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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
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Monday, August 18, 2008
In Preparation for Fay, Chubb Readies Its Property Manager Service
Comtex
WARREN, N.J., Aug 18, 2008 /PRNewswire via COMTEX/ ----WARREN, N.J., Aug. 18 /PRNewswire/-- As Tropical Storm Fay continues to make its way toward Southwestern Florida, the Chubb Group of Insurance Companies is preparing to activate its post-catastrophe inspection service for customers who have secondary or seasonal residences and may not be able to visit their homes immediately after the storm.
Launched during last year's hurricane season, the Chubb Property Manager service dispatches residential appraisers to inspect the exterior of customers' homes in areas impacted by hurricane-force winds. The appraisers inform those customers and their agents or brokers about the condition of the homes. If damage is present, customers can authorize the appraisers to initiate claims on their behalf and arrange for restoration specialists to board up, tarp and extract water from the homes.
"After a catastrophe, people are often anxious to learn about the condition of their home. This is especially difficult if you are unable to quickly return to your home. Chubb, in effect, can become the eyes and ears of Florida policyholders who evacuate their homes or are living or vacationing elsewhere," said Christie Alderman, client services manager for Chubb Personal Insurance. "In addition, we can help our customers prevent further damage to their property following the storm."
Customers must be enrolled to receive the service. To learn more about it or access an enrollment form, customers can visit the "Catastrophe Response Center" at www.chubb.com/personal.
Alderman urged all Florida residents to take steps prior to the storm to ensure personal safety and help prevent damage. She recommended that homeowners prepare an emergency supply kit and listen for evacuation guidance from their local officials; clear loose objects from their property; reinforce windows and doors, including garage doors; clear rain gutters, downspouts and drainage ditches; move furniture and household fixtures away from exterior doors and windows; unplug and secure appliances; and test backup generators. Additional information on these and other pre- and post-storm measures is available at www.chubb.com/personal/html/helpful_tips_home_windstorm.html .
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia. Chubb is a worldwide leader in insuring fine homes, automobiles, yachts, antiques and other collectibles, and personal liability. Additional information on Chubb can be found at www.chubb.com/personal.
Contact: Nancy Brenner Manning Selvage & Lee 212-468-3859 Mark Schussel Chubb Group of Insurance Companies 908-903-2107
SOURCE Chubb Group of Insurance Companies
http://www.chubb.com/personal
Copyright (C) 2008 PR Newswire. All rights reserved
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