Simple ............ no insurance, no payouts from any source, period !
Otherwise, moral hazard just got a massive shot in the arm !
If the insurers do pay out, one thing is certain .................. MASSIVE
increases in annual premiums thereafter or a total withdrawal from the
earthquake insurance market.
We had earthquake insurance on our house in metro Vancouver, BC in the 1990s.
Friends and neighbours thought we were nuts ! We did experience a mild 3 point
something tremor but no damage.
Back then the provincial governments earthquakes' emergency response centre was
located on the upper floors of a tall building in metro Vancouver. When there
was an emergency test drill the building had to be vacated and the drill's
procedures flopped !
Anchorage is just one of numerous big centres along the same fault line
.......... others are Vancouver, Victoria, Seattle, San Francisco, Los Angeles,
San Diego..... etc. Oh, and several nuclear power stations in California.
Anchorage's damages would be trivial compared to what a "big one" [say a 9.0 +]
would do else where along the same fault line.
jh
On 12/01/18 10:29 AM, Bill Barber via olympus <olympus@xxxxxxxxxxxxxxxxx>
wrote:
>
>
>
> 8. Insurance companies are telling ALL customers that they have no
> earthquake coverage regardless of whether they do or not.
>
>
> Can't imagine this one is true. Unfortunately, when folks are given a choice
> about buying coverage for risks that exist in their area, some decide not to
> protect themselves from the financial loss resulting from a disaster. The
> experience of this jaded old retired insurance agent is that the federal
> government (you can read that as federal taxpayers) usually steps in and
> lessens the individual losses for those who are, by choice, uninsured. That
> is sort of the way it works. If I had earthquake insurance and either my
> agent or my company told me I had no coverage amidst this type of event, I
> think I'd be looking to replace either one or both . . . and that is also how
> it works. Bill "Gratefully Retired" Barber
>
>
>
> --
> _________________________________________________________________
> Options: http://lists.thomasclausen.net/mailman/listinfo/olympus
> Archives: http://lists.thomasclausen.net/mailman/private/olympus/
> Themed Olympus Photo Exhibition: http://www.tope.nl/
>
>
--
_________________________________________________________________
Options: http://lists.thomasclausen.net/mailman/listinfo/olympus
Archives: http://lists.thomasclausen.net/mailman/private/olympus/
Themed Olympus Photo Exhibition: http://www.tope.nl/
|