PG&E says it has nearly $1 billion in coverage for blast

SAN BRUNO, Calif.—Pacific Gas & Electric Co. has about $992 million in liability insurance in excess of a $10 million deductible for damages caused by fire, the utility said in Sept. 9 with the Securities and Commission.

The insurance would respond to damages stemming from Thursday evening's explosion in San Bruno, Calif.

“Although the exact cause of the explosion has not been determined, a 30-inch steel gas transmission pipeline owned and operated by the utility in this area was ruptured,” San Francisco-based PG&E said in its filing.

“Depending on the final outcome of the investigation, and if insurance recoveries are unavailable or insufficient to cover the losses, PG&E Corporation's and the utility's financial condition or results of operations could be materially adversely affected,” said the filing.

The filing did not identify the insurers that wrote the coverage.