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  #61  
Old 10-10-2007, 12:03 PM
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Thumbs down Sink the Fund

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While they are at it, why don't they also repeal the law of gravity?
Yeah, then pigs could fly.

It would ease emergency evacuations, e.g., in case of hurricanes.
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  #62  
Old 10-10-2007, 12:13 PM
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So if the cabinet (Crist, Sink, & co.) controls the fund, and there's a big storm (Andrew/Katrina), who picks up the tab, and how?
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  #63  
Old 10-10-2007, 12:16 PM
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So if the cabinet (Crist, Sink, & co.) controls the fund, and there's a big storm (Andrew/Katrina), who picks up the tab, and how?
I learned long ago that you can't get blood out of a turnip. Whatever that means.

I imagine that FL will be declared a disaster area and the US president will come to visit. (If it happens soon enough, all the candidates will visit, as well as the outgoing prexy.)

In the end US taxpayers will foot the bill. And TV can do coverage of FL like they are doing of NO. Just sayin'
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  #64  
Old 10-10-2007, 12:25 PM
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According to yesterday's national underwriting daily, Florida rejected a 50%+ proposed increase from USAA.

It'll be interesting to see if USAA allows Florida to take its surplus down to zero.
If I were FL, I would be very cautious about messing with USAA. Just sayin'
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  #65  
Old 10-10-2007, 12:49 PM
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If I were FL, I would be very cautious about messing with USAA. Just sayin'
FL hasn't been afraid to mess with USAA in the past. That's why they're pulling out as much as possible. I got a note from them -- only active military with orders get FL insurance now.
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  #66  
Old 10-11-2007, 09:20 AM
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WSJ rips Crist again:
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The Politics of Disaster The Wall Street Journal Oct. 10, 2007 Copyright (c) 2007, Dow Jones & Company, Inc.
...
We've been warning of the financial disaster looming off the Florida coast ever since Governor Charlie Crist socialized the state's hurricane insurance market and put Florida taxpayers on the hook for billions. Earlier this year, Mr. Crist stumped for and then signed a law making the Florida government the state's dominant insurer, but without the reserves that would be required of real insurance companies. The plan will work splendidly as long as there are no hurricanes in Florida, but the state will face a difficult challenge once the inevitable storm hits: how to pry new tax revenue out of Floridians just as they begin sifting through the rubble that used to be their homes.
Now Florida's politicians are doubling down on their mistake, by trying to make all American taxpayers subsidize insurance for Florida homeowners. Congressman Ron Klein (D., Fla.) is hoping for a floor vote this fall on his Homeowners' Defense Act and has been assured by Speaker Nancy Pelosi that this is a top priority. Governor Crist is also lobbying hard.
Mr. Klein's bill would force the U.S. Treasury to issue below-market loans to state-insurance programs, while also creating a kind of Fannie Mae of disaster reinsurance, a federally chartered organization called the "National Catastrophe Risk Consortium." Like Fannie, the consortium would carry an implicit guarantee from the federal government as it issues securities in the capital markets, distorting prices as it sells subsidized reinsurance to participating states, all the while saddling taxpayers with new risks. According to Treasury Assistant Secretary Phillip Swagel, "Taxpayers nationwide would subsidize insurance rates in high-risk areas, which would be both costly and unfair."
Transferring the risk from condo-owners in Boca to taxpayers in Syracuse does not reduce the cost of hurricane disasters. In fact, now that Congress looks ready to volunteer middle-class taxpayers nationwide as the financial backstop for lovely beachfront properties, South Florida developers will have even less incentive to use sturdy materials and set homes a reasonable distance from the waterline. We have already run this experiment with the National Flood Insurance Program, with predictable results. When people can buy insurance at below-market rates, they tend to stay in accident-prone homes.
...
The insurance market is working; Florida's Governor simply didn't like the price of private hurricane coverage. Now he may succeed in getting American taxpayers to pay for it, while destroying an American industry. As Mr. Crist's predecessor Jeb Bush has wisely pointed out, government-run natural disaster insurance could be more devastating than the disasters themselves.
http://www.palmbeachpost.com/blogs/c..._politics_blog
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Last edited by Take 2; 10-11-2007 at 09:25 AM..
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  #67  
Old 01-15-2008, 04:22 PM
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http://www.bizjournals.com/southflor...l?ana=from_rss

It's going to be a long year in FL. Maybe that's OK for a leap year.
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  #68  
Old 01-16-2008, 02:32 PM
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So who's next on McCarty's chopping block now that Allstate is being put on hold?
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  #69  
Old 01-16-2008, 04:25 PM
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So who's next on McCarty's chopping block now that Allstate is being put on hold?
Since he's already cut off his nose, we believe the next act of the financially irrational is to SPITE their faces.

State FARM?
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  #70  
Old 01-16-2008, 05:09 PM
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Since he's already cut off his nose, we believe the next act of the financially irrational is to SPITE their faces.

State FARM?
That would help push Citizens up to #1 home insurance carrier in FL. Maybe that's the goal. NTTAWWT
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