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Well, Isn’t That Precious

There’s no need to worry because: Insurers in great shape before hurricane season.

Wait, you say, what about all of those payouts for the hurricanes? Simple, they are stalling or refusing to pay out on a large number of policies, so they could rack up over $40 billion in profits.

To avoid the expenses associated turning down claims they are canceling policies for people who live near the coast, including all of Long Island.

They certainly don’t want to insure people who might make a claim after paying premiums for 20 years.


1 oldwhitelady { 05.10.06 at 8:20 pm }

Precious for them, I guess. What a crappy thing to do to people who’ve been paying for all this time. You’d think they would be grandfathered in.

2 Bryan { 05.10.06 at 10:22 pm }

People are going to stop insuring their homes after the mortgage is paid off because they aren’t going to get anything for their money.

3 The CultureGhost { 05.11.06 at 12:40 am }

Col. Kilgore: “I love the smell of capitalism in the morning…you know that smell…that smell of freshly printed money…it smells like…like avarice.”

4 Bryan { 05.11.06 at 1:04 am }

This is the reason why, as a hardcore, dyed-in-the-wool capitalist, I hate corporations. They want the profits, but they don’t want to risk anything, create anything, or do anything for the profits.

The insurance companies aren’t selling insurance anymore, like most large corporations they are selling their stock.

5 andante { 05.11.06 at 3:20 pm }

It’s become a form of blackmail. You can’t get a mortgage without it, but you can’t get them to pay off on a claim.

In my dreams, the Justice Department takes a long, hard look at all those loopholes the insurance companies keep jumping through to avoid providing value for the money.

6 Bryan { 05.11.06 at 4:55 pm }

It is well past the time when you shouldn’t be able to sell insurance unless you provide it. Obviously this is something that could better be handled by the government because the private sector isn’t interested in provided the service.

In Florida we have an insurer of last resort that took a real hit while the private companies prospered.