Floods and insurance claims,,,

Joy Division wrote:Just wondered about this, as we have never had severe flooding , wondered about those poor folk whose houses have been ruined with water..

Each insurance company has different rules, and a few years back I heard that some insurance will  companies like be looking at stopping payouts for 'acts of God'.
If this is true with those flood victims insurance companies,then they are in for financial heartbreak.

I couldn't see why they wouldn't pay out for flooding, but this is what I had heard before, perhaps it was bollocks?

We don't know which insurance companies those folk are with anyway.


How awful would that be?, insurance companies not meeting the whole cost of the claimant ?

Even worse if they never paid out  at all!


More tears on top of God's?...

Ben_Reilly wrote:Everybody here in the U.S. used to hate the health insurance companies uniformly ... then Obama proposed doing something about it, and the right-wingers went nuts! (Even though they'd proposed doing basically the same thing.)

Right-wing commentator Glenn Beck even went from talking about how deplorable our health care system is to calling it the greatest health care in the world -- as soon as Obama began talking about reform:

Ben_Reilly wrote:It's about hating insurance, it's fine. There actually is no rule that you have to stay strictly on topic -- while there is a rule against diverting every topic to one or two of your own "pet topics," we've had plenty of threads that started about, say, interesting books and turned into discussions of regional pancake recipes :D

BigAndy9 wrote:Yep - every household pays extra, so those few get cheap insurance.

As always, the worker pays for the few.

https://www.abi.org.uk/News/News-releases/2013/06/ABI-and-Government-agree-Memorandum-of-Understanding-on-scheme-to-safeguard-UK-flood-insurance

http://www.ft.com/cms/s/0/c72eb73a-79e1-11e3-a3e6-00144feabdc0.html#axzz2sw0NMUGk




There was widespread relief last summer when insurance companies and the government struck an outline agreement to ensure that all flood-hit areas would continue to get coverage.

The Flood Re scheme, due to start next year, involves every household in the country paying about £10 a year to ensure that the industry provides universal flood cover.

feelthelove wrote:

BigAndy9 wrote:Yep - every household pays extra, so those few get cheap insurance.

As always, the worker pays for the few.

https://www.abi.org.uk/News/News-releases/2013/06/ABI-and-Government-agree-Memorandum-of-Understanding-on-scheme-to-safeguard-UK-flood-insurance

http://www.ft.com/cms/s/0/c72eb73a-79e1-11e3-a3e6-00144feabdc0.html#axzz2sw0NMUGk




There was widespread relief last summer when insurance companies and the government struck an outline agreement to ensure that all flood-hit areas would continue to get coverage.

The Flood Re scheme, due to start next year, involves every household in the country paying about £10 a year to ensure that the industry provides universal flood cover.

@JD - flood claims are not considered Acts of God, flood is an insurable peril.

Regarding Flood Re, note this applies to homes and not businesses.  Many countries susceptible to flooding exclude the cover altogether or apply a maximum loss limit.  Let's hope we don't end up in that position  

feelthelove wrote:

BigAndy9 wrote:Yep - every household pays extra, so those few get cheap insurance.

As always, the worker pays for the few.

https://www.abi.org.uk/News/News-releases/2013/06/ABI-and-Government-agree-Memorandum-of-Understanding-on-scheme-to-safeguard-UK-flood-insurance

http://www.ft.com/cms/s/0/c72eb73a-79e1-11e3-a3e6-00144feabdc0.html#axzz2sw0NMUGk




There was widespread relief last summer when insurance companies and the government struck an outline agreement to ensure that all flood-hit areas would continue to get coverage.

The Flood Re scheme, due to start next year, involves every household in the country paying about £10 a year to ensure that the industry provides universal flood cover.

@JD - flood claims are not considered Acts of God, flood is an insurable peril.

Regarding Flood Re, note this applies to homes and not businesses.  Many countries susceptible to flooding exclude the cover altogether or apply a maximum loss limit.  Let's hope we don't end up in that position  

BigAndy9 wrote:I'm sure some don't.  But some don't insure certain people in certain cars.  Did you follow my links?

BigAndy9 wrote:I'm sure some don't.  But some don't insure certain people in certain cars.  Did you follow my links?

Joy Division wrote:

BigAndy9 wrote:I'm sure some don't.  But some don't insure certain people in certain cars.  Did you follow my links?

Did you keep your word and read up on the NAS Andy?