Lois Rossman had a catastrophic business insurance policy that would pay out if his business was shut down for an extended period...or so he thought.
Along comes Hurricane Sandy. The flooding knocks out power to his business for a few days because it flooded one of the substations, or NYC power plants or something. He makes a claim and the insurer tells him to go pound sand because they claim the shutdown was due to flooding, of which his policy didn't cover. His business was never flooded, just lost power. He could have challenged it, but he would have been compelled by the contract to use an arbiter of their choice. We know what happens next, don't we.
Now tell me, what are the odds that if Rossman had flood insurance with a different company, they would have shot him down on the grounds that his business was not actually flooded?
Yeah, insurers pay sometimes, but if they can find a way to get out of their contract, they'll do it.
Insurance never pays out.
I'll bet there's a lot of people just discovering the "civil unrest" exemption clause in their insurance policies today.
Insurance is a scam. Change my mind.
What an idiotic and uninformed statement.
Lois Rossman had a catastrophic business insurance policy that would pay out if his business was shut down for an extended period...or so he thought.
Along comes Hurricane Sandy. The flooding knocks out power to his business for a few days because it flooded one of the substations, or NYC power plants or something. He makes a claim and the insurer tells him to go pound sand because they claim the shutdown was due to flooding, of which his policy didn't cover. His business was never flooded, just lost power. He could have challenged it, but he would have been compelled by the contract to use an arbiter of their choice. We know what happens next, don't we.
Now tell me, what are the odds that if Rossman had flood insurance with a different company, they would have shot him down on the grounds that his business was not actually flooded?
Yeah, insurers pay sometimes, but if they can find a way to get out of their contract, they'll do it.