RE: Mississippi AG goes wild on Flood
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RE: Mississippi AG goes wild on Flood - 9/30/2005 10:47:37 AM
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RicVitiello
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Home base: Louisville, KY
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Another related article
Ric
Retro Flood Bill Floated By Democrats
BY ARTHUR D. POSTAL
NU Online News Service, Sept. 27, 4:30 p.m. EDT
Washington —Democrats introduced legislation in the House late today that would give victims of Hurricanes Katrina and Rita retroactive coverage under the federal flood insurance program.
At the same time, it was learned that the Republican leadership of the House Financial Services Committee has drafted legislation that would provide victims of the flood no financial support.
The draft bill obtained by the National Underwriter calls for a Government Accountability Office study of how flood insurance claims can be processed more efficiently.
The Republicans measure also “encourages” the Federal Emergency Management Agency, which administers the flood insurance program, and state regulators to consider developing alternative dispute resolution programs to “settle any insurance coverage disputes.”
It is unclear whether insurance underwriters will support the Democrats’ bill, but representatives of mortgage lenders are likely to do so and will meet tomorrow in Washington to draft a joint position, according to an official of one consumer lending trade group.
The Democrats’ bill was drafted by Rep. Gene Taylor, D-Miss. A key co-sponsor is Rep. Barney Frank, D-Mass., ranking minority member of the House Financial Services Committee, which has oversight of FEMA.
Dennis Kelly, director of media relations for the American Insurance Association, responded to the bill introduced by Rep. Taylor by saying that, "This bill does not directly affect private sector property insurance contracts. It affects the National Flood Insurance Program, and Congress is responsible for changes to the NFIP."
David Winston, senior vice president for federal affairs for the National Association of Mutual Insurance Companies, said that, "While NAMIC understands Congressman Taylor's frustration that many of the hardest hit victims were not in flood zones, NAMIC believes a better way to solve this problem is for Congress to provide the adequate funding for new, updated flood mapping, that better identifies those areas in which homeowners should be required to purchase flood insurance.”
The bill being introduced by Rep. Taylor would give victims of Hurricanes Katrina and Rita the option of paying 10 years of back premiums for flood insurance, which would be subtracted from their settlement. The insurance would cover up to the amount of the damage or $250,000, whichever is less, Rep. Taylor told a town hall meeting with constituents in Gautier, Miss., yesterday.
He told constituents he would seek support of Mississippi’s Senate delegation, Republican Sens. Thad Cochran and Trent Lott, this week.
Under the bill, payments up to the $250,000 flood insurance program limit pertain only to “structures,” not contents.
Despite Republican opposition to such a measure, the fact that mortgage lenders have loans outstanding on properties that no longer exist may provide the impetus for a government bailout.
The American Trial Lawyers Association put out a release adding fuel to the fire Tuesday that said, “Homeowners insurance should help them begin to rebuild their lives—that is why they paid thousands of dollars in insurance premiums, after all.
“Yet, instead of helping residents, some insurance representatives are tricking victims into signing waivers that will make it easier for insurance companies to deny their homeowners claims, according to a lawsuit filed by the Mississippi Attorney General Jim Hood,” the release continues.
ALTA adds that, “After living through what should have been the worst of the trauma, the victims of Hurricane Katrina shouldn't have to suffer all over again because insurance industry executives don't want to dip into huge profits to honor their contracts.”
_____________________________
Ric Vitiello, president
Benchmark Services, Inc.
Forensic Roof Consulting
Hail/Wind Roof Damage Assessment & Training,
Service Nationwide
Cell # (502) 777-5202
http://www.benchmark-services.com
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RE: Mississippi AG goes wild on Flood - 9/30/2005 11:02:04 PM
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fl_resident
Posts: 30
Joined: 8/27/2005
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A $275000 home with a $150000 flood policy? Where did this figure come from? What's the HO value? Sounds weird to me.
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RE: Mississippi AG goes wild on Flood - 10/1/2005 12:03:21 AM
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RobertV
Posts: 494
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Home base: Boerne, TX
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quote:
ORIGINAL: fl_resident
A $275000 home with a $150000 flood policy? Where did this figure come from? What's the HO value? Sounds weird to me.
I've run into similar circumstance with 2 story houses. Insured's logic is that 'only the 1st floor could flood'. The 80% / value clause comes as a shock to say the least.
