Unless a renewal becomes law this year, not just before expiration, as in past years, there will be major dislocations based on uncertainty in the market.
Uncertainty is no one’s friend, and can cost the economy a great deal of money.
I normally despise government intervention in just about anything as governemnt screws up almost everything it touches. Decisions made by elected officials who typically lose touch with their constituants the day after they get elected are much worse than decisions made by a free and open marketplace. That all being said, the nunber 1 duty of any governmental entity is to protect its citizenry from internal and external strife. On 9/11/2001 the government failed about as absolutley as it possibly could in it’s most important duty. That being said, the government providing a backstop (with a huge deductible in front of it) for it’s next failure has a rational argument behind it. Increase the deductible, reduce the backstop if you must. But don’t eliminate it.
Dave, I have never quite understood where all the money that has been charged for Terrorism actually goes. Do the companies have to send it to the government or do they keep it in a reserve fund themselves in case it is needed to pay claims after the huge deductible is satisfied? I would imagine several billion has been paid in with no Terrorism claims since 9/11. Just curious!
Agent, it’s just blended in with all of the other premiums insurers collect. It gets invested, it is used to pay salaries and costs, it is used to pay dividends and it is used to pay losses. There is no terrorism fund or account or slush fund. It’s just premium in, expenses and losses out.
Eliminate this program which does the same as others in further distorting the already disfigured markets and piling more on the backs of taxpayers. Americans are out of money and our warmongering government should reducing the amount of children that it’s killing overseas rather than trying to insure against the resultant militants.
Well said, bangersandmash. Even with all of the hatred the US government has stirred up with its overseas antics, the chances of you or I being harmed by a terrorist attack are so close to zero that they can’t be calculated. We are more likely to be killed falling in the bathtub. Americans should tell the creeps in DC to mind their own business for a change. How would we like it if a foreign government installed a brutal dictator to rule us, or our children were killed by foreign drones that were buzzing over our heads 24 hours a day? But no, “They hate us for our freedom.” Sheesh! Keep worshipping the military and supporting anything it does, people, and sooner or later there will be another attack. Then you can kiss the little bit of liberty we still have goodbye forever.
With the end of TRIPRA comes the end of the mandatory offer. So, once again InsCos will exclude coverage. So, what your are saying is you want to eliminate the $20B in insured loss that would now be paid by the InsCos. and place all on the taxpayer?
I agree with the rest. Let’s stop being the world police and stop subsidizing these countries who support attacks against us under the table, like the Saudi’s. We’re basically funding the people who are our biggest threat. (Like we did for a decade in the 90’s for Saddam Hussein)
I found this website by entering “The Insurance Industry as a terrorist”. Seems I feel quite threatened by them as they refused to cover my relatively small claim for water the escaped from a plumbing system which I discovered after I found hidden water under the flooring of my home which meant the flooring layers had to come out, all of them. Did you know that as soon as you open up damaged building materials “demo” your building materials you are at risk of contaminating your neighborhood with asbestos and lead based on the building materials you are required to use? They may be the terrorist in the matter here as those particular building materials are known to the State of California to cause cancer and therefore the issues were determined way back in the 70’s by the feds. They should have paid my claim on an emergency basis to protect me and the neighborhood but instead they determined that the damage was not going to exceed my deductible of $5000.00. The cost to demo the affected materials was estimated $16,5000.00 just for the dust and flooring material removal and dumping. They didn’t pay it but non-renewed my insurance and called it a risk property. I am afraid to go to court, they tried to make me liable for the whole of it before they would agree to pay and that may be the only way to get paid to fix my home.
Unless a renewal becomes law this year, not just before expiration, as in past years, there will be major dislocations based on uncertainty in the market.
Uncertainty is no one’s friend, and can cost the economy a great deal of money.
I normally despise government intervention in just about anything as governemnt screws up almost everything it touches. Decisions made by elected officials who typically lose touch with their constituants the day after they get elected are much worse than decisions made by a free and open marketplace. That all being said, the nunber 1 duty of any governmental entity is to protect its citizenry from internal and external strife. On 9/11/2001 the government failed about as absolutley as it possibly could in it’s most important duty. That being said, the government providing a backstop (with a huge deductible in front of it) for it’s next failure has a rational argument behind it. Increase the deductible, reduce the backstop if you must. But don’t eliminate it.
Dave, I have never quite understood where all the money that has been charged for Terrorism actually goes. Do the companies have to send it to the government or do they keep it in a reserve fund themselves in case it is needed to pay claims after the huge deductible is satisfied? I would imagine several billion has been paid in with no Terrorism claims since 9/11. Just curious!
Agent, it’s just blended in with all of the other premiums insurers collect. It gets invested, it is used to pay salaries and costs, it is used to pay dividends and it is used to pay losses. There is no terrorism fund or account or slush fund. It’s just premium in, expenses and losses out.
Eliminate this program which does the same as others in further distorting the already disfigured markets and piling more on the backs of taxpayers. Americans are out of money and our warmongering government should reducing the amount of children that it’s killing overseas rather than trying to insure against the resultant militants.
Well said, bangersandmash. Even with all of the hatred the US government has stirred up with its overseas antics, the chances of you or I being harmed by a terrorist attack are so close to zero that they can’t be calculated. We are more likely to be killed falling in the bathtub. Americans should tell the creeps in DC to mind their own business for a change. How would we like it if a foreign government installed a brutal dictator to rule us, or our children were killed by foreign drones that were buzzing over our heads 24 hours a day? But no, “They hate us for our freedom.” Sheesh! Keep worshipping the military and supporting anything it does, people, and sooner or later there will be another attack. Then you can kiss the little bit of liberty we still have goodbye forever.
With the end of TRIPRA comes the end of the mandatory offer. So, once again InsCos will exclude coverage. So, what your are saying is you want to eliminate the $20B in insured loss that would now be paid by the InsCos. and place all on the taxpayer?
I agree with the rest. Let’s stop being the world police and stop subsidizing these countries who support attacks against us under the table, like the Saudi’s. We’re basically funding the people who are our biggest threat. (Like we did for a decade in the 90’s for Saddam Hussein)
I found this website by entering “The Insurance Industry as a terrorist”. Seems I feel quite threatened by them as they refused to cover my relatively small claim for water the escaped from a plumbing system which I discovered after I found hidden water under the flooring of my home which meant the flooring layers had to come out, all of them. Did you know that as soon as you open up damaged building materials “demo” your building materials you are at risk of contaminating your neighborhood with asbestos and lead based on the building materials you are required to use? They may be the terrorist in the matter here as those particular building materials are known to the State of California to cause cancer and therefore the issues were determined way back in the 70’s by the feds. They should have paid my claim on an emergency basis to protect me and the neighborhood but instead they determined that the damage was not going to exceed my deductible of $5000.00. The cost to demo the affected materials was estimated $16,5000.00 just for the dust and flooring material removal and dumping. They didn’t pay it but non-renewed my insurance and called it a risk property. I am afraid to go to court, they tried to make me liable for the whole of it before they would agree to pay and that may be the only way to get paid to fix my home.