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The Wake of Katrina

Katrina Post-Katrina Mississippi

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#1 mjtian

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Posted 15 September 2005 - 08:38 PM

Mississippi Vs. Insurance Companies

As the folks in the South try to recover from the devastation of Katrina, appearantly the attorney general of Mississippi is considering sueing the insurance companies and forcing them to pay for flood damages.  As a long time Democrat, I have to disagree with this AG.  I think he may be over stepping his boundaries with this decision.
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#2 Tom Sawyer

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Posted 15 September 2005 - 10:37 PM

Little early for that sort of behavior, isn't it?

Seems chasing ambulances is becoming passe.
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#3 UoR11

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Posted 16 September 2005 - 02:29 AM

WTF? This is completly insane. Flood damage is not covered under homeowner's policies. There's seperate flood insurance for that. If the governement's going to step in and force insurance companies to pay for flood damage, what's the point of buying flood insurance in the first place?
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#4 Anastashia

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Posted 16 September 2005 - 06:41 AM

What I heard is that the insurance companies were having people claim flood damage to get immediate aid (FEMA loans?). The implication being that the policy holders may have covered damage (water pushed in through wind, etc.) but by getting them to claim flood damage the insurance companies had them negate their right to that coverage.

This is my interpretation of a very general statement I heard on a TV news report on this issue though.

Oh and UoR I've heard people who were not eligible for flood insurance on TV too. It's only available if you're in a designated area.

Edited by Anastashia, 16 September 2005 - 06:45 AM.

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#5 emsparks

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Posted 17 September 2005 - 09:02 AM

Unedited partial close caption transcript concerning the lawsuit against the Insurance firms, as aired on CNN.

To simplify,
A class of Plaintiffs is alleging that the insurance companies forced then to buy Hurricane insurance riders. The insurance companies are claiming the damage to the homes was cause by flooding, even though the flooding was cause by the storm surge of hurricane Katrina.  As you know flooding is not coverd by the insurance companies.

CNN, on Sat Sep 17 09:33:51 2005, said:

major litigation on behalf of katrina victims. Dick, tell me about the basis for your lawsuit.

>> The basis for the lawsuit is that aff the policy, homeowners who had homeowners' policies on the coast for several years now have been required to have a hurricane endorsement and pay a premium for it. And, and the lawsuit is going to be that the insurers have accepted premiums  and represented policies the homeowners that they have hurricane coverage but then now saying that it's just a flood. Ich  a terrible change in policy so instead of storm surge
--
>> Let me [I]nterru[pt] you right there, dick. I don't think a lot of people recognize that you're actually a very famous trial attorney. You we respsible for getting tobacco companies to give up a lot of money for taking care of people who had hept issues related to smoking. Now you're taking on the insurance industry an have to tell you, you're talking terms of art. The insurers saying we're clear to not cover water damage. How do you think that you at this point can get them to do ananyt d different?

>>Ll hope that one thing in reconsider their position. Otot, we'll let a jury reconsider it for them. And then they'll end up paying a great deal more than the policy owners. What we are seeing is all hurricane-related damage, whether it's storm surge or wind or combination of both which is really what usually.

>> Let me ask you this question. I know a lot of 0 people out there, they believe if insurers are forced to pay for this disaster, then it's really going to come out of our pockets, consumers' pockets because we will have higher premiums S. That the case?

>> No. It's not the case. Unless the insurance companies get away with convincing congress or the publict tyy need to increase the premium. In fact, they have already increased the premiums more than they need to cover the losss from hurricane katrina. It's an articleby reuters recently where the spokesman for the insurance industry association said they had $435 billion available for Katrina but didn't expect the damages to exceed $40 billion.

>> Right. Let   interrupt you here again if i can, dick. It's not unusual for premiums to go up in the wake of a big disaster like katrina. I know a lot of people worry they'll be on the hook for more. Tell us how the storm surge and that's the k pee here you're using is going to make the difference here.

>> Storm surge is something that is caused only by a hurricane. An, everybody that has a policy that we're representing has something called a hurricane encoarsement. And everyone knows who writes inshurns for that and the home enters know that the principle danger from a hurricane is storm surge. Then why sell them a hurricane -- and forcement, additional premium and claim thattorm suee is something like a flood which is a totally different animal?

>> Well, dick, I'm sure that the lawyers, the courts maybe even jurors -- juries deciding this maybe in coming weeks, coming months, coming years, thank you for being with us today. We appreciate your time and we wish you luck with your own home in mississippi which we understand was damaged in this storm.

>> Yes, it was totally devastated. Thank you for your interest in the story.

>>> We talked to inserers t tartar getted in the suit saying it's a threat to the industry's financial health and could hurt efforts to pay future claims. They say the federal government is responsible for providing flood insurance. For more, i spoke directly with the industry's advocate, the insurance information institute saying they vevenot collted premiums from consumers to pay for flood losses. Bottom line, insurers say they have no responsible for your damage caused by [f]oodingnd may be a recourse.

Edited by emsparks, 17 September 2005 - 09:06 AM.

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#6 Lord of the Sword

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Posted 17 September 2005 - 09:52 AM

Well it's my understanding that a lot of the insurance companies are trying to default on the policies.

The flood waters were caused BY the hurricance. If Katrina hadn't happened there would be no flood. IMO the insurance companies SHOULD pay.
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