I guess the real bottom line is that if you live where you suffer an actual risk of flood damage you should have flood insurance. It’s a tragedy these people lost their homes and have to fight for every penny; but they wouldn’t have to if they had the insurance they needed.
These scam artists were trying to extract $billions from the US government by using the “whistleblower” provisions to get a cut of “fraudulent” payments by the NFIP. Unbelievable. There is no end to the string of clever tricks coming out of the public adjuster and legal communities…
The plaintiffs are not trying to get billions from the government, they are trying to get it from insurance companies. The whistle blower allegations are that the insurers improperly charged wind damage to NFIP as water/flood damage.
While this is a partial victory, I suspect the matter will be refiled as it was dismissed on procedural issues, not on merit.
Sam, you are so right. I have seen it happen many times. The insurance companies make a % off of flood insurance they pay out then they don’t have to pay it thru the wind coverage.
An objective market conduct examination of the hard copies of various carriers / adjusters daily and catastrophe based loss claim assessments and “estimates”, handed to homeowners, WILL tell the truth…
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I guess the real bottom line is that if you live where you suffer an actual risk of flood damage you should have flood insurance. It’s a tragedy these people lost their homes and have to fight for every penny; but they wouldn’t have to if they had the insurance they needed.
These scam artists were trying to extract $billions from the US government by using the “whistleblower” provisions to get a cut of “fraudulent” payments by the NFIP. Unbelievable. There is no end to the string of clever tricks coming out of the public adjuster and legal communities…
The plaintiffs are not trying to get billions from the government, they are trying to get it from insurance companies. The whistle blower allegations are that the insurers improperly charged wind damage to NFIP as water/flood damage.
While this is a partial victory, I suspect the matter will be refiled as it was dismissed on procedural issues, not on merit.
Sam, you are so right. I have seen it happen many times. The insurance companies make a % off of flood insurance they pay out then they don’t have to pay it thru the wind coverage.
An objective market conduct examination of the hard copies of various carriers / adjusters daily and catastrophe based loss claim assessments and “estimates”, handed to homeowners, WILL tell the truth…
They always do.
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