Aug. 03, 2007 - 17:33 MDT

NO SURPRISE

I don't comment much on the current scene in our country any more, there doesn't seem to be much use to do so. But there are things happening that make my blood boil. Usually it is some bail-out or another of big money interests.

Yeah right Nacchio of Qwest fame is getting a dose, while retirees suffer. But an item in today's Rocky Mountain News seems to go over the wall to the max.

Quote:

Katrina Damage

COURT:INSURERS NOT LIABLE FOR LEVEE BREACHES

NEW ORLEANS -- "Hurricane Katrina victims whose homes and businesses were destroyed when floodwaters breached levees in the 2005 storm cannot recover money from their insurance companies for the damages, a federal appeals court ruled Thursday."

"The case could affect tens of thousands of rebuilding residents and business owners in Louisiana, Daniel E. Becnel, who represented 21 plaiiffs in the case, said. Insurers could have taken a "multibillion dollar hit" if the ruling had gone against the industry, said David Rossmiller, an insurance attorney and analyst."

Unquote

Seems to me that as careful as insurance companies have been over the years, especially on costal property coverage, they came pretty close to "taking a hit" and that in my estimation they got off scott free when they should have paid insurance claims by residents and business owners in New Orleans.

Question here is just what kind of protection were these people paying for ? ? ? ? ? And I'm sure it was big bucks as well.

So if insurers can cop out on claims, what recourse does anyone have with them ?

To me, with this news, there is absolutely NO SURPRISE . . . . . . . . . . . . . .

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