Insurers in NY are charging the proper premiums in the coastal areas as they should. We may have one or two huricanes per century so hopefully we have the reserves to cover any troubles. Not one of the sun states sends money north to handle the snow troubles that we have here so I don\’t see where we should be expected to pay for homes that should not be built where they are in the first place. We have high property taxes and high insurance rates to cover our troubles, perhaps the south should try the same.
Don\’t worry. America voted to get rid of the awful Republicans and replace them with Liberal near communist Democrats. America is just getting what they voted for. Judges that legislate from the bench. Face it folks we are looking at some bad times ahead. Either the Iranians, N. Koreans or Democrats will nuke America as you knew it one way or another.
From an article on the overall litigation on Katrina:
\”In the end, though, Duval declined to disqualify himself. The judge acknowledged that his daughter\’s home had flooded and that he and his wife had to evacuate their own home for about two months after Katrina. He also disclosed in court documents that he and his family received some financial assistance from the Federal Emergency Management Agency.\”
When I saw the ruling, I was very surprised since Judge Duval is Federal (so not elected) and generally not a whackjob. Once I read the opinion itself, I realized why this result is so screwy: Louisiana\’s legal system.
Unlike the other 49 states, LA\’s legal system is based on Napoleonic Code (don\’t forget its history as a French settlement!), rather than English Common Law. Jurisdiction is clearly LA in this case, so Duval had to apply the law embedded in that rat\’s nest of codified law that exists in LA. So, its applicability outside of LA is minimal, but inside LA, it\’s a potential source for MORE headaches. Of course, if LA is not careful, the issuers of financial contracts may just decide the irregularity of LA law isn\’t worth the effort or risk. Should be interesting either way.
Is this guy up for re-election or something? It sure would explain a lot. But folks, you aren\’t thinking, and neither did the judge. If memory serves me correctly, the ASCE found that the levees were breached due to overtopping or soil erosion. And guess what both of those are under most policies? EXCLUDED!
Wanna take a wild guess at what else is usually excluded? Faulty, inadequate, or defective planning, construction, or maintenance.
I\’d put that 5 bucks on the Judge not reading the entire contract and only reviewing the flood exclusion. I would even bet lunch he didn\’t even read his own policy either. The lawyers better quit salivating and start reading. And get your hands back in your own pockets where they belong. I suggest you buy some darn flood insurance if you live in a tub! My empathy can only go so far.
The New Orleans comedians/politicians and drop in preachers told the locals that this was a man made incident. They stated that either President Bush personally drove to New Orleans and blew up the levees or had it done by one of his stooges. Maybe the judge should go after VMM and the insurance companies could subro against the GOP or White House.
Mike,
Clinton appointed Louisiana federal judges (Brady,for instance) who , if you had to hide something from that judge (Brady, for instance), you could put it in a law book and that judge would never find it. Political payback makes us all suffer.
NY insurers charging proper premiums in coastal areas. Hmmmmmm, I seem to recall that the big players recently stopped writing new business and were reducing their exposure in some areas from NJ to MA. Having watched 12 companies go \”toes up\” in Andrew, and four more over the last couple of years the question of rate adequacy is still open for debate. One thing for sure, the cost of reinsurance has gone through the roof for all coastal exposures – you are more than welcome to come down to the Sunshine State where HO premiums in some counties are over $6k plus for a $250K home. That is, if you can find a company willing to write the risk.
One last point of interest: Hurricane Hugo went 200 miles inland before it was downgraded to a tropical storm.
When oh when will people be accountable for their own decisions. Stupidity and ignorance cannot be an excuse to blame others. What happens when you build a house 30 feet below sea level? Duh. Blame George Dubya-yeah, thats the ticket.
The idiot attourney, Bruno, said we are on the \”verge of an opportunity to recover money for people who have lost everything.\” I am so tired of liberal BS! An insurance contract is not a social program. If he feels so bad about people who have lost everything, why doesn\’t he start by waiving all of his fees, win or lose.
