Declarations

Different approach

“From day one, USAA has adjusted Hurricane Katrina claims responsibly, and we will continue to do so until every claim is closed. According to media reports, State Farm reportedly declined coverage for both wind damage and water damage if any damage to a residence was due to flooding.”

United Services Automobile Association Spokesman David Snowden defining what it says is a difference between how it and State Farm handled Katrina related claims. According to USAA, when it adjusts claims in which there is both wind and flood damage, it pays for damage that was caused by wind.

Right lawyer

“At least part of the message is that you don’t necessarily need the right insurance policies to get the right coverage. You just need a good lawyer.”

Joseph Annotti, of the Property Casualty Insurers Association of America, after State Farm settled a class action and more than 600 lawsuits over its handling of Katrina claims in Mississippi for at least $130 million.

Shuffle out

“We’re a long way from seeing how this is going to shuffle out. I hope the long-range effects are positive.”

Mississippi Insurance Commissioner George Dale saying he isn’t certain how the State Farm settlements of its Katrina claims deal will affect the availability and affordability of insurance on the coast.

Taking advantage

“We’ve seen over and over again where this industry will take advantage of people.”

Florida Gov. Charlie Crist, a Republican, explaining why he pressed his Cabinet for an emergency rule to freeze property insurance rates and cancellations until after the hurricane season ends. Crist said he expected that without the rule, insurers would try to find a way to get around a new law ordering rate reductions and imposing claims payment deadlines.

Bullish no more

“The irony here is prior to the legislative session, we were actually opening up a matrix to allow more new business. We were being very bullish, but now we are taking a step back and reassessing our strategy.”

Tower Hill Insurance Group Inc. President Don Matz in announcing his that company has stopped writing new policies in 16 Florida counties. He said the company is not pulling out of the state but is using the moratorium to evaluate the state’s new rules.