The Long Beach City Council, faced with...
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The Long Beach City Council, faced with the possible loss of the Long Beach Grand Prix race April 13, agreed to halve the liability insurance required for the event from $20 million to $10 million.
Chris Pook, president of the Long Beach Grand Prix Assn. and the Long Beach Area Chamber of Commerce, told the council that he had been unable to find insurers to handle the full amount.
Pook blamed the trouble on the “volatile” nature of the insurance industry, which he said is running scared after large court judgments in recent years.
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