Louisiana Commissioner Wrong to Protect Insurance Companies at Expense of Hurricane SurvivorsCommissioner Should Fight Industry Effort to Deny Katrina ClaimsLouisiana Insurance Commissioner Robert Wooley is wrong to defend insurance company efforts to deny Katrina survivors their full claim, consumer advocates with the nonprofit (FTCR) said today. In an interview aired this morning, Wooley told National Public Radio that if companies are forced to cover their policyholders for all the damage caused by Katrina: "You're going to bankrupt the insurance companies."
Commissioner Wooley went on to say people with water damage should seek federal loans, because if insurers compensate policyholders for damage from hurricane-related flooding or storm surge, "the people who have legitimate wind claims behind those folks that didn't get there quicker, they're going to have no money."
Insurers, which posted record profits and surpluses last year, would not run out of money to pay claims, according to FTCR. Still, Wooley would protect the nation's largest insurance companies -- including the top three home insurers State Farm, Allstate and Farmers, which cover 60% of policyholders in Louisiana and 46% in Mississippi -- from having to pay legitimate claims that should be covered under homeowners' policies. The group said that residents in Louisiana, Mississippi and Alabama who purchased insurance with hurricane or wind coverage should be covered, whether it was wind or water that did the damage, because the predominating cause of all the damage was the hurricane.
cont'd...
http://www.consumerwatchdog.org/insurance/pr/?postId=5121AFTERTHOUGHT: So could someone remind me again on WTF is the point of insurance companies??? Also, thinking about price gouging, you know these heathens are going to jack up their premiums when the smoke clears. Bloody jackals...
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