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RE: Mississippi AG goes wild on Flood - 10/1/2005 12:25:20 AM
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RobertV
Posts: 494
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Home base: Boerne, TX
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quote:
ORIGINAL: RicVitiello
...Despite Republican opposition to such a measure, the fact that mortgage lenders have loans outstanding on properties that no longer exist may provide the impetus for a government bailout...
This merits attention. The mortgage banks are faster than a speeding bullet and can jump a Capital "T".
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RE: Mississippi AG goes wild on Flood - 10/5/2005 12:00:52 AM
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JimF
Posts: 1323
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Memo to GALE: An interesting comment within the story on the link you provided:
It alleges that on Sept. 12, without inspecting damage to the Leonards' home, Nationwide sent them a letter denying coverage for their losses.
That undoubtedly may be what comes back to bite Nationwide in the butt. It probably rises to the level of a "bad faith" action.
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RE: Mississippi AG goes wild on Flood - 10/5/2005 7:52:43 AM
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ncinsurancepro
Posts: 94
Joined: 10/16/2004
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Noted in the October 4 edition of the Wall Street Journal. LA. Insurance Commissioner has been threatened with a lawsuit for not initiating legal action similar to Mississippi.
He responded such legal action should be initiated by the AG; the property owners should initiate action against the La AG; and he will comply with any court ruling resulting from this action.
The article also noted Insurance Carriers contributed over $500K to his last campaign.
The article further noted some carriers have already announced plans to withdraw from the state.
Finally, someone earlier expressed the belief the Feds will bail out the financially ruined carriers from this. Do not think so. A bailout would take the form of the various state Gaurantee Funds paying claims on behalf of financially imperiled carriers; then turning to the remaining carriers with an assesment for their proportionate share of the losses paid. The imperiled carriers would be liquidated by the Insurance Department at a later date or taken over by another carrier. Look at American Mutual Fire Insurance in the aftermath of Hurricane Hugo or Montgomery Mutual in the aftermath of Hurricanes Dennis and Floyd. Will come down to how much reinsurance is available and how quickly can they obtain the funds after losses are paid. That's a matter of public record.
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RE: Mississippi AG goes wild on Flood - 10/22/2005 7:49:12 PM
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ericschumann
Posts: 1
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Home base: Clearwater, Fl
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Yes : I am an agent In Florida most people who have bought there HO 3 policies Never read them ... they are so excited about getting into Debt with their New Home thay do not care about their Insurance coverage and they only get it because the banks make them get coverage ... and when you try and sell flood insurrance peolpe wave off of it bacause they car barely afford the payment taxes and insurance... Eric Schumann 727-804-1185 agent looking to get into claims business
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Eric Schumann
727-804-1185 PH
E Mail ericschumann@earthlink.net
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RE: Mississippi AG goes wild on Flood - 10/23/2005 4:20:06 PM
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trader
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Home base: Houston, TX
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The property insurance world will be upside down if mother nature, stays on this rampage. Within the last year I have worked the sub standard market on commercial , residential and mobile homes.
This book of business is placed in the London market using specialty MGA,s and TPA to handle the claims. The broad coverage is a HOA with mauscript limiting endorsements that limit the following, No RC on A or B coverage, ACV on all losses and depreciation show on each line for repairs. Roofs are always ACV. No mold coverage. Mobile homes have a limit of $100.00 per month ALE or fair rental for one month.
When 05 is over the citizens of Florida, Alabama, Mississippi, Louisiana & Texas will have bare bones in all coastal counties with windstorm Ded up to 5% and the annual cost will double or triple. And the states with punitive AG,s will have few carriers left doing business in thier state.
This class of business is not regulated by the state ins comm. and premiums are much higher for several reasons, primarly claim frequency or difficulty in settlement on prior claims.
< Message edited by trader -- 10/23/2005 5:58:52 PM >
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RE: Mississippi AG goes wild on Flood - 12/16/2005 4:12:59 PM
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ntzjazz
Posts: 56
Joined: 4/19/2004
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Just saw on abcnews.com—Republican Sen. Trent Lott is himself a plaintiff in an effort to recoup losses caused by Katrina. Appears he had a beach front home leveled by the storm—reports are Big Red was his carrier and the target.
According to the article, his lawyer is “Dickie” Scruggs, and is reported to be Lott’s brother-in-law
Did I once hear all politicians are the same?
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RE: Mississippi AG goes wild on Flood - 12/16/2005 4:44:55 PM
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katadj
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Home base: New Hope, PA
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http://www.insurancejournal.com/news/southeast/2005/12/16/63098.htm
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