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| 05:00 PM | ||
| Users Online Now: 2,021 (Who's On?) | Visitors Today: 1,579,263 | |
| Pageviews Today: 2,176,353 | Threads Today: 526 | Posts Today: 9,729 |
| 05:00 PM | ||
Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo. | |
| Anonymous Coward User ID: 1152043  United States12/11/2012 06:40 AM Report Abusive Post Report Copyright Violation | |
Joker  User ID: 1437768 United States12/11/2012 06:43 AM  Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 28900658 United States12/11/2012 06:45 AM Report Abusive Post Report Copyright Violation | |
| The_wizard 62 (OP) User ID: 1152043 United States12/11/2012 06:46 AM Report Abusive Post Report Copyright Violation | |
| The_wizard62 (OP) User ID: 1152043 United States12/11/2012 06:57 AM Report Abusive Post Report Copyright Violation | |
| INK3 User ID: 25650162 United States12/11/2012 07:00 AM Report Abusive Post Report Copyright Violation | Yeah, they know. "When tyrants tremble in their fear, and hear their death knell ringing, When friends rejoice both far and near, how can I keep from singing" page7 |
| Anonymous Coward User ID: 29577198 United States12/11/2012 07:03 AM Report Abusive Post Report Copyright Violation | About five years ago, my insurance company sent me a similar notice, but it involved flooding. I live at the NJ Shore, and the letter stated that they would no longer insure anyone within 50 miles of the coastline. I got other insurance, at a higher rate of course, and within a year they did the same thing. Quoting: INK3 Yeah, they know. So I guess now nobody will be able to buy or sell a house within 50 miles of the coast, because they won't be able to get insurance. Nice. |
| INK3 User ID: 25650162 United States12/11/2012 07:07 AM Report Abusive Post Report Copyright Violation | About five years ago, my insurance company sent me a similar notice, but it involved flooding. I live at the NJ Shore, and the letter stated that they would no longer insure anyone within 50 miles of the coastline. I got other insurance, at a higher rate of course, and within a year they did the same thing. Quoting: INK3 Yeah, they know. So I guess now nobody will be able to buy or sell a house within 50 miles of the coast, because they won't be able to get insurance. Nice. Who knows? They've made it very expensive, but since ironically, I don't live in an actual flood zone, I can't get Fema flood insurance. Yeah, nice. "When tyrants tremble in their fear, and hear their death knell ringing, When friends rejoice both far and near, how can I keep from singing" page7 |
| The_wizard62 (OP) User ID: 1152043 United States12/11/2012 07:08 AM Report Abusive Post Report Copyright Violation | I am surprised that they did'nt just raise the price for earthqake insurance. But it sounds like to me. That no insurance company is going to cover the people in the mid-west. I would love to hear from anyone else in missouri if this has happened to them. Hopefully there is some insurance company that will cover us. I wonder how my mortgage compant feels about this ? |
| St. Louie User ID: 29620893 United States12/11/2012 07:27 AM Report Abusive Post Report Copyright Violation | |
| ANNONYMOUS User ID: 8415236 United States12/11/2012 07:41 AM Report Abusive Post Report Copyright Violation |  When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard. |
| The_wiard62 (OP) User ID: 1152043 United States12/11/2012 07:45 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 29621129 United States12/11/2012 08:21 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 29577198 United States12/11/2012 08:25 AM Report Abusive Post Report Copyright Violation | |
| goodmockingbird User ID: 29124333 United States12/11/2012 08:50 AM Report Abusive Post Report Copyright Violation | An actuary playing with numbers and the odds of a new madrid EQ...not necessarily the BIG ONE. Insurance companies are not set up to pay out, they are in business to make money. Quoting: Anonymous Coward 29621129 Yep, somebody who crunches numbers for a living did his job right and calculated that they could not sustain themselves if they had to pay out on even a moderate-sized earthquake. I Support Our First Responders |
| Renegade (Me too) User ID: 28510817 United States12/11/2012 08:59 AM Report Abusive Post Report Copyright Violation | |
| DarthDickheadus:AmericanSith User ID: 1503533 United States12/11/2012 09:00 AM Report Abusive Post Report Copyright Violation | Here is a letter I recieved in the mail yesterday from my home onwers insurance company. Quoting: Anonymous Coward 1152043 Why is my policy being amended to remove earthquake coverage ? The peril of earthquake represents a potential catatrophic loss for our company and requires large amounts of additional coverage to be purched in the event an earthquake occurs. The market for this additional coverage has narrowed to the point we no longer able to purchase coverage at acceptable levels in pricing. With our current earthquake expiring on 12/31/2012 and no alternative solution, this left no option but to remove earthquake from our policy coverage. They had no problem taking my money for the last 18 years..... Do they know somethging we dont ? Because they know the numbers, quakes are increasing in size and strength. Furthermore, they know the planet shaker is coming. (GLP aka American Jedi) Listen here you beautiful bitch, I'm about to fuck you up with some truth. Kenny Powers If you steal the dreams of others long enough, sooner or later you'll end up in a nightmare. American Jedi Intellectuals solve problems, geniuses prevent them. Albert Einstein Satis Eloquentiae, Sapientiae Parum.... "The last of the old?" "No, the first of the new." |
