California Earthquake Authority Prepares Response to Possible Insurance Claims Resulting from Today's Earthquake Affecting the Greater Los Angeles Area

Business Wire, July 29, 2008

SACRAMENTO, Calif. -- The CEA's emergency response plan for policyholders has been implemented and staff members mobilized immediately upon notification of today's earthquake. Damages were minor, according to reports available within two hours of the event.

"We will be working closely with our participating insurance companies to promptly process any claims under CEA policies," said CEA CEO Glenn Pomeroy. "We are fully prepared and funded to cover all eligible claims."

CEA policyholders who experienced or suspect damage should contact their residential or renters insurance agents or companies to file claims. A list of toll-free telephone numbers for insurance companies that sell and service CEA insurance is available at www.EarthquakeAuthority.com.

Of the approximately 12 percent of households statewide that have earthquake insurance, CEA provides about 70 percent of those policies. About 250,000 CEA policyholders - nearly one-third of CEA's total 770,000 policyholders - live in the greater Los Angeles area and may have been affected by today's earthquake.

The CEA is a privately financed, public-managed entity that is funded by insurance companies and customer premiums. It has nearly $9 billion available to pay claims resulting from residential earthquake damages to insured properties.