Allstate Insurance company will no longer be underwriting houses effective in July. No changes will occur for existing customers. The move is supposedly to "limit its exposure to catastrophe" such as earthquakes. Allstate has also trimmed coastal exposure in other states that are prone to natural catastrophes. Allstate has also stopped writing new homeowners policies in Connecticut, Delaware, Florida and New Jersey as well as in eight coastal New York counties. Source: CBS5.com.
Project Related
Indonesia to Build Monumental Suspension Bridge in Ring of Fire
Indonesia is planning to build what will be the World’s longest suspension bridge to link up its two main islands of Java and Sumatra. The total length will over 30-km with a (max?) height of 70-m so ships can pass underneath. The catch is that the bridge will be located on the Pacific Ring of Fire, the boundary between the Asian and Australian tectonic plates and one of the most seismically and volcanically active areas in the world. There have been several recent earthquakes greater than magnitude 7, not to mention the earthquake that caused the 2004 tsunami. The bridge will be built to withstand a magnitude 9 earthquake. Oh, and in case the seismic concerns weren’t great enough, the bridge will pass within 50-km of the volcano Krakatoa. The estimated cost of the bridge is $12 billion ($AU?). Credit to Geology.com for the story.
