TALLAHASSEE, Fla. (AP) - The state board that oversees the fund
designed to pay insurance benefits in case of a catastrophic
hurricane is again looking for answers.
The board, comprised of Gov. Charlie Crist, Chief Financial
Officer Alex Sink and Attorney General Bill McCollum, sifted
through several presentations Tuesday aimed at reducing the state's
risk if a major storm or several small destructive ones hit the
state this year.
All agree that the state's risk is too high.
Florida paid $224 million to Warren Buffet's Berkshire Hathaway
Inc. last year for a guarantee that the state could borrow up to $4
billion if needed to help cover losses by its emergency hurricane
insurance fund. This year the cost would likely be considerably
more.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
WeatherWeather
Credit Crunch Could Hurt Hurricane CAT Fund
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WKRG-TV
Published: March 10, 2009
Published: March 10, 2009
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