| Anonymous Coward User ID: 24011342 United States12/11/2012 09:00 AM Report Abusive Post Report Copyright Violation | When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard. Yes...but! You have to look at who does the re-insuring. Some of the big players are owned or mostly owned by TPTB....Berkshire Hathaway (Warren Buffet is a big owner) owns Gen Re as in General Reinsurance. That info known...it does make one wonder. |
| Lorax User ID: 25341701 United States12/11/2012 09:01 AM Report Abusive Post Report Copyright Violation | |
| Cosmic Traveler User ID: 7047508 United States12/11/2012 09:02 AM Report Abusive Post Report Copyright Violation | They don't insure you out of the goodness of their hearts... If they feel they are likely to have to payout to you then they'll drop you. The insurance companies are going to be in big trouble in the coming days and they know it.... Hard tell'in not know'in |
| IwasKidding User ID: 27554728 United States12/11/2012 09:08 AM Report Abusive Post Report Copyright Violation | |
| Anaiah User ID: 20652506 United States12/11/2012 09:08 AM Report Abusive Post Report Copyright Violation | An actuary playing with numbers and the odds of a new madrid EQ...not necessarily the BIG ONE. Insurance companies are not set up to pay out, they are in business to make money. Quoting: Anonymous Coward 29621129 Then what's the use in having insurance? There's really not much, most of the time. It's all run on risk pools and betting that they won't have to pay out more than they take in from/to a person. AFAIK, it's set (with health insurance, at least) as 80/100 of the dollars you put in go to pay for medical coverage for you, if everything goes 'right', of course. Meaning, really, that they expect to make $20 and pay $80 out of ever $100 paid to them. So... you tell me. I would say its 'use' is in paying other people to worry about the foolish and risky things you do, because you don't feel like it. Since it certainly doesn't -prevent- anything. As above, So below. |
| Anonymous Coward User ID: 19949089 United States12/11/2012 09:20 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 11733971 United States12/11/2012 09:21 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 24522527 United States12/11/2012 09:24 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 1293349 United States12/11/2012 09:30 AM Report Abusive Post Report Copyright Violation | When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard. Warren Buffet's "Berkshire Hathaway" is one of the biggest (if not THE biggest) re-insurer in the U.S. |
| Anonymous Coward User ID: 29616876  France12/11/2012 09:38 AM Report Abusive Post Report Copyright Violation | When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard. Warren Buffet's "Berkshire Hathaway" is one of the biggest (if not THE biggest) re-insurer in the U.S. Supposedly so, but have you seen this? [link to www.moneynews.com]  |
| Anonymous Coward User ID: 6990196 United States12/11/2012 09:41 AM Report Abusive Post Report Copyright Violation | When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard. Warren Buffet's "Berkshire Hathaway" is one of the biggest (if not THE biggest) re-insurer in the U.S. Supposedly so, but have you seen this? [link to www.moneynews.com] Not only dumping stocks, but buying hard assets like gold and silver buy building underground shelters and some are buying land in south America. I wonder if these events could be connected . . . . |
| Digital mix guy User ID: 19975970 United States12/11/2012 09:43 AM  Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 6406905  Canada12/11/2012 09:44 AM Report Abusive Post Report Copyright Violation | Here is a letter I recieved in the mail yesterday from my home onwers insurance company. Quoting: Anonymous Coward 1152043 Why is my policy being amended to remove earthquake coverage ? The peril of earthquake represents a potential catatrophic loss for our company and requires large amounts of additional coverage to be purched in the event an earthquake occurs. The market for this additional coverage has narrowed to the point we no longer able to purchase coverage at acceptable levels in pricing. With our current earthquake expiring on 12/31/2012 and no alternative solution, this left no option but to remove earthquake from our policy coverage. They had no problem taking my money for the last 18 years..... Do they know somethging we dont ? I worked in the insurance world for 6 years (Underwritting). Typically they never remove coverages unless a particular peril has become a major problem for them. So its usually after a problem...not before. I'd say they are thinking ahead, so where did they get the idea that there will be EQ troubles? |
| Anonymous Coward User ID: 1508876 United States12/11/2012 09:46 AM Report Abusive Post Report Copyright Violation | |
