"4 pines could very easily take out my neighbor's electric service, phone and cable tv in the event of a bad storm. .. who's responsible to pay for repairs if this happens? my neighbor or me??"
Neither. The utilities pay for repairs.
'I am not willing to drop the trees to "prevent" this from happening. Should i carry some sort of clause in my homeowner's insurance policy for this??"
You are right. The trees should not be dropped unless they have severe defects that cannot be fixed in other ways. There are clauses that absolve both you and the insurance company from liability.
"Or should I let him worry about contacting the power company for these issues"
Or not; up to them. Their fears will wane once the memory of the last storm subsides. If they demand the removal of the trees, they should pay for both removal AND replacement value, to make you whole for the loss of the trees.
Next Wednesday in Columbus there will be a talk on Tree Risk Assessment, here;
http://www.onla.org/07ShortCourse.pdf
TREE RISK MANAGEMENT
After the risk of tree failure and the risk of that failure to people and property are assessed, ways of managing the risk must be discussed. The arborist describes for the owner all the reasonable ways of lowering that risk to a level that the owner is willing to accept. At this point, tree risk assessment transitions into tree risk management. The answer may be as simple as removing a dead branch or reducing a sprawling limb. It is essential to consider the long-range effects of the complete removal of living limbs and trees. Pruning, cabling and other arboricultural treatments are not perfect or zero-maintenance solutions, but neither is removal. Without the support provided by the missing tree or limb, adjacent trees and limbs will be on the “edge”, newly exposed to the forces of nature. Some of these forces are as subtle as sunshine, which can kill bark by scalding. The balance of the tree or grove will be altered, and they will react to stresses in new and possibly unanticipated ways. Removing large limbs also can result in the decay and failure of the parent branch or stem. Arborists sometimes automatically recommend removal in the hopes of protecting themselves from liability, but in fact, removal of trees and limbs can lead to an unanticipated increase in risk and liability.
Since some decay can be compartmentalized by a tree with adequate resources, the risk from decay may be lowered over time by managing the soil to increase those resources. Mulching, fertilizing, inoculating with microorganisms, and irrigating can encourage new root growth and increase the tree’s vitality and resources to resist decay.