http://news.yahoo.com/s/ap/20060815/ap_on_bi_ge/katrina_insuranceJudge rules policy excluded flood damage
By MICHAEL KUNZELMAN, Associated Press Writer
Tue Aug 15, 5:58 PM ET
GULFPORT, Miss. - A federal judge ruled Tuesday that an insurance company's policies do not cover damage from flood waters or storm surge in a decision that could affect hundreds of upcoming cases related to property damage from Hurricane Katrina.
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Senter said Paul and Julie Leonard of Pascagoula could be compensated for damage that they could prove was caused by high winds, however.
Nationwide and other insurers say their homeowners policies cover damage from a hurricane's wind, but not in cases where it resulted from a combination of wind and water.
"This reading of the policy would mean that an insured whose dwelling lost its roof in high winds and at the same time suffered an incursion of even an inch of water could recover nothing under his Nationwide policy," he wrote.
My translation:
No compensation for wind-driven water like storm surge, etc.
BUT, where the sleazy insurance companies had been trying to deny ANY claims if there was water damage, this judge says if there is a combination of factors, you could still be compensated for the wind damage isolated from the water damage.
My new beliefs:
We need nationalization of some industries that HAVE PROVEN they are incapable of balancing private profit from public need.
We should nationalize:
All Insurance (Especially health and homeowners) The insurers want YOU to pay, but that money is to go towards executive compensation, not paying out claims.
Utilities - the way Enron gamed the system is proof enough
Oil
Transportation
And I don't need to hear anymore crap about how privatization results in gains to the consumer thru a competitive market. There are no gains to the consumer and the market is not competitive. NEXT!