Last month we discussed some of the broader issues the havoc of Hurricane Katrina raised. Let us continue to analyze issues raised by such storms as Katrina and Rita (and who knows how many more prior to the end of this year's already overachieving hurricane season). And in the spirit of this month's holiday, in which we count our blessings, let us give thanks for the remarkable opportunity natural disasters give us to discuss coverages with our clients.
Under the “If I had a nickel for every time I was asked that, I'd be rich” category, this month's hands-down winner has to be, “What part of living 23 feet below sea level didn't they get?” The implications of the oft-cited statistics that only 30% of the area's residents had flood coverage depend on the viewpoint of the statistics presenter. An insurer appraising the Katrina victims based on their insurance savvy may think, “Those idiots.” But if the pundit is singing along with the Mississippi attorney general and sundry attorneys, then the thrust is likely to be, “Those lousy agents deliberately mislead those poor victims.”
May I humbly suggest neither implication is valid?
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