If insurance carriers are susceptible to be being forced to pay claims that are not covered, we can say goodbye to the insurance industry as we know it. Any exclusion could be nullified at the whim of the legislature.
The bills that seem to make sense… is if their is a Federal Fund that would reimburse the carriers for the losses paid as a result of not honoring the virus exclusion. That way the insurance carrier can adjust the loss, get documentation, pay the loss and get reimbursed by the Federal Back Stop Fund
This is similar to what POTUS is offering for individuals uninsured for healthcare. Hospitals deliver the care and are paid by the Feds for their expenses. Avoid bankrupting the Insurance Industry and take advantage of its ability to “deliver” the claims handling. Essentially utilizing the Private Sector to deliver a federally funded aid program. While some would rather re-create the wheel by building a governmental delivery vehicle, POTUS is far more likely to utilize the existing and relatively efficient private sector for this one-time issue.
Yes, this is a slippery slope. If they allow this….then in the future just take out….virus….and insert ‘flood damage’ so that ‘any policy construed to exclude flood damage must now be construed to include flood damage as a covered peril”…..the lawmakers can say ‘well we did it for the corona virus so we can do it for the flood victims, too’ and then they’ll do it for whatever they want, whenever they want and insurance reserves become political slush funds to pay whichever voters they want. Eventually insurers will just pull out of those markets.
I am tired of paying high premiums so that insurers can get even richer by denying claims or refusing to underwrite them.
I also get really tired of hearing all the false slippery slope arguments.This is a one-time, highly unique circumstance that would be “underwritten”, so-to-speak, by a special fund. Insurers would be protected and small businesses would desperately needed cash. Win-Win.
Ask yourself what’s worse – an insurance company going under (will never happen) or thousands of small businesses going under (will definitely happen without further help)?
The only logical solution is forced place BI insurance for all that have it as endorsement to their policy already. Yes, insurance underwriters didn’t have ability to forecast COVID pandemic and charge significant enough for the endorsement – but they collected something; but litigation over whether this is a “virus” or a “pandemic” will take years – and feed unnecessary troughs. The small business trough needs $$ ASAP to get back on their feet. Solution is state imposed insurance – with Federal back stop like Dave S suggests. Private sector has the ability to do it relatively quickly and adjust the claims; insurance carriers get to petition the Fed fund later to avoid insolvency – but they also from the payments NOW to get America going again. The alternative is economic Armageddon the likes of the Great Depression X2.
If insurance carriers are susceptible to be being forced to pay claims that are not covered, we can say goodbye to the insurance industry as we know it. Any exclusion could be nullified at the whim of the legislature.
The bills that seem to make sense… is if their is a Federal Fund that would reimburse the carriers for the losses paid as a result of not honoring the virus exclusion. That way the insurance carrier can adjust the loss, get documentation, pay the loss and get reimbursed by the Federal Back Stop Fund
This is similar to what POTUS is offering for individuals uninsured for healthcare. Hospitals deliver the care and are paid by the Feds for their expenses. Avoid bankrupting the Insurance Industry and take advantage of its ability to “deliver” the claims handling. Essentially utilizing the Private Sector to deliver a federally funded aid program. While some would rather re-create the wheel by building a governmental delivery vehicle, POTUS is far more likely to utilize the existing and relatively efficient private sector for this one-time issue.
POTUS is offering?! forgive my nausea….
Yes, this is a slippery slope. If they allow this….then in the future just take out….virus….and insert ‘flood damage’ so that ‘any policy construed to exclude flood damage must now be construed to include flood damage as a covered peril”…..the lawmakers can say ‘well we did it for the corona virus so we can do it for the flood victims, too’ and then they’ll do it for whatever they want, whenever they want and insurance reserves become political slush funds to pay whichever voters they want. Eventually insurers will just pull out of those markets.
Insurance, the Swiss army knife to every problem.
I am tired of paying high premiums so that insurers can get even richer by denying claims or refusing to underwrite them.
I also get really tired of hearing all the false slippery slope arguments.This is a one-time, highly unique circumstance that would be “underwritten”, so-to-speak, by a special fund. Insurers would be protected and small businesses would desperately needed cash. Win-Win.
Ask yourself what’s worse – an insurance company going under (will never happen) or thousands of small businesses going under (will definitely happen without further help)?
The only logical solution is forced place BI insurance for all that have it as endorsement to their policy already. Yes, insurance underwriters didn’t have ability to forecast COVID pandemic and charge significant enough for the endorsement – but they collected something; but litigation over whether this is a “virus” or a “pandemic” will take years – and feed unnecessary troughs. The small business trough needs $$ ASAP to get back on their feet. Solution is state imposed insurance – with Federal back stop like Dave S suggests. Private sector has the ability to do it relatively quickly and adjust the claims; insurance carriers get to petition the Fed fund later to avoid insolvency – but they also from the payments NOW to get America going again. The alternative is economic Armageddon the likes of the Great Depression X2.