Thread: Told Ya

  1. #76
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    I know im young and dont know alot about this whole insurance thing but from what I have heard from people that live in the New Orleans area is that the insurance companies are not wanting to pay for the flood damage because it was not caused by the hurricane it was caused by the levee system failing. However the the flood was caused by the levee system failing and the levee system would not have failed if it weren't for the hurricane so therefore shouldnt the homeowner's insurance pay the claim? Im not arguing anyone's point it just seems like this would make sense. The levee system wouldnt not have failed if it was just a rain storm it failed because a HUURICANE pushed the water over it.

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    insurance companies aren't in the business of paying claims - their in the business of making money for the shareholders. ask any of their shareholders. why do you think they don't want to insure high risk drivers. it's all about the almighty dollar. it's just business nothing personal.

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    Quote Originally Posted by hoseheadmaps
    insurance companies aren't in the business of paying claims - their in the business of making money for the shareholders. ask any of their shareholders. why do you think they don't want to insure high risk drivers. it's all about the almighty dollar. it's just business nothing personal.
    BUT to stay in the business they need to show integrity, and that means paying out for what they agreed to pay out for, and if they make it easier for their client/customer, they keep their client/customer, and gain business when the client/customer tells their friends the great service they recieved. Just like ANY other business, the service you supply determines if you have repeat business.
    Be for Peace, but don't be for the Enemy!
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    LOL....dont you people have anything else to do besides b*tch about our b*tching?

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    Default Fire insurance

    [QUOTE=GeorgeWendtCFI]It's more like trying to buy fire insurance after you have had a fire.

    MGM grand Hotel did this after their fire in 1980. No insurance at the time of the fire, but they had cash. Offered the huge sum of cash up for an insurance company to oversee the payout. Got one troubled company to take the cash, they tought that they could solve immediate problems with the cash, and when they were on better footing handle the payoff. Didnt work, The company went under.

    ]

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    Quote Originally Posted by DennisTheMenace
    BUT to stay in the business they need to show integrity, and that means paying out for what they agreed to pay out for, and if they make it easier for their client/customer, they keep their client/customer, and gain business when the client/customer tells their friends the great service they recieved. Just like ANY other business, the service you supply determines if you have repeat business.
    The insurance business is not like running the corner gas station. an insurance policy is a business contract. It requires certain things of both parties. It requires integrity on the part of both parties. Do you have any notion how many laws there are that regulate how an insurance company must conduct business?

    It is improper and possibly illegal to pay claims outside of the business contract.

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    [QUOTE=rgamma5]
    Quote Originally Posted by GeorgeWendtCFI
    It's more like trying to buy fire insurance after you have had a fire.

    MGM grand Hotel did this after their fire in 1980. No insurance at the time of the fire, but they had cash. Offered the huge sum of cash up for an insurance company to oversee the payout. Got one troubled company to take the cash, they tought that they could solve immediate problems with the cash, and when they were on better footing handle the payoff. Didnt work, The company went under.

    ]
    Can you provide a source for this claim?

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    Quote Originally Posted by GeorgeWendtCFI

    Can you provide a source for this claim?
    George, I was ready to throw the BS flag on this guy but his post apparently has some elements of truth to it. According to a news story I found, the MGM was underinsured and actually did purchase "retroactive insurance" but then the insurance wouldn't pay up.

    Here's a link to a news story about the fire that also discusses the insurance issue.

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    Wow! That was interesting. I did not know that part of the story.

    This is the line from the story that is pertinent to this discussion.

    "In the end, retroactive insurance was just bad policy because it makes the insurer insensitive to settling quickly, while public policy is to settle quickly," Shernoff said. "This trial ended retroactive insurance."

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