Reports of Gene Taylor as a “do nothing” Congressman, like those announcing the death of a very much alive Mark Twain, “have been greatly exaggerated”. Congressman Gene Taylor’s list of accomplishments on National Defense in the 111th Congress is even more impressive when viewed in total as this snapshot suggests:
You gotta admit, this has been a tough couple of years for the sons of the Kings of Torts. Zach Scruggs was railroaded into copping a plea to a crime he did not commit and Daniel Becnel III appears to be a simple fool. I’ll also add being “The Turd” has been tough lately too as Murphy the Turd just had a bad run in with the ODC. Here is the order from the LA ODC on Becnel the Turd which suspends him from the practice of law for one year.
Anyone else remember Daniel Jr’s massive self promoting media blitz trying to capitalize on the oil spill. He landed himself in Business Week and on MSNBC. I have it on good authority Team BP laughs at the “Firehouse Dog”, especially on the day Judge Barbier washed his ass outta the trough.
While we may have a difference of opinion about Gene’s job performance I would be remiss if we did not give the folks at Fire Gene Taylor.com a hale and hearty howdy from the Mississippi coast and acknowledge their kinda sorta endorsement of Gene in the upcoming election. I became hip to them thanks to Alan Lange over at Yallpolitics who previously linked Lavelle and his group on his website.
Also I’d like to give a shoutout to The Mississippi Informer, who has broken the news of another FEC complaint alleging strawman donations and worse against Steven Palazzo.
Finally a reader sent us a link to a brand new website, Twice the Legal Limit.com, which has a picture of a DUI ticket young Palazzo received in Gulfport back in 1992. Yes, young folks make mistakes and that certainly appears to be the case here but the concerns with our friends on the political right about Mr Palazzo’s pedigree have yet another cause for concern. I’ll try to do my best to add to that discussion in a future post.
Very occasional in fact though Part 1 brought tears to the eyes of Mr CLS over at Yahoo ALL (and I bet he still has that old link) and remains one of our all time greatest finance posts considering Nowdy wrote it. That is not a knock on my partner-in-blog as much recognition that someone who was previously illiterate in high finance could “see-it” around the time we were 6 months old as a blog. This global insurance thing is a complicated critter.
There are people on the bottom of this critter who live here on Main Street. Included in that number are the insurance agents who live in our communities across the coast from Bar Harbor, Maine to Brownsville, Texas. A few years ago, at an insurance forum similar to the event held today at USM Gulf Coast, Congressman Taylor was heckled by an irate insurance agent who was forcibly removed from the building by security. Today during Q&A State Farm agent Elvis Gates told the panel he was behind their efforts 100% as he didn’t get paid on policies he didn’t sell. My own agent’s office mostly looks deserted during business hours. These days everyone is feeling the pain. Elvis seems like he is a sharp guy.
The marketplace demands a single solution in an all perils policy. With State Farm pulling out the NFIP after being caught with their hand in the taxpayer cookie jar agents like Mr Gates have been made a casualty along with the rate paying public in the communities where they live. My own personal observation is that Allstate agents are farther along the path to disillusionment after being sacrificed en mass during the evil reign of Ed Liddy. Our readers may remember ol’ Ed was brought in to right AIG during the financial implosion in 2008. Continue reading “My brother Darryl and my brother Darryl – and we’re all in this together Part Trois: The multiperil drumbeat continues. An occasional series.”
Being that I am a hard hat CPA a tie is not required in my line of work but I thought what the heck, I need to look my best for insurance commish Mike Chaney, who will certainly be at the RAND forum. Man o man was I disappointed though because I looked high and low for Mike, who we affectionately know as Mikey the Cook here on Slabbed due to his warm association with fellow Commish Jim “Jimbo the clown” Donelon.
Now there were several theories about Mikey the cook’s whereabouts. One theory goes that he was in Bloomington giving an interview with the Pantagraph which is State Farm’s hometown newspaper. Such is not a far-fetched theory as Mikey has graced the pages of the Pantagraph before waxing nonsensical. Here is a snippet from their Katrina coverage which featured Mikey the Cook’s remarks:
“It was a win-win for State Farm, the state and the courts,” said Mississippi insurance commissioner Mike Chaney, who monitored the mediation program. A probe of State Farm’s claims handling by his department found questionable decisions and irregularities, but no elaborate scheme or illegal actions, he said.
Now we’ve always said Mike Chaney wouldn’t know insurance fraud if it bit him on the ass, unless that is, Continue reading “So this time I actually put on a tie before the insurance forum…….”
Goals for the Residential Insurance Market
These problems illustrate just how dysfunctional the residential insurance market has become for private insurers, policyholders, and taxpayers. Because tightly regulated residential insurers have dramatically
reduced their wind exposures in coastal areas, wind risk has shifted to state residual market entities.
The growth in these markets has transferred risk to taxpayers and to policyholders in inland areas, just as the growth in the federal flood program has transferred risk to federal taxpayers, who are subsidizing a substantial share of the residential policies in high-risk coastal areas. In addition, wind insurance coverage limits have fallen and deductibles have risen, creating greater retained risk for policyholders in high-risk areas. Adding to their burden is the need to purchase multiple policies with inherent contractual uncertainties that will likely cause another wave of litigation following the next major storm.
When considering what types of reforms might improve outcomes, policymakers and other interested parties should be guided by four basic goals for the performance of a residential insurance system:
1. Insurance premiums should create appropriate incentives to mitigate risk. As discussed above, appropriate incentives are needed to discourage homeowners from locating in risky areas and to encourage developers to build wind-resistant structures. When insurance premiums on a property are lower than the losses expected on that property, the incentive to avoid risky areas or to build windresistant structures is inadequate. Analogously,when insurance premiums are higher than expected losses, development will be unnecessarily discouraged and buildings over-engineered.
2. Decisions by households and residential developers should factor in wind and flood risk. It is not enough for insurance premiums to reflect expected losses on a property. Households and businesses must also take wind and flood risks into account when making decisions. A household that does not fully appreciate the risks in its area may not purchase wind or flood insurance, and, in consequence, losses that do occur may be borne by taxpayers, charities, or others.
3. The insurance system should pay legitimate claims efficiently and expeditiously. Claims should be paid without undue litigation and other transaction costs in order to maximize the percentage of insurer expenditures that reach those policyholders who have suffered losses. The expeditious resolution of claims aids rebuilding efforts after a disaster and helps the local economy recover.
4. The market should encourage innovation and price competition. Innovation can result in better loss-prevention programs, policy features that better serve the needs of homeowners, and faster and more efficient payments to those who sustain damages. Competition can speed innovation and reduce inefficiency.
More later from both the report and Sop.
The comments to my earlier post on the rumored indictments in Jefferson Parish and Bill Hubbard’s sentencing tell that tale. You gotta be tough to mud wrestle with the slimy alligators that populate Parish Government. And never take your eye off ’em either because if you do there no telling what the Parish Council will try, even repealing an ordinance they claimed to be in compliance with.
Me thinks the gang is trying to clear the way for Chrissy’s campaign fundraiser. Is there a Kass-Connick and a landfill in this picture? You betcha there is.