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Insurance Companies Win Again Vs. Thier Customers

Posted in H.L. News, Main Blog (All Posts) on August 3rd, 2007 7:52 am by HL

Speaking of Hurricane Katrina. Looks like Insurance companies just got bailed out of paying off about a Billion Dollars. A judge just said that they don’t have to pay off damage caused by Katrina. Gotta love those Insurance companies. They are the biggest bastards in the world. They will do ANYTHING to not have to pay off, when they should after you paid those premiums all those years and got nothing for it. Why bother having Insurance if they are not going to cover you?


Katrina Victims Lose in Appeals Court

AP
Excerpt

NEW ORLEANS (AP) – Hurricane Katrina victims whose homes and businesses were destroyed when floodwaters breached levees in the 2005 storm cannot recover money from their insurance companies for the damages, a federal appeals court ruled Thursday.

The case could affect thousands of rebuilding residents and business owners in Louisiana. Robert Hartwig, chief economist at the industry-funded Insurance Information Institute in New York, said in June that a ruling against the industry could have cost insurers $1 billion.

“This event was excluded from coverage under the plaintiffs’ insurance policies, and under Louisiana law, we are bound to enforce the unambiguous terms of their insurance contracts as written,” Judge Carolyn King wrote for a three-judge panel of the 5th U.S. Circuit Court of Appeals.

2 Responses to “Insurance Companies Win Again Vs. Thier Customers”

  1. Hay Says:

    Were their homes destroyed by flood? If so, they are not covered. Only the Federal government issues flood insurance anymore. That is why people are building all along the coasts. The tax payer is subsidizing homes where even the Guided Agers would not build. On nothing much more than sandbars five-six houses deep at places. Asinine. When the next hurricane comes it will be a real mess. If the insurance companies did insure homes on the coast, the (real) cost, not subsidized by tax payers, would be so high there would be much less construction right on the sandbars.

    But hey, the media can put the blame on global warming.

  2. Ghost Walker Says:

    building a house on a sand bar? wouldn’t a body think bout what could happen? it’s like — unstable
    i can see why no body sells flood insurance on a flood plain, that is is like sticking your head in the mouth a lion that has not eaten in weeks. i kind thought the mississippi flood taught us that