Insurance deductibles are triggered by NOAA/National Weather Service storm names and not those the Weather Channel makes up. Let’s hope it stays that way. We certainly don’t want an assortment of different organizations triggering storm deductibles in our policies.
Just look at State Governors giving wind storms their own definition! Everybody still calls Sandy, Hurricane Sandy, yet state Governors were overriding insurance carrier wind deductibles claiming Sandy was not a Hurricane. Too many people are trying to get into the game: Some for “political” reasons (State Governors), and others for “sell-telling (advertising)” the story (various weather channels type folks). We must stick to a designated authority for proper storm naming/classification.
And regarding all this, we must adhere to contractual terms agreed to by both policyholders, insurance companies, state insurance regulators, and reinsurers for the CAT coverage for those carriers who agreed to do business in states under the filed protection of their policies (and honor their calculated risk exposures before & after a storm).
Lastly, there are way more than “two kinds of wind damage deductibles”: Also “Calendar Year Deductibles”; also (the impact of) “Total Insured Value” (TIV) Deductibles upon the various Wind Deductibles; Minimum Deductibles for Wind despite the applicable stated percentage Wind Deductible. The variations and impact can have a wildly different outcome to the policyholder. Should we now have a state imposed (Governors’ Deductible)? Or the media intrusion deductible or exclusion?
I can’t wait until they start naming the sunny days! Then we’ll have something to look forward to everyday, and it will create a job!
If anyone with half a brain, might have noticed, the Weather Channel is full of B______T!!!! Another arm of the government run media.
Thanks for sharing. By the way, can you see the weather conditions from your bunker in Montana?
Wake up!! The weather is news. Weather persons are usually the highest paid people on news stations, including the local anchors.
Insurance deductibles are triggered by NOAA/National Weather Service storm names and not those the Weather Channel makes up. Let’s hope it stays that way. We certainly don’t want an assortment of different organizations triggering storm deductibles in our policies.
Just look at State Governors giving wind storms their own definition! Everybody still calls Sandy, Hurricane Sandy, yet state Governors were overriding insurance carrier wind deductibles claiming Sandy was not a Hurricane. Too many people are trying to get into the game: Some for “political” reasons (State Governors), and others for “sell-telling (advertising)” the story (various weather channels type folks). We must stick to a designated authority for proper storm naming/classification.
And regarding all this, we must adhere to contractual terms agreed to by both policyholders, insurance companies, state insurance regulators, and reinsurers for the CAT coverage for those carriers who agreed to do business in states under the filed protection of their policies (and honor their calculated risk exposures before & after a storm).
Lastly, there are way more than “two kinds of wind damage deductibles”: Also “Calendar Year Deductibles”; also (the impact of) “Total Insured Value” (TIV) Deductibles upon the various Wind Deductibles; Minimum Deductibles for Wind despite the applicable stated percentage Wind Deductible. The variations and impact can have a wildly different outcome to the policyholder. Should we now have a state imposed (Governors’ Deductible)? Or the media intrusion deductible or exclusion?
Maybe they can name the next big storm…Holy Crap!