So the Good Senator Richard Blumenthal wants S.F. (as well as all other Ins. Companies I am sure) to disregard the “contract” and do what he feels best.. Never mind the policy/contracts is very clear on when the deductible is applied. Why bother with a contract? Let’s just have Ins Companies pay “since it feel good” Also, FYI for the record, my own review of Hurricane deductible amounts for these claims are not “negligible” as the Sentor puts it. Say $7K per claim X 700 claims = $5 million dollars. Maybe this is “negligible” in Washington, DC dollars/math, but not in the real world.
The guy is pandering to his constituents. The contract says what the contract says. Plain and simple. No leg to stand on. I have to agree, his concept of material loss is skewed.
SF needs to waive it or suffer the consequences of lost business. It’s good business practice and Ct is a state in which HO insurance rates are low. if 64 other insurers waived or reduced it SF should follow their leads.
Why would State Farm want to set a precedent setting aside their contract on hurricane dedcutibles. Any insurer caving to political pressure to do so would be foolish. State Farm gets it. The others will be sorry they caved.
The man thinks he’s still the Attorney General. During his tenure as AG, not to be outdone with camera and microphone time, he competed with Spitzer to see who could put more screws to the insurance industry. The man single-handedly scared countless businesses out of CT with his media-hounding activist agenda. Now he’s starving for attention since the Democrats made him take the U.S. Senate seat vacated by Christopher Dodd, D-Countrywide. This jerky statement got him press, which is all he was looking for.
They were foolish to do so. It sets a precent that will come back to bite them in future storms. In fact, it basically says that insurance contracts are negotiable AFTER every catastrophic event. So, every time we get bad weather, we can count on the politicians to come out of the woodwork, grandstanding for lower deductibles. This is insanity.
If the deductibe is for hurricane and it wasn’t a hurricane how can it be applied? State Farm wants it both ways when a hurricane caused wind damage they deny it was wind and claim flood because they can pay under flood with no cost to them (anyone remember Katrina?). State Farm speaks out of both sides of their mouth so much they often are saying exactly the opposite to two different groups at the same time in an effort to avoid paying something they owe. They are not above perjury or providing manufactured documents to get what they want.
It was a hurricane within 24 hours of when it hit, even though it was downgraded before it hit so the exclusion applies. And I would be shocked to learn that an insurance company would “manufacture” documents. I thnk most insurance professionals are honest people, just like anyone else.
So maybe the congressmen needs to review what “breach of contract” means. Its unfortunate, but sadly, the policyholder signed their insurance policy. All in all its State Farm’s decision to make.
Interesting….I thought most of these policies had higher deductibles for any named Tropical Depression, Tropical Storm or Hurricane???
So the Good Senator Richard Blumenthal wants S.F. (as well as all other Ins. Companies I am sure) to disregard the “contract” and do what he feels best.. Never mind the policy/contracts is very clear on when the deductible is applied. Why bother with a contract? Let’s just have Ins Companies pay “since it feel good” Also, FYI for the record, my own review of Hurricane deductible amounts for these claims are not “negligible” as the Sentor puts it. Say $7K per claim X 700 claims = $5 million dollars. Maybe this is “negligible” in Washington, DC dollars/math, but not in the real world.
The guy is pandering to his constituents. The contract says what the contract says. Plain and simple. No leg to stand on. I have to agree, his concept of material loss is skewed.
SF needs to waive it or suffer the consequences of lost business. It’s good business practice and Ct is a state in which HO insurance rates are low. if 64 other insurers waived or reduced it SF should follow their leads.
It may be a good business decision to waive the deductible, but it’s State Farm’s decision to make and their decision alone.
Why would State Farm want to set a precedent setting aside their contract on hurricane dedcutibles. Any insurer caving to political pressure to do so would be foolish. State Farm gets it. The others will be sorry they caved.
The man thinks he’s still the Attorney General. During his tenure as AG, not to be outdone with camera and microphone time, he competed with Spitzer to see who could put more screws to the insurance industry. The man single-handedly scared countless businesses out of CT with his media-hounding activist agenda. Now he’s starving for attention since the Democrats made him take the U.S. Senate seat vacated by Christopher Dodd, D-Countrywide. This jerky statement got him press, which is all he was looking for.
Maureen, 64 insurers waived the storm deductible? Hard to believe.
They were foolish to do so. It sets a precent that will come back to bite them in future storms. In fact, it basically says that insurance contracts are negotiable AFTER every catastrophic event. So, every time we get bad weather, we can count on the politicians to come out of the woodwork, grandstanding for lower deductibles. This is insanity.
If the deductibe is for hurricane and it wasn’t a hurricane how can it be applied? State Farm wants it both ways when a hurricane caused wind damage they deny it was wind and claim flood because they can pay under flood with no cost to them (anyone remember Katrina?). State Farm speaks out of both sides of their mouth so much they often are saying exactly the opposite to two different groups at the same time in an effort to avoid paying something they owe. They are not above perjury or providing manufactured documents to get what they want.
It was a hurricane within 24 hours of when it hit, even though it was downgraded before it hit so the exclusion applies. And I would be shocked to learn that an insurance company would “manufacture” documents. I thnk most insurance professionals are honest people, just like anyone else.
So maybe the congressmen needs to review what “breach of contract” means. Its unfortunate, but sadly, the policyholder signed their insurance policy. All in all its State Farm’s decision to make.
If the amount is negligible as he says, then why doesn’t Connecticut pick up the tab?
he’s a bleeding heart libral i would expect nothing different