This is an interesting situation, how much wind insurance can an insured collect when they are tendered their flood policies? The courts have split on this issue and depending on the Hurricane, an insured can either collect the policy limits or have their wind recovery reduced by their flood payouts. Such a legal mess would be prevented under a true multi-peril concept such as HR 3121 and taxpayers would not have to be worried about being stuck with a bill that should have been paid by private wind insurance.
Here are some exerpts from Rebecca Mowbray’s story: Continue reading “Louisiana Wind-Water News: Courts Split on Wind Recovery When Paid on Flood”
Our friend Steve makes the AP story on Bill Clinton’s visit to the Pass – Read Bill stumps for Hillary on Katrina-battered Mississippi Coast.
PASS CHRISTIAN, Miss. — Former President Clinton highlighted his wife’s support for reforming national flood insurance and for rebuilding wetlands in a town nearly wiped off the map by Hurricane Katrina as he campaigned ahead of next week’s Democratic presidential primary in Mississippi. Continue reading “Topbanana in AP Story”
Again our congratulations to Steve for helping to force this issue with our Democratic Presidential candidates. Steve tells me he is still waiting to hear back from the Obama camp. As reported here first and without further analysis here is Anita Lee’s story:
As Mississippi’s Democratic presidential primary approaches, Sen. Hillary Clinton has thrown her support to multiple-peril insurance coverage for coastal communities.
Clinton sent a letter Friday to Senate Banking Committee Chairman Chris Dodd, D-Conn., urging him to consider adding wind coverage to federal flood insurance, a proposal from U.S. Rep. Gene Taylor, D-Miss. A flood-insurance bill left Dodd’s committee without wind coverage. Continue reading “Clinton Support for Multi Peril Insurance Makes Front Page of the Sun Herald”
Steve, aka Topbanana has been working the political angle of HR 3121 since the Mississippi primaries became important to the Democratic presidential race. Last Friday at the Issues + Answers lecture given by Congressman Gene Taylor we were told Senator McCain was against multi peril insurance. Today Senator Clinton came through big time with this letter to Senator Christopher Dodd. Steve’s contribution to this effort to bring fairness to insurance for coastal residents can not be understated. Congratulations friend. Now lets see if Obama’s campaign is for the people in the Gulf South like Hillary.
The Sun Herald has consistently reported Roger Wicker would make Hurricane Katrina recovery the major part of his maiden Senate speech and they were true to their word. Perhaps Congressman Taylor now has a true champion for the multi peril concept in the Senate. Without further analysis here is the insurance exerpt of Senator Wicker’s maiden Senate speech: Continue reading “Roger Wicker’s Maiden Senate Speech”
It’s mono y mono now. The Rigsby sisters against State Farm.
Read Anita Lee’s story Three insurance companies dropped from whistle-blower suit.
Ocean Springs whistle-blowers are dropping three major insurance companies from a lawsuit filed over Katrina claims handling, choosing to focus on State Farm insurance companies as they press for damages under the federal False Claims Act. Continue reading “Breaking: Several Insurers Dropped from Whistleblower Suit”
Gene Taylor’s issue + answers lecture at USM Gulf Park was a well attended event. Besides Congressman Taylor, Senatorial hopeful Ronnie Musgrove, State Senator David Baria and Insurance Commissioner Mike Chaney were in attendance.
While I organize my thoughts and before I give my personal impressions, I’ll post the Sun Herald story along with the actions of our fellow blogger and friend Steve, aka Topbanana, who shouted down an insurance agent that heckled Congressman Taylor. The agent in question was forcibly removed from the premises by campus security while Steve received a round of applause from the crowd for shutting the guy up.
This news story contains a factual inaccuracy, HR 3121 does not repeal the McCarran Ferguson anti trust exemption. sop Continue reading “Gene Taylor Issues + Answers Lecture”
David Rossmiller broke this story on his blog. Thanks to Bellesouth for the pdf of the order and heads up.
I have read the order for dismissal and await a lawyer’s analysis but to me it boils down to what was very apparent from reading Judge Acker’s original order; the law enforcement exception contained therein is absolute and was met as demonstrated by the facts of the case. Also Judge Vinson found Judge Acker’s order was poorly written: Continue reading “Breaking: Scruggs Contempt Case in Alabama Dismissed”
Not much time for analysis but here is the news story. sop
HARTFORD, Conn. (AP) — Five former insurance company executives were found guilty Monday of a scheme to manipulate the financial statements of the world’s largest insurance company.
The verdict came following a monthlong trial in federal court.
The defendants, four former executives of General Re Corp. and a former executive of insurance industry leader American International Group Inc., sat stone-faced as the verdict was read.
Continue reading “Breaking: Federal Jury Finds 5 Former Insurance Executives Guilty in Financial Manipulation Scheme”
Earlier this week there was some improtant developments involving Florida’s battle with Allstate. As we have repeatedly noted in our continuing coverage of Allstate there is a pattern of behavior exhibited by this insurance giant of ignoring lawful subpoenas and court orders. Worse according to the Florida Office of Insurance Regulation complaint:
Encompass Floridian Insurance Company’s chief executive officer knowingly made and filed a false certification….. Continue reading “Yo Allstate: Florida Isn’t Amused OIR Moves to Ban Allstate”