U.S. Grand Jury Subpoenas Allstate, Nationwide over Katrina Claims

May 21, 2007

  • May 21, 2007 at 2:05 am
    Bill Reed says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    This is a typical political response to a political failing. Imagine a \”Federal\” grand jury investigating this. The \”failures\” over the handling of Katrina begin with the do-nothing mayor of New Orleans, Ray Nagin. In close second is the clown princess governor, followed closely by FEMA. Nobody wants to indict the insurance agents of malfeasonce but maybe they should. People didnt\’t understand their exposures and coverages. Shouldn\’t a professional agent/broker have pointed them out? The insurance carriers have followed the same hurricane procedures that have been in place for years. This includes the perennial dispute over flood vs. windstorm. It\’s time the industry got creative and provided a homeowner product that addresses both.

  • May 21, 2007 at 2:13 am
    RAL says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Bill Reed, please explain to me how the Mayor and Governor of LA had anything to do with the insurance industry\’s handling of Hurricane Katrina claims in Mississippi.

  • May 21, 2007 at 2:22 am
    adjusterjoe says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Here Here, RAL. Do not attempt to confuse the apologists with the facts. There is, however, an article in the New Orleans Times Picayune about Allstate writing inflated estimates for flood damage. And yes I do understand that Mississippi and Louisiana are entirely different states.

  • May 21, 2007 at 2:44 am
    Mark says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    So does this mean that the CEOs of Nationwide and Allstate were criminally indicted? I think that is an argument you have made in the past.

  • May 21, 2007 at 3:08 am
    Dale says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    No Mark, that means they will settle so their execs don\’t go to jail, according to unemployedjoe. Remember, he has insider knowledge of everything that goes on with every company and all legal proceedings pertaining to these firms.

    Jewel will have a dandy time with this one, since unemployedjoe has been spouting off about SF on every board. Come on Jewel, do not disappoint, I am counting on ya! ;)

  • May 21, 2007 at 4:56 am
    RAL says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Adjusterjoe….know exactly what you mean. The software I use to write estimates allows you to write wind and flood damages on same estimate. They must go in and change pricing to suit!

  • May 21, 2007 at 5:29 am
    B says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I\’m sorry, I just had to toss my 2 cents in here. I had to laugh that Joe used reading comprehension as an example of why Jewel is so stupid and made 3 spelling errors in doing so.

    Thanks for the giggles Joe. :-)

  • May 21, 2007 at 5:36 am
    RAL says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Adjusterjoe…I am doing both. Have for over 25 years. I prefer CAT adjusting, but lately have been writing est for other adjusters and not going out in the field much.

  • May 22, 2007 at 8:32 am
    William says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    This really isnt really a flood vs wind investigation. What it amounts to is an assertion that some insurance companies used the tremendous storm surge as a cover to not pay out on wind damage. My insurance company to the stand that they would pay for reasonable damages that could be proved or reasonably could have been expected based on the known wind field etc. They eventually paid out about 55 cents on the dollar to the claim amount ( total loss ). It took several months but they were very cooperative. For the record they are a major player not some 3rd tier company. Most of my neighbors werent so lucky. If they can prove that any of these companies took a blanket stand that anything in the surge zone was to be written off as flood, they are going to find the going tough.

  • May 22, 2007 at 8:41 am
    mbjorke says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    In my experience Allstate is even less interested in honoring it\’s obligations than your average insurer.

    It wouldn\’t shock me if something nasty turns up.



Add a Comment

Your email address will not be published. Required fields are marked *

*