June 17, 2010
The White House offered an explanation Wednesday of how its new independent claims process would work for those harmed by the BP oil spill, including details of a $20 billion escrow account funded by the British oil giant. NEW DAMAGE …
June 16, 2010
President Barack Obama, seeking to demonstrate strong leadership on the Gulf of Mexico oil spill, will demand today that BP set aside billions of dollars to pay damages from the catastrophe. A day after he vowed to fight the spill …
June 16, 2010
The Senate today voted against legislation that included a provision to reauthorize the National Flood Insurance Program (NFIP). Along with short term extensions for numerous other federal programs, the NFIP extension was passed by the House just prior to the …
June 11, 2010
A watchdog panel says it’s still unclear whether U.S. taxpayers will ever fully recoup the $182 billion they plowed into American International Group Inc., and the government should have used up all its options before bailing out the crippled insurance …
June 10, 2010
Reacting to BP’s Gulf of Mexico oil spill, a high-ranking U.S. senator Wednesday sought to toughen prison sentences for corporate officials who are found guilty of environmental crimes and to broaden fines for violations. Senate Judiciary Committee Chairman Patrick Leahy, …
June 10, 2010
Federal and state agencies have approved more than $4.6 million in the past five weeks to help people recover from tornadoes, floods and severe storms this spring in Mississippi. Of that total, more than $3.5 million has been approved by …
June 1, 2010
The National Flood Insurance Program (NFIP), which expired at midnight on May 31, is not expected to be able to issue new policies for a week or longer. As reported by Insurance Journal last Friday, Congress left town for the …
May 28, 2010
For the fourth time in the past year, the nation’s flood insurance program will lapse because Congress has not voted to reauthorize it. That’s the latest on Capitol Hill, according to property/casualty lobbyists and other sources. As a result, the …
May 26, 2010
The U.S. Justice Department said Tuesday that Congress could retroactively impose a higher liability cap on BP Plc to pay for the damage from its growing oil spill, and the company would likely lose if it challenged the higher cap …
May 26, 2010
The Obama administration Tuesday slammed as “inappropriate” an attempt by Transocean Ltd to limit its liability for its role in the BP Plc oil spill in the Gulf of Mexico to under $27 million. Noting that the law the company …