of funds.”

— Jana Waughn, president of RemitPro, noting how electronic check processing can help insurance agencies save time and money, and reduce some of the transactional problems that occurred with 9/11. RemitPro specializes in electronic check processing.

Loss estimates shaky

“Damage was relatively minor, but widespread. We can’t say what the insured losses will be — it’s too early to say — but it may exceed the $25 million threshold [for the Insurance Services Office Property Claims Service Unit’s definition of catastrophe].”

— Claire Wilkinson, spokeswoman for the New York-based Information Institute, commenting on the potential insured losses that could result from Hawaii’s 6.6 magnitude earthquake that shook the island of Hawaii, Hawaii, on Oct. 15. FEMA computer simulation estimates note 170 bridges may have been damaged.

No better time

“If you’re going to have an earthquake, you couldn’t have had it at a better time — early in the morning when people aren’t even out of their homes yet. I think people, under the circumstances, have remained very calm.”

— Civil Defense Agency Spokesman Dave Curtis, assessing the damage after the 6.6 magnitude earthquake in Hawaii. The earthquake occurred at 7:07 a.m. Sunday, Oct. 15, in the town of Kailua-Kona. There were no reported fatalities. Had the earthquake occurred during the week or during rush hour, the damage could have been much more significant.

Topics Catastrophe Hawaii Mexico New Mexico Earthquake