… and it ain’t gonna be pretty.
The Financial Times reports that losses from the monster hurricane are now estimated to reach $125 billion, with insured losses between $40 billion and $60 billion. If those numbers hold up, they will exceed the financial losses of the 9/11 terrorist attacks, whose fourth anniversary was observed today. In fact, one report estimates that Katrina’s losses could exceed those of 9/11, Hurricane Andrew (1992), and the Northridge earthquake (1994) combined.
The biggest legal issue will be sorting out what counts as damage due to floods. Standard homeowners insurance does not cover floods; those wanting flood protection must purchase additional, and often quite expensive, policies. However, standard policies cover "damage" due to storms. So, for example, does a storm surge that inundates a community (this is what caused most of the damage in Mississippi) constitute a "flood," or is it "damage due to a storm"? Similarly, is the destruction of homes in New Orleans caused by a "flood," or by a "storm" packing torrential rains and winds that destroyed the city’s levees? The courts of Louisiana and Mississippi will be sorting these issues out soon, and a lot of money will be riding on their decisions.
The F.T. also notes that only a quarter of the homes in some affected areas carried flood insurance – and even those that did will not likely have enough coverage to rebuild their homes. As one Louisiana lawyer said, "the [physical] nightmare of the emergency is hopefully over for many people but the financial nightmare is just about to begin."
Press Release Source: National Association of Insurance Commissioners http://biz.yahoo.com/prnews/050906/cgtu055.html?.v=23Mississippi Insurance Department Sets Up Special 800 # for Displaced ResidentsTuesday September 6, 3:41 pm ET JACKSON, Miss., Sept. 6 /PRNewswire/ — Commissioner of Insurance George Dale announced today that the Mississippi Insurance Department has set up a special out-of-state-only 1-800 number so those residents of Mississippi who have been displaced to other states by Hurricane Katrina may contact the Department with insurance assistance questions. The number is 1-866-856-1982 and will be operational for the next 30 days.MID offices will be open extended hours, from 7 a.m. to 7 p.m. Consumers may call 1-800-562-2957 (in-state) or 601-359-2453.
Some people will get screwed, others will get much more then they deserve, but when it is all said and done most people will get dough, either from insurance, or government, or combination. Insurance cos. and Congress/Administartion will get together and settle on a bailoput type plan where they may not have to litigate flood v storm shit. And of course insurance cos win big. And homnewoeners get checks and people start working re-building the city and brand new levies. Huge number of jobs. Good jobs, union jobs, th kind needed to help create middle class.Could be the best thing that ever happened to New Orleans
“Good jobs, union jobs”LA, MS, AL are all “right to work” states, unfortunately.http://www.nrtw.org/rtws.htm
What? Not in the south. OK maybe I was a little too optimistic. But there will be boat loads of jobs payong something decent. The best thing Dems can do for countrey is protect union jobs. We need teses unles we are to end up like venezuela some day. Wicked rich or wicked poor.That is my progressive view. But we can’t get support from many who nned it most because all theu hear is gay marriage, abortion, and teachers’ union.
The question is who gets those jobs: locals or outsiders.”The best thing Dems can do for countrey is protect union jobs.”Yes — and keeping us safe from disasters. What do you think of the SEIU pullout from the AFL-CIO? Is it more important to grow the union movement by getting more members, or is it more important to succeed politically? In other words, top-down (Sweeney) or bottom-up? (Stern)
I couldn’t care less about the union politics. Unfortunately, kost un ions don’t he;p the cause with what they thinbk is good pr.But we have to protect unions despite the unions. If you know what I mean,Don’t wory,Chatley, there will ber a lot of hanky panky going on to bitch about.But the best socila programs by far are jobs jobs jobs that pay living wages
Have to give people a reason to join and have to stop marying progressive dems. So many union memers do not vote for union endorsed candidates. What does that tell you. Perhaps unions should use inmfluence to get dem candidates to be more moderate. Hmmm. how to do that? Ans. Seperate from teachers union and get more control of party. Allow dems to be more moderate. That’s one thing.So that is top down.The unions need to re-brand themselves.Have a “conversation with the american people” explaining history of middle clas and how good wages transfer into other things.Example – New Orleansd Policis historically under paid, historically corupt, and when the bell rang last month lookm what hapened, the retreated.We can even defend cop details and quinn bill when compared to New Orleans. And we should.
Troll, not drinking while blogging would improve both typing and logic.
“not drinking while blogging would improve both typing and logic.”Matthew 3:16tell me more re: logic o mighty one.
There but for the grace of God go I…
don’t forget the bong hits