This blog has already discussed the devastating impact that Superstorm Sandy has had on homeowners along the northern half of the East Coast. Numerous people were literally left out in the cold when their homes were destroyed and insurance companies slow-walked the processing of insurance claims.
One of the problems anyone who has filed a long-term disability insurance claim in Miami has had is proving disability. Oftentimes, insurance companies will try very hard to deny benefits by claiming an applicant is not disabled or by arguing that while the applicant may not be able to perform his or her old job, there are still things that he or she can do. Sometimes, insurance companies may deny someone their insurance claims because the company has said the individual is not permanently disabled. Working with a disability insurance attorney, however, may be one of the best ways to get the disability insurance benefits an applicant deserves.
We are continuing our discussion of the considerable losses experienced by art galleries during Hurricane, or Superstorm, Sandy. The insurance industry has been making predictions for total claims payouts since a few hours after the rain and wind stopped, but the damage to businesses that sell or display original artworks did not make it into the early estimates. In the grander scheme of things, when entire coastal communities were decimated and buildings in one of the biggest cities in the world sustained damage that will take months to repair, a niche like art galleries may seem inconsequential.
Hurricane Sandy wreaked havoc with many things this past fall. People in Florida and all up and down the coast watched with dismay as the storm battered many parts of the country, killing 132 and causing damage to property. Communities are still struggling in the storm’s aftermath. The total cost to the insurance industry of all claims arising from the storm is expected to be close to $25 billion, almost rivaling the costs experienced when Hurricane Katrina hit in 2005.
If Jan. 1, 2013, was anything like Jan. 1, 2012, about 25 percent more accidents occurred on Florida’s roads than would occur on a normal Tuesday. A leading auto insurer discovered the spike in last year’s claims in a recent study, as we discussed in our last post. Claims filed for New Year’s 2013 may follow the pattern, but they will look much different in other ways, thanks to the state’s new insurance laws.
We all know the risks of driving on New Year’s Eve. Revelers ring in the new year with a little too much to drink, then they get behind the wheels of their cars. The results can be catastrophic. Here in Miami, the added allure of the Orange Bowl on New Year’s Day brings more visitors to town and provides yet another opportunity to drink to excess. The upshot is that the city’s streets could prove especially dangerous during the first 24 hours of 2013.
When a family entrusted their investment money to Bernard Madoff, they started getting financial statements from his business showing them falsely inflated amounts in their accounts to make them think that they were doing well, and perhaps should consider investing more. But the money wasn’t really there. The investment offered was actually just one big Ponzi scheme, and their money was lost. Later, they sought to file insurance claims, as many others from Florida and elsewhere who lost money did.
We are finishing up our discussion of holiday parties — before, we hope, the holiday parties are finished — and the potential liability they carry for the homeowner and renter hosts. The basic rules of thumb are to know your state’s “social host” laws and to be familiar with the liability coverage terms of your homeowners or renters insurance policy.
We are continuing our discussion of insurance issues not really unique to the holidays but certainly more easily overlooked at this time of the year. Some of us love the bustle of preparing for parties, making last-minute or well-planned forays to the stores and rifling through catalogs looking for deals on shipping and gift wrapping. Some of us would rather hunker down with our homeowners insurance policy just to be absolutely clear about our potential liability if carolers stop by and when we have our annual neighborhood get-together.
We may not have a white Christmas in Miami, but that doesn’t mean we don’t know how to celebrate. This time of year is jam-packed with office parties and get-togethers with friends. We deck our halls with boughs of whatever and invite people in to make our spirits bright. Seldom do we wonder about the insurance implications of our annual Christmas Eve cocktail party.
