Spoils of Hurricane Sandy

Spoils of Hurricane Sandy

Hurricane Sandy caused over $75 billion in damage. But not everyone lost out. This gentleman neatly and carefully loaded his bike with washed up goods on the sidewalk and rode off.

As expected, many Hurricane Sandy victims are still struggling with insurance reimbursements. A spawn of lawsuits have already been filed. The trick-of-the-trade for insurers seems to be the use of ambiguous language in their policies. Homeowners are being told things such as you are covered for hurricanes, not floods. Most policies feature, what is known as, anti-concurrent causation clauses, which simply means, if two events such as wind and flood happen at about the same time, neither is covered. As always insurers have taken advantage of the disaster. They are accused of looting FEMA, and price gouging. The invisible hand of the market somehow always seems to slap the homeowner.

Song of the Day: Maneater - Daryl Hall & John Oates (1982)
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