Monthly Archives: May 2010

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Few in Tennessee Covered by Flood Insurance

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As flood waters remain on the streets of Tennessee, we are learning that few residents had flood insurance to cover their losses. The City Paper, a Nashville-based online news site, reports that fewer than 4,000 homes in Davidson County, Tennessee (which includes Nashville) were covered by flood insurance at the end of 2009 “meaning that the vast majority of homes damaged or destroyed by this weekend’s flooding will not be compensated for their losses.”

The online news source also claims that less than 1.5% of all homes in Davidson and surrounding counties have flood insurance. A surprisingly low number, which, like in most cases of natural disasters, only comes to light after a catastrophe. With such a lack of insurance, FEMA will likely provide much of the financial aid needed. Most of the homeowners who did purchase flood insurance, only did so because it was required in the terms of their mortgage.

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Some Nashville-area residents with mortgages that didn’t require flood insurance even asked their real estate agent, builder or lender about it — wondering if it was necessary. The response was mind-boggling, as stated in USA Today by a Davidson County resident whose home was ravaged by the flood waters:

“They all said, ‘You’re not in a flood plain, so you don’t need it,'” recalls [Tiffany] Wiggers, who left her home Sunday in a rescue boat with her dog. “I was like, ‘FEMA and the bank said we won’t need it, so we’re in the clear.’ “

Statements like that are maddening, but the residents of Tennessee’s flooded areas are not dwelling on their massive uninsured losses. As one resident states, “We really don’t have time right now to point fingers at anyone.

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It’s time to come together and help your neighbors and make sure your neighbors have food, shelter and clothing.”

The weekend rains that pummeled middle Tennessee set a Nashville record of 14 inches (all falling within about 48 hours). At least 30 deaths in Tennessee, Kentucky and Mississippi are blamed on the floods and Nashville Mayor Karl Dean said the city’s damage will top $1 billion.

Below are a few pictures from the brother and nephew of yours truly. They are, unfortunately, Nashville residents.

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What to Do When You Receive a Reservation of Rights Letter

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In this month’s online-only column from Anderson Kill & Olick, David Shaneyfelt provides his top 10 tips for when you receive a reservation of rights letter from your insurance company.

1. Offer immediate disagreement. Write back to say you disagree and indicate you will follow up later. Avoid saying nothing, as your silence could be used against you, especially if you find this language buried in teh letter: “Unless we hear otherwise, we assume you agree with out approach.”

2. Consult your own counsel immediately. If the claim is large enough, count on your insurance company looking for ways to deny it. If so, retain counsel immediately to press your claim.

3. Request commitment before investigation. If your insurance company wants to investigate before committing to coverage, request a commitment first. You want to minimize the possibility they will build a coverage case against you.

For the rest of the list, don’t miss this online exclusive, only on RMmagazine.com.

Oil Leak Could Take 90 Days to Repair

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Oil has been spewing out into the Gulf of Mexico at an alarming rate soon after the oil rig, The Deepwater Horizon, first sank on April 20. Since then, an estimated 5,000 gallons barrels per day have been let loose into the Gulf, polluting ecosystems and putting commercial fisherman out of work. It is a situation that worsens with every day that passes.

Speaking on the Sunday morning television circuit, Interior Secretary Ken Salazar said it could be 90 days before federal officials and BP, which was leasing the well when a fire broke out April 20, manage to stanch the oil–although he also said it could be stopped much sooner.

Much sooner, only if BP is able to quickly fabricate giant steel domes to be placed over the leaks, and only if the robots responsible for placing the domes can successfully do so in extremely murky conditions where visibility is limited. If this process is not completed soon, this will end up being the worst oil spill in American history, even eclipsing the Exxon Valdez incident in 1989. The local paper of New Orleans, The Times-Picayune, has a great animation of oil spill here.

This incident comes at a bad time for the Obama administration. He recently signed a bill allowing an increase in offshore drilling — and as exploratory drilling increases, accidents like these are likely to follow. Obama visited southeast New Orleans yesterday, telling those listening that, “BP is responsible for this leak. BP will be paying the bill. But as president of the United States, I’m going to spare no effort to respond to this crisis for as long as it continues.”

But Obama may have a larger crisis on his hands than he immediately realizes. As New York Times opinion column writer Stephen J. Dubner put it:

Could the Gulf disaster be just the kind of tragic, visible, easy-to-comprehend event that crystallizes the already-growing rush to de-petroleum our economy? As with TMI [Three Mile Island], it won’t do much to change the facts on the ground about how energy is made. But as we’ve seen before, public sentiment can generate an awful lot of energy on its own, for better or worse.

Comparing this oil spill, and the reaction that follows, to what happened on Three Mile Island may be a bit of exaggeration . . . or maybe not. We will wait and see.