A recent study by two trial lawyer groups makes inflammatory statements about how insurance companies handled customers and their claims after Hurricane Katrina.
The Academy of Florida Trial Lawyers and the Association of Trial Lawyers of America released a report entitled, “Pattern of Greed: How Insurance Companies Put Profits Over Policyholders,” that purports to show how the insurance industry has made a practice of collecting billions of dollars from policyholders only to deny claims made after natural disasters and report record profits.
The report theorizes on the origin of the phrase, Great New Orleans Flood, claiming its use by insurance groups and companies began shortly after Hurricane Katrina in a concerted effort to begin inferring that flood damages would not be covered. Flooding is a peril usually excluded from most homeowners' policies; separate coverage must be purchased through the government-sponsored National Flood Insurance Program.
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