Wildfire
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Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
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The Caldor Fire, which is 18% contained, has been active for 17 days and in that time destroyed 675 structures and damaged 40.
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It has just one class of notes which will trigger on an indemnity, per occurrence basis against any wildfire in the state of California.
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It recognised the debate surrounding the “plausibility” of such scenarios.
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The National Federation of Agricultural Workers' Unions has estimated that 73 wineries and five cooperatives have been affected.
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The second-largest fire in California’s history has so far affected mostly woodland areas.
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So far, damage costs caused by the California fire are thought to be below $1bn.
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Winds and high temperatures point to potential further growth of the blaze.
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The fire is the second largest in California’s history behind the August Complex Fire last year.
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Pacific Gas & Electric Company has been ordered to explain its potential role in starting the blaze.
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The blaze is in Butte County, just east of the city of Chico and above the Cresta Dam.
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Environmental, social and governance (ESG) factors were the primary driver in 13% of ratings actions in the year to the end of March, according to AM Best.