I understand that if you have no insurance you get no payout. But what AG is
saying is that insurance companies are telling all customers that they have no
coverage, regardless of whether they actually have it.
Nathan Wajsman
Alicante, Spain
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> On 1 Dec 2018, at 19:22, john hudson <om4t@xxxxxxxxxxx> wrote:
>
> Simple ............ no insurance, no payouts from any source, period !
>
> Otherwise, moral hazard just got a massive shot in the arm !
>
> If the insurers do pay out, one thing is certain .................. MASSIVE
> increases in annual premiums thereafter or a total withdrawal from the
> earthquake insurance market.
>
>
> We had earthquake insurance on our house in metro Vancouver, BC in the 1990s.
> Friends and neighbours thought we were nuts ! We did experience a mild 3
> point something tremor but no damage.
>
> Back then the provincial governments earthquakes' emergency response centre
> was located on the upper floors of a tall building in metro Vancouver. When
> there was an emergency test drill the building had to be vacated and the
> drill's procedures flopped !
>
> Anchorage is just one of numerous big centres along the same fault line
> .......... others are Vancouver, Victoria, Seattle, San Francisco, Los
> Angeles, San Diego..... etc. Oh, and several nuclear power stations in
> California. Anchorage's damages would be trivial compared to what a "big one"
> [say a 9.0 +] would do else where along the same fault line.
>
>
> jh
>
> On 12/01/18 10:29 AM, Bill Barber via olympus <olympus@xxxxxxxxxxxxxxxxx>
> wrote:
>>
>>
>>
>> 8. Insurance companies are telling ALL customers that they have no
>> earthquake coverage regardless of whether they do or not.
>>
>>
>> Can't imagine this one is true. Unfortunately, when folks are given a choice
>> about buying coverage for risks that exist in their area, some decide not to
>> protect themselves from the financial loss resulting from a disaster. The
>> experience of this jaded old retired insurance agent is that the federal
>> government (you can read that as federal taxpayers) usually steps in and
>> lessens the individual losses for those who are, by choice, uninsured. That
>> is sort of the way it works. If I had earthquake insurance and either my
>> agent or my company told me I had no coverage amidst this type of event, I
>> think I'd be looking to replace either one or both . . . and that is also
>> how it works. Bill "Gratefully Retired" Barber
>>
>>
>>
>> --
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