Rock me like a hurricaine
This one is is worth watching: it could set a precedent for collection of insurance damages not just for Katrina, but for all future hurricaines. It could also reak havoc in the insurance industry - I predict the federal judge makes limited ruling a la Bush v. Gore (in a Foghorn Leghorn voice): "This is non-binding for the future, sons, but you need to pay reasonable, I said reasonable, damages, I stress this is a special circumstance and should not be construed, I said construed, as representing a carte blanche to retroactively rewrite contracts willy-nilly. You also need to educate your sales reps about the limitations of the policies and make your wording about water damges more explicit, you chicken hawks."
On a parrallel tangent - apparently earthquake insurance is going up in the Memphis area. Makes me want to invest in Alcoa as well, Roy - no wait, they're terrible about EPA regs and cleanup. Never mind - maybe Reynolds Wrap?
A.
posted by A. @ 7:06 PM
2 comments
2 Comments:
Hmmmm, that could be interesting. I think if an insurance agent, acting on behalf of an insurance company, misrepresented (either through his own lack of knowledge, or as a decpetion to sell the policy) the coverage offered by the policy, then the company should pay.
The insurance companies should be happy this hasn't been a major issue before. The ramifications of the retroactive rewrite potiental is pretty scarey though. Way too much potential for abuse.
As for Memphis and earthquake insurance... That was only a matter of time. Memphis, and it's memphians, are prime to be screwed over by a quake. Considering that Peabody place tower is one of the few buidlings in the city built to any sort of earthquake code... it's going to ugly whenever the new madrid finally goes.
There class action suits against every major carrier in both states - they are actively screwing policy holders and admit to doing it. I have no sympathy for teh insurance companies - I think the idea that you are required to have insurance to get a mortgage and to drive a car but they (the ins cos) have no obligation to honor their end. Pisses me off - the games they play, the delays. Abuses of power suck.
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