Declarations

A Rebounding Market

“This reduction in market share of Citizens is a great indicator that the homeowners insurance market as well as the commercial property insurance market in Louisiana is rebounding from the severe hit we suffered as a result of Hurricanes Katrina and Rita. Homeowners now have a broader range of options for insurance with 16 new companies actively writing property and casualty policies in our state.”

—Louisiana Insurance Commissioner Jim Donelon comments on the success of another round of depopulation of policies from Louisiana Citizens Property Insurance Corp., the state’s property insurer of last resort.

One Size Does Not Fit All

“Just like finding the right winter coat, no insurance policy is one-size-fits-all. … But this type of supplemental insurance might be the right fit for certain property owners who chose not to buy any earthquake coverage in the past because high deductibles left them feeling not fully covered.”

—Oklahoma Insurance Commissioner John Doak announced that Oklahoma City-based Midlands Management Corp. is adding earthquake deductible buy-down insurance as a means of making the cost of recovering from earthquake damage more manageable for property owners. Midlands Management already offers standalone earthquake coverage for commercial risks.

Unconditional Devotion

“Dogs are unconditionally devoted to their owners. Today, we interpret timeworn supreme court law in light of subsequent supreme court law to acknowledge that the special value of ‘man’s best friend’ should be protected.”

—The Second Court of Appeals in Fort Worth in early November ruled that a couple can sue an animal shelter that accidentally euthanized their 8-year-old dog. The court said sentimental damages can be recovered for the loss or destruction of all types of personal property, including pets. A lower court had previously ruled the couple could only sue for the market value of the pet. AP