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Insurers in NY are charging the proper premiums in the coastal areas as they should. We may have one or two huricanes per century so hopefully we have the reserves to cover any troubles. Not one of the sun states sends money north to handle the snow troubles that we have here so I don\’t see where we should be expected to pay for homes that should not be built where they are in the first place. We have high property taxes and high insurance rates to cover our troubles, perhaps the south should try the same.
Don\’t worry. America voted to get rid of the awful Republicans and replace them with Liberal near communist Democrats. America is just getting what they voted for. Judges that legislate from the bench. Face it folks we are looking at some bad times ahead. Either the Iranians, N. Koreans or Democrats will nuke America as you knew it one way or another.
From an article on the overall litigation on Katrina:
\”In the end, though, Duval declined to disqualify himself. The judge acknowledged that his daughter\’s home had flooded and that he and his wife had to evacuate their own home for about two months after Katrina. He also disclosed in court documents that he and his family received some financial assistance from the Federal Emergency Management Agency.\”
http://www.chron.com/disp/story.mpl/nation/4345547.html
When I saw the ruling, I was very surprised since Judge Duval is Federal (so not elected) and generally not a whackjob. Once I read the opinion itself, I realized why this result is so screwy: Louisiana\’s legal system.
Unlike the other 49 states, LA\’s legal system is based on Napoleonic Code (don\’t forget its history as a French settlement!), rather than English Common Law. Jurisdiction is clearly LA in this case, so Duval had to apply the law embedded in that rat\’s nest of codified law that exists in LA. So, its applicability outside of LA is minimal, but inside LA, it\’s a potential source for MORE headaches. Of course, if LA is not careful, the issuers of financial contracts may just decide the irregularity of LA law isn\’t worth the effort or risk. Should be interesting either way.
Finance (and Law) Mike
Is this guy up for re-election or something? It sure would explain a lot. But folks, you aren\’t thinking, and neither did the judge. If memory serves me correctly, the ASCE found that the levees were breached due to overtopping or soil erosion. And guess what both of those are under most policies? EXCLUDED!
Wanna take a wild guess at what else is usually excluded? Faulty, inadequate, or defective planning, construction, or maintenance.
I\’d put that 5 bucks on the Judge not reading the entire contract and only reviewing the flood exclusion. I would even bet lunch he didn\’t even read his own policy either. The lawyers better quit salivating and start reading. And get your hands back in your own pockets where they belong. I suggest you buy some darn flood insurance if you live in a tub! My empathy can only go so far.
The New Orleans comedians/politicians and drop in preachers told the locals that this was a man made incident. They stated that either President Bush personally drove to New Orleans and blew up the levees or had it done by one of his stooges. Maybe the judge should go after VMM and the insurance companies could subro against the GOP or White House.
Mike,
Clinton appointed Louisiana federal judges (Brady,for instance) who , if you had to hide something from that judge (Brady, for instance), you could put it in a law book and that judge would never find it. Political payback makes us all suffer.
NY insurers charging proper premiums in coastal areas. Hmmmmmm, I seem to recall that the big players recently stopped writing new business and were reducing their exposure in some areas from NJ to MA. Having watched 12 companies go \”toes up\” in Andrew, and four more over the last couple of years the question of rate adequacy is still open for debate. One thing for sure, the cost of reinsurance has gone through the roof for all coastal exposures – you are more than welcome to come down to the Sunshine State where HO premiums in some counties are over $6k plus for a $250K home. That is, if you can find a company willing to write the risk.
One last point of interest: Hurricane Hugo went 200 miles inland before it was downgraded to a tropical storm.
When oh when will people be accountable for their own decisions. Stupidity and ignorance cannot be an excuse to blame others. What happens when you build a house 30 feet below sea level? Duh. Blame George Dubya-yeah, thats the ticket.
The idiot attourney, Bruno, said we are on the \”verge of an opportunity to recover money for people who have lost everything.\” I am so tired of liberal BS! An insurance contract is not a social program. If he feels so bad about people who have lost everything, why doesn\’t he start by waiving all of his fees, win or lose.