As if the victims of Katrina need any more heartbreak in their lives. Even if they did pay their astronomical flood insurance premiums, they may never see any of their claims paid.
This is the line that gets me:
"The fact that a government-run levee fails and creates a flood does not create a liability for private insurers," says Robert Hartwig, chief economist of the Insurance Information Institute.
Insurance companies should probably update the construction of their language before the words get out. From the Independent Insurance Agents & Brokers site:
Covered flood damage (as defined) "can be caused by:
-The overflow of inland or tidal waters, or
-The unusual and rapid accumulation or runoff of surface waters from any source, such as heavy rainfall, or
-Mudslides, i.e., mudflows, caused by flooding, that could be described as a river of liquid and flowing mud and
-The collapse or destabilization of land along the shore of a lake or other body of water, resulting from erosion or the effect of waves, or water currents exceeding normal, cyclical levels."
Get those claims in. Before they change their minds...again.
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