Fucking Insurance companies

[redback]

So these floods have already seen over 7000 insurance claims worth 450 million.
Not really a surprise that they are starting to change the definition of "flood damage" to avoid paying out. People who have contracts saying they are covered for flood damage are being told that "flood damage" does not include anything over 3 metres. That's just one example. Would be good to see the goverment step in and make the bastards pay up but of course half of them would probably go bankrupt.

[alwaysgrowing]

Nothing over 3 meters? Changing the rules after is morally wrong, but may be legally justified depending on regulations. If it is, I am gonna start selling fire insurance but only for fires that burn at less than 100 degree F

[mofo]

wow. it's insane how these huge companies do that to people. they can just do some fancy wording in the policy and get away with everything.

[alwaysgrowing]

wow. it's insane how these huge companies do that to people. they can just do some fancy wording in the policy and get away with everything.

Thank the lawyers and their legal terms of art.

Then again, look at the Goldman Sachs scandal pre-collapse. They were pushing some products on their customers while betting that the products would nose dive. In fine print buried in the contract it stated Goldman reservbed the right to do just that. Nice advising

[alwaysgrowing]

Revealed: Goldman Sachs 'made fortune betting against clients' | World news | The Observer

The beleaguered Wall Street bank Goldman Sachs boasted that it was making tens of millions of dollars of profits daily by betting against its own clients' investments, according to internal emails released yesterday by a US senator.

The annual report of the bank, which is currently facing fraud charges in the US, denied that it had generated enormous revenues by wagering on the US housing crisis. Yet an email apparently from chief executive Lloyd Blankfein to his colleagues says: "Of course we didn't dodge the mortgage mess. We lost money, then we made more than we lost because of 'shorts' [bets that the market would get even worse]."

The damning material from the senate's permanent subcommittee on investigations, which is reviewing the role of Wall Street banks in the financial crisis, was posted on the website of its chairman, Senator Carl Levin. It will be used in what promises to be an incendiary public hearing on Tuesday when Blankfein is scheduled to testify in front of the subcommittee.

[Shibby]

I remember on a .gov site they showed the damage done to a house at different levels of flooding.It depends on the insurance. I had to get flood insurance for my house and there are so many different routes you can go. Property only, property and possessions, what level of risk you are... It goes on forever. Most people probably buy something and don't really pay attention to what they are buying. Not saying the companies aren't trying to be shady, but I know I don't really know what all my insurance covers. I got what I had to for my loan approval and didn't worry about because it would take a 100+ year flood to get to my house.

[bigscott]

insurance companies did same thing when katrina hit .... but then again what can you really expect from companies mainly run by jews

[Bouncer]

what can you really expect from companies mainly run by jews

what a hick.