Hurricane Irene Cost to Vermont Could Top $1 Billion
Vermont’s governor said Tropical Storm Irene could cost the tiny state more than $1 billion.
Gov. Peter Shumlin said that the state is still calculating the damage from the Aug. 28 storm. He pleaded with the federal government for help as he announced state financial assistance for towns struggling to make repairs.
The package includes $24 million in accelerated state payments to help cash-strapped towns, including $6.2 million in town highway funds released this week rather than next month.
Officials said local banks also are stepping in, providing short-term low collateral loans while the Vermont Municipal Bond Band will provide funding if banks need it.
Shumlin said a top priority will be to get as much of a federal match as possible for infrastructure repairs once the state knows the extent of the damage.
- NHTSA Expands Probe into 1.3M Ford F-150 Pickups Over Transmission Issues
- Charges Dropped Against ‘Poster Boy’ Contractor Accused of Insurance Fraud
- FM Using AI to Elevate Claims to Deliver More Than Just Cost Savings
- LA County Told to Pause $4B in Abuse Payouts as DA Probes Fraud Claims
- Allianz Built An AI Agent to Train Claims Professionals in Virtual Reality
- Nationwide Spending $100M on AI to Beef up Claims Efficiency, Customer Experience
- Adjusters Launch ‘CarFax for Insurance Claims’ to Vet Carriers’ Damage Estimates
- What The Return of California’s ‘Death Discount’ Means for Litigation