Insurance trade group has a battle on its hands
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#1 Mar 12, 2007
From the information presented in John Ketzenberger's editorial it would appear as if State Farm legitimately denied claims because flood damage was not covered under State Farm's filed and approved homeowners policies. However, Senators Lott and Leahy (who should know this) are blatantly capitalizing on the unfortunate circumstances following Katrina for their own political gain. I don't know whether insurers should lose the exemption granted to them under the McCarran-Ferguson Act but all policyholders should be reminded that when insurers are forced to pay claims for coverages they are not entitled to (and for which they have not paid premiums) it is they who pay the penalty, not the politicians.
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